Poloniex to Remove Margin and Lending Products
The recognized crypto exchange Poloniex, has decided to remove margin and lending products for U.S.-based customers. At the same time, the company has decided to delist three assets from its platform. This information has been released by the company on October three in a blog post.
Poloniex informs that it has taken this decision as part of their effort to professionalize and improve their services and products. This measure has been taken in order to comply with the current regulatory requirements in each jurisdiction in which Poloniex operates. This would allow the exchange to ensure a smooth transition for customers that may be affected by it.
The company informed about its decision:
“As part of our effort to continuously professionalize and improve Poloniex, we are delisting several assets and taking steps to remove our margin and lending products for US-based customers.”
In the future, the company will be providing more information about how users should proceed. Additionally, the platform is encouraging customers to unwind margin positions at their convenience. However, existing loans will remain open and continue to fund positions.
The assets that will be delisted are Synereo (AMP), Expanse (EXP) and Gnosis (GNO). This would take place on October 10th and users will have time until November 9th to close out trades and withdraw funds. Poloniex explains that in order to make this process as painless as possible they will be informing users several times about the situation until November 9th.
The crypto exchange informs that in case users experience problems at the time of withdrawing the delisted assets, the company will be handling the situation case by case. However, the funds would be stored for some time by Poloniex so as to ensure that every user can withdraw them sooner or later.
If you want to know more about this decision, you can reach out Poloniex’ customer experience team.