{"id":240853,"date":"2019-10-19T17:25:27","date_gmt":"2019-10-19T21:25:27","guid":{"rendered":"http:\/\/insidebitcoins.com\/?p=240853"},"modified":"2019-10-19T17:25:27","modified_gmt":"2019-10-19T21:25:27","slug":"justin-sun-puts-poloniex-purchase-rumours-to-bed","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/justin-sun-puts-poloniex-purchase-rumours-to-bed","title":{"rendered":"Justin Sun Puts Poloniex Purchase Rumours to Bed"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">Justin Sun, the founder of cryptocurrency firm TRON, has been linked with the purchase of cryptocurrency exchange Poloniex for a while now. However, the billionaire cryptocurrency developer has come out to clear the air on his rumored purchase.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In a\u00a0<\/span><a class=\"_e75a791d-denali-editor-page-rtfLink\" href=\"https:\/\/twitter.com\/justinsuntron\/status\/1185397048729731073\" target=\"_blank\" rel=\"noopener noreferrer\"><span data-preserver-spaces=\"true\">tweet<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0put out on October 19, Sun made it clear that he wasn\u2019t looking to make such a purchase, adding that his role as a businessman is to \u201chelp his friends,\u201d invest and help companies get themselves off the ground.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Poloniex has moved shop<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">The struggles of Poloniex have been rather extensive in 2019. Back in July, it moved operations overseas. <a href=\"http:\/\/insidebitcoins.com\/news\/circle-ceo-jeremy-allaire-wants-to-tell-us-lawmakers-that-the-country-is-falling-behind-in-crypto\/234082\">Circle<\/a>, the parent company of Poloniex, at the time, cited regulatory uncertainties in the U.S. as part of its reasons for making a move. The firm claimed in a press release shared with news medium CoinDesk that it would be moving to the crypto-friendly island of Bermuda, as it would be targeting its services to customers not based in the United States.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Expanding on the problem, Circle chief executive Jeremy Allaire told CoinDesk that up to 70 percent of people who use Poloniex don\u2019t reside in the United States. Given the regulatory complexities that are currently dragging the American crypto community back, Circle saw it fit to remove the exchange from the country and focus on serving the majority of its customers.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In Bermuda, they had found the perfect host country, a nation with a robust regulatory framework for its crypto space, and a location that will allow Poloniex to continue growing.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Changing ownership<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">However, things got even stranger when an\u00a0<\/span><a class=\"_e75a791d-denali-editor-page-rtfLink\" href=\"https:\/\/medium.com\/circle-trader\/poloniex-spins-out-from-circle-with-new-backing-global-focus-5a19357bdaee\" target=\"_blank\" rel=\"noopener noreferrer\"><span data-preserver-spaces=\"true\">official announcement<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0confirmed that Poloniex would be breaking off from its parent company to stand as an independent organization. The announcement, which was published on October 18, revealed that Poloniex would be leaving Circle to form Polo Digital Assets, effectively taking control of its future.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The exchange claimed in the announcement that the move would allow it to focus on the needs of crypto traders around the world, adding that it will be providing several new features and assets to stay competitive in the market.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">A separate\u00a0<\/span><a class=\"_e75a791d-denali-editor-page-rtfLink\" href=\"https:\/\/blog.circle.com\/2019\/10\/18\/poloniex-to-spin-out-of-circle\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span data-preserver-spaces=\"true\">blog post<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0from Circle revealed that Polo Digital Assets had been financially backed by an Asian investment group. This is when crypto news medium The Block reported, citing an insider at the exchange, that the investment firm had been headed by Sun.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">As part of the move, Polo will be spending about $100 million in the coming years, while also reducing all spot trading fees to 0 percent until the end of 2019.\u00a0<\/span><span data-preserver-spaces=\"true\">Polo will also remain inaccessible to U.S. customers. Per the release, American crypto traders will no longer be able to trade on Poloniex from November 1, although they will still be able to withdraw their assets until December 15.