This article was last updated on December 18, 2019 and is subject to change. Please note that Poloniex US customers are temporarily restricted from withdrawals and have now lost direct account access.
What is the Poloniex US wind down? Why is Poloniex US shutting down?
In October, we announced Poloniex was spinning out from Circle into a new company, Polo Digital Assets, Ltd., with the backing of a major investment group. Unfortunately, in order to be competitive in the global market, US customers aren’t included in this spin out, so Circle is winding down operations for US Poloniex customers.
Why can’t I access my account? How can I withdraw my assets?
You are temporarily restricted from withdrawing your assets and no longer have direct access to your account. Poloniex US customers had until December 15 to withdraw their assets. We regularly alerted customers about this date via email, social media, our corporate blog, and online media publications. Customers who didn’t withdraw their assets are temporarily restricted from accessing their accounts. All of your remaining assets will be traded into and stored as USDC. We are planning that at some point in the first quarter of 2020 customers will be able to withdraw their remaining balances through a new Poloniex US withdrawal website. Please monitor your email that was associated with your Poloniex account and Circle’s Twitter handle (@circlepay) for more details.
What will happen to my assets? Will I lose them?
As of December 18, 2019, Poloniex US has shut down the existing Poloniex US site and all access to existing Poloniex US wallets. All of the cryptocurrencies still in Poloniex US wallets on that date will be traded over time into USDC, a stablecoin, and stored for customers as USDC. Poloniex US plans to launch a new withdrawal site for customers in the first quarter of 2020. Customers will then be able to withdraw their assets (as USDC). If customers don’t withdraw their assets during this time frame, their assets will be sent to the account holder’s state of last known address once the account has been sufficiently dormant, consistent with the various state regulations for unclaimed property. If there is no known US address and the account has been dormant for the applicable amount of time, then the funds will be sent to the state of Delaware as required by law. This also applies to accounts that have a non-US address.
When will the new Poloniex US withdrawal website be live?
The new website will be live at some point in the first quarter of 2020. Please monitor your email and Circle’s Twitter handle (@circlepay) for more details.
What if I don’t have enough cryptocurrency in my account to cover the transaction fee to make a withdrawal when the new withdrawal website is live?
If you have any remaining assets on Poloniex US, your assets will be traded into and stored as USDC. The transaction fee for withdrawals will be consistent with Ethereum transaction fees, which have run around $0.13 per transaction.
How can I access my transaction history after December 15, 2019?
You will not be able to access your transaction history information again until the planned Poloniex US withdrawal site is launched in the first quarter of 2020.
What will happen to my assets that were previously delisted?
Any delisted asset balances will continue to be inaccessible and not available to withdraw.
I didn’t withdraw my assets before December 16, 2019, will I be charged fees?
You may be subject to two types of fees: withdrawal fees and a dormancy fee.
- If you choose to withdraw your assets as USDC once with new Poloniex US withdrawal website is live (expected to be live the first quarter of 2020), you will be charged withdrawal fees.
- If you don’t withdraw your assets, you may be subject to a dormancy fee in accordance with your User Agreement and the applicable state regulations.
Please note, any fees will be deducted solely from your account balance and will never cause a negative value of funds. For example, if you only have $0.10 worth of an asset, only $0.10 would ever be charged on your account from that asset directly.
How can you justify charging withdrawal fees?
Withdrawal fees are standard across the industry in order to cover the cost of transactions on the blockchain, not for profit.
What is a dormancy fee and why would I be charged such a fee?
Customers will only be charged a dormancy fee if they don’t timely withdraw their assets after the new Poloniex US withdrawal website is live. The escheatment process is governed by state law but helps ensure any unclaimed or abandoned property is sent back to the account holder’s state. This fee is in place to cover the costs of this process where applicable and/or permitted by state unclaimed property laws.
How can I close my account?
You can contact our support team and they will be happy to help close your account for you.
How can I get support?