POLONIEX Ends Trading for US Customers in Rebranding Bid

The California-based digital exchange Poloniex has ended trading for its US customers effective November 1, 2019. According to an official announcement that appeared on its official website and on its Twitter handle, US customers will no longer access the platform for trading.

Part of the statement read:

This statement comes almost at the same time as that of Huobi Exchange, which issued a statement to freeze all the accounts of US customers on its platform.

Earlier in a series of tweets, Poloniex announced its decision to spin out from the original company, Circle, in an effort to reach global customers. The new exchange platform, known as Polo Digital Assets Ltd, will draw support from a major investment group. However, the new platform will not accommodate US customers.

Poloniex Advise US Customers to Withdraw Funds

On their official website, Poloniex advised all US customers to withdraw their full balance from the platform as soon as possible to remain in control of their funds. However, the exchange noted that all Poloniex customers would continue to have access to all of their crypto assets through Circle until December 15, 2019.

In 2018, digital payment company Circle had acquired Poloniex in an alleged deal of nearly $400 million. Barely two years down the line, Poloniex left Circle and geared up for a brand new exchange. It’s still unclear why the new exchange will not include US customers, but this move puts Poloniex in the league of other exchanges that have limited their offering by leaving out the US clients.

US clients on the exchange can withdraw their crypto assets from their accounts through the website, using the “Send” or “Withdraw” button within their wallets. This option is no longer available through Poloniex’s mobile apps. Users are advised to pay attention to the rules and exceptions, as some assets have additional fields, memos, payloads, and minimum deposit requirements.

Featured image: cryptoslate.com