Poloniex Will Disable All Unverified Legacy Accounts

December 30, 2017

Poloniex Will Disable All Unverified Legacy Accounts

One of the oldest crypto-only exchanges U.S.-based Poloniex continues to make steps towards full verification of its users. This will put it in line with other exchanges, which do not deal only with cryptocurrencies.

On December 27 the crypto exchange officially announced that it will soon disable all legacy accounts that will not undergo a new verification procedure. The new process fully complies with 'know your customer' due dilligence which is already obligatory for all newly registered accounts. Exchange also announced that the Q1 of 2018 is a deadline for the new identification verification.

This move will be the last for the exchange on the way to full compliance with regulations, as well as ensuring that the exchange itself and its services are not used by criminals for their activities, such as money laundering. All legacy accounts that do not meet the new requirements of the exchange after the deadline will be blocked, which means that owners of these accounts will not be able to deposit, trade, lend their funds and use other services of the exchange.

Users will be given an eight-week grace period in which they can withdraw their funds if they do not want to undergo identification verification.

It is reported that the only available option for unverified accounts will be a withdrawal of funds from an account, which will be limited to $ 2,000 per day. However, once passing the verification procedure, users of these accounts will get back full access to all the functions and services of the exchange and the withdrawal limit will be increased to $ 25,000 per day.

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