Poloniex to Delist 9 Coins in the US, Cites Regulatory Uncertainties

Friday, 17/05/2019 | 12:45 GMT by Arnab Shome
  • Customers outside the US can still trade with these tokens.
Poloniex to Delist 9 Coins in the US, Cites Regulatory Uncertainties
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US-based crypto Exchange Poloniex has announced that it is going to stop trading services with nine digital currencies for its US-based clients, citing uncertainty in regulations.

The exchange will terminate the trading services of these coins - Ardor (ARDR), Bytecoin (BCN), Decred (DCR), GameCredits (GAME), Gas (GAS), Lisk (LSK), Nxt (NXT), Omni Layer (OMNI), and Augur (REP) - on May 29 and asked the customers to close all positions before the deadline. However, customers of the exchange outside the United States can still trade these tokens.

“We are committed to complying with regulatory requirements in every jurisdiction. Today’s action is a result of regulatory uncertainty in the US market. Specifically, it is not possible to be certain whether US regulators will consider these assets to be securities," the exchange noted.

The industry needs proper regulations

The legal status of digital currencies in the United States is still uncertain. Though last month the Securities and Exchange Commission (SEC) published a set of guidelines defining the Cryptocurrencies and many in the community criticized that the regulator only documented the known facts without providing any specific insights.

US-based crypto companies are also pushing for proper policies around cryptocurrencies. Finance Magnates earlier reported that crypto-related laws have become a priority for fintech lobbyists in the country.

“We need policies that encourage development and use and the creativity of technologists and builders all around the world. We will continue to push for rules specific to digital assets globally,” Poloniex stated on Twitter.

“Crypto and digital asset innovation will continue, but without a new regulatory environment, people and businesses in the US may not be able to participate in these transformative technologies. We will continue to advocate for changes to US law and regulations.”

US-based crypto Exchange Poloniex has announced that it is going to stop trading services with nine digital currencies for its US-based clients, citing uncertainty in regulations.

The exchange will terminate the trading services of these coins - Ardor (ARDR), Bytecoin (BCN), Decred (DCR), GameCredits (GAME), Gas (GAS), Lisk (LSK), Nxt (NXT), Omni Layer (OMNI), and Augur (REP) - on May 29 and asked the customers to close all positions before the deadline. However, customers of the exchange outside the United States can still trade these tokens.

“We are committed to complying with regulatory requirements in every jurisdiction. Today’s action is a result of regulatory uncertainty in the US market. Specifically, it is not possible to be certain whether US regulators will consider these assets to be securities," the exchange noted.

The industry needs proper regulations

The legal status of digital currencies in the United States is still uncertain. Though last month the Securities and Exchange Commission (SEC) published a set of guidelines defining the Cryptocurrencies and many in the community criticized that the regulator only documented the known facts without providing any specific insights.

US-based crypto companies are also pushing for proper policies around cryptocurrencies. Finance Magnates earlier reported that crypto-related laws have become a priority for fintech lobbyists in the country.

“We need policies that encourage development and use and the creativity of technologists and builders all around the world. We will continue to push for rules specific to digital assets globally,” Poloniex stated on Twitter.

“Crypto and digital asset innovation will continue, but without a new regulatory environment, people and businesses in the US may not be able to participate in these transformative technologies. We will continue to advocate for changes to US law and regulations.”

About the Author: Arnab Shome
Arnab Shome
  • 6408 Articles
  • 82 Followers
About the Author: Arnab Shome
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
  • 6408 Articles
  • 82 Followers

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