With these updates, there are two new ways to move value on and off Poloniex. The first lets customers directly transfer money to and from their bank accounts. The other allows customers to use their debit or credit cards to buy bitcoin”. – read the official statement.
Users from over 80 countries were enabled by Poloniex to allow users to make direct fiat deposits. The post also stated that users will be able to make withdrawals in the USDC stablecoin directly from their bank accounts.
Its partnership with Simplex, who is also a partner to top crypto-exchange, Binance, will enable platform users from over 60 countries to buy Bitcoin on Poloniex via debit and credit cards.
“Customers who connect their bank accounts and deposit funds will get their fiat money automatically tokenized to USD Coin (USDC), meaning they’ll get all the benefits of the US Dollar at the speed of crypto and be able to move value at a moment’s notice. That gives every Poloniex trader an edge, especially for traders who use multiple exchanges for arbitrage opportunities. Similarly, customers who need to settle the proceeds of their trades can now redeem USDC seamlessly into their bank accounts.”
The crypto regulations in the US have determined many crypto platforms to detach itself from operating in the region. Poloniex had previously taken down from its listing crypto-tokens for its US customers to meet compliance with the regulations.
A recent Poloniex blog post stated:
“We currently don’t support ACH transfers for US bank accounts”
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