Poloniex 2020: Enters China, exit the US

Chinese Language Support, Lowest Fees in the market, Removing KYC for Level 1 users, 1000 USDT Giveaway for new accounts, Asset delisting policy, Bancor’s ETHBNT airdrop support, Circle spun out Poloniex and more...

Poloniex 2020: Enters China, exit the US

With the new year right around the corner, Poloniex is gearing up to attract more crypto-users in new aregion with new policies and attractive fees. By the end of 2019, many changes are introduced that could impact the users and will renew the outlook of the exchange for 2020.

Chinese Language Support

After the exit from the US market, Poloniex now decided to shift the focus to crypto users in China to include one of the largest crypto community in the world. The announcement of Chinese translation efforts with a goal to introduce a fully localized Chinese version in the early 2020 invite community to win $100 worth of USDT. Randomly, 5 customers from the community who submits a translation before January 15, 2020, may get the opportunity to win. If interested in participating, send an email to chinese-launch@poloniex.com.

Lowest Fees in the market

With the latest blog, Poloniex shared the decision to extend zero-fee spot trading for another week considering the new year. Users can continue trading fee-free until January 7, 2020, at 23:59 UTC.

Starting January 8, 2020 spot and margin trading fees will be updated to the new fee schedule, which they claim to be the lowest in the market. In addition to the lower baseline fees, they also introduce new programs, Poloniex Plus and Poloniex Market Maker to further discount their fees.

Bancor’s ETHBNT airdrop support

To support Bancor's DeFi movement and enable Poloniex customers to participate in the Bancor's upcoming airdrop, support is announced. Any user holding BNT in Poloniex wallet on January 1, 2020, at 5:00 AM UTC, will receive ETHBNT equal to 10% of their BNT balance at the time. This credit will be made available within two weeks of them receiving the airdrop to users holding more than 5 BNT in their Poloniex wallet during the snapshot. Support to deposits and withdrawals of ETHBNT will be continued in the new year.

1000 USDT Giveaway for new accounts

Poloniex removed KYC for Level 1 accounts and to attract new customers there was a giveaway of 1000 USDT within The 12 Days of PoloniXmas campaign. Winners will be announced and rewards distributed to winning Poloniex accounts by the end of December.

Removing KYC for Level 1 users

Announcing the new account tier, starting then, all new customers can sign up and begin trading using only an email address and password in seconds with a Level 1 account. With Level 1, users have access to unlimited trading, unlimited deposits, and $10,000 per day in withdrawals.

KYC checks were introduced in early 2018 to comply with existing identity and verification requirements, specifically in the United States.

In 2015, founder of Poloniex, Tristan D'Agosta said,

"We are a Money Services Business (MSB). Accordingly, we are bound by the rules and regulations defined by the Financial Crimes Enforcement Network (FinCEN), and regardless of how other businesses operate, we are legally obligated to follow the rules of FinCEN to the best of our ability."

Now that Poloniex ceased its U.S. operations, those rules may no longer apply.

Asset delisting policy

Based on Poloniex's continuous effort to increase the performance of exchange and to improve customer experience. The delisting policy was announced to inform users that the exchange might remove certain assets from time to time. It intends to exclude projects that no longer satisfies certain criteria such as the low volume of trade, network security, degrading developer's support, legal suits, enforcement actions and any other legal problems faced by the project, etc.

The purpose of delisting assets is to make the process easy for customers by providing customers - seven days advance notice before delisting, sending mail reminders from the period till the withdrawal deadline and many other concessions.

Circle spun out Poloniex

With the change in management in Poloniex, Tron founder Justin Sun turns out to be the major shareholder of the group investors who took over Poloniex from Circle for the reported amount of $400 million. This brought a lot of change to the US users and operation policies of Poloniex.

Exit from the US market

Poloniex had 70% of users coming from the United States, but due to strict regulatory policies, Circle decided to move exchange operation from Delaware to Bermuda early this year. Later, with the new shareholders decisions, Poloniex stopped all operations in the United States effective mid of December.

Considering everything, Poloniex is all set to renovate in the new year. Happy trading 2020!!


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