Poloniex US Customers Need to Withdraw Assets from Circle ASAP to Avoid Fees
- Poloniex US customers were told in October that they would need to withdraw their funds from Circle.
- Customers that do not withdraw their assets are at risk of being charged custodial fees or losing their funds entirely.
On October 18th, 2019, Circle posted a blog to announce that Poloniex would be separating from the platform, creating an independent company called Polo Digital Assets, Ltd. In the meantime, Circle expressed that they would still be building up their “open, global, and accessible financial system.” The blog noted that there would be major changes, including that US customers would no longer be able to trade on the exchange by November 1st, and that customers could still access their funds and wallets through December 15th.
The first deadline has already passed, which means that consumers only have about 12 days left to withdraw their funds from Circle. To ensure that consumers don’t miss this deadline, Circle just posted another blog on the matter today, stating that there’s a chance that Circle will start charging fees to the Poloniex US customers still on their platform.
To warn customers, the blog explained that there are two fees that these customers leave themselves open to if they don’t withdraw their assets before the deadline:
- A monthly service fee, charged for holding the assets on the platform.
- A one-time fee, for leaving the account dormant.
- The current regulations state that Circle is allowed to send unclaimed assets to state governments if they so choose.
The assets on Circle’s platform must be pulled by the customers by December 16th, or they will face a few actions that will make their circumstances much harder. First, they will no longer have access to the Poloniex US accounts. Then, the assets left in their account will become USDC and stored as such. Plus, customers are left at risk of being met with one of the above-mentioned fees.
The blog concludes by urging customers to “withdraw their assets as soon as possible,” offering a link that takes Poloniex US customers exactly where they need to go.