Circle informed that Poloniex users who do not withdraw their funds must pay additional charges, and these would be exchanged by USDC.

The US-based digital currency trading platform, Circle, has told Poloniex customers residing in US territory to withdraw their funds.

He stressed that if they do not withdraw the funds from their service, they will proceed to implement the collection of commissions.

According to information published in a statement issued by the exchange, the new fees include a commission for monthly services that will apply if the user keeps assets on the platform, as well as other payments for inactivity.

However, one of the most criticized aspects mentioned by Circle has to do with the destination of the unclaimed assets, since it indicated that they would send the respective funds to the state governments, this in accordance with the respective provisions and regulations.

Circle indicated that all Poloniex customers in the US have until December 16 to withdraw funds from the platform, since if users do not do this they will lose access to their accounts and the funds will be exchanged for their equivalent value in USD Coin (USDC).

Circle originally carried out the purchase of Poloniex for USD $400 million in February 2018 and among the plans was the creation of a new exchange in which it would invest about USD $100 million. This platform, better known as Polo Digital Asset, would not offer services to customers residing in the United States.

However, this measure comes in place after the separation between Circle and Poloniex in October of this year. Reports published by various news portals ensure that Circle’s economic situation seems to have problems, since the company carried out the closure of its research direction as well as its service for Circle Pay payments.

According to information published by Circle on its website, it seems that the company will venture into other lines of services, so it could soon enable loans and custody for digital assets in the coming months.

Regarding the commissions for the assets, Circle assured that the charges that Poloniex would implement for US-resident users will never exceed the total balance of funds stored on the platform. However, it invites the people involved to make the withdrawal within the established periods to avoid inconvenience.

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