This week the popularcryptocurrencyexchange based out of Delaware, Poloniex, has issued a notice to legacyaccount holders. According to the exchange, all traders who use the platform must verify their identity using the company’s upgraded verification portal.
Legacy Account Holders Must Verify Their Identities On Poloniex to Avoid ‘Potential Disruptions’
A while back, the cryptocurrencyexchangePoloniex started to implement an identity verification process for all its new registrants. At the timelegacyaccount holders were ‘grandfathered’ with the privilege of not being required to submit identity credentials. Now Poloniex has issued a notice to all of its users that legacyaccounts will now be required to verify their identities or the unverified accounts will be closed.
Unverified Users Will See Most of the Trading Platform’s Functionality Disabled After the Deadline
At the moment unverified legacyaccounts can withdraw approximately US$2,000 worth of cryptocurrencies per day from the site. The exchange details that after a user is verified, the withdrawal limit is upgraded to a withdrawal limit of $25,000 per day. Legacy accounts that fail to comply with the verification process will see trading and lending functionality disabled, and all open orders will be closed. Withdrawals will remain enabled at the $2,000 limit up until the deadline, and deposit addresses will not function after the scheduled date. Further, the Poloniex will also close margin positions after a grace period.
Poloniex is ‘Committed to Regulatory Compliance’
A lot of traders use Poloniex, and as of today, the exchange is swapping the fourth highest tradevolume for BTC pairs worldwide. The platform currently allows trades for 100 digital assets, and its 24-hour tradevolume is 70,174 BTC or US$1Bn according to Coinmarketcap statistics. Poloniex details that at any point its legacyusers can verify their accounts and “full functionality will be restored” alongside the withdrawal increase.
“As a registered money services business, Poloniex is committed to compliance with all applicable law requiring identification and verification of its customers,” the tradingplatform concludes in its recent notice.
What do you think about Poloniex making legacyaccount holders verify their identities? Do you think soon all exchanges will be required to verify identities? Let us know what you think of this situation in the comments below.
Images via Shutterstock, and Poloniex.
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