US Based Crypto Exchange to Delist Some Products
US-based traders on Poloniex platform will soon not be able to trade in some products after the exchange announced that it would delist the products from its exchange.
According to a statement released on its blog, Poloniex is delisting the products from its exchange to ensure it complies with regulations in every jurisdiction. Although Poloniex did not disclose exactly which law led to the removal of the products the decision was made was final. With that in mind, Poloniex will start with removing margin and lending products from its platform by the end of the year. After the removal, Polonies users in the US will no longer have access to products. Similarly, Poloniex is going to delist three virtual currencies from its platform on October 10. The three virtual currencies set to be delisted are Gnosis (GNO), Expanse (EXP), and Synereo (AMP).
Duration for Withdrawing Balances
Although the products will be removed by October 10th traders, have been advised to refrain from initiating new transaction with the products mentioned for the time being. Moreover, they have until November 9th at 12:00 PM ET to close any pending deals and initiate processes to withdraw any balances. Furthermore, Poloniex will be informing you about the closure regularly to ensure when the deadline comes you have removed all your pending cash. On the other hand for existing loans, they will remain open, and the debtors are required to service their loans until completion. In case any Poloniex trader experience any challenges you are advised to visit Poloniex Help Center for more information.
Besides the removal of the products Poloniex has also been under scrutiny after support center, and social media accounts users besieged their accounts. The investigations were carried out by the Delaware Department of Justice (DOJ) in July. Further on in May, several users on Poloniex community received emails requesting them to verify their account in 14 days. After the 14 days, unverified accounts were frozen by Poloniex.
According to CoinMarketCap Poloniex is ranked 38th worldwide based on trading value and is currently owned by Circle. The latter is a payment technology firm from Dublin and bought Poloniex in 2018 for $400 million. Although from time to time users have been experiencing problems while on its platform the current situation is not linked to users experiencing these problems. Some even took to the exchange’s subreddit social platform to raise their complaints concerning the challenges they encountered while on the platform.