Delaware’s DoJ Investor Protection Unit Contacts Poloniex Users To Hear Grievances


Poloniex has galvanized concerns of the Investor Protection Unit of the Delaware Department of Justice. The Chief Special Investigator of the Investor Protection Unit (IPU) wrote to a list of individuals, asking them to contact him should they have any difficulties with their Poloniex account.

The Investor Protection Unit (“IPU”) is a Unit in the Fraud and Consumer Protection Division of the Delaware Department of Justice (Office of the Attorney General). IPU was formerly known as the Delaware Securities Unit. The IPU is responsible for enforcing the provisions of the Delaware Securities Act and the Rules and Regulations Pursuant to the Act.

This entails registering investment firms and professionals as well as securities offerings in Delaware, reviewing and investigating complaints from investors, examining investment advisors and broker-dealers, pursuing enforcement actions when a violation of the Act has been uncovered and conducting investor education and outreach.

One user took up to the exchange’s unofficial subreddit to share his grievances,

“It seems I've joined the ranks of countless users who have a missing / “stuck” deposit – one of those where every block explorer shows your funds in your Poloniex-sanctioned deposit address, sitting politely with 400 thousand million confirmations, while your account never actually reflects said funds….”

Others on the same platform complained that their accounts were frozen and they have been unable to get a response from the company. One poster said the amount of complaints led him to shut down his account, despite not being directly affected.

Poloniex Is No Stranger To Controversies

Just a couple of months back, many Poloniex users complained about account freezes after completing mandatory new KYC procedures. They claimed on social media that after they confirmed their identity with Poloniex, they were notified that they could continue trading, but their previously functioning account was blocked.

At the beginning of this year, users alleged that Poloniex was not crediting user account balances when orders were canceled.

As one user said:

“When I cancel any open orders, the original USDT value isn't returned. Usually, the intended buy value is returned to my total and everything is fine but just noticed today that every time I cancel an order, the “Estimated value of holdings” (DEPOSITS & WITHDRAWALS tab) gets smaller and smaller and never returns to the original total.”

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