Poloniex to Remove Margin Trading Lending for U.S. Customers

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Poloniex, the exchange Circle has been working to revive since acquiring it in February, announced in a blog that it will eliminate its margin and lending products for U.S. customers by year’s end and delist three altcoins. The company noted it is removing the margin and lending products in the U.S. to ensure the exchange complies with regulatory requirements, although it did not specify what requirements.

As of Oct. 10 at 12:00 ET, the exchange will delist GNO (Gnosis), AMP (Synereo) and EXP (Expanse). Customers will be able to close out all trades and withdraw balances for these assets up until Nov. 9 at 12:00 ET. Market caps on Oct. 4 were $23,992,956 for Gnosis, $,137,016 for Synereo and $3,125,636 for Expanse, according to coinmarketcap.com.

Customers Urged To Withdraw Funds

After Nov. 9 at 12:00, Poloniex will not be able to process withdrawals of affected assets. Holders of the affected assets will have 30 days to withdraw funds. The deadlines could be extended in the event that wallet availability gets interrupted. Contract holders will be notified of such an event via email.

Poloniex will secure delisted funds in cold storage in the event that customers cannot make withdrawals due to reasons beyond its control, such as a network going offline. The funds will be secured for a “reasonable” period so customers can withdraw funds when the network becomes operational.

Poloniex did not announce a final date for removing its margin and lending products for U.S. customers, but said it will provide customers seven days advance notice before removing a market.

Existing loans will remain open and interest will accrue for the previously specified duration.

Circle Seeks to Revive Poloniex

Circle, which acquired Poloniex in February for more than $400 million, has been working to revive the exchange which some considered controversial due to its stagnation and being surpassed by other exchanges. There were also complaints about Poloniex’s customer service posted on Reddit prior to the acquisition.

Author: Cryptobonx

Cryptobonx is a Crypto –Currency and Blockchain Enthusiast.He is a believer of transforming complex information into simple, actionable content.

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