Poloniex

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Poloniex
Poloniex.png
Founded 2014
Headquarters Wilmington, Delaware
Key People Tristan D'Agosta
Twitter @poloniex
Website Poloniex home
Releases Company News

Poloniex is one of the larger American crypto-to-crypto exchanges. It was launched in January 2014 and was hacked two months later in March, resulting in a loss of 12.3 percent of its customers' bitcoin holdings.[1]

Background

Circle Internet Financial, Ltd. acquired Poloniex on February 26, 2018, reportedly for $400 million.[2] In a blog post regarding the acquisition, Circle co-founders Sean Neville and Jeremy Allaire said that in addition to leveraging Poloniex's geographic reach into 100 different countries, they looked ". . . forward to scaling Poloniex up and out through market expansion and localization, increasing token listings where possible and appropriate, and exploring the fiat USD, EUR, and GBP connectivity that Circle already brings to its compliant Pay, Trade, and Invest products."[3]

According to CoinMarketCap, Poloniex, listing more than 100 crypto-to-crypto pairs, was the 35th largest cryptocurrency exchange globally by volume in late September 2018.[4]

Poloniex was one of 13 cryptocurrency exchanges doing business in New York State that were requested by the Attorney General's Virtual Markets Integrity Initiative to provide detailed information about its operations and policies and was one of nine that responded. In its response Poloniex indicated, among other things, that it provides margin trading on its platform.[5]

In October 2018, Poloniex announced it had removed margin trading features in order to comply with U.S. federal trade laws.[6] In May 2019, the exchange announced that it would be disabling trading for nine cryptocurrencies due to "regulatory uncertainty." The cryptos that were disabled were ARDR, BCN, DCR, GAME, GAS, LSK, NXT, OMNI, and REP.[7]

References