Bitcoin Forum

Poloniex closes his doors for US citizens:
https://medium.com/circle-trader/poloniex-spins-out-from-circle-with-new-backing-global-focus-5a19357bdaee
What do you think about it and future of Poloniex?
Also they made 0% fee for all spot trading to the end of year.  
It seems that their business is not going very well in last days.

Who uses Polo anymore anyway? I can remember it being one of the best. As soon as the new about Circle acquiring it became public they fell off the face of the earth. From #1 in daily volume to who the hell knows what now.

There are 3 aspects to this downfall:

1) U.S. ignorant and often false regulations of shitcoins and what entitles a security. SEC and other regulatory bodies have claimed power and dominance over cryptocurrencies, some companies are yielding despite not even being under their jurisdiction and others have been properly legally served.

With the current climate, U.S. is not crypto or blockchain friendly, thus will lead to U.S. dominance over this tech space (namely with start-ups), billions and potentially trillions (in the future) in potential capital and taxation from businesses will be lost to the east and other locations. A short-term ignorant vision for crypto, run by morons in these agencies.

Libra's presence has accordingly forced these agencies hands. In all essence, anyone who supports Libra or ever did, knows nothing about cryptocurrency or the underlining ideologies of blockchain. Despite all postive growth, awareness and etc, Libra is a short-term gain and a major long-term plague on all crypto and blockchain entities.

2) Circle is and has always been one of the worst crypto businesses lead by some of the biggest clueless people in all of crypto. CEO is a complete moron, which has been discussed and talked about over the years. Yes, he's manage to run circle since 2014, but Circle has had so many failures and poor management, especially with Poloniex. Poloniex once paved the way, but all U.S. crypto exchanges suffer from the same thing, unable to operate properly under heavily restricted rules and guidelines (therefore, unable to list any coin that may be in a grey area).

3) Competition from bigger exchanges. If a company is squeezed and restricted tightly, as noted above, then they are unable to function and maintain a proper business. Poloniex ultimately suffered from points 1 and 2, but 3 eventually broke its back in the U.S.


While Poloniex isn't essentially going away, it's for all intensive purposes a dead exchange. The only reason Poloniex has remained intact, was due to its presence in the increasingly restrictive U.S. climate.



Tristan is laughing and both crying. Just like many who've been around since the very first days of Poloniex with NXT and the eventual dominance of Polo with ETH's launch.

I got an email from Poloniex about re-branding but didn't read through since I was driving. Poloniex might be having a hard time lately but I think they are coming up with strategies to bounce back. Like for example the zero percent fee for spot trading till end of year mentioned is a catchy strategy, definitely crypto traders will like the idea.

Let me quickly notify my US friends to be aware that withdrawal of funds by US citizens dead line is 15th December. It's obvious that regulatory policies led to this new update, if not why will Poloniex shut the door for US traders. Poloniex was one of my favorite exchanges way back but since this year, they've been under performing and it's really sad. Let's see if they come up with revamped strategies to get to the top again.

 :o wow, thats huge.  although it says for NEW accounts, even trading is gonna stop for US citizens, thats rough :(
i havent used polo since they lost touch (imo about 2 years ago), so luckily for me this wont affect much
if their business is not going well its their own fault, they were KINGS at one point, but shit CS and big headedness seems to have run its course

It's going to happen more often. USA is probably the only country in the world that thinks a business located in another country has to obey their laws just because some American citizen used their service. If every country acted like that there would be chaos. Every country in the world would sue a business from another country because it broke their local law.

Businesses are afraid of the bully that the USA is.

I think US is going to have lots of problems in the future about crypto and coins, they are getting neglected slowly anyways but the question is who still use poloniex exchange anyway? i never use that exchange since i entered crypto space in 2016, i just don't like the exchange at all

First Binance now Poloniex. Binance realised that the United States was becoming more strong handed with cryptocurrency and had to develop a spin-off just for the traders in the United States.  Now Poloniex is withdrawing it's services from the US. although they termed it a 'scaling down' it's obvious the pressure was too much on them from regulatory bodies.

If this is the case, then why not just shut down the whole exchange? Why close doors on the market where most crypto trading volume is coming from?

The article clearly states that they want to establish (or re-establish) their presence globally first and I am guessing that the new company, Polo Digital Assets, Ltd., will follow what Binance did in having an exchange exclusive for the US market.

Poloniex era was over already before couple of years since that there is no good business for them,binance also did the same but created a separate site for US citizen this might repeat with poloniex?

Yes it is huge and rough.  I never used polo as my primary exchange, but I always thought they were decent.  I am very shocked at this, and I'm wondering what's prompting this move.  I was not aware of the buyout by Circle, though I'm not sure if that's the reason.  Circle stopped dealing in bitcoin, but why that would affect polo's U.S. customer base is a mystery to me.

