As part of its spin out of the cryptocurrency exchange Poloniex, Circle may begin charging fees to Poloniex US customers.
There are two fees Poloniex US customers who do not withdraw their assets may be subject to: a monthly service fee while a user continues to have assets stored on the platform, and a one-time dormancy fee when an account becomes dormant per the terms of the applicable regulations. Unclaimed assets may be sent to state governments, consistent with applicable regulations.
Poloniex US customers must withdraw their assets before December 16, 2019. If Poloniex US customers don’t withdraw their assets before then, they’ll face several actions:
- They’ll lose direct access to their Poloniex US accounts
- Their assets will be traded into and stored as USDC
- They may be charged a monthly service fee and/or a one-time dormancy fee*
*Poloniex US customers will NEVER be charged more than their total account balance.