In a recently issued notice, cryptocurrency exchange Poloniex has announced that it will temporarily suspend its services in New Hampshire on October 6, due to changes in regulatory statute.



“Due to changes in New Hampshire's regulatory statute as it applies to cryptocurrency, Poloniex will temporarily suspend New Hampshire account creation until further notice. For existing New Hampshire customers, you will receive an email with instructions on how to suspend your account”, Poloniex said.



Writing for CoinDesk, Vic Lance is the founder and president of Lance Surety Bond Associates, explained that under the New Hampshire law, anyone who exchanges a digital currency for any other currency (digital or government-issued) is designated as an “exchanger,” and must become a licensed and bonded money transmitter. Money transmitters must have a state-issued money transmitter’s license and post a $100,000 money transmitter bond.



Users have two weeks (until October 6, 2016) to close any open orders and withdraw funds. During this period, until the due date, user accounts will function normally, but they will be prohibited from opening new margin positions and lending funds. They will also receive an email with instructions.



“For New Hampshire residents who have existing positions as of the date of this notice, arrangements have been made for you to manage your positions. The email you receive will include additional information specific to managing open margin positions”, the notice added.



Once services are suspended, user data will remain on file and users will be restricted to areas only for viewing and exporting historical data. Users will be able to log back into their account with all of their historical data and any remaining balances, only after Poloniex resumes its operations in New Hampshire.



The exchange noted as this is a nascent industry, these types of service disruptions may not be entirely avoidable as the regulations around it evolve gradually.



“Our legal team is working closely with the State of New Hampshire Banking Department and other regulatory agencies to verify that changes in their statutes apply to the services offered by Poloniex and to seek licenses where necessary”, Poloniex said.