Cryptocurrency Exchange Poloniex Requires Users to Verify Legacy Accountsbr>
Poloniex, one of the longest-running cryptocurrency-only exchanges, has completed a major upgrade to its customer identification and verification systems. As a result, all owners of existing legacy accounts will have to undergo a mandatory verification for compliance with the know-your-customer (KYC) rules.
“We will soon require legacy accounts to become verified through the latest version of our verification portal,” the exchange said. “The exact date for this deadline will be announced in Q1 2018. 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.”
On the date of the deadline, legacy accounts will be placed in a state where trading and lending will be disabled and open orders will be closed. Withdrawals will remain enabled at the daily withdrawal limit of $2,000 USD. After the verification process, full functionality will be restored and daily withdrawal limit will be increased to $25,000 USD.