crypto

Poloniex: Removing margin products for US customers

Poloniex: Removing margin products for US customers

As part of effort to continuously professionalize and improve Poloniex, the company is delisting several assets and taking steps to remove margin and lending products for US-based customers.


Removing margin trading for US-based customers:

By the end of the year, the company is taking steps to remove margin and lending products for U.S-based customers. These changes are part of our ongoing commitment to ensure that Poloniex complies with regulatory requirements in every jurisdiction. In doing so, Poloniex is 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.

Existing loans will remain open and continue to fund positions and earn interest for their previously specified duration.

Delisting three assets on October 10th:

Poloniex is also announcing that on October 10th at 12:00pm ET they will be delisting three assets: AMP, EXP, GNO.crypto

Customers have until November 9th at 12:00pm ET to close out any trades and withdraw any balances in these assets. The goal for all delistings is to make this process as painless as possible for customers, which is why they always endeavour to:

  • Provide customers with seven days advance notice before removing a market.
  • Give holders of the impacted assets thirty days to withdraw funds from delisted assets.
  • Remind folks with multiple forms of communication during the period leading up to the deadline.

In the rare event that wallet availability is interrupted, Poloniex may extend the deadline and contact holders of impacted assets via email.

There may also be times when customers are unable to withdraw delisted assets for reasons outside of Poloniex’s control, such as when a network is no longer live. In these situations, Poloniex will secure the delisted funds in cold storage for a reasonable period with the potential to online the funds and allow customers to withdraw should the network become operational again. We will handle these scenarios, which we recognize can be frustrating for customers, case by case.

Once the withdrawal deadline has been reached (November 9th at 12:00pm ET), withdrawals will be disabled and the asset will be fully decommissioned. From this point forward, Poloniex will be unable to process withdrawals of impacted assets. It is imperative that customers withdraw delisted tokens by the withdrawal deadline.

“Please visit  Help Center article for more information about the delisting process. If you have any questions or feedback on margin lending, you can reach out to our customer experience team here.”

CBNN

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