Poloniex Opens Up to Institutional Investors
After its acquisition by Circle, and exchange continues to boost its image as a fully transparent market and is now opening up to the potential of institutional investors.
Institutional accounts are now available on Poloniex to entities both large and small, the exchange announced on Tuesday. Since its acquisition by Circle and the introduction of the USDC stablecoin, Poloniex has become one of the platforms pushing for more widespread cryptocurrency adoption and trading.
“Poloniex is focused on meeting the advanced trading needs of institutions. We offer higher withdrawal limits and professional customer support from a dedicated team of Account Managers in our Client Services department,” Poloniex said.
Business registrations hold the option for using Circle Trading Desk. The business registration form is tailored for other participants in the crypto ecosystem. Circle Trading Desk is an OTC market for orders above $250,000, mostly for the largest, most liquid digital assets.
The aim of Poloniex is to invite a new type of trader, one interested in transparency and fully legal trading. The exchange now encourages usage and activity in the USDC markets:
But the new image of Poloniex does not appeal to a whole crop of traders who saw their activity limited by newly added KYC (know your customer) requirements. Additionally, Poloniex delisted some of the more speculative low-volume coins in a bid to protect users from the volatility of certain assets. But the continued removals of otherwise reasonably performing coins angered the crypto community.
The exchange also upset traders with the delayed airdrop of OmiseGo (OMG) for Ethereum holders. While those with ETH balances in their wallets received OMG in August, Poloniex credited the balances on December 2. In the meantime, OMG had significantly depreciated, sliding from around $7 to $1.49 at present.
Poloniex had several assets frozen for technical reasons. BCH and BSV were temporarily blocked from deposits and withdrawals, and the EOS wallets have been closed since the start of December. The exchange also went through a general freeze of deposits and withdrawals on December 1, which has since been resolved.