Poloniex Stop Nine different coins in U.S due to uncertain country regulations

A leading Cryptocurrency Currency Exchange firm Poloniex will soon stop offering about nine coins on it’s Exchange platform due to the unstoppable and uncertain regulations by the country as per there blog post on 16th of May.

The reports suggested that starting from 29th of May, the firm  Poloniex will stop offering trading options in Ardor (ARDR), Bytecoin (BCN), Decred (DCR), GameCredits (GAME), Gas (GAS), Lisk (LSK), Nxt (NXT), Omni Layer (OMNI), and Augur (REP) for its customers residing in the U.S.

While the trading of the aforementioned assets will still remain available for the exchange’s customers outside the U.S.

Poloniex agreed to it that this movement of there’s was highly motivated by some of the uncertain regulatory firms of the country. While questioning whether the U.S regulations will consider these assets as securities or not.

While still, the legal condition of the respective Cryptocurrency remains to the U.S because as per the previous reporting of the U.S Securities and Exchange Commission(SEC).

To this Valerie Szczepanik said,

“The firms which are not registered will find themselves in trouble in the U.S if they have a U.S. issuer or U.S. buyers if they are operating on the U.S. market,”

Back in April Szczepanik together with Bill Hinman have published a new framework which will help the market Investors to determine whether or not a digital asset is deemed to be an investment contract, and therefore a security.

SEC Chairman Jay Clayton and Commodities Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo while noticing the decreasing knowledge in the crypto field said that:

“CTCF can eliminate this issue and  will be able to conduct independent market data analysis across different data sources, including decentralized blockchains and networks, without being reliant on self-regulatory organizations and market intermediaries.”

Also Read: What is the Hardware Wallet? Why do you need a hardware wallet?