Poloniex backpedals on its words: Soundchain story

Poloniex exchange reports that they did not stop working with citizens of the Russian Federation
22 August 2017   3399

What happened 

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 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 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.

We are not going to work with the Poloniex exchange anymore as citizens of the Russian Federation due to the new terms of use and the political risks. It's time to learn Chinese.

Artem Abaev
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.

Vinnik Extradtion to France to be Supported by SCoG

Alexander is holding the hunger strike for 24 days and lost around 9 kilos
19 December 2018   21

Following the trial court of the city of Thessaloniki, the Greek Areopagus decided to extradite Alexander Vinnik, suspected of laundering $ 4 billion through the BTC-e cryptocurrency exchange, to France. Thus, the appeal of Russian lawyers was rejected, reports TASS referring to the chairman of the court Angelique Aliferopoul.

After the announcement of the verdict, Alexander Vinnik declared that he would continue the hunger strike against the arbitrary rule of the Greek authorities, which began in mid-November.

I have been starving for 24 days. Yesterday I was weighed; according to the documents, I lost 8 kg. But they did not immediately begin to weigh me, only on the third day. So I lost 9 kg. If I'll be extradited to Moscow, I will stop starving.

Alexander Vinnik


Alexander Vinnik was detained in Greece at the request of the American authorities on July 25, 2017. In June 2018, Vinnik was arrested in absentia in Russia on charges of cyber fraud on a large scale.

At the moment, there have been several court decisions on the extradition of Vinnik - at the request of the United States, at the request of France and two decisions at the request of Russia. The final decision on the case will take the Minister of Justice of Greece.