The Poloniex Update You Need To Check Out

I woke up this morning to see this update on Poloniex and I felt like sharing it with everyone. Who knows who still uses Poloniex here.

Poloniex updated her terms of use and I think every cryptotrader who uses Poloniex should pay attention to this.

Take your time to study this updated "terms of use" to see how it affects you. If it is possible, have your lawyer study this with you to see the level of safety it offers you going forward as a cryptotrader using Poloniex.

A part that got most of my interest is that part that talked about the arbitration. I cited it below. You can as well read it here and drop in comment what you think after reading it.

1. ARBITRATION

PLEASE READ THIS SECTION CAREFULLY – IT MAY SIGNIFICANTLY AFFECT YOUR LEGAL RIGHTS, INCLUDING YOUR RIGHT TO FILE A LAWSUIT IN COURT AND TO HAVE A JURY HEAR YOUR CLAIMS.

To expedite and control the cost of disputes, you and we agree that any legal or equitable claim arising out of or relating to your use of the Services or these Terms, including the formation, validity, enforceability, scope, or applicability of these Terms, including this Section 23 (referred to as a “Claim”) will be resolved as follows: except for claims for injunctive or equitable relief or claims regarding intellectual property rights (which may be brought in any competent court without the posting of a bond), any dispute arising under your use of the Services shall be finally settled on an individual basis through confidential, binding arbitration in accordance with the American Arbitration Association's rules for arbitration of consumer-related disputes, available at www.adr.org or by calling 1-800-778-7879, and you and Poloniex hereby expressly waive trial by jury. This means that all claims other than intellectual property lawsuits, such as copyright or trademark infringement lawsuits, or claims seeking non-monetary relief would be subject to binding arbitration. This includes claims which may pre-date this agreement. The arbitration shall take place in Boston, Massachusetts, in the English language and the arbitral decision may be enforced in any court. At your request, hearings may be conducted in person or by telephone and the arbitrator may provide for submitting and determining motions on briefs, without oral hearings. Payment of all filing, administration and arbitrator fees will be governed by the AAA’s rules. The prevailing party in any action or proceeding to enforce this agreement shall be entitled to costs and attorneys' fees.

To begin an arbitration proceeding, you must send a letter by mail requesting arbitration and describing your claim to our counsel:

Poloniex, Inc. c/o Cooley LLP
500 Boylston St
Boston, MA 02116
Attn: Poloniex Arbitration Requests

ADDITIONALLY, YOU HEREBY WAIVE YOUR RIGHT TO PARTICIPATE IN A CLASS ACTION LAWSUIT OR CLASS-WIDE ARBITRATION. We each agree that any dispute resolution proceedings will be conducted only on an individual basis and not in a class, consolidated or representative action. If for any reason a claim proceeds in court rather than in arbitration, we each waive any right to a jury trial. If a court or federal regulator with oversight over Poloniex decides that applicable law precludes enforcement of any of this section’s limitations as to a particular claim for relief, then that claim (and only that claim) must be severed from the arbitration and may be brought in court, subject to your and Poloniex's right to appeal the court's decision. All other claims will be arbitrated.

Conclusion

Please, do not just waive this update as one of those update on terms of use of a service. I believe that Poloniex is trying hard to reduce her responsibility to customers here and also trying to remove themselves from a position where they can be sued in the event of any loss from traders. I stand to be corrected. This is my opinion. Drop yours.

Upvote, resteem and folllow @richguy.