Poloniex crypto exchange appears to have gained the interest of the Investor Protection Unit of the Delaware Department of Justice (DOJ). The Chief Special Investigator of the Investor Protection Unit (IPU) listed some individuals and asked them to contact him whenever they come across any problem regarding their Poloniex account.
The Investor Protection Unit is part of the Fraud and Consumer Protection Division, whose role is to protect the entities from consumer fraud, security fraud, and other forms of corporate crime. The Unit is mainly responsible for implementing suitable provisions of the Delaware Securities Act as well as supervisory Rules and Regulations according to the act.
The Unit also evaluates and examines complaints from investors, while reviewing investment advisors and dealers. The Investor Protection Unit enforces regulatory actions in the case that an individual or organization fails to comply with the Delaware Securities Act.
Poloniex Account Issues
“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….”
Some users complained that their Poloniex accounts had been frozen and they have not been able to get a reply from the exchange. A particular client revealed that he was forced to shut down his account due lack of response to several complaints from fellow users, although he was not directly affected by the setback.
“We need to show there is sufficient reason for them to pursue litigation,” said another user named “PoloniexSuit,” adding that they will be taking a class action lawsuit against Poloniex.
This is not the first time such a scenario would come up, earlier in January, users of Poloniex complained that the exchange was not crediting user account balances whenever orders were withdrawn. A user was quoted writing:
“When I cancel any open orders, the original USDT value isn’t returned. Usually, the intended buy value is returned to my total, and everything is fine but just noticed today that every time I cancel an order, the “Estimated value of holdings” (DEPOSITS & WITHDRAWALS tab) gets smaller and smaller and never returns to the original total.”