Poloniex, the well-known cryptocurrency exchange, recently announced that it would cease its operations in Mainland China. The move came after Chinese authorities restricted crypto-based operations. The crypto exchange has voluntarily stopped its services in the region since it cannot comply with the Chinese local laws.
The platform will restrict its operations from 7th October, 4:00 am (UTC). Poloniex stopped its registration facilities on 4th October and advised users to close their platform operations immediately.
The crypto exchange even prepared a short post to answer some of the FAQs. The post addressed topics like the use of a VPN, outstanding loans, locations, verifications, and more. Here is how the topics went:
- Can China-based users access Poloniex with a VPN?
Since the platform is completely ceasing its operations in the region, one cannot access it via a VPN.
- What if a user has an outstanding loan on the platform?
Poloniex stated that it would extend the deadline for any outstanding loan. In addition, the exchange informed users to untoggle the auto-renew option on any existing loans and withdraw the funds as soon as the loans are closed.
- If a customer is a Singapore netizen residing in China, will it be possible to access Poloniex?
Unfortunately, it does not matter whether a customer is a native resident of Mainland China. It will not function as long as customers try to access the platform from the region. However, Polonix has assured users that they can reopen the account after leaving the territory.
- Can users use a Mainland China ID to verify their account if they reside outside of China?
No, Poloniex has blocked the verification feature for every China-based user.
Since Poloniex acted as one of the last standing crypto exchanges in the region, investors and traders will have a harder time. Moreover, as already stated by the exchange, the only way for Mainland China users to access it is after leaving the region.