Circle to Charge Fees on Funds Poloniex U.S. Users Haven’t Withdrawn

Cryptocurrency startup Circle has announced it’s set to start charging fees on Polonbiex’s U.S. customers who haven’t yet withdrawn funds from the cryptocurrency trading platform.

According to Circle’s announcement, Poloniex’s U.S: customers will be subject to a monthly fee while the assets are stored on the platform, and a one-time dormancy fee when an account becomes “dormant per the terms of the applicable regulations.” Unclaimed tokens “may” be sent to state governments, the firm added.

Circle reinforced that Poloniex’s U.S. customers must withdraw their funds before December 16,m and that those who do not will lose direct access to their accounts, and will see their remaining cryptoasset be traded and stored in the USDC stablecoin.

The startup noted, however, that customers will never be charged more than their total account balance, which means the worst-case scenario is losing the funds stored on the cryptocurrency exchange.

As CryptoGlobe reported Poloniex spun out of Circle earlier this year, little over a year after being acquired for a total of $400 million. Poloniex became an “independent international company” under the name Polo Digital Assets, Ltd. And is backed by an unnamed “major Asian investment group” that pledged to invest $100 million into the trading platform.

TRON founder Justin Sun has claimed to be “one of the investors” who’s now behind Poloniex. The trading platform has on social media been mentioning TRON’s TRX several times, so much so that in a now-deleted tweet it even told followers to buy the cryptocurrency.

Featured image via Pixabay.