Poloniex spins out from Circle into Polo Digital Assets

Poloniex has announced that they are spinning out from Circle into a new company, Polo Digital Assets, Ltd., with the backing of a major investment group. “The spinout will free us to focus on the needs of global crypto traders with new features, assets and services. Our first new offer to Poloniex traders is that effective October 21, 2019, all spot trading fees will be reduced to 0% until the end of the year. Poloniex intends to continue beyond that with highly competitive and creative pricing models for traders.

“Going forward, we have a multiyear plan to spend more than USD 100M to develop and expand Poloniex, and we are very excited to continue working with the amazing global community of Poloniex customers. The cryptocurrency revolution has just begun, and we’re in it for the long haul.

“Unfortunately, in order to be competitive in the global market, we will not be able to include US customers in the spin out, so Circle will be winding down operations for US Poloniex customers. Beginning today, US persons will no longer be able to create new accounts on Poloniex. Starting on November 1, 2019, US customers will no longer be able to execute trades on the exchange. When trading ends, US customers will still be able to withdraw their assets through Circle until at least December 15, 2019.

“While the Poloniex team is spinning out, we continue to be very excited about the plans our Circle colleagues have to move forward and grow as a business without Poloniex. You can read more about the Circle plans in this blog post,” the Poloniex Team has informed.