Massachusetts-based and Circle-backed cryptocurrency exchange Poloniex announced it would be delisting 23 trading pairs effective today, citing low volume on the soon-to-be removed tokens.
The latest victims of the Poloniex delisting bloodbath were slashed away on August 16, and included: LTC/XMR, DASH/XMR, ZEC/XMR, MAID/XMR, NXT/XMR, BCN/XMR, LSK/ETH, GNT/ETH, MANA/ETH, QTUM/ETH, STEEM/ETH, OMG/ETH, LOOM/ETH, SNT/ETH, CVC/ETH, KNC/ETH, GAS/ETH, BNT/ETH, LOOM/USDT, SNT/USDT, KNC/USDT, BNT/USDT, FOAM/USDC.
We will be removing 23 trading pairs on August 16, 2019, due to low volume. Note that each asset will continue to be independently tradable.
— Poloniex Exchange (@Poloniex) August 15, 2019
Earlier in May, Poloniex delisted nine altcoins, five of which were among top 100 cryptocurrencies as the US crypto industry was feeling the burden of an uncertain regulatory environment. At the time, the exchange said it would no longer offer these tokens for trading to US customers following reports of incoming regulations against unregistered security tokens.
Specifically, Poloniex said it currently wasn’t able to deduce whether the assets in question were unregistered securities, i.e., illegally offered in the view of the US Securities and Exchange Commission.
Poloniex abandons its aggressive expansion strategy
Ina different vein, Poloniex has announced the addition of Tron-based version of Tether, the latest Stablecoin offering from Justin Suns. Poloniex said it would support the new stablecoin on the Tron Blockchain in addition to Omni Protocol (Bitcoin).
It is rumored that the actions of the exchange are dictated by pressure from the US regulators after the firm was acquired by Goldman Sachs-backed Circle. Poloniex has been the subject of news blasts since Circle acquired the cryptocurrency exchange in a deal reportedly worth $400 million.
Prior to the Circle acquisition, Poloniex had an aggressive expansion strategy that saw the exchange lists dozens of coins.
Poloniex’s new offering will also be going up against established players like Coinbase’s GDAX as the move to appeal to institutional investors is the latest such effort from players within the cryptocurrency industry.
