Huobi and Poloniex announced a strategic partnership on November 30. News emerged last week about a planned merger of the two cryptocurrency exchanges, which were denied.
The two exchanges will “progressively cooperate” on the development of Huobi’s HT coin ecosystem, connectivity, liquidity sharing, and global regulatory compliance. Starting in December, the Huobi Advisory Board will do a monthly assessment of all Poloniex projects, with the best performers potentially listing directly on Huobi, the exchange stated.
Rumors about a merger started with a tweet from Wu Blockchain. Poloniex is by far the larger of the two exchanges. It is not available to users in the United States.
The Poloniex exchange, which Justin Sun acquired from Circle in 2019, will merge with his recently acquired Huobi exchange, according to sources familiar with the matter. Coingecko shows that Poloniex’s daily spot trading volume is only 1/10 of Huobi’s. exclusively
— Wu Blockchain (@WuBlockchain) November 25, 2022
The Poloniex exchange, which Justin Sun acquired from Circle in 2019, will be merged with its recently acquired Huobi exchange, according to sources familiar with the matter. Coingecko shows that Poloniex’s daily spot trading volume is only 1/10th of Huobi’s.
The Chinese exchange has undergone several changes this year. It launched an investment arm in June. Co-founder Leon Li reported in August that he was selling his stake. Hong Kong-based About Capital bought a majority stake in Huobi in October. In early November, he denied reports of widespread layoffs and resignations.
Huobi is planning to move its headquarters to the Dominican Republic.
Poloniex and @HuobiGlobal Advisory Board will assess all Poloniex-based projects on a monthly basis. Projects that stand out will have the chance to be listed on Huobi and receive support from both platforms, reaching tens of millions of users. https://t.co/VqdGdbQq4h
— Poloniex Exchange (@Poloniex) November 30, 2022
The Poloniex and Huobi Global Administrative Council will evaluate all projects based on Poloniex on a monthly basis. Outstanding projects will have the chance to be featured on Huobi and receive support from both platforms, reaching tens of millions of users.
On the same day of the announcement of the merger, Huobi said that it was creating an improved affiliate program for influencers, offering a Spot commission of up to 50% and a futures commission of up to 60%.
Poloniex reached a $10 million settlement with the United States Securities and Exchange Commission over the alleged sale of unregistered securities last year, in a case that was later criticized by Congressman Brad Sherman, a prominent cryptocurrency skeptic. , as an example of the agency going after “little fish” in its enforcement efforts. Polonium was blocked by South Korean regulators in June.
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