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   4557

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. 

Now

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.

Bakkt to Release Consumer App This Year

The app can be used for a wide range of tasks, e.g., crypto and securities trading, virtual goods purchase, etc
23 January 2020   90

Institutional Investor Platform Bakkt will release an app for retail investors this year, with which users can pay with cryptocurrency.

According to the president of Bakkt Adam White at the World Economic Forum in Davos, the application can be used for a wide range of tasks. In addition to trading cryptocurrencies, it will support various virtual “goods” like points of loyalty programs.

In addition, in the future it is possible to add securities trading, as well as the creation of a portal for shops and merchants. That is, the application will be more like a traditional fintech product like PayPal than a solution from a cryptocurrency exchange.

Although the Bakkt platform was originally created for institutional investors, the new director of Mike Blandina is very serious about entering the retail market. Earlier, he said that the application for retail investors should be released in the first half of 2020.

I do not think we are there yet. What gives me optimism is that we are seeing a lot of developer interest. I am confident that someone is going to find something.

 

Adam White

President of Bakkt

 White added that the cryptocurrency market is still underdeveloped.