Cryptocurrency Exchange Poloniex to Suspend New Hampshire Accounts Due to Regulations

Cryptocurrency exchange Poloniex has decided to suspend activity for New Hampshire customers on account of the state’s cryptocurrency regulations, according to a notice posted on the exchange’s website.

New Hampshire customers will be instructed by email on how to suspend their accounts. They will have until October 6 to open and close orders and withdraw funds.

2016 Law Covers Virtual Currency

The state’s 2016 law for licensing money transmitters covers virtual currency.

“Convertible virtual currency,” according to astate court website, means a digital representation of value that: a) Can be a medium of exchange, a unit of account, and/or a store of value; b) Has an equivalent value in real currency or acts as a substitute for real currency; c) May be centralized or decentralized; and d) Can be exchanged for currency or other convertible virtual currency.

Under the law’s definitions section, “monetary value” means a medium of exchange, whether or not redeemable in currency, and includes convertible virtual currency.

“Money transmitter” means a person engaged in the business of money transmission.

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