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Way back on September 29th, 2021 Socios.com announced to US residents that they had turned off some platform experiences including topping up and depositing $CHZ and buying and depositing Fan tokens. Personally, I hated this but I did understand that with their huge rollout into the US sports market they wanted to tread carefully and not run into any regulatory issues. What I did not expect was it to take them as long as it has to really give us any sort of update about when the new US app would come out all the while continuing to partner with more and more US-based sports teams.
This morning much to my initial delight I saw an email from Socios.com with "Important note to all users residing in the United States" as the subject title. I figured that finally, we were going to get our checklist and be informed of what we needed to do to move over to the new app as quickly as possible. Quickly scanning the email though I realized this update was not really helpful at all and informed users next to nothing about the rollout.
What did it say you must be wondering? Well, they tell us that they are working on launching a YS version of the Socios.com app, and once it is live your account will be migrated to the US app. The checklist I thought we would get turned into just a single thing for users to do. Empty all the Chillz from your wallet and listed the three options to do so:
- Either a US exchange that supports CHZ like COINBASE or Crypto.com
- An Ethereum wallet like Metamask
- A Hardware wallet like LEDGER or Trezor
Now for the huge kicker that I have already sent them an email about. Any Chilliz held in your wallet once the new US app is launched will be converted into USD which you can withdraw once USD withdrawals are enabled! I must have read that paragraph half a dozen times because the next part isn't any better! If you have less than 200 CHZ on your Socios account the CHZ will automatically be converted into USD!
Now I have 116 CHZ on my account that I have not been able to move since September when the buying ability was cut off. Something I was ready to do because I have several fan tokens where you need 5 or 25 to participate in a poll or giveaway and I have 2 or 3. What is worse and this one is no fault of Socios but the price of CHZ has fallen with this market to roughly $0.17 when on Sep. 29th it was $0.26 a 33% decrease. This decrease plus the forced liquidation when they could at least lower the 200 CHZ barrier or what I would prefer just move my CHZ balance from one account to the US on got me to email them asking for more clarity on what is going on and when this app might go live.
While I would be irritated for having to do it if I was credited with the 116 CHZ and then had to go onto the new app and redeem them I would do so. However, liquidating my holdings to me is unacceptable when you have plenty of options at your disposal. Chillz is even one of the cryptos I had listed for my accumulation goals for this year which further irritates me. We never received a warning about the cut off but it happened and I was fine with it. Now though they have decided to liquidate my position because I do not have enough? If they would let me top it up I would top it up to the 200 CHZ mark and withdraw it all but I cannot do that and I cannot buy any fan tokens. This email update is one of those that I honestly rather would have been kept in the dark about a little bit longer so you could give us some additional clarity. Instead, it seems like they want to start off on the wrong foot with the American sports fans.
Please know I am not a financial advisor I am just someone who picked up on a trend and wanted to express it! Makes sure you always do your own research and never invest money you cannot afford to lose! If you enjoyed this article and would like to further support me below are a couple of referral links that if you used when signing up I would appreciate it! Also, follow me on Twitter @Cje95_
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