Poloniex bans US residents from trading crypto

Crypto exchange Poloniex will stop Americans trading on the exchange on November 1, although Circle Invest will continue to serve US customers

Cryptocurrency exchange Poloniex will ban US customers from trading on the platform from tomorrow, November 1.

As regulatory scrutiny surrounding the likes of Libra mounts, the decision to move out of the US seems logical for Poloniex, which has been operating since 2014.

An official statement read: “In order to be competitive in the global market, we will not be able to include US customers in the spin out, so Circle will be winding down operations for US Poloniex customers.

“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.”

However, in an email to customers, Poloniex revealed that its parent company Circle Invest will continue to serve US customers, stating: “Circle Invest will continue to serve US customers and USDC and Circle Trade will be available to both US and non-US customers.”

Poloniex’s decision mirrors that of BitMEX and numerous other exchanges who have been forced to limit access to US customers and other regulated countries.

Bittrex also banned US customers from trading a number of specific coins earlier this year.

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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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