Poloniex Updates Terms and Prevents Several Jurisdictions from Using its Services

Poloniex Updates Terms and Prevents Several Jurisdictions from Using its Services

Poloniex updates their User Agreement to blacklists several countries

Poloniex, who previously removed their margin trading and lending services, has updated their user terms of use in 18 October. The amendments in the updated version blacklists a number of countries and US states from its exchange platform.

Blacklisted Jurisdictions

The states removed are New Hampshire, New York, and Washington; and the countries are China, Germany, Pakistan, and Vietnam.

Another set of countries are blacklisted by the exchange due to US, UK, and EU sanctions and embargoes. This includes Cuba, Iran, North Korea, Sudan and Syria.

Agreement Effectively Schedules

For those who registered on the exchange on or before 18 October, the updated terms are effective immediately. If prior, the effectively date is on 18 November.

Other User Restrictions

In Section 11 of the terms, Poloniex has absolute discretion to reject someone who desires to open an account. The exchange also has the right to suspend or terminate existing accounts, and consolidate multiple accounts.

The reasons of Poloniex for executing such actions are:

  • Account errors or technical troubles.
  • Account inactivity.
  • Court order.
  • Failure to identify the user.
  • Negligence to respond to customer support requests.
  • Violation of User Agreement.

Poloniex defines the User Agreement as a contract between users and Poloniex, LLC. Further amendments can be duly made by the exchange. And a user who has agreed with the previous terms will automatically agree to any new changes. The exchange continues if a user does not agree, he/she can terminate his use of the service.

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