Poloniex review
Poloniex is a centralized cryptocurrency exchange launched in January 2014, one of the earlier platforms to focus on a wide range of altcoins. Stablecoin issuer Circle acquired it for $400 million in 2018 and sold it in 2019 to an investor group that put it under the control of Justin Sun, founder of the Tron blockchain. Under Sun's ownership the exchange relocated to Seychelles, reportedly loosened its KYC checks, and in November 2023 lost roughly $120 million to a hack; Sun's resolution offered the attacker a $6.5 million bounty to return the rest. It offers spot, margin, futures and staking, but carries no identified regulatory licence and is blocked for US customers.
Poloniex key facts
- Website: poloniex.com
- Category: Centralized cryptocurrency exchange (CEX)
- Founded: 2014
- Headquarters: Seychelles
- Owner: Justin Sun, via Polo Digital Assets Ltd.
- Regulatory status: No licence identified; blocked in the US
- Trading fees: Maker from 0.01%, taker from 0.075%
- Supported assets: 350+ coins, 200+ pairs
- Major incident: $120M hack, November 2023
- FYI Score: 75.7/100 (ranked #36 of the 48 crypto exchanges we track)
Trading fees
- Maker fees from 0.01% and taker fees from 0.075% at the top volume tiers
- Base commission starts near 0.155% combined, improving with 30-day trading volume
- No BNB-style native-token fee discount structure found in sourced material
Supported assets & products
- 350+ cryptocurrencies across 200+ trading pairs
- Spot and margin trading, with margin leverage up to 2.5x
- Futures and perpetual swaps with leverage up to 100x
- P2P lending, crypto staking, and a dedicated trading terminal
Security & regulation
- Registered in Seychelles, an offshore jurisdiction with minimal financial oversight; blocked for users in the US, Cuba, Iran, North Korea, Sudan and Syria
- CoinGecko's trust-score review found no regulatory authorisation identified and rated cybersecurity 2 out of 5 stars (Hacken/cer.live)
- Suffered a roughly $120 million hack in November 2023; owner Justin Sun negotiated with the attacker, offering to let them keep $6.5 million as a bounty if the rest was returned within seven days
- Under Sun's ownership, reporting describes relaxed KYC checks, and a 2021 report alleged Sun personally sought to claim about 300 BTC that users had mistakenly sent to wrong addresses
Ownership history
- Founded in January 2014 as a US-based (Delaware) altcoin exchange
- Acquired by stablecoin issuer Circle in February 2018 for $400 million
- Sold by Circle in October 2019 to an investment group; ownership passed to Justin Sun
- Now operated as Polo Digital Assets, Ltd.
Markets
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Who Poloniex is for
Poloniex may appeal to traders wanting margin and futures leverage on a long-running brand, but the November 2023 hack, the offshore Seychelles registration, and the lack of confirmed regulatory oversight are material risks; US-based users cannot use it at all.
Pros
- Long operating history dating to 2014, among the earlier altcoin-focused exchanges
- Broad product range: spot, margin, futures/perpetual up to 100x leverage, staking and P2P lending
- Competitive headline trading fees at the top volume tiers
- Wide asset selection with 350+ listed cryptocurrencies
Cons
- Lost roughly $120 million to a hack in November 2023; the resolution involved the owner negotiating a bounty with the attacker rather than a straightforward reimbursement guarantee
- No regulatory licence identified; registered in Seychelles, an offshore jurisdiction with minimal oversight
- Blocked for customers in the US and several sanctioned countries
- Reporting under Justin Sun's ownership describes relaxed KYC controls and a 2021 dispute over user funds sent to wrong addresses
- Cybersecurity rated only 2 out of 5 stars by independent reviewers via CoinGecko's trust score
Poloniex FAQ
Is Poloniex safe?
Poloniex suffered a roughly $120 million hack in November 2023. Owner Justin Sun responded by negotiating with the attacker rather than issuing an unconditional reimbursement, offering to let them keep $6.5 million if the rest was returned within seven days. Independent reviewer CoinGecko rates its cybersecurity just 2 out of 5 stars.
Who owns Poloniex?
Poloniex is owned by Justin Sun, founder of the Tron blockchain, operating through Polo Digital Assets, Ltd. Circle acquired the exchange for $400 million in 2018 and sold it in 2019 to an investment group that placed it under Sun's control.
Is Poloniex regulated?
No regulatory licence or authorisation for Poloniex has been identified in public trust-score reviews. The exchange is registered in Seychelles, an offshore jurisdiction with light financial oversight, and is unavailable to customers in the US, Cuba, Iran, North Korea, Sudan and Syria.
What happened in the Poloniex hack?
In November 2023, Poloniex lost approximately $120 million in a suspected security breach. Rather than guaranteeing full reimbursement, owner Justin Sun negotiated with the attacker, proposing they keep $6.5 million as a bounty if they returned the remainder within seven days.
Compare Poloniex with other crypto exchanges
See all crypto exchanges ranked by FYI →
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