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Poloniex to stop offering 9 crypto assets in U.S. over regulatory uncertainty

“Poloniex logo on a computer screen with a magnifying glass”, by Marco Verch Professional Photographer and Speaker’s photostream, is licensed under CC BY 2.0

Fri, 17 May 2019, 06:56 am UTC

Poloniex, one of the world’s largest and most popular cryptocurrency market platforms, announced that it will stop offering nine coins in the United States, according to a blog post.

The leading cryptocurrency exchange will soon stop offering trading in Ardor (ARDR), Bytecoin (BCN), Decred (DCR), GameCredits (GAME), Gas (GAS), Lisk (LSK), Nxt (NXT), Omni Layer (OMNI), and Augur (REP) starting on May 29 at 16:00 UTC. However, customers outside the United States can still continue trading these nine affected altcoins.

The company revealed that it is taking this action because of the lack of regulatory clarity in the US market. “Specifically, it is not possible to be certain whether US regulators will consider these assets to be securities,” Poloniex stated.

Poloniex said that it understands that this is a frustrating decision for its customers and the crypto community. But the company wants to stay committed to “complying with regulatory requirements in every jurisdiction.”

Once geofenced, US customers can withdraw these assets from their wallet as long as the assets are listed globally.

We believe in the power and potential of these assets, and will continue to focus time and energy on supporting positive policy and regulatory developments for crypto assets in the US and around the world,” the company stated.

The news follows nearly a month after Poloniex rolled out support for Tether’s stablecoin USDT on the Tron (TRX) blockchain. The development will also purportedly support Tether on both chains – USDT issued on the Omni protocol and the Tron network.

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