Poloniex to Remove Margin and Lending Products for US-Based Customers
According to a press release on the Poloniex website, the Circle-owned cryptoasset exchange will be removing margin and lending products for US-based customers. These modifications are part of Poloniex’s commitment to comply with regulatory jurisdiction requirements.
Poloniex will provide further communication in the coming weeks regarding the final date and stated that the changes will come by the end of the year. The exchange has also said that it encourages traders to begin unwinding margin positions at their convenience. Furthermore, existing loans will remain open and continue to earn interest for their specified duration.
In addition to removing margin and lending products for US-based customers, Poloniex will also be delisting three crypto assets on Oct. 10, 2018. The exchange will be delisting Gnosis (GNO), Synereo (AMP), and Expanse (EXP). Poloniex does not want to make the delisting process complicated for any of its customers. Therefore, to create as painless of a process as possible, Poloniex provides seven days notice of delisting, a 30-day window to withdraw funds from delisted assets, and reminders across multiple forms of communications up until the deadline. Once the Nov. 9th at 12:00 pm ET deadline is reached, withdrawals will be disabled and the asset will be fully decommissioned.
Poloniex was acquired by Circle in February 2018 for $400 million. Circle has previously received investments from Goldman Sachs, Digital Currency Group, Pantera Capital, Accel, General Catalyst, Fenbushi Capital, Bitmain, Baidu, Blockchain Capital, and more.
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