Is there some U.S. gov't regulation happening here?  Even when Binance created the site for the states, there were some states which were excluded.  I do hope this isn't the ominous sign that it seems to me to be.

Back 2015, this was one of the best exchange. Tristan should be moving to a crypto friendly country and do something to save the exchange apart from closing it to US citizen. US regulation is just going to kill them if they continue allowing US citizen there. He could bring the life of it. I'm not sure if they are collecting KYC yet but its best to start doing it.

Today I read the news that they allocated a lot of money for the development of their exchange in other countries. I think this exchange will be all right. no need to worry

It seems they see it is not worth to fight with USA regulations if can make profit elsewhere.  They might start USA Poloniex branch just like Binance did. Circle is not in crypto because crypto, but because of profit. They will do things that will give them most profit with least effort. Kraken is one of rare exchanges that keeps fighting.

In my opinion Poloniex wants to be a big exchange and does not want the law to affect their business so banning US users could make this exchange more comfortable in the business. In addition, Bittrex has done the same and this makes it difficult for people in the US to enter the crypto market in the future.

The country really has too much to deal with and if Poloniex can work well in the Asian market then this will be one of the potential exchanges.

They have to shun their doors to the US crypto fans because their country is not friendly towards it. They are not welcoming the crypto development at all. Not only is the country not friendly towards crypto, they are even actively stopping any progress. Projects are thwarted right from the start.

Poloniex is still a trusted exchange even if they also had their problems in the past. Right now, they look in their best form to compete with the top exchanges in the market.

It seems that more and more exchanges are closing the doors for trading for US citizens which is not good for the crypto system in general even if Poloniex had low volume in the last 2 years. I still remember when Poloniex was nr1 exchange with a high number of volume and traders but then it suddenly dropped in both of them and now here we are...who's next ? Bittrex ?

Yes maybe they're going to be shutting down.
But at least their manner is good by announcing to their customers like this, and give free trading fee til end of the year. and not just exitscam just like shit exchanges.

Regulations again, I experience many problems because of Poloniex, since banning an account without knowing the cause, I started to stop using Poloniex. I don't really know their information, last info maybe the shit circle. The zero fee for trading spot is good enough to increase the amount of volume on the exchanger.

It's more like Poloneix is too forced to restrict US citizens. No exchange would want their traffic and volume to decrease. It's the rules and regulations of the US government that are making exchanges and ICOs to shut away US citizens. Though there are some ways to still trade in US with limited options for exchange. And P2P would always be a solution.

I am also very angry about this type of action taken by some exchanges like today I have received email from Bittrex international that your country is excluded from Bittrex internation trading platform with the following text:
"You must withdraw your coins/tokens by no later than Tuesday, October 29 by 19:00 UTC/21:00 CEST"

The future is bleak for Poloniex. Not only this exchange has fallen off the radar for the past many months and now this another blow that it is officially leaving the huge USA market for good. Where its eyes will be focusing from now on is something we will watch. I am sure that this decision comes with a heavy heart but people observant of the things happening in the crypto space of the USA know that this is forthcoming. The USA market is now under the control of regulators and the burdensome regulations are placing strong pressure to existing exchanges to comply or start packing up. Poloniex chose the easier way but can lead to its eventual oblivion.

I hope they can choose the path taken by Binance and overhaul their marketing department aside from introducing many innovative features to attract more traders to its side. I am now wondering: Can this be the end of Poloniex or will there be a Phoenix which this exchange is hiding on its sleeves?

Maybe by closing the door for US Customers, Poloniex can be more flexible in listing coins or tokens. The American government is very strict in terms of trading coins or tokens because it involves securities while many coins or tokens that have large transactions cannot be traded by Poloniex. Hopefully this step will provide flexibility for Poloniex in developing its business

Now it became known who is behind the purchase of the Poloniex.
It's Justin Sun - founder of TRON.
https://www.theblockcrypto.com/daily/43811/circle-insiders-say-justin-sun-is-leading-the-investment-consortium-taking-over-poloniex

Obviously they are just doing everything possible to elope US regulations, which is not entirely bad. The team behind Poloniex should just adopt new strategies, which I see they are doing currently and then build more trust in traders. Poloniex was also one of my best exchange some time ago, but not presently.

I think that generally, the United states is really giving some of these exchanges a hard time as regards their exchanges, and I think Polenix would rather reject their citizens than to dance to their tune, because dancing to the tune of United States will typically defeat the objective of cryptocurrency as they will turn it to a full centralized system of government that we have been running far away from.

Polenix is another big exchange, and before they could even make this decision, I am sure that they must have checked and see that the number of US users in their exchange is really not very much significant. Rejecting US users should not even be a problem, people will just migrate to binance platform that has been created for United state citizens totally.