US Customers Must Move Cryptoassets By Dec. 15 on Poloniex Exchange as Circle Shifts Direction

US Customers Can No Longer Trade on Poloniex as the Exchange Spins Out from Circle Just After 18 Months of Acquisition

Cryptocurrency exchange Poloniex is now spinning out from Circle to create its own new company, Polo Digital Assets, Ltd backed by an Asian investment group.

This means US customers will no longer be able to create new accounts on Poloniex. Starting November 1st, US customers will no longer be able to execute trades either, although they have until December 15 to withdraw their assets.

As such, Poloniex is offering 0% trading fees to its traders effective from October 21. After that, the exchange intends to continue with “highly competitive and creative pricing models for traders.”

Poloniex now has a multi-year plan to spend more than $100 million and employ over 100 full-time employees to develop and expand the platform.

“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.”

The separation came just after 18 months, Circle acquired Poloniex in February 2018 for a $400 million deal.

The spin-out, Sean Neville and Jeremy Allaire in their official announcement say they would give Poloniex the freedom to compete in the international market. Here is Poloniex's official notice on the matter.

Meanwhile, Circle will work on building a more open, global, and accessible financial system including its stablecoin USDC and equity crowdfunding platform SeedInvest, an acquisition made by the company earlier this year.

“We are excited to be able to focus on growing mainstream use cases for payments, investment, lending, and fundraising built on the open rails of crypto and public chains,” shared Neville and Allaire.