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Monday, April 10, 2017 6:42 AM UTC

Leading cryptocurrency exchange Poloniex has announced that it will be suspending its operations in the state of Washington for an indefinite period.

In a letter to its users, the exchange wrote:

After careful consideration of the Washington State Department of Financial Institutions' interpretation of its financial services regulations, we regret to inform you that Poloniex will be suspending operations for our customers residing in Washington until further notice. As a verified Washington resident, you have two weeks to close any open orders and withdraw your funds from Poloniex.

It added that after April 21, 2017, user accounts will be placed in a suspended state and access will be restricted. In case users still have funds on balance after the said date, they will need to file a support ticket to withdraw their funds.

Also, user data will remain on file and will be accessible even when the accounts are placed in the suspended state. If in the future Poloniex resumes its operations in Washington, users will be able to resume trading with the same account with all their historical data intact.

If you happen to move out of Washington and to state where our services are available, please contact support. You will be given instructions on how to verify your new state of residence, Poloniex added. We look forward to welcoming Washington residents at a future date. Until then, we will do everything we can to help you wind down your account.

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Cryptocurrency exchange Poloniex to suspend operations in Washington state - EconoTimes