The U.S. based cryptocurrency exchange platform, Poloniex, announced the renewed terms of its user agreement. From November 18, 2018, these newer terms will be implemented, which establishes a ban to trading via the exchange in several countries.
Poloniex was established in 2014 and created to develop into a highly advanced digital currency exchange. Previously this year, a Dublin-based technology company, Circle acquired Poloniex for USD 400 million. According to market statistics, Poloniex is in the 38th position trading value which is pretty decent for four-year-old digital currency exchange. However, after the acquisition, people have witnessed as a swift downfall in its trading approaches and services. First was the removal of marginal and lending products for US users. Most recently, its terms of agreement update, where it is now explicitly mentioned its withdrawal of services from several countries.Poloniex will implement its Latest User Agreement on the 18th November 2018; a deadline for all. Click To Tweet
The latest User Agreement will immediately affect any user who signs up on or later than 18th October. The same will come into effect for every user, irrespective of user sign up, from the standard set deadline of 18th November 2018.
This new agreement will forbid users from Germany, China, Vietnam, Pakistan, along with the U.S states of New Hampshire, New York, and Washington to utilise its services, according to its website announcement.
Poloniex used to be the world’s most successful digital trading platform and exchange. However, it has been conferring declining growth in the past few months, failing to understand and keep abreast of the changing interest of the public. Nevertheless, the exchange currently ranks #55 in the financial world market, with an impressive 30-day trading and exchange volume slightly steeper than the daily volume of Binance.