Poloniex delists 9 cryptos for U.S. traders, as they may be securities

17 May, 2019
by David Robb
Poloniex delists 9 cryptos for U.S. traders, as they may be securities

Leading crypto exchange Poloniex will no longer support 9 cryptos for U.S.-based traders. According to a Medium post, the lack of regulatory documents for these projects could lead to them being classified as securities.

Poloniex, which was acquired by major payments provider Circle back in February 2018, will no longer be offering U.S. customers trading for the following cryptos: Ardor (ARDR), Bytecoin (BCN), Decred (DCR), GameCredits (GAME), Gas (GAS), Lisk (LSK), Nxt (NXT), Omni (OMNI), and Augur (REP).

The decision is apparently being made after guidance from regulators. Circle is still actively lobbying for crypto assets to be treated differently to more traditional types of asset, but it can't guarantee that this will happen.

According to the exchange's statement, "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. We understand how frustrating this choice is for our customers, and for the crypto community more broadly".

U.S. customers are informed to finalize trades and close all positions in these cryptos by May 29. Poloniex will be closing the markets for these tokens at 1600 UTC, but users will apparently still be able to withdraw the cryptos. 

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Read more about: Poloniex


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