On October 3rd, Poloniex crypto exchange announced that, in less than one month, it would eliminate the support for 11 margin trading cryptocurrencies. In the announcement, the company also explained that on October 10th three digital assets (AMP, EXP, and GNO), would be removed from its platform. However, customers will have time until November 9th to withdraw their funds in the before-mentioned assets.
Poloniex crypto exchange’s decision raised concerns among the affected cryptocurrencies projects
Faced with the measure, one of the affected projects, Expanse, asked Poloniex on Twitter for an explanation of its “sudden” elimination of margin trading cryptocurrencies. They pointed out that their cryptocurrency, Expanse (EXP) crypto token, had been traded for almost three years on the Poloniex crypto exchange.
“Please finalize all trades and close any positions in these assets before October 10th. Once delisted, you will have 30 days to withdraw any balances in these assets. For more information, please visit our blog,” said Poloniex on Twitter.
“We show continuous development and growth with our platform and community. Your team didn’t even give us a courtesy email or anything. This is low down” replied the Expanse (EXP) team via Twitter.
Poloniex announced they would eliminate margin trading cryptocurrencies but offered no reasons why they do that
So far Poloniex has not pointed out the specific reasons why they chose to eliminate margin trading cryptocurrencies. In this respect, the Poloniex crypto exchange team only pointed out that they were carried out as part of the continuous improvement of the platform.
In the framework of its new policies, Poloniex also highlighted that the exclusions would be carried out “as part of our mission to provide customers with the most innovative projects that drive the industry and ensure that assets meet the high standards that customers deserve.”
They indicated that the decision to eliminate those cryptocurrencies was adopted after the results of evaluations Poloniex conducted on different aspects of digital assets, such as “fundamentals, technology, people, business model, and market dynamics” and “the new orientation of the regulators.”