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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Crypto Visualized: Watch the Fall of Poloniex And Rise of Binance

Last week, crypto exchange Poloniex was “spun out” from the Goldman Sachs-backed Circle into its own, international brand, highlighting a lack of interest in the digital asset trading platform. A new data visualization is making way across the web, shows how Poloniex has fallen from grace over the last 5 years, and how during this time, Binance was able to take the platform’s leadership position. Poloniex and The Lost Throne of Crypto Trading As industries grow, the companies within each industry need to evolve to stay ahead of market trends and ensure customer loyalty and satisfaction. Without regular improvements, companies risk letting a competitor take valuable market share that may be difficult to win back. Related Reading | Buy High and Sell Low? Circle Dumps Poloniex As Crypto Market Interest Wanes Such as the case with Poloniex, a cryptocurrency exchange that five years ago, was the clear market leader in terms of overall crypto trading volume. But over the years, Poloniex lost its edge, for one reason or another, and competitors were able to steal market share that they were never able to recapture. The entire five-year process can be seen in a new data visualization shared by Managing Partner at Blocktown Capital, James Todaro. The video embedded in the tweet below clearly demonstrates how trading volume on Poloniex declined over the years, allowing the likes of Bitfinex, Bittrex, Coinbase, and Kraken to take over. After >5 years of active trading and what was once the largest exchange, Poloniex now shuts its doors to the US. Here is the shifting landscape of cryptocurrency trading volume resulting in @binance domination. What will it look like by 2021? pic.twitter.com/McfR6oBKLb — James Todaro (@JamesTodaroMD) October 21, 2019 The ongoing decline in interest in trading on Poloniex may have been part of the reason for the Boston-based Circle to offload the crypto exchange, just a year and a half after acquiring the platform for a sum of $400 million. Binance Becomes King In Just Two Years Eventually, Binance explodes on the market in late 2017, and in no time at all becomes the clear market leader in terms of overall crypto trading volume across all platforms in the data visualization. Binance serves as a perfect example of what happens when companies within an industry don’t evolve and adapt along with the market, and allow a competitor to take over. The crypto platform quickly became the poster child for the emerging industry and has launched a number of innovative products that have forced the competition to step up their game. Related Reading | Binance Turns Two: A Look Back at The Young Crypto Unicorn  Binance’s stronghold only continues to grow, even despite ushering the largest sub-set of traders by region away from their flagship website and onto a US-based exchange that features far less of the exotic altcoins that put Binance on the map. Poloniex also just revealed they are following suit and barring US investors from making trades on the platform, but Poloniex is no longer a market leader, and won’t rebound the same way Binance has. Crypto Visualized: Watch the Fall of Poloniex And Rise of Binance was last modified: October 22nd, 2019 by Tony SpilotroThe post Crypto Visualized: Watch the Fall of Poloniex And Rise of Binance appeared first on NewsBTC.
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