The team decides to comply with the regulations across the US so that the effective users have smooth transactions. This will allow Poloniex exchange to ensure compliance in every jurisdiction. These steps will complete by the end of the year. They will remove margin and lending products for US customers.
A final date is yet not out, however, the users are ready to take necessary steps for unwinding their margin position within a specific time. Existing loans will, however, remain open and continue to fund positions. While simultaneously earning interest for the previously specified duration.
On October 10, the three assets, AMP, EXP and GNO will see delisting from Poloniex exchange. Customers will have until November 9, 12:00 pm ET withdraw balances and close out their trades in the aforementioned assets. It isn’t quite clear as to why these three currencies have been under delisting. However, some speculate it could be due to compatibility or security concerns.
Poloniex exchange is a trading platform founded in 2014, it was acquired by Circle in 2018 for $400 million. Currently, Poloniex is 38th by the adjusted trading value according to CoinMarketCap. The firm explained the steps taken in their quote as,
In doing so, we’re also making every effort to ensure a smooth transition for customers who may be affected. We will provide the final date in the coming weeks. However, it will be by the end of the year. We encourage customers to take steps to unwind margin positions at their convenience.
This move follows the report voiced the New York’s Attorney General, Barbara Underwood, who explains platforms today are susceptible to a variety of pertinent issues and concerns. This report explains the need for transparency and accountability while investing be it the virtual currencies or NYSE or NASDAQ.
Even though the NY Attorney General’s report does not specifically mention about margin trading and lending, Poloniex might just be staying strong in the game and avoid government crackdowns and regulatory scrutiny.
Were you on the Poloniex exchange? Do comment and let’s discuss! You can find Exchange Listing, Blockchain Events, Wallets, Tracking Tool info here.