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Circle and its struggles<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">The decision to leave Circle seems rather survival-based, considering how much Circle itself has had to change this year. On May 20, the Goldman Sachs-backed financial services firm announced that it would be laying off about 30 members of its team.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In a\u00a0<\/span><span data-preserver-spaces=\"true\">blog post<\/span><span data-preserver-spaces=\"true\">, Allaire wrote that the move was necessary to ensure the survival of the firm, while blaming the harsh regulatory environment for the situation<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In addition to that, the firm\u00a0<\/span><a class=\"_e75a791d-denali-editor-page-rtfLink\" href=\"https:\/\/research.circle.com\/announcements\/a-message-from-team-circle\" target=\"_blank\" rel=\"noopener noreferrer\"><span data-preserver-spaces=\"true\">announced<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0on September 24 that it would be closing down Circle Research, a division that it launched on October 9, 2018, to help provide insights into the cryptocurrency market. While Circle admitted in its blog post that the division had made some significant progress, there was a need to make some cutbacks.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<div class=\"fin-excerpt\">Justin Sun, the founder of cryptocurrency firm TRON, has been linked with the purchase of cryptocurrency exchange Poloniex for a while now. However, the billionaire <a class=\"read-more-link\" href=\"https:\/\/insidebitcoins.com\/news\/justin-sun-puts-poloniex-purchase-rumours-to-bed\" title=\"Justin Sun Puts Poloniex Purchase Rumours to Bed\">[&#8230;]<\/a><\/div>","protected":false},"author":1770,"featured_media":240854,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[7855,5611,7904,8443],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.0 (Yoast SEO v22.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Justin Sun Puts Poloniex Purchase Rumours to Bed - InsideBitcoins.com<\/title>\n<meta name=\"description\" content=\"Justin Sun, the founder of cryptocurrency firm TRON, has been linked with the purchase of cryptocurrency exchange Poloniex for a while now\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/240853\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Justin Sun Puts Poloniex Purchase Rumours to Bed\" \/>\n<meta property=\"og:description\" content=\"Justin Sun, the founder of cryptocurrency firm TRON, has been linked with the purchase of cryptocurrency exchange Poloniex for a while now\" \/>\n<meta property=\"og:site_name\" content=\"InsideBitcoins.com\" \/>\n<meta property=\"article:published_time\" content=\"2019-10-19T21:25:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/10\/justin-sun.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"440\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jimmy Aki\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@adejimi\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jimmy Aki\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/240853#article\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/240853\"},\"author\":{\"name\":\"Jimmy Aki\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/a66ff7827d8bed054aa6be4e9d8c1dad\"},\"headline\":\"Justin Sun Puts Poloniex Purchase Rumours to Bed\",\"datePublished\":\"2019-10-19T21:25:27+00:00\",\"dateModified\":\"2019-10-19T21:25:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/240853\"},\"wordCount\":589,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"keywords\":[\"Bermuda\",\"Circle\",\"Justin Sun\",\"Poloniex\"],\"articleSection\":[\"More Crypto News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/240853#respond\"]}],\"copyrightYear\":\"2019\",\"copyrightHolder\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/240853#primaryimage\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/240853\",\"url\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/240853\",\"name\":\"Justin Sun Puts Poloniex Purchase Rumours to Bed - InsideBitcoins.com\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/#website\"},\"datePublished\":\"2019-10-19T21:25:27+00:00\",\"dateModified\":\"2019-10-19T21:25:27+00:00\",\"description\":\"Justin Sun, the founder of cryptocurrency firm TRON, has been linked with the purchase of cryptocurrency exchange Poloniex for a while now\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/240853\"]}],\"primaryImageOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/240853#primaryimage\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/240853#primaryimage\"}},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/insidebitcoins.com\/#website\",\"url\":\"https:\/\/insidebitcoins.com\/\",\"name\":\"InsideBitcoins.com\",\"description\":\"Search &amp; 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