Customer ID Requirements Imposed by Crypto Exchange Poloniex
Customer registration processes are being implemented in line with the wider industry by one of the largest exchanges Poloniex.
On Wednesday the U.S. based exchange informed it will soon undo all legacy accounts, which are unverified unless the users pass the verification process. The last date of verification process will be released within the first quarter of 2018.
Perhaps it is the latest move by the exchange to meet regulatory compliance and protect its services from criminal activities such as money laundering. According to Poloniex, those users who don’t meet the requirement deadline will be disabled by their accounts. This means they will not be able to trade or open accounts.
Similarly, a margin position will be offered an eight-week grace period before closure.
The only way to stay functional for legacy users will be withdrawal with the maximum limit of $2,000. According to CoinMarketCap, the exchange Poloniex has seen $860 million in trading within the last 24 hours.
The exchange didn’t announced the amount of legacy accounts that will be affected by the new regulation.