I am concerned. I have some of coins in Poloniex right now (RIC/BTC/Ripple/Monero), but when i first signed up it did not let me choose my country, so I could not verify my account because the country field was blocked out, email to support - no response after a week, still.
Created a new account, choose my country, submitted all docs for verification, linked my old one and now waiting for verification to be done.
Problem is i can not transfer out ANY coins because it say it will go over my limit, which is 0 because their site is bugged and their support don't answer tickets.....
So much for my first venture into crypto trading.
This is what it says on Poliniex front page:
"Your funds are yours. Period.
Any funds you put into the exchange are only used to facilitate trading through your account. Unlike banks, we do not operate on fractional reserves."As long as you have complied with the terms of service, are not under the age of 18 and not from a country where the US has an trade embargo then you would have a legal case for joining a class action against POLONIEX
I was in full compliance with the terms of service and followed all of the withdrawal limit rules, so if they don't give my coins back then I will be joining the class action against them.
I do not think the arbitration clause will be Enforceable under the law unless POLONIEX can prove that the delays were indeed result of technical difficulties.
This would seem extremely unlikely if withdrawals are delayed for more than 90 days so if it can be demonstrated to a court that POLONIEX was negligent, insolvent or even deliberately holding back withdrawals then it would probably render the entire
terms of service agreement invalid.
I am not a legal expert by any stretch of the imagination, but I do know enough about contracts law to determine when a clause is likely to become unenforcable.
