Someone linked to this on Reddit - https://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/1486722
If you hit the view all details in the State Licenses/Registrations section you'll see they only have one active money transmitter licence for the 9 states listed. The others are listed as 'voluntary surrender'.
I wonder what that means.
Topic: Poloniex to Spin Out of Circle - page 2. (Read 319 times)
One thing that irritates me about that article is that it alludes to some vague "regulatory pressure" without saying what exactly is going on.
Presumably because they're so much more shitcoin heavy than somewhere like Gemini. There's the securities issue and there might be retrospective hassle from all the junk they've listed over the years. They may not have done anything wrong but they might be getting requests to cooperate with things.
I've received the email, and as an old Poloniex customer, I have the suggestion to make to the new owners: they should pay what they've stolen to their customers!
I'm not totally sure Poloniex has a new owner, though. Could be the same guy. He couldn't find any investor in the US, but he found one in Asia? I'm waiting for more information.
One thing for sure: nobody will miss Circle.
I'm not totally sure Poloniex has a new owner, though. Could be the same guy. He couldn't find any investor in the US, but he found one in Asia? I'm waiting for more information.
One thing for sure: nobody will miss Circle.
What is the definition of 'spinning out'?
Is this a de facto letting go of it to completely new operators or just recasting it with a new arrangement in a new jurisdiction?
Is this a de facto letting go of it to completely new operators or just recasting it with a new arrangement in a new jurisdiction?
This reads to me like they're selling it off entirely:
Circle are slowly becoming almost as good a contrarian indicator as CNBC so I guess this means alt season isn't far away. They got rid of their BTC retailing just before the opportunity to make hundreds of millions of dollars arrived. They bought this just as alts flew down the toilet in early 2018.
They're 2 for 2! This move gives me hope that the market might pick up in the coming months.
Quote
According to data provided by crypto researcher Larry Cermak, Poloniex had a 58 percent market share in April 2017. This is a far cry from the 1 percent share it has in the crypto market it has now.
Interesting and laughable at the same time. How da fuq can an exchange fall so far so fast?
One thing that irritates me about that article is that it alludes to some vague "regulatory pressure" without saying what exactly is going on. I realize FB's Libra is getting a hard time, but is there something else going on in the US as far as laws being passed regarding crypto? What's the pressure and where is it coming from? I want to know these things.
Makes me wonder how many other exchanges are going to stop offering services to the states, and I do wonder why this is occuring.
No way will the places that have gone to the trouble of legitimising themselves in the US let go now. Circle have been whining about US compliance for quite some time - https://cryptoslate.com/circle-poloniex-us-bermuda-regulatory-uncertainty/ - so I presume they hadn't put the time or money in unlike places such as Gemini and Coinbase.
Since this was only 3 months ago I guess something went wrong.
According to this - https://finance.yahoo.com/news/circle-insiders-justin-sun-leading-192808377.html
The wholly credible Justin Sun is playing a part in its takeover.
Um...
awesome.
Does anybody have any background information?
I don't have any of that but I did get the e-mail. Fortunately I have no funds on polo and haven't used them for a while. I had not realized they were bought by circle and I'd previously thought that had *just* happened. I guess the asian company that bought them doesn't want anything to do with the U.S., but oh well. Makes me wonder how many other exchanges are going to stop offering services to the states, and I do wonder why this is occuring.
What is the definition of 'spinning out'?
I think they made up that phrase, because I've certainly never heard it used in a context like this one. They actually sound like idiots for using it.
What is the definition of 'spinning out'?
Is this a de facto letting go of it to completely new operators or just recasting it with a new arrangement in a new jurisdiction?
Circle are slowly becoming almost as good a contrarian indicator as CNBC so I guess this means alt season isn't far away. They got rid of their BTC retailing just before the opportunity to make hundreds of millions of dollars arrived. They bought this just as alts flew down the toilet in early 2018.
Is this a de facto letting go of it to completely new operators or just recasting it with a new arrangement in a new jurisdiction?
Circle are slowly becoming almost as good a contrarian indicator as CNBC so I guess this means alt season isn't far away. They got rid of their BTC retailing just before the opportunity to make hundreds of millions of dollars arrived. They bought this just as alts flew down the toilet in early 2018.
Great job, Circle! They bought Poloniex at the top of the 2017 bubble, ran it into the ground -- including this margin lending disaster -- and now they've sold it off.
Maybe this is a good sign. Circle obviously has a penchant for bad timing. Remember when they pulled out of the Bitcoin exchange business in December 2016, right before the market exploded? Maybe this is one of those times...
Maybe this is a good sign. Circle obviously has a penchant for bad timing. Remember when they pulled out of the Bitcoin exchange business in December 2016, right before the market exploded? Maybe this is one of those times...
That was a short marriage.
Does anybody have any background information?
E-Mail:
Blogpost:
https://medium.com/circle-trader/poloniex-spins-out-from-circle-with-new-backing-global-focus-5a19357bdaee
Does anybody have any background information?
E-Mail:
Quote
Hello Poloniex Customer,
Today we are very excited to announce that Poloniex will be spinning out from Circle into a new company called Polo Digital Assets, Ltd. This new company will have the full backing of a major Asian investment group, who plans to spend more than $100M to develop and introduce new features, assets, and services for their global customer base.
We are incredibly excited to continue working with you and the rest of the global Poloniex community. We have a wide range of exciting new features and capabilities planned for the exchange starting with 0% spot trading fees until the end of the year, starting on October 21, 2019!
As part of the spinout, Circle will cease all trading operations for US customers on November 1, 2019. As a non-US customer, there is no action you need to take at this time.
The full announcement can be found here and our Customer Support team is available to answer any questions you may have. Simply reply to this message and we will get back to you quickly.
Team Poloniex
Today we are very excited to announce that Poloniex will be spinning out from Circle into a new company called Polo Digital Assets, Ltd. This new company will have the full backing of a major Asian investment group, who plans to spend more than $100M to develop and introduce new features, assets, and services for their global customer base.
We are incredibly excited to continue working with you and the rest of the global Poloniex community. We have a wide range of exciting new features and capabilities planned for the exchange starting with 0% spot trading fees until the end of the year, starting on October 21, 2019!
As part of the spinout, Circle will cease all trading operations for US customers on November 1, 2019. As a non-US customer, there is no action you need to take at this time.
The full announcement can be found here and our Customer Support team is available to answer any questions you may have. Simply reply to this message and we will get back to you quickly.
Team Poloniex
Blogpost:
https://medium.com/circle-trader/poloniex-spins-out-from-circle-with-new-backing-global-focus-5a19357bdaee
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