The Poloniex crypto exchange in an effort to professionalize and improve the exchange decided to remove margin and lending products for U.S.-based customers. The exchange also announced on October 3 that it will be delisting three digital assets – Synereo (AMP), Expanse (EXP) and Gnosis (GNO).
In its announcement, Poloniex mentioned that it intends to remove its margin and lending products by the end of this year. The exchange said that it decided to make this move to ensure that it complies with regulatory requirements in every jurisdiction. The exchange, however, did not directly refer to any specific regulations in their announcement.
Apart from this, the exchange announced to delist three cryptocurrencies – Synereo (AMP), Expanse (EXP), and Gnosis (GNO) on October 10. The customers will thus have to refrain from any kind of trading and also withdraw any balances pertaining to these assets.
Crypto exchange Poloniex said that it is taking every effort to ensure a smooth transition for customers who may be impacted due to this decision. The exchange stated that existing loans will continue to be open and it will also continue to earn interest and fund positions for the previously specified duration.
With regards to delisting the three aforementioned assets, the exchange said that it will provide users with seven days advance notice before removing them. It will also offer holders of the impacted assets, 30 days to withdraw their funds from the delisted assets.
The exchange added that if the wallet availability is interrupted, it may extend the deadline and communicate the same to the holders of the impacted assets via email. Also, in case customers are unable to withdraw the delisted assets for reasons that are out of the exchange’s control, it will secure the delisted funds in cold storage for a reasonable period, as stated in the Circle blog.
The Poloniex crypto exchange was investigated by the Delaware Department of Justice (DoJ) in July after the exchanges support center and social media accounts were besieged by users who had been locked out of their accounts, as stated in the Cointelegraph report.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]