Crypto Exchange Poloniex Drops U.S. Crypto Margin Trading, Delists 3 Altcoins
Following the crackdown on 1Broker recently, crypto exchange Poloniex has announced through a blog post its intentions to remove margin and lending products for U.S.-based customers. And also to delist three assets from its platform.
According to the statement, the exchange will remove its margin and lending products for U.S.-based customers by the end of this year. Poloniex explains that the move has been taken to ensure the exchange complies with regulatory requirements in every jurisdiction.
Explaining how exactly it would work, the firm wrote:
In doing so, we’re also making every effort to ensure a smooth transition for customers who may be affected. We will provide more communication in the coming weeks about the final date but it will be by the end of the year and encourage customers to take steps to unwind margin positions at their convenience.
The three assets to be delisted are Synereo (AMP), Expanse (EXP), and Gnosis (GNO) on October 10. Customers are required to cancel any open orders and withdraw funds as soon as possible.
The company also said that in order to make the process as painless as possible for their customers, they will be notifying their users several times about the situation before November 9th. Additionally, users will also be given a window of 30 days to withdraw their funds.
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