The company received a full Digital Assets Business Act license in Bermuda for its crypto exchange Poloniex on July 22, 2019. Nevertheless, 70% of Poloniex users hail from beyond the US and the new Bermuda-based entity will handle those accounts from now on. In May 2019, the company geofenced some assets on Poloniex from US customers, according to CoinDesk.
Europe and Asia are both pretty significant markets for Circle also. Moreover, the USDC stablecoin is particularly popular with institutional Asian investors and “the lack of regulatory frameworks limits what can be offered to individuals and businesses in the US”, said the company CEO.
In the future, more diverse assets will be available to global customers and Poloniex might also expand to financial services, which the startup previously couldn’t offer in the US. Nevertheless, it wasn’t specified what types of products and services those might entail.
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