Leading Cryptocurrency Exchange Poloniex Stops Servicing Crimea Residents

News and Analysis

Crimea residents are no longer able to use Poloniex services. At least that’s the conclusion from the exchange’s support team response to a query from a user resided in Crimea.

The exchange’s response reads:

“Our systems have detected that you may be in Crimea. Unfortunately Poloniex is halting use of the exchange for Crimea residents and citizens.”

The response goes on to suggest the user undergoes a verification and proves he lives elsewhere in case he believes the exchange’s decision was wrong. The verification procedure implies that a user provides the service with a photocopy of his or her passport, a phone number, and a verified place of residence.

The Poloniex adiministration noted that the limitations cover trading but not withdrawal of funds.

Notably, this turns out to be not the only one instance. A copy of another similar letter from the Poloniex support was found on the web.

Sanctions against Russia imposed by the U.S. and the E.U. due to annexation of Crimea imply that products, investments, tourism-related services, and technologies for transport, telecom, power industry as well as oil and gas industry are not to be imported to Crimea.

Back in 2014, Visa and Mastercard halted their operation in Crimea.

Meanwhile, Anatolin Aksakov, the chairman for Russia’s parliamentary committee on financial markets, has stated that cryptocurrencies could help the country bypass the sanctions.

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