Poloniex Announces Plans for Potential Bitcoin Turmoil

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Digital currency exchange Poloniex issued a press release Monday detailing the company’s overall position on any potential Bitcoin turmoil that may arise in the next several weeks. That announcement made clear that the exchange would reserve the right to temporarily halt Bitcoin deposits and withdrawals if that becomes “necessary to ensure that all tokens stored on Poloniex remain safe.”

Any suspension of activities will apparently be limited to movement of tokens in and out of the exchange, however. According to the statement, “Trading will be unaffected during these periods.”

The company was less clear about how it intends to react to any potential blockchain split. According to the announcement, Poloniex is leaving its options open:

“At this time, we cannot commit to supporting any specific blockchain that may emerge if there is a blockchain split. Even if two viable blockchains emerge, we may or may not support both and will make such a decision only after we are satisfied that we can safely support either blockchain in an enterprise environment.”

Meanwhile, Japanese exchanges that had suspended Bitcoin trading over the weekend resumed services on Monday. Nikkei has reported that the country’s exchanges still plan to halt Bitcoin activities sometime around August 1, as a precautionary measure to protect their customers’ funds.

The views expressed by the authors on this site do not necessarily represent the views of DCEBrief or the management team.

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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