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Circle-backed cryptocurrency exchange Poloniex is taking new strides to make its platform more professional and bring an improved trading experience to users. As part of the effort, Poloniex has shut down margin trading and lending products for its US customers. The exchange also announced that it would be delisting several crypto assets from its platform, the first three of which will be removed on Oct. 10.

In a blog post, Poloniex said that the removal of margin trading and lending products for US customers was part of its effort to follow regulations in different countries. It said:

“These changes are part of our ongoing commitment to ensure that Poloniex complies with regulatory requirements in every jurisdiction.”

The exchange promised that it would make the shift as smooth as possible for the customers who are affected by this decision.

Poloniex hasn’t decided on the final date for the end of these products, but it will happen by the end of this year. The exchange said it would provide further communication on the timeline and encourages customers to step away from these products within a specified duration. All existing loans with the exchange will continue until the end of their duration and continue to earn interest like before.

Poloniex announced that it would start delisting several assets. Three assets — AMP, EXP, and GNO — will be delisted on Oct. 10 at 12 pm ET. Customers are given time till Nov. 9, 12 pm, to withdraw all balances and trades in these assets from the exchange. The exchange will provide a seven-day notice to customers before removing any market from its platform, ensuring that the delisting process is smooth. Users will be provided with a 30-day window after delisting to withdraw their funds and will be reminded multiple times to shift their balances.

If wallet availability is interrupted, the exchange may extend the withdrawal deadline and contact deposit holders via email. In case users can’t move the coin because of external factors, Poloniex will save the delisted funds in cold storage until the problem is solved. The funds will come online again to allow customers to withdraw their coins. All problems will be handled on a case-by-case basis.

Assets will be fully decommissioned from the exchange once the 30-day withdrawal deadline is reached. All withdrawals will be halted after that.

Poloniex Makes Shocking Announcement, Removes Margin Trading and Lending for US Customers was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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