Update:Geofencing assets for US customers
On Wednesday, May 29th, at 16:00 UTC, the markets for ARDR, BCN, DCR, GAME, GAS, LSK, NXT, OMNI, and REP will be disabled for Poloniex customers in the US. All assets remain available for trading to customers outside the US. Once geofenced, you will be able to withdraw these assets from your wallet for as long as we support the asset globally. You will not, however, be able to see your deposit address or generate a new deposit address.
We are committed to complying with regulatory requirements in every jurisdiction. 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, 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.
Posted by The Poloniex Team at 2019-05-16 21:20:46
1/ On Wednesday, May 29th, at 16:00 UTC, the markets for ARDR, BCN, DCR, GAME, GAS, LSK, NXT, OMNI, and REP will be disabled for Poloniex customers in the US. All assets remain available for trading to customers outside the US. [1]
2/ We are committed to complying with regulatory requirements in every jurisdiction. 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. [2]
3/ We understand how frustrating this choice is for our customers and for the crypto community. 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. [3]
4/ Recent guidance from US regulators on what crypto assets would be deemed securities has led to these actions. We don’t agree that they should be considered securities but need to ensure we are in compliance with US law. [4]
5/ Our view is that digital assets represent a fundamental new class of financial instrument that defies simple classification as security, commodity or currency. Many digital assets occupy one, two, or all three depending on their context and use. [5]
6/ We need policies that encourage development and use and the creativity of technologists and builders all around the world. We will continue to push for rules specific to digital assets globally. [6]
7/ For many crypto assets, classification as a security under US law would effectively destroy its utility. We need to come up with ways to enable the utility while addressing fundamental investor protection risks like fraud and theft and custody. The industry has solutions. [7]
8/ Crypto and digital asset innovation will continue, but without a new regulatory environment, people and businesses in the US may not be able to participate in these transformative technologies. We will continue to advocate for changes to US law and regulations. [8]
Sources:[1]
https://medium.com/circle-trader/poloniex-to-stop-offering-trading-of-9-assets-to-us-customers-all-assets-remain-available-to-b4c5703c0e9[2]
https://twitter.com/Poloniex/status/1129100346532552706[3]
https://twitter.com/Poloniex/status/1129100666679496706[4]
https://twitter.com/Poloniex/status/1129169914776784896[5]
https://twitter.com/Poloniex/status/1129169915666206721[6]
https://twitter.com/Poloniex/status/1129169916693819392[7]
https://twitter.com/Poloniex/status/1129169917448790016[8]
https://twitter.com/Poloniex/status/1129169918186930176