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

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 Crypto Exchange Catastrophe: Poloniex Spin Out Leaves Investments Spinning At Circle was last modified: December 5th, 2019 by Tony SpilotroThe post Crypto Exchange Catastrophe: Poloniex Spin Out Leaves Investments Spinning At Circle appeared first on NewsBTC.
NewsBTC

Co-Founder Sean Neville To Quit As Circle CEO, Offering No Specific Reason

Sean Neville is on the board of directors with Circle, but he will soon be leaving his position as co-CEO, according to reports from CoinDesk and The Block. Neville is due to step down before the month of December is over, stating in a company email that he thought the timing was “appropriate” for the […]
Bitcoin Exchange Guide

Circle Co-Founder Sean Neville Quits as CEO After Reshuffle: Report

Circle Co-Founder Sean Neville Quits as CEO After Reshuffle: Report Payments company Circle will install a new CEO at the start of 2020 after one of its original co-founders steps down from the position.  According to cryptocurrency media outlet CoinDesk on Dec. 5, co-founder and co-CEO Sean Neville will transition to a post on the […] Cet article Circle Co-Founder Sean Neville Quits as CEO After Reshuffle: Report est apparu en premier sur Bitcoin Central.
Bitcoin Central

Sean Neville Announces His Stepping Down as Circle Co-CEO

Coinspeaker Sean Neville Announces His Stepping Down as Circle Co-CEOIn a major turn of event at crypto startup Circle, Sean Neville will be stepping down from his role as the Co-CEO of the company. In an email secured by CoinDesk, Neville notified his decision during a quarterly meeting among the Board of Directors.Neville found this Boston-based peer-to-peer payments technology company in partnership with Jeremy Allaire, in 2014. While Neville decided to step down from the role of Co-CEO, he will continue as the company’s independent director.Neville has not explicitly stated the reason behind his decision. However, in the email, he mentions that the company’s recent sale of Poloneix exchange which was one of the factors for him to opt for this transition. The good news is by staying on Circle’s board, Neville will continue working with CENTRE. CENTRE is a collaboration between Coinbase and Circle and the issuer of USDC stablecoin. In his email, Neville wrote:“I also expect to propel the mission forward through CENTRE and other new complementary paths that traverse worthwhile challenges in infrastructure, regulatory policy, economics, and product design. As always, I remain stubbornly optimistic about our ability to devise and execute well-crafted things that improve our collective future.”But before starting with his new role, Neville will be on a sabbatical for some time. Over the last few years, under the leadership of Neville and Allaire, Circle has made massive progress. It was one of the first companies to receive the toughest BitLicense from the New York Department of Financial Services in the year of 2015.Last year in February 2018, Circle had acquired the popular Poloniex exchange for around $400 million. However, within a year, it decided to part way and sold it following the launch of its new exchange platform.Circle announced its new platform “Polo Digital Asset” specifically to serve U.S. customers. The blog post mentioned that U.S. customers will no longer be able to create an account on Poloniex. Explaining the reason behind its decision, Circle said: “The spinout will free us to focus on the needs of global crypto traders with new features, assets and services”.It will be interesting to see that who will be filling Neville’s shoes or will the company work under Allaire’s single leadership ahead.Let us also remind you that as the year is getting closer and closer to its end, this news is not the first one about changes in the companies’ management. Just yesterday we reported about huge changes within Google and Alphabet structure. Now Google CEO Sundar Pichai is a new Alphabet CEO as well while Google co-founders Larry Page and Sergey Brin will serve more as the company’s advisors.Sean Neville Announces His Stepping Down as Circle Co-CEO
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Weiss Ratings Downgrades EOS for Centralization

