Poloniex Bans US, Rebrands

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Poloniex abstract.

Poloniex is no longer accepting US customers and from tomorrow will not allow US residents to execute trades.

The reason for this decision is not too clear, but the US based crypto exchange is spinning out of Circle to Polo Digital Assets “with the backing of a major investment group,” they say.

“In order to be competitive in the global market, we will not be able to include US customers in the spin out, so Circle will be winding down operations for US Poloniex customers,” the crypto exchange said before adding:

“Beginning today, US persons will no longer be able to create new accounts on Poloniex. Starting on November 1, 2019, US customers will no longer be able to execute trades on the exchange.

When trading ends, US customers will still be able to withdraw their assets through Circle until at least December 15, 2019.”

In an email to their customers, they say “Circle Invest will continue to serve US customers and USDC and Circle Trade will be available to both US and non-US customers.”

Meaning it’s just the crypto exchange itself that is now being closed down to US customers for unknown reasons.

This is the latest in crypto exchanges banning US specifically with Bittrex announcing earlier this year they wouldn’t be able to trade certain tokens, presumably because of securities related regulations.

Bitmex went as far as to ban its own country, presumably because it offers very high margins in an unregulated way.

Poloniex offers both margins, although far lower than Bitmex, and trading in tokens that could potentially be securities.

So this move to close down their US market may be related to regulatory requirements, but Poloniex itself says it in order to be “competitive.”

Copyrights Trustnodes.com

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