Poloniex Crypto Platform To Deprive US Clients Of Margin Trading
The representatives of Poloniex, a crypto exchange, will introduce restrictions for American clients and deprive them of margin trading by the end of the year, according to the company's blog.
2/ Please finalize all trades and close any positions in these assets prior to October 10th. Once delisted, you will have 30 days to withdraw any balances in these assets. For more information, please visit our blog. https://t.co/pG9IEoIvq9— Poloniex Exchange (@Poloniex) October 3, 2018
The exchange's staff members explain that such restrictions are imposed because of the company's desire to comply with the norms and rules of the financial regulatory authorities of any jurisdiction. The switch to new requirements will be performed smoothly within a few months.
The final date will be determined later so that users can prepare for it. Existing loans will remain open and continue to finance positions, earning a percentage of the profits from it.
Moreover, Poloniex notifies its users about another delisting and withdrawal of Gnosis (GNO), Synereo (AMP), and Expanse (EXP) until October 10. Clients must complete all transactions, close all positions, and withdraw funds within the next 30 days.
According to CoinMarketCap as of 05:19 (UTC), October 4, the Gnosis cryptocurrency is ranked 182nd with a market capitalization of $24.3 million and a price of $22.09. Synereo occupies the 485th position with the capitalization of $5.03 million and costs $0.049. Expanse is ranked 615th, the volume of its capitalization is $3.02 million, and the price is $0.28.
As previously reported, Poloniex listed five new trading pairs with the Tether stablecoin. Also the team of the Circle company, which owns Poloniex, announced the launch of a new stablecoin USD Coin (USDC).