The Weiss Crypto Ratings chart saw EOS slide down the ranks. Weiss downgraded the project, pointing centralization as the chief reason. Weiss Moved EOS Down Straight to C- Weiss Ratings downgraded EOS from B to C-, despite the favorable estimations in the past. The chief reason was the influence of big token holders, which could decide how to sway network resources. 1/6 We’ve had great respect for work and thinking that went into the #EOS project. But the Weiss Crypto Ratings model is not based on opinion. It’s driven by data. And that data has now caused a downgrade from B to C-. Here's why (full article to be published soon): — Weiss Crypto Ratings (@WeissCrypto) December 6, 2019 The EOS blockchain gains its speed from the feature of only having 21 block producers, which transpire transaction information amongst themselves. Thus, spreading the latest state of the distributed ledger is easier, in comparison to Bitcoin’s feat of broadcasting to above 9,300 anonymous nodes. The EOS Constitution also has special cases for blocking accounts – a feature which has been useful during hacks, but also means transactions can be censored centrally. The concentration of resources in only a few hands meant “whales” could decide on allocating activities. This is also one of the reasons why the EIDOS token spread like wildfire, consuming almost all transactions on the EOS network. Network Capable of Faking Activity, Hosts Parasitic Token EOS is a network similar to older ones like BitShares, as well as Steemit. Those networks have shown that the influence of “whales” can be immense, and two nodes could even broadcast millions of free transactions. Other networks like Lisk (LSK) showed that the election process for delegates ended up with voting power getting accrued in the hands of a few top delegates. All of them could vote each other into place, without resorting to regular user vote. EOS trades at $2.75, gradually declining from the mid-year peak above $6.00. The coin has erased most of the gains for 2019 and is on track to fall to lows not seen since the bear market of 2018. According to Blocktivity, the network carries more than 43 million transactions per day. As expected, things will get better from here. A bit fairer cpu pricing. Congestion will gradually die down as it's not dirt cheap to get cpu anymore. Everyone becomes a bit more vigilant. Fairer value for EIDOS and YAS and CPU. It will get better everyday.Now, when Voice? — Enumivo (@enumivo) December 1, 2019 Most of those now belong to minting EIDOS tokens, while other transactions are related to distributed app activity. EOS has also seen accusations that most of its dApps are visited by bots, faking the real usage statistics. What do you think about EOS’s latest crypto ratings (as per Weiss)? Share with us in the comments below.  Images via Shutterstock, Twitter: @WeissCrypto, @enumivo The post Weiss Ratings Downgrades EOS for Centralization appeared first on Bitcoinist.com.
Bitcoinist

Block.one Set to Launch its Social Media Network ‘Voice’ on February 14, 2020

Voice, a social media platform built on the EOS blockchain, is set for release on February 14, 2020. Block.one, the firm behind its design, is optimistic that Voice will compete favorably against the likes of Facebook and Twitter. This innovation will mainly use tokenization to promote activity within the network and leverage its authentication features […]
Bitcoin Exchange Guide

SpaceChain’s New Milestone: First-Ever Demo of Blockchain Tech on the International Space Station

On Monday, December 5, 2019, community-based space and blockchain-focused platform, SpaceChain sent its blockchain hardware wallet technology to the International Space Station (ISS). As per the press release, this endeavor is the first ever ISS demonstration to date and was achieved as part of the CRS-19 commercial resupply service mission. This is definitely a milestone […]
Bitcoin Exchange Guide

Bitcoin Fund Gets SEC Approval | Cardano Ready For A Push | Crypto.com EOS | Enjin | Digibyte |

Do you need Bitcoin BTC as Bitcoin Briefly Breaks Above $7,500 After SEC Approves BTC Fund. Crypto.com Launches Syndicate Platform with EOS Coin Discount on it's newly launched exchange with CRO pairs. Cardano Getting Ready for Big Push in 2020, Says Charles Hoskinson. Jared Tate talks about Digibyte DGB and the Poloniex issue. Delta Exchange Launches Derivatives for Enjin ENJ after Microsoft Partnership. Ross Ulbricht Clemency Petition Gathers 250,000 Signatures. References - https://cointelegraph.com/news/bitcoin-briefly-breaks-above-7-500-after-sec-approves-btc-fund https://www.forbes.com/sites/investor/2019/12/06/bitcoin-why-you-need-it/ https://www.altcoinbuzz.io/crypto-news/partnerships/crypto-com-launches-syndicate-platform-with-eos-coin-discount/ https://www.altcoinbuzz.io/crypto-news/spotlight/cardano-getting-ready-for-big-push/ https://twitter.com/jaredctate/status/1203034572176408577 https://twitter.com/emailshashwat/status/1202974396110884868 https://twitter.com/balanipankaj/status/1202901524701052929 https://coinnounce.com/petition-to-free-ross-ulbricht-has-crossed-250000-signatures/ https://news.bitcoin.com/ross-ulbricht-clemency-petition-gathers-250000-signatures/Altcoin Buzz -------- Free Newsletter: http://eepurl.com/dnIEz1 MCO USD 50 REWARD https://platinum.crypto.com/r/k7tsgv2xc0 Sign up for eToro https://tinyurl.com/yxwa8vbt --------- Visit our website: https://altcoinbuzz.io Connect with us on Social Media: Twitter: https://twitter.com/Altcoinbuzzio Facebook: https://www.facebook.com/altcoinbuzzio/ Telegram: https://t.me/joinchat/DLi8Ug8negQrbwYO-oqNRA ---------- NOTE The information discussed on the Altcoin Buzz YouTube or other social media channels is not financial advice. This information is for educational, informational and entertainment purposes only. Any information and advice or investment strategies are thoughts and opinions only, relevant to accepted levels of risk tolerance of the narrator and their risk tolerance maybe different than yours. We are not responsible for your losses. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence and consult the financial advisor before acting on any information provided. Copyright Altcoin Buzz Pte Ltd. All rights reserved.
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Only one cryptocurrency is outperforming bitcoin this year — and its exchange has pioneered the practice of destroying coins every quarter

