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American Crypto Exchange Poloniex to Bar Trading of 9 Cryptocurrencies, Cites Uncertain Regulations

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American Crypto Exchange Poloniex to Bar Trading of 9 Cryptocurrencies, Cites Uncertain Regulations

US-based cryptocurrency exchange, Poloniex, citing regulatory uncertainties, is looking to stop the trading of nine crypto coins on its platform as reported in a blog post on 16 May.

As per the post, US-based customers would not be able to trade in Ardor (ARDR), Decred (DCR), Gas (GAS), Nxt (NXT), GameCredits (GAME), Omni Layer (OMNI), Lisk (LSK), Bytecoin (BCN), and Augur (REP) officiating from 29 May. The imposed restriction is only for residents of USA. Trading in the currencies mentioned above would be available for customers residing outside the USA.

Owing to the uncertainties laid down by the government, the crypto exchange platform decided to bar trading in the above-mentioned currencies. All trading and exchange would have to be finalized until 29 May.

Behind the Scenes

The following news comes after the statement of Valerie Szczepanik, Senior Advisor for Digital Assets and Innovation at U.S. Securities and Exchange Commission (SEC) regarding revised regulatory notions. Szczepanik stated that crypto exchange platforms that enlist initial exchange offering tokens with a fee would be going against the statutory rules set by the state.

Jeremy Allaire, who recently acquired Poloniex, expressed his disapproval with the recent change. In a series of tweets, he expressed his frustration at the blatant hostile crypto environment in the country.

The Global Regulatory Landscape

Poloniex’s barring of crypto exchange throws light on the global issue of cryptocurrency regulation. Recent developments across the world have indicated increased hostility of several nations towards cryptocurrencies. Japan’s strict regulatory framework has reportedly inspired the Netherlands’ chief financial regulator. Netherlands Authority for the Financial Markets has proposed banning all anonymous trading services and has mandated the issuing of a trading license for all crypto platforms. Poland also implemented regulations and a higher tax surcharge of 19% on all crypto earnings, owing to the general regulatory environment of the world.

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I am a content writer with interests in life sciences and blockchain. I believe that blockchain has the potential to transform every aspect of human endeavor. I love surfing the internet, reading, learning new things, and trying new cuisines.

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