US-based digital asset exchange Poloniex spins out from Circle to become Polo Digital Assets, Ltd., and stops serving U.S. citizens as it aims to focus on the “needs of global crypto traders with new features, assets and services.”
The official Poloniex blog reveals more details. First, beginning today, U.S. citizens will no longer be able to create new accounts on Poloniex. Second, starting on Nov. 1, trading will be halted for U.S. customers, though they will have more time (until Dec. 15) to withdraw their assets from the exchange. Finally, from Oct. 21 to the end of 2019, spot trading fees will be cut to 0%.
In order to make the exchange “competitive in the global market,” Polo Digital Assets, Ltd. plans to spend over $100M on developing and expanding in the coming years. Circle, which acquired Poloniex 18 months ago, called the decision “bittersweet” and is now planning to focus on their other products related to blockchain payments, investing and lending.