Poloniex removes margin trading and lending service for US users

Poloniex removes margin trading and lending service for US users
Oct 04, 2018 03:33 PM By: Ben Noble | 2640 Views

Following the crackdown on 1Broker recently, Poloniex has eliminated the ability for U.S users to margin trade as well as make use of the lending platform on the trading exchange. 

Cointelegraph announced that the U.S based cryptocurrency exchange would also be delisting three digital assets. 

Poloniex, which was at one point the most successful trading exchange on the planet, has seen its reputation decline after a lack of customer service as the bull run in 2017 saw exchanges like Bittrex and Binance offer a better overall exposure. Poloniex has since been acquired by Dublin-based payments technology firm, Circle, for $400 million.

Poloniex stated that by the end of the year the margin and lending products would be removed for U.S customers to comply with administrative requirements in every field. While the announcement does not define why the move is being made or what regulatory bodies they are attempting to meet with, the recent charges set against 1Broker are probably a good reason for the decision by Poloniex. 

The reports also include the delisting of three cryptocurrencies; Synereo (AMP), Expanse (EXP), and Gnosis (GNO) on October 10. Customers are expected to cancel any open orders and withdraw funds as quickly as possible.

Poloniex currently ranks farther of the top 20 crypto exchanges in the world based on trading volume. 

#Poloniex #US users #US

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