Circle transfers Poloniex to Bermuda

Circle cryptocurrency startup announced the transfer of most of Poloniex’s operating activities to offshore due to regulatory tensions in the United States.

It is reported that the company has already received a license to operate in Bermuda. As Circle CEO Jeremy Allaire said, about 70% of Poloniex users will be transferred to a company registered in Bermuda.

“Europe and Asia remain very important markets for us. The lack of a significant regulatory framework limits the list of opportunities that we can offer to citizens and companies from the United States, ”Ellir said, adding that the stable USDC is becoming very popular among Asian institutional investors.

Also, the CEO of Circle noted that this year the company broke up with 30 employees in order to “keep costs at market level”. At the same time, over the next two years, the company plans to hire approximately the same number of people, but they will be aimed at developing international markets.

“The idea is to launch a new center for international operations, which will ensure the functioning of the trading platform and the wallet service. Working with the Bermuda government and their financial regulator took a lot of time, ”Ellir said.

In addition, new assets will be available to users outside the United States for trading, and in the future Poloniex may launch new services and products.

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In mid-June, Circle announced
to stop supporting your Circle Pay mobile payment application in September of this year. Starting from July 8, only withdrawals will be available in the application.