Crypto Exchange Catastrophe: Poloniex Spin Out Leaves Investments Spinning At Circle

This past October, the Boston-based, Goldman Sachs-backed financial services company Circle, announced that it would “spin out” crypto exchange Poloniex into its own company, selling it to an investment group with backing from Tron founder Justin Sun.

Since the spin-out, the two brands have seemingly spun out of control, with Poloniex causing a stir surrounding the brand’s integrity, and Circle threatening to either turn investor’s assets over to the government, or charge fees for leaving assets on the platform.

Circle Could Charge Dormancy Fee, or Turn Crypto Assets Over to US Government

One of the bigger news stories of early 2018, was the Goldman Sachs-backed Circle buying cryptocurrency exchange Poloniex for $400 million, in an effort to tap into the emerging fintech industry.

Related Reading | Buy High and Sell Low? Circle Dumps Poloniex As Crypto Market Interest Wanes

But Circle eventually turned its focus on the USDC stablecoin, and after US regulators began putting…