Poloniex To Remove Margin And Lending Products For US-Based Customers And To Delist Three Assets
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.
Removing Margin Trading For US-Based Customers
By the end of the year, we’re taking steps to remove our margin and lending products for US-based customers. These changes are part of our ongoing commitment to ensure that Poloniex complies with regulatory requirements in every jurisdiction. In doing so, we’re also making every effort to ensure a smooth transition for customers who may be affected. We will provide more communication in the coming weeks about the final date but it will be by the end of the year and encourage customers to take steps to unwind margin positions at their convenience.
Existing loans will remain open and continue to fund positions and earn interest for their previously specified duration.
Delisting Three Assets On October 10th
We are also announcing that on October 10th at 12:00pm ET we will be delisting three assets: AMP, EXP, GNO.
Customers have until November 9th at 12:00pm ET to close out any trades and withdraw any balances in these assets. Our goal for all delistings is to make this process as painless as possible for customers, which is why we always endeavour to:
- Provide you with seven days advance notice before removing a market
- Give holders of the impacted assets 30 days to withdraw funds from delisted assets
- Remind you with multiple forms of communication during the period leading up to the deadline
In the rare event that wallet availability is interrupted, we may extend the deadline and contact holders of impacted assets via email. There may also be times when customers are unable to withdraw delisted assets for reasons outside of Poloniex’s control, such as when a network is no longer live. In these situations, we will secure the delisted funds in cold storage for a reasonable period with the potential to online the funds and allow customers to withdraw should the network become operational again. We will handle these scenarios, which we recognize can be frustrating for customers, case by case.
Once the withdrawal deadline has been reached (November 9th at 12:00pm ET), withdrawals will be disabled and the asset will be fully decommissioned. From this point forward, we will be unable to process withdrawals of impacted assets. It is imperative that customers withdraw delisted tokens by the withdrawal deadline.