US-based Poloniex Clients Have to Pay Fees After December 16, Circle Notified

By Mary T. | December 5, 2019

Circle – major US-based crypto finance firm and Poloniex parent company – hinted at a potential fee US clients need to pay, and balances confiscation should they fail to remove their funds. 

Specifically, on December 3, Circle notified that Poloniex will no longer be available for any clients in the US, as a part of its preparation following Poloniex departure from Circle to function independently. 

All clients using Poloniex services are required to remove funds from their accounts by December 16. Should clients violate the deadline, certain fees will be charged, which can reach up to the entire sum currently in the client’s account.

“There are two fees Poloniex US customers who do not withdraw their assets may be subject to: a monthly service fee while a user continues to have assets stored on the platform, and a one-time dormancy fee when an account becomes dormant per the terms of the applicable regulations. Unclaimed assets may be sent to state governments, consistent with applicable regulations.”

Circle also notified that every Poloniex accounts of its users will be soon inaccessible, and all unclaimed tokens will be converted to its native stablecoin, USD Coin (USDC).

Poloniex US customers will NEVER be charged more than their total account balance”.

Previously, Poloniex – the US-headquartered crypto exchange firm –has left Circle, in an effort to set up a new crypto exchange platform, dedicated to facilitating transactions for non-US customers.

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