We are excited to announce that we are spinning out from Circle into a new company, Polo Digital Assets, Ltd., with the backing of a major investment group. The spinout will free us to focus on the needs of global crypto traders with new features, assets and services. Our first new offer to Poloniex traders is that effective October 21, 2019, all spot trading fees will be reduced to 0% until the end of the year. Poloniex intends to continue beyond that with highly competitive and creative pricing models for traders.
Unfortunately, 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. You can read more about this decision here.
Given this news, we are providing you with potential questions and answers below. If you have further questions, please contact our support team and we will be happy to help.
Q: Will my login credentials stay the same?
A: Yes, you will continue to login to Poloniex in the same way that you do today. You will navigate to the same site and use the same login credentials.
Q: What does this mean for the CLAM funds you owe me? Will I still get paid back? How?
A: The new company remain committed to repaying all customers impacted as a result of the CLAM incident. Customers will continue to receive daily reimbursements for any trading fees assessed. Additionally, we are exploring new ways to reimburse customers, faster.
Q: Are all fees dropping to zero?
A: The 0/0 fee promotion will be in effect from October 21st, 2019 to December 31st, 2019. However margin trading fees will not be dropped to 0, so CLAM impacted customers will continue to receive their daily reimbursement.
Q: How will I be able to access my account? Will the website remain the same?
A: US customers will be redirected to a site to log in, with their same credentials starting on November 1, 2019. All other customers can continue to log in the same as they did before.
Q: How will I be able to contact support? Will the website and email remain the same?
A: All customers will continue to contact support via the same website and email for the time being. In the near future, we will introduce new avenues for US customers and non-US customers to reach our teams.
Q: Will Poloniex remain available to customers in the US?
A: New US Customers will not be able to register for the exchange starting on October 18th, 2019. As of November 1st, 2019, US customers will no longer be able to trade, but they will be able to access their wallets, through a new website, poloniexus.com. US customers will continue to be able to access and use their wallets and withdraw funds through wallet and custody services operated by Circle until at least December 15th, 2019.
Q: How do we define a US customer?
A: A US customer is anyone who is residing in the United States or who is residing outside of the United States but has used a US ID such as a passport to verify their account. All customers in these categories will be restricted from 1) signing up for the platform, effective October 18th, 2019 and 2) trading on the platform, effective November 1st, 2019.
Q: As a US customer, what options do I have to withdraw?
A: There will be three options:
- First, you may initiate a wallet transfer to move each of your coins to an external wallet of your choosing.
- Second, up until November 1st, 2019, you can trade any of your currencies to USDC, then initiate a wire transfer into your linked bank account. After November 1st, 2019, since trading will be restricted, you will only be able to wire USDC and will have to initiate a wallet transfer for non-USDC currencies.
- Third, you may leave your funds in your Poloniex wallet for safe keeping for now. US customers will continue to be able to access and use their wallets and withdraw funds through wallet and custody services operated by Circle until at least December 15th, 2019.
Q: I’m not a US customer. What do I need to do?
A: Nothing at this time.
Q: I am not located in the United States, but I received this email. What should I do?
A: If you are not located in the United States, but you are a US Citizen, and that is how you signed up with our platform, then unfortunately you are no longer eligible to trade on Poloniex. If you are not in the US and not a US Citizen, then please contact our support team and we will provide directions on how to update your account.