The Poloniex crypto exchange announced that on September 25, it will be de-listing eight coins: BTM, BTCD, GRC, NEOS, EMC2, POT, XBC and VRC from its platform. The exchange said in its press release that this initiative is as part of the Poloniex team’s continuous efforts to improve the performance of the exchange and to serve its customers better.
The exchange mentioned in the press release that the customers have time until October 25, 12:00 ET, to withdraw any balances and close out any trade in these assets. Poloniex added that the objective behind all de-listings is to make the process as painless as possible for its customers. Keeping this in mind, the exchange said that it will give holders of the impacted assets 30 days to withdraw their funds from the de-listed coins. It said that it will also provide a seven days advance notice to its customers before removing these assets from the market.
The Poloniex crypto exchange said that in the rare event that its wallet availability is interrupted, it may extend the deadline and reach out to the holders of the impacted assets via email. It also added a disclaimer mentioning that there may be a situation when customers may be unable to withdraw de-listed assets for reasons outside of the exchange’s control.
The exchange mentioned that once the withdrawal deadline is over, it will disable all withdrawals and the assets will be fully decommissioned. After that, it won’t be able to process withdrawals of the impacted assets. Hence, the exchange requested its customers to withdraw the de-listed tokens before the stipulated deadline, as mentioned in the Poloniex press release.
A spokesperson from the parent company of Poloniex, Circle said that the eight coins are being de-listed in keeping with the guidelines mentioned in Circle’s Asset Framework. The parent company, however, did not specify what criteria the tokens failed to meet. It is noteworthy that the exchange’s volume has been dropping in recent months, as mentioned in the Bitcoin Magazine report.
The Poloniex crypto exchange was the 14th largest crypto exchange, earlier this year by 24-hour trading volume, as per CoinMarketCap. At the time of writing this article, the exchange was ranking at number 38.[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. ]