Poloniex Complaints Draw The Attention Of Delaware’s DoJ

Financial regulators all over the world have been keeping a close watch on the crypto currency industry and many governments have issued warnings to their citizens highlighting the risks associated with buying and selling of cryptocurrencies.

Poloniex Crypto Exchange which is registered in the state of Delaware promotes itself as being one of the most active crypto exchanges in the world and has a large customer base in the United States and around the world.

However, Poloniex customers haven’t been very happy with the treatment they have been dished out and they have taken to social media to vent their frustrations and express their disappointments.

These complaints were regarding a number of issues including accounts being frozen, account verification procedures getting mixed up, account balances not reflecting proper credits when transactions were cancelled and getting no response from customer support.

One Poloniex customer wrote on social media

It seems I've joined the ranks of countless users who have a missing / "stuck" deposit – one of those where every block explorer shows your funds in your Poloniex-sanctioned deposit address, sitting politely with 400 thousand million confirmations, while your account never actually reflects said funds

Delaware DoJ Reaches Out To Troubled Customers

The growing number of complaints and dissatisfaction expressed by Poloniex customers has caught the attention of the Delaware Department of Justice. The Investor Protection Unit (IPU) has decided to reach out to a list of Poloniex customers who have had issues with the crypto exchange. They reportedly received an email from Craig Weldon, Chief Special Investigator of the IPU who asked them to immediately get in touch with him should they have any more issues with Poloniex.

The IPU comes under the Fraud and Consumer Protection Division and is responsible for protecting individuals from white collar crimes, consumer and securities fraud. The Delaware Securities Act and the Rules and Regulations Pursuant to the Act are supposed to be enforced by the IPU.

The email was reportedly sent out to more than 100 Poloniex customers and at the time of this writing there was no information whether any of the contacted Poloniex customers had filed a complaint with the IPU. The IPU could end up launching an investigation into Poloniex should there be a string of complaints filed against the crypto exchange.