Suddenly, Bitcoin Exchange Poloniex Changes Terms of Use, Triggers Alarm
From Cointelegraph
Bitcoin exchange Poloniex recently notified users of changes to the site’s terms of use, triggering some degree of alarm on the /r/bitcoinmarkets subreddit.Read more here: https://cointelegraph.com/news/suddenly-bitcoin-exchange-poloniex-changes-terms-of-use-triggers-alarm"While Poloniex did not highlight the changes that were made, Reddit user NLNico parsed the document and composed a long list. There are some surprising changes, including bizarre items such as a claim to own anything that a user writes about the exchange on its social media accounts."
Users are also required to agree not to use a web crawler to access any of their pages and are informed that stop loss orders may not execute.
At the user’s expense
Additionally, there is such boilerplate as “Poloniex does not allow users to exchange tokens for money” and requiring users to agree that they will not use the site for any illegal activity. Poloniex would also like users to know that trading is risky and they could lose money.Probably most important of all, Poloniex states that they make no claims or guarantees about coins’ underlying networks and that there is no certainty that they’ll distribute forked tokens in the event that a chain split occurs on any network.
This presumably gives them legal cover for choosing not to distribute Bitcoin Cash to holders of Bitcoin on the exchange.
Coming immediately before the Bitcoin Cash hard fork, this terms of use update is quite curious. The specific language used in the revised terms of use is: “you will have an opportunity to withdraw Tokens on at least one of still existant (sic) underlying networks.”
The implication is that, in the event of a network fork, Poloniex is only responsible for providing users with one of the tokens, not necessarily both resulting tokens.
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For real? Glad I do not use that exchange.
They got some nice features, such as lending - but yes, their behavior has been quite suspicious and it is probably a good idea to transition out of there.
Avoid Poloniex at all cost. Just go on https://www.reddit.com/r/PoloniexForum/ and read the horrors stories. Myself i have a FAILED transaction ticket open for almost 60 days without any kind of response. These guys are nothing but thiefs.
Poloniex are not REQUEST user to agree any new TERM, but they are FORCE to agree. Poloniex is a scam exchange platform, what is mean that is no GUARANTEE on our coins lost on their exchange platform, poloniex charge fee on every transaction, so they should that responsible on any lost coin.
Thanks for summarizing the changes. This looks like normal exchange policies to me, nothing to be alarmed about. No coins should ever be left on an exchange during a fork or 'dividend' payment.
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