Bitcoin, Crypto currency, Blockchain

Poloniex closes doors for Germany

bb03dd759a6841f8c28b90b119a1fe8d - Poloniex closes doors for Germany

The well-known crypto-exchange Poloniex introduces new user agreements. In this, the company has written down that your service is set up in different countries. German users will be excluded from Poloniex.

Almost a week ago, Poloniex has released a new user agreement. For our readers in the most explosive of the third paragraph is:

“The sites and the Poloniex (as defined below), the services offered are directed not at persons, who have their registered office or residence in China, Germany, Pakistan, the US States of New Hampshire, New York, or Washington, Vietnam or other in section 37 defined areas.”

In section 37 of the new user agreements Poloniex leads, that also people from “Restricted Territories”, and other States, against the United States, the UK or the EU have adopted sanctions, a further use of the crypto-stock exchange are excluded.

The new user agreements since the 18th century. October binding. For non-registered interested this means that from this date, the above restrictions apply. For existing Accounts, a grace period of up to 18. November. Users in the above mentioned paragraph mentioned countries, and thus also from Germany, so they pull their Funds from the stock market.

With these new user agreements Poloniex is a further step in the direction of regulatory Compliance. The official regulations of the United States to comply with, has locked the crypto-stock exchange until the end of may unverified customer accounts without specifying a Deadline. Anyone who wanted to come to his Funds, had to bow to the KYC regulations to the full extent.

Poloniex: once upon a time …

How many users in Germany this regulation applies specifically, you can’t tell. Even a few years ago Poloniex was one of the most well-known crypto-exchanges. According to the Hacks of Mt.Gox and Cryptsy, they dominated with other exchanges such as Kraken, Bittrex and Bitfinex, the market. After the Acquisition of Circle some people thought that this amount would go flying. But those days are long gone.

According to cryptocoin charts Poloniex is currently only 22. Place in terms of trading volume. With about ten million US-Dollar volume is far behind the crypto-exchanges, such as Bitfinex ($77 million) and Binance (326 million dollars).

To blame for this loss of relevance is certainly also that recently the Margin Trading feature as well as the lending of crypto-currencies have been set. Margin Trading, i.e. the trading of crypto-currencies with a lever, and giving the same two popular Features: the former, because you could make with the use of a lever in the case of a successful Trade significantly more money, the latter as a sort of passive source of income. With the exclusion of customers from different countries, the Circle acquired the Exchange will disappear even further into oblivion.

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