Poloniex Makes Some Interesting Changes to Its Terms and Conditions

Whenever a cryptocurrency exchange changes its terms of service suddenly, there is plenty of reason for concern. This is especially true when that exchange is Poloniex, a platform seemingly plagued by problems, insolvency rumors, and DDoS attacks. According to its new terms, some interesting changes are now in effect. Those changes already have some users up in arms.

The change to Poloniex’s terms and conditions was unusual in its lack of warning. In most cases, companies will let users know which changes will be occurring a few days before they effectively take place. Poloniex did not follow this protocol, which made it seem as if these were quick changes forced upon them by external forces. Whether or not that was the case remains to be seen. Either way, a lot of people were not entirely happy with these changes.

Under its Eligibility banner, the company sought to further clarify that its users may not use the platform for illegal activity. Given the recent allegations regarding BTC-E and laundering of ransomware proceeds, ensuring legal coverage is of the utmost importance for all exchanges right now. Poloniex wanted to make sure no one used ransomware or other illegal methods to obtain Bitcoin and launder it through the platform. This should not worry too many users.

Poloniex wants to distance itself from its users when it comes to determining which laws and regulations apply to their specific trading behaviors. The company will not be helping users out with tax law, as they are not responsible for determining which laws may apply to individual users. Taxation of cryptocurrency is still a big issue, despite there being a few tools available to provide assistance.

Source: https://themerkle.com/poloniex-updates-terms-and-conditions-with-some-interesting-changes/

Do you keep crypto on exchanges? If you don't hold it then it is not yours. From what happened to BTC-e was really devastating for people who hold the coins inside of this exchanger. Hoping no one here on Steemit has a lot of cryptos on this exchanges. What are your thoughts about this? Comment below what is the best thing to do with the thing like this...and how do we keep our coins safe as possible...

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