Poloniex Crypto Exchange Now Closed to US Customers

Poloniex, a “cryptoasset” exchange acquired by Circle in early 2018 and “spun out” by them in October, has asked all US-based customers to cease depositing and trading and to withdraw their funds.

The platform has been closed to US customers since November 1st and is now focusing “exclusively” on “the international (crypto) market.”

According to Circle (paraphrased in previous reporting at Crowdfund Insider):

“(T)he spin-out, which is back(ed) by an undisclosed Asian investment group, will bring significant resources and freedom to deliver the product features and marketing strategies needed to be competitive.”

According to the recent blog announcement by Poloniex addressed to US customers:

“All trading for US Poloniex customers has ended (effective as of November 1, 2019) and US Poloniex customers should stop depositing immediately and withdraw their assets through the new Poloniex US Withdrawal site poloniexus.circle.com as soon as possible. These changes are a result of Poloniex spinning out from Circle into a new company that is exclusively focused on the international market and no longer serving US customers.”

Customers are asked to withdraw as soon as possible but, “will continue to have access to all crypto assets through Circle until at least December 15, 2019.”

Customers can withdraw from their Poloniex wallets, “at the new Poloniex US website using their Poloniex login credentials.” Withdrawals via Poloniex’s mobile applications have been suspended, and customers are asked to mind relevant rules and exceptions.

Cryptocurrencies and tokens can be withdrawn to other exchanges that support them or to dedicated software wallets designed to house a particular token.

“To find a wallet to send your funds to,” the exchange writes, “we recommend downloading the wallet created or recommended by the asset’s developers.”

According to the company:

“Circle’s other products and services including Circle Trade, Circle Invest, and USDC are not impacted by this change to Poloniex.”

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