Bitcoiners Worried As Poloniex Changes Terms of Service After Hard Fork

Bitcoiners Worried As Poloniex Changes Terms of Service After Hard Fork

Amid yesterday’s hard fork excitement, bitcoin exchange Poloniex quietly changed its terms of service. But the changes didn’t go unnoticed, and bitcoin traders are worried about their implications.

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Poloniex: You Have no Right to a Class Action Lawsuit

Although the exchange made several modifications to their terms of service, Bitcoin community members seemed particular worried about this one:

“Additionally, you hereby waive your right to participate in a class action lawsuit or class-wide arbitration. We agree that any dispute resolution proceedings will be conducted only on an individual basis and not in a class, consolidated or representative action.”

The company continues, writing, “If for any reason a claim proceeds in court rather than in arbitration, we each waive any right to a jury trial.”

Poloniex also added changes that seem to remove its liability in the event of security breaches. While saying they make “every commercially reasonable attempt to help prevent and mitigate cryptocurrency attacks,” they cannot guarantee the safety of their exchange and do not claim responsibility for stolen funds.

New Revisions Related to Recent BitcoinHard Fork?

On Reddit, a few Bitcoiners questioned the timing of this update. With a historic hard fork happening yesterday, some commenters felt the changes “[seemed] fishy, and oddly timed,” as user “hbhades” put it.

In the revised version of the terms of service, Poloniex does warn customers that it holds no responsibility for losses suffered as the result of a blockchain fork. The exchange does not assume the risk of losses in that situation, it said, because what happens during hard forks is beyond its control.

However, as one redditor pointed out, the exchange’s new terms of service closely resemble those of other major bitcoin trading platforms — especially regarding the revision on class action lawsuits.

Reddit user “0xEE3EE3” compared the Poloniex revision to several other exchange’s terms of service agreements:

Poloniex Terms of Service

Bitsonline has reached out to Poloniex for comment on the changes it has made to its service agreement. The exchange has not immediately responded. Bitsonline will update this article with the exchange’s comments if a representative does respond.

What do you think about Poloniex’s terms of service update? Share your thoughts in the comments below.


Images via Pixabay, Reddit

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