Poloniex sold for about 400m$ | Bitcointalksearch.org

squatter

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STOP SNITCHIN'

Quote from: BTCforJoe on February 28, 2018, 08:14:40 PM

Poloniex will undoubtedly surpass Binance and Bitfinex as the largest exchange if they allow U.S. residents to register and buy crypto on the site again.

I don't think Poloniex ever shut down registrations like Binance or Bittrex did. They did institute a pretty invasive KYC process for new customers last year, and they made KYC mandatory this year, but they never shut down registrations. That said, I don't know how long it takes to get verified before you can start trading.

Quote from: BTCforJoe on February 28, 2018, 08:14:40 PM

Now the only thing for them to do is to accept and adopt SegWit-enabled wallets, deposits and withdrawals.

Poloniex has been batching transactions for years, and they've always offered significantly lower fees than virtually all other exchanges, so this isn't a big deal to me. When you get down to it, the real issue for Coinbase wasn't Segwit, but inefficient wallet infrastructure and no batching.

BTCforJoe

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Quote from: alyssa85 on February 28, 2018, 06:08:24 AM

According to the following article, the SEC told Poloniex they'd drop action against them if they got acquired by someone else:

https://cryptocomes.com/leaked-sec-agreed-not-pursue-enforcement-action-against-poloniex-if-acquired-circle

Quote

The SEC agreed not to pursue any legal action against Poloniex if the exchange was acquired by Circle, according to a leaked PowerPoint slide. Nathaniel Popper of the New York Times posted a screenshot of the leaked slide on his Twitter feed today

Poloniex has made a name for itself as one of the top markets for altcoin trading, spending much of the first half of 2017 as the top crypto exchange in the world, by volume. That spot has since been taken by Binance, but Poloniex is still relevant, particularly in altcoin trading. Of note is the fact that much of Poloniex’s business comes from the trading of ICO tokens, which according to the SEC, may, in fact, be unregulated securities.

The leaked slide states, in part:

“Circle has briefed the SEC on the transaction and indicated that upon closing that we will begin the process of registering the new entity with the SEC and FINRA as a Broker/Dealer and in turn as a licensed ATS (electronic trading marketplace).”

The document continues, saying that “the SEC was very favorable on this approach.” Furthermore, the SEC apparently “indicated that they would not pursue any enforcement action for prior activity.”

I came here to say this, but I'm not sure about the validity of that "leaked" news. I couldn't find many [verified] sources about it after seeing it on Twitter.

Poloniex will undoubtedly surpass Binance and Bitfinex as the largest exchange if they allow U.S. residents to register and buy crypto on the site again. However, they do have absolute shit customer service, but that's probably due to influx of new users over the holiday pump. With Circle's budget and surely-allocated resources for this acquisition, this buyout could end up being the best news for the crypto industry. I'm imagining that Poloniex will reintroduce fiat currency as an option for exchanging into crypto.

Now the only thing for them to do is to accept and adopt SegWit-enabled wallets, deposits and withdrawals.

stomachgrowls

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Quote from: timerland on February 27, 2018, 03:28:55 AM

Quote from: omorfi on February 26, 2018, 10:52:28 AM

Flash news: Goldman Sachs Group backed Boston based Circle Internet Financial startup has bought Crypto Exchange Poloniex for about 400m USD. Circle is a decentralised payments platform built on blockchain technology. I believe that we will see fiat currencies on Poloniex, soon. In your opinion, how this news will affect the cryptography market ?

https://blog.circle.com/2018/02/26/circle-acquires-poloniex/
https://www.recode.net/2018/2/26/17053194/circle-poloniex-acquisition-400-million

Yep. I can't say that it's really that surprising considering how poorly poloniex has been performing during this stretch of few months. Poloniex wasn't going anywhere but downwards with the current administration staff, even though it's still a big name.

Circle obviously wants to make a name for itself in the altcoin world and this is the first step they are taking by acquiring poloniex.

It's huge news and imo it's a good deal for both parties. As I said poloniex has a really bad reputation right now for being one of the worst support teams and constantly held up withdrawals. If circle comes in and changes that, it can reestablish its trust in its customers.

This is quiet a wise move by circle and just turns out that they are saving up a falling bird on hitting in the ground as you said poloniex is gradually losing their credibility towards their service because of lots of issues that do happen recently and since Circle do know the standing of poloniex when it comes to famous exchangers existing they do tend to make dealings which is really a win-win situation for them.Benefits in both parties can really be seen. Hope they would patch up on the current flaws of polo into their new admin.

omorfi

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I believe that, From now on we will see more tokenization effort from companies which have their own working services&products. Smart contracts based tokenization model is the easiest way to raise funds.

alyssa85

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According to the following article, the SEC told Poloniex they'd drop action against them if they got acquired by someone else:

https://cryptocomes.com/leaked-sec-agreed-not-pursue-enforcement-action-against-poloniex-if-acquired-circle

Quote

The SEC agreed not to pursue any legal action against Poloniex if the exchange was acquired by Circle, according to a leaked PowerPoint slide. Nathaniel Popper of the New York Times posted a screenshot of the leaked slide on his Twitter feed today

Poloniex has made a name for itself as one of the top markets for altcoin trading, spending much of the first half of 2017 as the top crypto exchange in the world, by volume. That spot has since been taken by Binance, but Poloniex is still relevant, particularly in altcoin trading. Of note is the fact that much of Poloniex’s business comes from the trading of ICO tokens, which according to the SEC, may, in fact, be unregulated securities.

