By : Poloniex worries so much about incoming doom by U.S. securities regulators’ that it plans to delist nine at the end of the month.
The exchange made the announcement Thursday.
1/ On Friday, May 29th, at 16:00 UTC, the markets for ARDR, BCN, DCR, GAME, GAS, LSK, NXT, OMNI, and REP will be disabled for Poloniex in the US. All assets remain available for to outside the US.
— Poloniex Exchange (@Poloniex)
In a , Poloniex stated the delistings will happen on Wednesday, May 29th, at 16:00 UTC.
The following will be disabled for U.S. :
- ARDR
- BCN
- DCR
- GAME
- GAS
- LSK
- NXT
- OMNI
- REP
Customers holding balances must finalize all trades and close any positions in these assets prior to May 29. To withdraw their assets, must go to the balances section of their account.
Poloniex Finds U.S. Not Worth The Hassle
The decision comes as banter picks up that the U.S. Securities and Exchange Commission is readying to swoop in with stricter regulations for ICOs.
In the post, Poloniex states it is committed to complying with regulatory requirements in all jurisdictions. However, the ’s wobbling over how to regulate the space has left many in the space, including Poloniex, in limbo.
[This] 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 for our , and for the crypto community more broadly. 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 in the US and around the world.
To Be Or Not To Be A Security
A chief area of complaint about the has been its inability to firmly identify as securities. In April, it provided some clarity when it admitted that not all ICO are securities, CCN . In general, however, it has considered ICOs as being securities.
Poloniex was acquired by Circle in 2018. Circle’s CEO Jeremy Allaire, voiced his thoughts on the matter.
1/ announced today that we are geofencing some assets in the United States. 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. (See Below)
— Jeremy Allaire (@jerallaire)
2/ 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.
— Jeremy Allaire (@jerallaire)
While crypto-related moves at the federal level have been slow, states have been more proactive. In December, the Wall Street Journal reported that U.S. regulators had filed more than 90 fraud cases since 2016.
The Texas State Securities Board has been particularly aggressive in cracking down on fake ICOs. Its most notable snare was .
Poloniex Customers Vent
Poloniex took to Twitter to give their two-cents about the delistings.
Bizarro world! A world where everything is the exact opposite. Up is down, first is last, good is bad, wrong is right, white is black, logical is illogical, giving is taking, & the markets for are disabled for Poloniex US
— LISK Highlights (@HighlightsLisk)
Finally Coming for ICOs? Poloniex Delists 9 Crypto in the US
— Ricardo Pendergrass (@ricpendergrass)
Published at Sat, 18 May 2019 08:35:16 +0000