Binance Coin, or BNB, is the only major cryptocurrency outperforming bitcoin this year, but its namesake exchange is facing new concerns around increased competition, police raid rumors, and its "burning" practice. The Binance exchange faced new scrutiny after it said in November it has no "fixed offices in Shanghai or China" following reports of a police raid in the country, Bloomberg first reported. The exchange also destroys, or "burns," a portion of BNB coins in circulation each quarter as part of a plan to slash supply in half. Though Binance buys the coins off investors before destroying them, the practice likely serves as a factor in BNB's surge in 2019 and demand may wane once the burns reach their goal. BNB's popularity as the leading exchange token now faces opposition from new firms looking to corner the initial-exchange-offering market. Watch BNB trade live here. Binance Coin is the only major cryptocurrency outperforming bitcoin this year, but its namesake exchange faces heightened scrutiny for its "burning" practice and police raid rumors. The coin, typically referred to as BNB, allows holders to gain access to trading discounts and other benefits on Binance, the world's largest spot cryptocurrency exchange. BNB is up roughly 156% year-to-date, dwarfing bitcoin's 100% surge. The digital coin's outperformance was first reported by Bloomberg. The coin's run-up is likely boosted by the exchange's quarterly practice of destroying, or "burning," BNB to reduce the number of tokens outstanding. Binance plans to burn half of the total BNB supply — about 100 million coins — before pausing the practice. Though it buys the coins from holders before destroying them, the practice drives BNB demand as users still look to use its benefits. Binance destroyed $36.7 million worth of BNB at the end of the third quarter, or roughly 2 million coins. The exchange determines the amount of BNB to destroy based on its quarterly trading volume, and the latest burn hints the firm posted its most profitable quarter ever in the July-to-September period, Bloomberg reported. The platform also enjoys looser regulatory scrutiny due to its registration in Malta, yet critics are calling for Binance to clarify rumors around a reported raid on offices in China. A spokesperson for the firm told Bloomberg it has no "fixed offices in Shanghai or China," yet the rumored police search raised worries around whether the exchange is misleading investors to avoid China's crypto regulations.  BNB's surge cooled alongside other cryptos through the second half of the year, and a decline in initial exchange offerings on the platform could further hamper its performance. Binance customers used BNB to purchase coins sold by startups on the exchange, but as competitors with similar discount tokens crop up, Binance's popularity has faced new threats. "BNB's large relative outperformance came in the first part of this year, as the IEO craze reached its peak," Travis Kling, who leads hedge fund Ikigai Asset Management, told Bloomberg. "IEOs have cooled off a lot of its relative outperformance." BNB traded at $15.61 per coin at 3:10 p.m. ET. bitcoin traded at $7,456.46 per coin. Now read more markets coverage from Markets Insider and Business Insider: Billionaire hedge fund manager Bill Ackman is poised to exceed 50% returns after a 3-year drought Apple soars to all-time high after top analyst suggests 'completely wireless' iPhone could arrive by 2021 An unsealed court filing gives the first peek at Amazon's legal attack on the Pentagon's $10 billion cloud contract, and Trump is called out by name Join the conversation about this story » NOW WATCH: A big-money investor in juggernauts like Facebook and Netflix breaks down the '3rd wave' firms that are leading the next round of tech disruption
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