Circle Reveals Why Most Startups Are Wary of the US Market

Poloniex Circle Bermuda 768x514

The US is said to be the land of opportunity. It is, however, becoming very apparent that this opportunity is out of the reach of cryptocurrency startups. As an illustration, Circle has decided to move the majority of its exchange’s operations to Bermuda. The Goldman Sachs-backed blockchain startup is making a massive leap out of the tightly regulated US crypto industry environment and launching a subsidiary in the British island territory. Circle has announced that it has received a Bermudan Digital Assets Business Act license for Poloniex. Poloniex, the Circle affiliated crypto exchange will now leverage its new regulatory status to serve non-US customers. Jeremy Allaire, Circle’s CEO has said that over 70 percent of the exchange’s users are not from the US. The established Bermudan subsidiary will on wards deal with that large customer base. Circle: Bermuda’s Regulatory Environment Easier The British Overseas Territory, “Class F (“Full”) DABA” license…

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