Russian blockchain startup Soundchain reported on problems with the Poloniex cryptocurrency exchange yesterday. Thus, the company had problems with withdrawing their funds after the change in the Poloniex’s policy towards citizens of the countries against which the USA sanctions are imposed.
Among the other provisions in paragraph one, there are now a couple of sentences which, in fact, hint at serious risks for Russian users in conditions of political tension between Russia and the US. Thus, in the event of an escalation of the conflict, investors and traders may face financial losses or asset freeze while working with American companies. It is speculated that the Poloniex exchange made this provision in order to absolve itself of responsibility in case of specific sanctions against citizens of the Russian Federation on the part of the US authorities:
Poloniex policy changes
Artem Abaev, founder of Soundchain, claimed that Soundchain team had asked the exchange support to close the account and withdraw funds. However, Poloniex responded that the exchange no longer worked with the country where Soundchain is based, therefore the company needed to withdraw funds independently, with which the Soundchain team experienced some problems since the links to the withdrawal confirmation by mail did not work. The exchange support has never answered to Soudchain requests for help since then.
However, Artem Abaev's post had a great resonance in the community, thereby causing a mass funds withdrawal of Russian Poloniex customers.
Probably, that's why the exchange's administration promptly contacted Soundchain and argued that they did not stop working with Russian citizens.
Poloniex on suspension services to citizens of Russia
Thus, the exchange claims that their letter was an automatic response to the request to close the account, although, as Abaev speculates, the answer didn't arrive immediately and it looked like Poloniex had checked their citizenship.
Founder of Soundchain
The exchange finally restored the funds withdrawal, although Poloniex was to do it by itself according to their own rules of account closure.