Straight out of San Francisco
Based in the United States, Poloniex is a leading cryptocurrency exchange offering a wide variety of digital assets. Founded in January 2014, Poloniex offers a secure trading environment and provides advanced charts and data analysis tools to its customers. Additionally, Poloniex offers traders to trade on margin – something rarely offered in the cryptocurrency market.
Certain places around the world do not allow Poloniex. Currently, in the U.S., Poloniex is not available in New Hampshire, New York & Washington.
What makes Poloniex different?
What makes Poloniex different from the way many other exchanges are structured, however, is the fact that it is designed as a pure digital-currency-to-digital-currency exchange. Users may only transact in cryptocurrencies.
In the case of some exchanges, users can buy or sell cryptocurrencies with or in fiat currency, however Poloniex doesn not offer this service. All exchanges are bought and sold with other cryptocurrencies. In order to use Poloniex, you would have to already own some crypto and transfer it to a wallet on this exchange. While this may seem as a drawback, many cryptocurrency users have flocked to Poloniex because of the variety of currencies they have in the market.
Poloniex has gone through a number of redesigns & updates since its initial launch. The service now also provides technical analysis (TA) and user support in addition to its original trade functions, in addition to their expanded range of trading features.
SOLD! Goldman Sachs-Backed Circle Buys Poloniex
Back in February, Circle aquired the crypto exchange Poloniex. After the surge of late 2017, the exchange was struggling to verify its customers. Being based in the US, regulators such as the SEC have been cracking down on KYC/AML (Know Your Customer) laws and mandates. This is where Circle comes in.
- Joseph Weinberg, OECD Think Tank Special Advisor and Chairman of Shyft, a blockchain protocol that creates the standard for KYC/AML, shared his comments. He states:
Through this acquisition, Circle will deploy more people to help handle compliance—more employees to build and process KYC due diligence faster. This is the same type of issue traditional banks have when it comes to scaling. Compliance costs keep multiplying, and yet, they aren’t always found to be effective.