Exchanges

Poloniex to disable nine cryptocurrencies in the US due to regulatory uncertainty

May 17, 2019, 3:48AM EDT

Nine coins are no longer going to be available to Poloniex’s U.S. customers due to “regulatory uncertainty,” the cryptocurrency exchange announced in a blog post. ARDR, BCN, DCR, GAME, GAS, LSK, NXT, OMNI, and REP will be disabled on May 29; U.S. customers have until then to  “finalize all trades and close any positions in these assets” before they become geofenced. After that, customers will still be able to withdraw these assets as long as the exchange still offers them globally.

Jeremy Allaire, co-founder & CEO of Circle, said: "We are deeply frustrated that we needed to take these steps, which are the result of an increasingly limited environment in the US for crypto assets. 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."

Poloniex argues that digital assets represent a "fundamental new class of financial instrument that defies simple classification as security, commodity or currency" and that "many digital assets occupy one, two, or all three depending on their context and use." Allaire said that "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."