Poloniex spins out of its parent firm, Circle – Cryptocurrency News

The well-known cryptocurrency exchange, Poloniex, has decided to separate from its parent firm, Circle. Poloniex will now be an “independent international company,” named, Polo Digital Assets, Ltd., and will be backed by an unnamed Asian investment firm. As per their blog post, the platform has framed a multi-year plan to contribute more than $100 million for the development and expansion of the network.

Poloniex also informs that they would no longer be able to include the US customers, once Circle and they have parted ways. The exchange stated, “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…