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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Crypto Exchange Catastrophe: Poloniex Spin Out Leaves Investments Spinning At Circle

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read
crypto exchange poloniex circle

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This past October, the Boston-based, Goldman Sachs-backed financial services company Circle, announced that it would “spin out” crypto exchange Poloniex into its own company, selling it to an investment group with backing from Tron founder Justin Sun.

Since the spin-out, the two brands have seemingly spun out of control, with Poloniex causing a stir surrounding the brand’s integrity, and Circle threatening to either turn investor’s assets over to the government, or charge fees for leaving assets on the platform.

Circle Could Charge Dormancy Fee, or Turn Crypto Assets Over to US Government

One of the bigger news stories of early 2018, was the Goldman Sachs-backed Circle buying cryptocurrency exchange Poloniex for $400 million, in an effort to tap into the emerging fintech industry.

Related Reading | Buy High and Sell Low? Circle Dumps Poloniex As Crypto Market Interest Wanes

But Circle eventually turned its focus on the USDC stablecoin, and after US regulators began putting pressure on platforms catering to US-based investors, Poloniex began to suffer.

In October, Circle revealed it would be selling Poloniex in a “spin out” that would lead to additional investment in Poloniex. However, it also meant that US-based crypto investors would soon be banned from using the trading platform.

Poloniex gave ample warning to US-based crypto investors to remove their funds from the platform, but it seems as though not all investors took the warning seriously, as Circle has announced that it will soon take aggressive action with any funds left on the platform.

As of December 16, if US-based crypto investors don’t withdraw their assets, they will lose access to their Poloniex account, the remaining assets will be traded into USDC for storage, and Circle may charge a “monthly service fee and/or one-time dormancy fee.”

Worse yet, Circle may turn over the assets to the US government, in accordance with regulations.

Poloniex Controversy: Delisting DigiByte Token In Cahoots With Justin Sun and TRON

While the news that Circle may soon charge dormancy fees or turn assets over to the state, the Poloniex spin-out is spinning out of control.

The cryptocurrency exchange is currently the subject of controversy after they revealed that DigiByte token would be delisted from the platform.

After a careful review, we decided #DigiByte is not qualified per our listing standard. We will delist $DGB soon. Details to be announced.

— Poloniex Exchange (@Poloniex) December 5, 2019

The project’s founder, Jared Tate, went on a Twitter tirade calling out Tron founder Justin Sun as a “crook.” According to recent news, Sun supposedly confirmed himself as part of the investment group backing the new Poloniex.

Related Reading | Crypto Visualized: Watch the Fall of Poloniex And Rise of Binance 

Hours later, Poloniex tweeted about the altcoin’s removal, causing extreme suspicion across the cryptocurrency community. The common consensus is that Sun allegedly had a hand in DigiByte’s delisting, however, the bold accusations cannot be confirmed and should be taken with a grain of salt.

Featured image from Shutterstock
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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