Poloniex exchange shuts down US accounts: Sets December 16 as the withdrawal deadline

• Poloniex US bids customers goodbye as it shuts down their accounts.
• The exchange is yet to communicate the motivation behind the shutting down.

United States-based Poloniex exchange customers have been asked to withdraw their funds. The communication made to them via email said that Poloniex  US is shutting down.

The deadline for withdrawal has been set on December 16. All customers affected must withdraw their funds before the date or risk losing direct access to their accounts. The email explained further:

“All cryptocurrencies remaining in your account after that date will be traded into and stored as USDC. Assets in dormant accounts may be sent to the account holder’s state, consistent with state regulations for abandoned property.”

At the time of writing, Poloniex  had not issued more communication as to why it is locking out the customers in the United States. Meanwhile, the crypto industry continues with its lethargic trading and consolidation. However, investors are expecting an early holiday gift with the prices trending higher ahead of the Christmas and end of the year festivities.