Cryptocurrency exchange Poloniex on Wednesday said it plans to close access to margin trading for clients from the United States. The US popular trading venue said the new restrictions would be imposed at the end of the year and concern only US residents.
The actions of the exchange are dictated by pressure from the US regulators after the firm was acquired by Goldman Sachs-backed Circle. Poloniex was recently the subject of news blasts after Circle acquired the cryptocurrency exchange in a deal reportedly worth $400 million.
In a statement, Poloniex further explains that these changes are part of its ongoing commitment to ensure it “complies with regulatory requirements in every jurisdiction.”
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It added: “In doing so, we’re also making every effort to ensure a smooth transition for customers who may be affected. We will provide more communication in the coming weeks about the final date but it will be by the end of the year and encourage customers to take steps to unwind margin positions at their convenience.”
Poloniex also announced a list of three digital coins that will be taken down from the trading platform after the exchange owner, Circle, recently implemented a new asset framework. The new delisted assets include AMP, EXP and GNO tokens.
Once delisted, on October 10, users will have 30 days to withdraw any balances in these assets.
“Customers have until November 9th at 12:00pm ET to close out any trades and withdraw any balances in these assets. Our goal for all delistings is to make this process as painless as possible for customers,” says the crypto exchange.