Poloniex Crypto Exchange To Introduce Restrictions For US Customers
Poloniex, a crypto exchange, will eliminate the margin trading possibility for American customers by the end of 2018, according to the company’s blog.
We're taking steps to remove our margin and lending products for customers residing in the U.S. by end of year. Please read our blog for more information and important dates. https://t.co/QPAh45BbV0— Poloniex Exchange (@Poloniex) October 10, 2018
Previously, the trading platform announced the introduction of restrictions, but now it disclosed the details of the future changes. As indicated in the message, Poloniex seeks to implement new features for its customers as painlessly as possible, therefore, it establishes deadlines of several months and requests to pay special attention to the instructions.
Starting from November 28, borrowers residing in the USA won’t be able to add a new position to the marginal rate or update the existing one. Any open orders that fail to reduce the marginal rate will be closed. At this stage, the exchange won’t force customers to close unfinished positions.
Starting from October 31, the maximum loan term will be reduced from 60 to 15 days for American borrowers, moreover, it won’t be possible to make a new loan offer from December 12. In addition, clients won’t be able to transfer new funds to their credit accounts, the option of auto-renewal for outstanding loans won’t be valid anymore, and open credit offers will be canceled.
It is necessary to pay attention to the fact that the changes won’t affect the outstanding loans as of December 12, and they will naturally expire.
As previously reported, Poloniex provided five new trading pairs with Tether (USDT) to its customers.