The U.S. based virtual currency exchange, Poloniex, will be temporarily halting their services in New Hampshire due to new government regulations.
New Hampshire customers are told to close any open orders as well as withdraw their funds. According to the notice, Poloniex’s legal team is actively working with State of New Hampshire Banking Department to confirm their services still apply under the new regulations. Poloniex plans to seek out any licenses needed in the state if necessary.
Those who do not withdraw their funds by the October 6 deadline will not lose their money. Though customers are prohibited from trading, their account and funds will remain safe on the exchange.
Read the full announcement below:
A NOTICE TO NEW HAMPSHIRE RESIDENTS
Services to New Hampshire residents to be temporarily suspended on October 6, 2016
Due to changes in New Hampshire's regulatory statute as it applies to cryptocurrency, Poloniex will temporarily suspend New Hampshire account creation until further notice. For existing New Hampshire customers, you will receive an email with instructions on how to suspend your account.
What happens next?
I'm a current customer from New Hampshire. What do I do?
You will receive an email with instructions. In brief, you will have until October 6, 2016 (two weeks from the date of this notice) to close any open orders and withdraw your funds. If you aren't able to locate this email, please contact Support for assistance.
What about my margin positions?
For New Hampshire residents who have existing positions as of the date of this notice, arrangements have been made for you to manage your positions. The email you receive will include additional information specific to managing open margin positions. If you aren't able to locate this email, please contact Support for details.
What can I do during this 2 week period?
Your account will function normally, but you will be prohibited from opening new margin positions and lending funds.
What if I'm not able to withdraw my funds by the deadline of October 6, 2016?
You will no longer be able to trade, but your funds will be safe and available for withdrawal by contacting Support.
What happens to my account after suspension?
Although your account will be suspended, your data will remain on file. If you attempt to log in, you will be restricted to areas only for viewing and exporting historical data. When we resume operations in New Hampshire, you will be able to log back into your account with all of your historical data and any remaining balances intact.
Our legal team is working closely with the State of New Hampshire Banking Department and other regulatory agencies to verify that changes in their statutes apply to the services offered by Poloniex and to seek licenses where necessary. This is a nascent industry; as the regulations around it mature, these types of service disruptions may not be entirely avoidable, but we have been and will continue to be proactive in educating regulators and monitoring both existing laws and upcoming changes to these laws so that we can limit interruptions wherever possible.
We look forward to welcoming back New Hampshire residents at a future date. Until then, we will do everything we can to help you wind down your account.