Poloniex delists nine crypto-assets for US customers citing regulatory uncertainty

2019-5-17 13:30

Many prominent faces in the crypto-community have been advocating changes in US law and regulations for the effective inclusion of cryptocurrencies in the financial realm. However, in yet another blow to the crypto-world, regulatory uncertainty in the US market has led to the delisting of nine cryptocurrencies from the leading exchange, Poloniex.

The platform announced that it was disabling trading services for nine crypto-assets; Ardor [ARDR], Bytecoin [BCN], Decred [DCR], GameCredits [GAME], Gas [GAS], Lisk [LSK], Nxt [NXT], Omni Layer [OMNI], and Augur [REP] from May 29 for its US user base.

The exchange however, clarified that the assets would be supported for customers outside the country. The platform revealed that the lack of clarity in the country’s cryptocurrency regulations precipitated the delisting. Poloniex, on its official Twitter handle, posted that it was uncertain whether US watchdogs would consider the aforementioned altcoins to be securities.

Poloniex was acquired by Circle, a leading payment provider platform, in February 2018. Following Poloniex geo-fencing the assets in the US region, Jeremy Allaire expressed his “frustration” in a series of tweets, calling out the country’s growing “limited environment” for digital assets. He stated,

“Recent guidance from US regulators on what crypto assets would be deemed securities has led to these actions. We don’t agree that they should be considered securities but need to ensure we are in compliance with US law.”

The CEO further asserted that simple classifications such as security, commodity or currency, did not apply to digital assets, which are a new class of  “financial instruments.” He stated,

“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.”

He asserted that classifying certain crypto-assets as a security under US law would “destroy its utility.” Allaire also urged the community to plan out ways to “enable the utility of digital assets, while guarding against potential investor protection risks like fraud and thefts.”

Referring to the underlying technology as “transformative,” Allaire stated that the lack of clarity on the legal status of cryptocurrencies would obstruct the participation of people and businesses in the US.

The post Poloniex delists nine crypto-assets for US customers citing regulatory uncertainty appeared first on AMBCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Safe Exchange Coin (SAFEX) на Currencies.ru

$ 0.0054306 (-0.25%)
Объем 24H $1.742k
Изменеия 24h: 1.41 %, 7d: -8.63 %
Cегодня L: $0.0053635 - H: $0.0055227
Капитализация $6.099m Rank 99999
Цена в час новости $ 0.0064451 (-15.74%)

regulatory uncertainty poloniex nine cryptocurrencies crypto-assets citing

regulatory uncertainty → Результатов: 69


Фото:

UK financial watchdog asks the public how to regulate cryptocurrency

Bitcoin and other cryptocurrencies (cryptoassets) have caused regulators many headaches in recent years. In the latest twist in crypto’s regulation saga, the UK’s financial watchdog has launched a consultation on existing guidance around cryptoassets amid fears that companies could be putting consumers at risk by offering unauthorized services.

2019-1-24 17:00


Ripple says Confusion on Crypto related law is the only thing holding back Mass Adoption

Ryan Zagone, Ripple’s director of regulatory relations just spoke at Washington, DC’s Fintech Week, and he addressed something that is on a lot of people’s mind in the cryptocurrency space. He said that the uncertainty surrounding cryptocurrency regulations is what’s keeping major financial institutions around the world from using XRP.

2019-1-17 11:32


Is Regulatory Uncertainty Preventing Banks from Using xRapid?

Earlier today, a tweet by @DiepSanh brought up a conversation as to why banking institutions are not using xRapid. The tweet explained that banking institutions were not using xRapid due to regulatory uncertainty when it comes to digital assets and that only payment service providers were using the blockchain based solution for cross-border payments.

2018-12-18 17:18


Фото:

EtherDelta SEC Action Could Impact Entire Industry, Experts Warn

Legal figures engaging with cryptocurrency are warning over continued regulatory uncertainty impacting businesses after US regulators fined EtherDelta almost $400,000 November 8. EtherDelta Could Set Precedent EtherDelta, which operated since 2016 as a smart contract on Ethereum, fell victim to securities obligations under the US’ Securities and Exchange Commission (SEC), leaving owner Zachary Coburn liable for penalties totaling $388,000.

2018-11-9 14:00