Circle's Poloniex announced today in a press release that they will be removing Margin Trading by the end of the year for US customers as well as delisting three digital assets.
In the announcement Poloniex stated:
"As part of our effort to continuously professionalize and improve Poloniex, we are delisting several assets and taking steps to remove our margin and lending products for US-based customers.
By the end of the year, we're taking steps to remove our margin and lending products for US-based customers. These changes are part of our ongoing commitment to ensure that Poloniex complies with regulatory requirements in every jurisdiction. In doing so, we're also making every effort to ensure a smooth transition for customers who may be affected. We will provide more communication in the coming weeks about the final date but it will be by the end of the year and encourage customers to take steps to unwind margin positions at their convenience.
Existing loans will remain open and continue to fund positions and earn interest for their previously specified duration."
As well as the removal of margin trading for US customers Poloniex will also be delisting AMP, EXP, and GNO.
"Customers have until November 9th at 12:00 pm ET to close out any trades and withdraw any balances in these assets. Our goal for all delistings is to make this process as painless as possible for customers, which is why we always endeavor to:"
- Provide you with seven days advance notice before removing a market
- Give holders of the impacted assets 30 days to withdraw funds from delisted assets
- Remind you with multiple forms of communication during the period leading up to the deadline