Huobi and Poloniex announced a strategic partnership on November 30. Reports of a planned merger of the two cryptocurrency exchanges have emerged and have been refuse Last week.
The two exchanges will “gradually cooperate” on the development of Huobi’s HT coin ecosystem, connectivity, liquidity sharing and global compliance. Starting in December, the Huobi Advisory Board will conduct a monthly review of all Poloniex projects, with the best performers potentially listed directly on Huobi, the exchange declared.
Talk about a merger began with a tweet from Wu Blockchain. Poloniex is by far the larger of the two exchanges. It is not available for US users.
The Poloniex exchange, which Justin Sun acquired from Circle in 2019, will merge with its recently acquired Huobi exchange, according to people familiar with the matter. Coingecko shows that the daily spot trading volume of Poloniex is only 1/10 of that of Huobi. Exclusive
– Wu Blockchain (@WuBlockchain) November 25, 2022
The Chinese stock market has seen a number of changes this year. This launched an investment arm in June. Co-founder Leon Li reported in August sell one’s share. About Capital based in Hong Kong bought a majority share in Huobi in October. Earlier in November, he denied reports of widespread layoffs and resignations.
Huobi would be plans to move its headquarters to the Dominican Republic.
Poloniex and @HuobiGlobal The advisory board will evaluate 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
On the same day as the merger announcement, Huobi said it was creating an enhanced affiliate program for influencers, offering spot commission up to 50% and forward commission up to 60%.
Poloniex reached a $10 million settlement with the United States Securities and Exchange Commission for allegedly selling unregistered securities last year, in a case that was later criticized by Congressman Brad Sherman, a prominent crypto-skeptic, as an example of the agency preying on “small fish” in its enforcement efforts. Polonium was blocked by South Korean regulators in June.