U.S. Clients Have a Few Hours left to Withdraw Funds
Following Poloniex's Sale to Polo Digital Assets, the platform has restricted U.S. clients from trading on the platform. Polo Digital Assets is associated with TRON's Justin Sun.
The decision to restrict U.S. traders is probably due to unclear regulations on the topic of cryptocurrencies and digital assets. Some exchanges have chosen to either restrict U.S. clients for trading or launched a U.S. compliant version of their exchange.
Binance for example, have launched Binance.us a U.S. compliant version of their exchange which restricts some of Binance's features.
Poloniex's Future & U.S. Traders
Poloniex have closed trading to US clients back in November and waned US traders to withdraw their funds. Today is the final day that US traders can withdraw their funds from the cryptocurrency trading platform. Funds left on Poloniex could face fines or be considered forfeit.
The exchange used to be part of the "big 10" of cryptocurrency exchanges and was highly favored by US clients in the past. The decision to block traders in the United States could be flawed as Poloniex probably lost many loyal clients.
In addition to this, Poloniex has made a lot of bad PR moves recently. This includes encouraging followers to purchase TRON on Twitter and the ongoing spat with Digibyte founder, Jared Tate. The spat led to Digibyte being de-listed, which seemed like an unpopular and spiteful response.
Should Poloniex continue its current trajectory, it could fade into obscurity.
Regardless, if you're based in the USA and you still have funds on Poloniex, hurry up & withdraw them.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado