Poloniex takes measures to close margin trading, delists three assets
In order to continuously professionalize and improve the company, Poloniex, a bitcoin/digital asset exchange is delisting several assets and taking measures to remove its margin and lending products for US-based customers, according to the company press release.
“By the end of the year, we’re taking steps to remove our margin and lending products for US-based customers. These changes are part of our ongoing commitment to ensure that Poloniex complies with regulatory requirements in every jurisdiction,” said the press release.
This has been done to ensure a smooth transition for customers who might have been affected or will be affected in the future. The final date will be updated in the coming weeks and it will most probably be by the end of the year.
The company reiterated its support to help its customers take measures to unwind margin positions to their satisfaction. However, already existing loans will stay open and continue to fund positions and earn interest for their previously mentioned duration.
According to the press release, on October 10th at 12:00 pm ET the company will be delisting three assets: AMP, EXP, GNO.
In case, any customer who continues trading with these delisted assets can close out trades and withdraw balance before 12:00 pm ET, November 9.
The press release further states that the company provides customers with a 7-day notice period before removing a market. They provide 30 days to customers to withdraw funds from a delisted asset. In case there is a deadline to work out these procedures, the company will remind the customers through various forms of communication during the period up to the deadline.
“In the rare event that wallet availability is interrupted, we 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, we 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,” the company adds in the press release.
After the given deadline, withdrawals won’t work and the asset will be totally dismantled.
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