Russian startup can't withdraw funds from Poloniex

Russian startup Soundchain and several other companies have troubles with withdrawing funds from Poloniex 
21 August 2017   2217

Russian blockchain startup Soundchain reports on problems with the Poloniex cryptocurrency exchange. Thus, the company can not withdraw their funds after the change in the Poloniex's policy towards citizens of the countries against which the USA sanctions are imposed. 

As shown, among the other provisions in paragraph one, there are now a couple of sentences which, in fact, support sanctions against Russia by the termination of services to the Russian citizens. 

Poloniex Policy Update Poloniex Policy Update

Artem Abaev, founder of Soundchain, claims that Soundchain team asked the exchange support to close the account and withdraw funds. However, Poloniex responded that the exchange no longer works with the country where Soundchain is based, therefore the company needs to withdraw funds on their own.

According to Abaev, the Soundchain team responded immediately and attached a screenshot showing the impossibility of independent withdrawal, since the links to the withdrawal confirmation by mail did not work:

Poloniex funds withdrawal problemsPoloniex funds withdrawal problems
credit: Artem Abaev, Soundchain

Poloniex funds withdrawal problems 
Poloniex funds withdrawal problems
credit: Artem Abaev, Soundchain

Since then, the support service has never responded to any Soundchain requests, Abaev details.

... The Poloniex exchange does not allow us to withdraw funds for some unknown reasons. These funds were collected during the pre-sale among our friends and were planned to be spend on launching the first round of the financing our project, scaling the team and preparing for the public presentation. We need to pay rent, pay our employees. Our problems are of no interest to anyone.

Artem Abaev
Soundchain startup creator

As Abaev argues, his team has analysed the public space on the branches of and other forums and came to the conclusion that they are not the only victims and that the problem is of a massive nature.

Notably, the changes to the Poloniex policy were made while having numerous complaints from the customers about the work of the exchange. Thus, one of the users claimed that his account with $15k was frozen for several weeks  without any explanation.

Coinbase to Expand Services for Asia

Among the services available now there are Coinbase Prime, Pro and Custody
22 January 2019   120

Coinbase, the leading US cryptocurrency company reported that from now on its professional trading and custodial platforms are available to institutional clients and investors with large volumes from the Asian region.

In particular, according to the Coinbase blog, users of Asia will have access to the option of depositing accounts and withdrawing funds using SWIFT transfers through non-US bank accounts.

In the past 12 months, hundreds of crypto-first hedge funds have launched around the world, and many hundreds more traditional institutions such as proprietary trading firms, family offices and endowments have begun actively trading digital assets. Coinbase’s suite of professional products — Coinbase Prime and Pro, Coinbase Custody — serves these customers, along with other participants in the market, like asset issuers, crypto exchanges, and miners.

Elliott Suthers


Among the services available there are Coinbase Prime, Coinbase Pro and Coinbase Custody, which also supports the steamer USDC.

In December 2018, Coinbase began to provide services to residents of the islands of Guernsey and Maine, as well as Lithuania, Iceland, Andorra and Gibraltar.