Poloniex has announced the independent operation of Justin Sun or take over the focus on the international market

Poloniex Exchange recently announced that it will spin off from parent company Circle and take over operations with an Asian company called Polo Digital Assets, Ltd. According to industry sources, the main investor behind the new operator is Justin Sun, a well-known figure in the blockchain industry. Previously, Justin Sun had a close relationship with Circle founder Jeremy Allaire.

Looking back at the development of Poloniex, in February 2018, Circle, driven by IDG Capital, acquired Poloniex, one of the world's leading digital currency trading platforms at that time, for $400 million. However, due to the impact of US regulatory policies, Poloniex's market share and trading volume have declined sharply. From the peak of accounting for 58% of the market in the first half of 2017, to today's daily trading volume of just over $20 million, the global ranking has fallen to outside the 80th place. In May of this year, Poloniex also announced that it would stop offering trading services for 9 cryptocurrencies for users in the United States.

In the latest announcement, Poloniex said that it will adjust its business strategy to focus on expanding into the international market. As of November 1, the platform will no longer serve users in the United States. In order to promote international growth, Poloniex plans to invest $100 million to expand its business. As one of the measures to attract users, from October 21 to the end of the year, the platform will implement a preferential policy for spot trading with zero fees.

This series of changes reflects the regulatory pressures and international development trends faced by cryptocurrency exchanges. Poloniex's strategic adjustments may have a profound impact on its future development and provide new references for the development direction of the entire industry.