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Old October 18th, 2019, 01:10 PM
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Default Crypto Trading Platform, Poloniex Going Global & Dumping All US Customers

Crypto Trading Platform, Poloniex Going Global & Dumping All US Customers

Excerpt: We are excited to announce that we are spinning out from Circle into a new company, Polo Digital Assets, Ltd., with the backing of a major investment group. The spinout will free us to focus on the needs of global crypto traders with new features, assets and services.

Beginning today, US persons will no longer be able to create new accounts on Poloniex. Starting on November 1, 2019, US customers will no longer be able to execute trades on the exchange. When trading ends, US customers will still be able to withdraw their assets through Circle until at least December 15, 2019.

It's odd how some trading platforms have issues with US customers. The US has strong KYC (Know Your Customer) identification requirements... a good thing.

It's possible that Poloniex doesn't want strong KYC requirements and the IRS may also be hounding Poloniex and their stateside operation for clarification on profits.

This is revenue lost for the US and another option lost for US traders as well.

Global customers? US customers should be included in that definition as well if Poloniex is to service all people.

Can you imagine Jet Blue making the decision to no longer service US airports and just service all other nations for flights?

Anyway, Poloniex is just another example of a company started in the US and then decides to go overseas, dumping all US customers and probably employees as well. Not good.
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