In a recent announcement on their official blog, the Poloniex team released a list of eight cryptocurrency assets to be removed from the trading platform. Though no specific reason for this removal was given, the team says its proposed action is an “effort to improve the performance of the exchange and to serve our customers better.”
Poloniex Planned Action
The recent announcement dated September 18th, 2018 was to notify users of the platform of their proposed plan to remove certain cryptocurrency assets from the trading platform.
As announced, cryptocurrency assets affected includes BTCD (Bitcoin Dark) BTM (Bitmark), EMC2 (Einsteinium), GRC (GridCoin), NEOS (NeosCoin), POT (PotCoin), VRC (VeriCoin), and XBC (Bitcoin Plus) Cryptocurrencies.
Though there was no concrete reason for this, the team has given a deadline, September 25th, 2018 at 12:00 Eastern Time for everyone holding any of the above-listed cryptos to either trade for other cryptocurrencies or withdraw from the Poloniex trading platform.
Though tokens would be delisted on the 25th September, token holders have a month from the said date (October 25) to get their funds in any of the assets mentioned above out of the platform. Failure to abide by the instruction given will lead to the total loss of these assets by the specified date.
The announcement is coming in line with the company’s policy to inform its users at least seven days before the asset is removed and also a 30 days grace for asset withdrawal after it has been delisted.
However, the only reason given why deadline could be extended is if there are problems on the blockchain networks of respective assets, thereby making withdrawals from the exchange difficult.
Reasons Behind Planned Action
Though there’s been no specific reason to this action, it has been speculated that this might be coming as a result of these assets having very low liquidity as all but one, the BTCD, belongs to top 100 cryptocurrencies.
However, in the case of the Bitcoin Dark cryptocurrency, the team had already announced that the coin would be left without support. Earlier this year, January to be precise, Bitcoin Dark holders had the right to exchange their coins for Komodo (KMD) cryptocurrency.
Bitcoin Gold Vs. Bittrex
A similar occurrence, a cryptocurrency being delisted from an exchange had happened earlier in the month as covered by Blockchain Reporter when the Bitcoin Gold’s team in a press release announced the cryptocurrency had been delisted from the Bittrex exchange. Reasons, as stated by the team, was over the “refusal to pay 12,372 BTG to cover for the attack on the exchange which happened in May 2018.”