Users Turn Away From Poloniex, Goldman Sachs-Backed Cryptocurrency Exchange

Poloniex, a cryptocurrency exchange owned by Circle and backed by Goldman Sachs, has angered Bitcoin Cash (BCH) supporters by designing its own logo to represent the Bitcoin Cash cryptocurrency. As a result of Poloniex’s stunt, users are turning away from Poloniex in favor of other exchanges.

Image Source: https://twitter.com/FloweeTheHub/status/1116389517789937665

As seen in the image above, Poloniex came up with their own poorly designed logo of an orangish circle with ABC written on it. This indicates that Poloniex would rather represent Bitcoin Cash with the unpopular name of Bitcoin Cash ABC.

Bitcoin Cash Supporters Turn Away From Poloniex

Many Bitcoin Cash supporters are unimpressed by Poloniex’s calling back to BCH’s ABC implementation, which came during the infamous Bitcoin Cash war, when a hard fork resulted in the creation of Bitcoin SV (BSV).

Since the hard fork, Bitcoin Cash clearly won the hash war and became the most dominant chain on the network. As a result, the original chain, Bitcoin Cash (BCH) got to keep its name while the forked chain, Bitcoin SV (BSV) kept the Bitcoin Satoshi’s Vision name.

Therefore, BCH supporters are viewing what Poloniex did with their logo as disrespectful and unprofessional. One disgruntled BCH supporter took to Reddit and said:

“How can anyone take crypto seriously when you got exchanges ran by kids, changing names and making up logos?”

Another supporter took to Twitter, stating:

Poloniex Tried Fixing the Logo

Upon receiving numerous complaints and demands to change the logo, the Poloniex exchange complied. However, as seen in the image below, they still didn’t use the official logo and tried using one that looks like a kid made it using MS Paint.

All in all, Bitcoin Cash community members are not happy with Poloniex, and many of them will likely leave the exchange to trade on others who use BCH’s official logo.

At the time of writing, Poloniex ranks #69 in terms of 24-hour daily trading volume of the BCH/BTC trading pair with just over $2 million, and ranks #99 for the BCH/USDC trading pair with trading volume just over $400,000.

Is Poloniex making a mistake by pressing Bitcoin Cash supporters’ buttons? Do you find this whole ordeal funny or unprofessional? Let us know what you think in the comment section below.

2 Comments

  • murray flewelling
    Posted April 17, 2019 12:13 am 0Likes

    Great story as I had no idea Goldman was involved with the exchange. I will be moving my coins elsewhere.

    • McMecker
      Posted April 17, 2019 3:15 am 0Likes

      me too

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