All legacy accounts of Poloniex will be anable if their holders don’t pass varitification process in nereast future.

One of the main American cryptocurrency exchanges Poloniex announced in the press release that accounts, not verified after the latest upgrade of customer identification system, would be considered as legacy accounts.

“We have recently completed a major upgrade to our customer identification and verification systems. As a result, we will soon require legacy accounts to become verified through the latest version of our verification portal,” the company states.

The main goal of this verification is meet regulatory compliance in order to avoid criminal activities such as money laundering.

Moreover, verification can be considered as required measure as Poloniex exchange has seen a significant amount of volumes over this year.

“In a short period of time, exchanges can see sudden and tremendous swells of new users seeking to create accounts, yet to meet compliance obligations, only so much of this onboarding process can be automated,” the exchange states.

The verification process is relatively simple and similar to the verification existing on the cryptocurrency and fiat money exchanges such as Bittrex, Binance and Forex.

The holders, which do not meet verification deadline, will not be able to deposit, trade, lend or open orders. Moreover, withdrawal limit will be established at the level of $2K, while withdrawal limit for verified accounst holders will be increased to $25K.

The date for verification deadline will be announced in Q1 2018. Accounts holders should not worry about deadline as they will be noticed in advance.

“While you will be given advance notice before this requirement goes into effect, we encourage you to verify your legacy account now to avoid any potential interruptions in your ability to trade on the platform,” the company says.

Share This article

We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Coinspeaker Ltd.