One of the popular crypto exchanges, Poloniex announced the delisting of eight crypto tokens from its trading platform, on September 18, 2018. The affected tokens are BTCD (Bitcoin Dark), BTM (Bitmark), EMC2 (Einsteinium), GRC (GridCoin), NEOS (NeosCoin), POT (PotCoin), VRC (VeriCoin), and XBC (Bitcoin Plus).
According to the press release by Poloniex, The delisting process has already begun and will come into effect on September 25, 2018, 12:00 ET. The Customers are given the grace time till October 25th, 12:00 ET to close out any trades and withdraw any balances in these assets.
“Our goal for all delistings is to make this process as painless as possible for customers, which is why we always endeavour to:
Provide you with seven days advance notice before removing a market
Give holders of the impacted assets 30 days to withdraw funds from delisted assets
Use as many means of communications as possible”
In addition, Poloniex also specifies that in case of wallet unavailability, the grace time may be extended and the customers will be contacted via email. Also, if the blockchain network becomes inactive, the funds of customers will be stored in cold-storage till the network goes live again. The platform will handle these scenarios, case-by-case.
The platform mentioned:
“Once the withdrawal deadline has been reached (October 25th at 12:00 ET), withdrawals will be disabled and the asset will be fully decommissioned. From this point forward, we will be unable to process withdrawals of impacted assets. It is imperative that customers withdraw delisted tokens by the withdrawal deadline.”
This move by Poloniex is certainly going to make an impact on the market. Let’s wait for the reactions.
Stay tuned to CoinTopper.com for more updates!