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Author Topic: [2017-08-01] New Poloniex Terms Provide For Renunciation Of Collective Lawsuits  (Read 2479 times)
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August 01, 2017, 01:58:35 PM

Based in Delaware, the largest cryptocurrency exchange, Poloniex, has updated the terms of use its services. This is reported on the website of the exchange.

According to paragraph 1 of the updated Terms, exchange provides its services to residents of countries which are not a resident of US Department of Commerce:
You represent and warrant that you are not: (a) located in, under the control of, or a national or resident of any country to which the United States has embargoed goods or services, (b) identified as a "Specially Designated National,” or (c) placed on the Commerce Department's Denied Persons List. You further represent and warrant that you will not use the Site if the laws of your country prohibit you from doing so in accordance with these Terms...

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August 01, 2017, 02:04:44 PM

This is a good update actually and must be reflective of the recent pronouncement of USA's SEC on the issue of DAO tokens as some of them can be categorized as issuing securities. Poloniex is now very careful that they would not have any possible conflict with any agency of the government. This is just doing due diligence so that members can be protected and their funds safe from any possible encroachment.

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August 01, 2017, 03:23:56 PM

While the Account and the Services provided to a User are not transferable under any circumstance and shall be used only by the User, Poloniex shall have the right to transfer, assign, or sell all the rights, benefits, or obligations to any person and these Terms shall continue to be in force and effect for the benefit of the successors and assigns of Poloniex or its lenders, if any.

Does this mean that Poloniex can take your "tokens" and use them to pay off it's own debts?  I've got to be misunderstanding the meaning here, right?
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