The leaked slide states, in part:

“Circle has briefed the SEC on the transaction and indicated that upon closing that we will begin the process of registering the new entity with the SEC and FINRA as a Broker/Dealer and in turn as a licensed ATS (electronic trading marketplace).”

The document continues, saying that “the SEC was very favorable on this approach.” Furthermore, the SEC apparently “indicated that they would not pursue any enforcement action for prior activity.”

Colorblind

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This text is irrelevant

Quote from: omorfi on February 27, 2018, 04:25:32 PM

Maybe these guys will tokenize cryptocurrency exchanges and create exchange coins as the next BIG thing. Binance currency is on. Maybe the next currency is Polocoin ? Who knows.. Write your opinions about exchange currencies possibility please.

I highly doubt that. Perhaps it is my ignorance, but I see zero value in releasing exchange coins. Just another way to grab a buck from the traders.

FartBuddy

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Quote from: squatter on February 27, 2018, 06:25:27 PM

The SEC has given Circle the green light, so Poloniex is positioned to become the most legitimate exchange for ICO tokens. I just hope they don't start limiting markets to accredited investors. Either way, I'm gonna start paying more attention to coins that trade on Polo. Wall Street is coming to shitcoin land. Cheesy

I don't know if this "slide from a confidential Circle presentation" is legit. but it says the SEC is very upbeat about the acquisition.

https://twitter.com/nathanielpopper/status/968202570719117313/photo/1

squatter

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STOP SNITCHIN'

Quote from: TooDumbForBitcoin on February 27, 2018, 07:23:42 AM

Bittrex is the next I guess. According to their similar preparations in recent time

Definitely seems like it. They recently hired two former Homeland Security officials as executives, along with a major director from Amazon. These kind of C-level shakeups usually indicate that an acquisition is in the offing. The shutdown of new registrations for the past couple months may be related as well.

Quote from: iconzi on February 26, 2018, 12:48:51 PM

I guess now its time for Poloneix to go big. Starting with more Fiat currency options and US members joining the platform

The SEC has given Circle the green light, so Poloniex is positioned to become the most legitimate exchange for ICO tokens. I just hope they don't start limiting markets to accredited investors. Either way, I'm gonna start paying more attention to coins that trade on Polo. Wall Street is coming to shitcoin land. Cheesy

npredtorch

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Not bad. With that money, I'm sure that they can produce another great project or maybe a new fresh exchange for the crypto community.
Let's just hope that Circle could give a lot of improvement opposed to the recent poor services of Poloniex.

P.S. We now have clue on how much does a big exchange cost.

bagsk

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Cryptofan!

This is not bad when exchanges have their own currencies. This is not a bad idea for kucoin and TIDEX. The first will get a commission bonus from all trades, the second exchange pays its tokens per
trades volume.

omorfi

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Maybe these guys will tokenize cryptocurrency exchanges and create exchange coins as the next BIG thing. Binance currency is on. Maybe the next currency is Polocoin ? Who knows.. Write your opinions about exchange currencies possibility please.

TooDumbForBitcoin

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Bittrex is the next I guess. According to their similar preparations in recent time

alyssa85

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The other investors in Circle are Baidu (Chinese search engine), China international corporation and others.

Full list in the following article:

https://www.crunchbase.com/organization/circle-2/investors/investors_list#section-investors

It looks like big money is getting into crypto by taking over existing exchanges.

BingoDog

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Hope this will affect Poloniex in good way and improve their business. They had so many issues and very poor service lately, it's a miracle how they managed to stay at market and not totaly bitten by competition.
Now it's a chance for all this to be improved now with the new owner and Poloniex will gain the good reputation back, although that will not go so easy, it will take time.

timerland

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Quote from: omorfi on February 26, 2018, 10:52:28 AM

Flash news: Goldman Sachs Group backed Boston based Circle Internet Financial startup has bought Crypto Exchange Poloniex for about 400m USD. Circle is a decentralised payments platform built on blockchain technology. I believe that we will see fiat currencies on Poloniex, soon. In your opinion, how this news will affect the cryptography market ?

https://blog.circle.com/2018/02/26/circle-acquires-poloniex/
https://www.recode.net/2018/2/26/17053194/circle-poloniex-acquisition-400-million

Yep. I can't say that it's really that surprising considering how poorly poloniex has been performing during this stretch of few months. Poloniex wasn't going anywhere but downwards with the current administration staff, even though it's still a big name.

Circle obviously wants to make a name for itself in the altcoin world and this is the first step they are taking by acquiring poloniex.

It's huge news and imo it's a good deal for both parties. As I said poloniex has a really bad reputation right now for being one of the worst support teams and constantly held up withdrawals. If circle comes in and changes that, it can reestablish its trust in its customers.

mountrock

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I think it is good for competition.

2Weird2BTrue

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Intresting news, more recreational investors will have options to invest small amounts of fiat money. I guess it's a good sign)

iconzi

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I guess now its time for Poloneix to go big. Starting with more Fiat currency options and US members joining the platform

motoprose

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So since Poloneix was going to not allow US residents use their service does this mean they are allowing them now?
Since Goldman Sachs is a US based entity and they are buying them. Undecided

mertcaptain

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Just like another price manipulation to me.

Topic: Poloniex sold for about 400m$ (Read 331 times)