Poloniex
Tue, Apr 15Poloniex is a cryptocurrency exchange that was established in 2013. Over the following years, it grew to become one of the leading centralized cryptocurrency exchanges (CEX) globally.
In 2018, Circle, a company specializing in digital assets and financial services, acquired the exchange for USD $440 million. Circle aimed to transform Poloniex into the first regulated cryptocurrency exchange in the United States through this acquisition.
However, in 2019, Circle opted to separate Poloniex into an independent entity. The acquisition was led by Justin Sun, the founder of Tron, and involved an investment group from Asia, which was reported to invest up to USD $100 million into Poloniex.
Following the acquisition, Poloniex ceased all services for U.S. customers. The exchange has faced multiple challenges with various regulatory bodies in both the U.S. and Canada.
In 2021, the SEC charged Poloniex for operating an unregistered digital asset exchange in the U.S. from 2017 to 2019. To resolve the charges, Poloniex agreed to pay a $10 million fine.
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