It seems that the verification on the cryptocurrency exchange Poloniex has become inevitable. As of May 28, 2018, users who preferred to trade cryptocurrency on Poloniex without verification cannot log into their accounts. The thing is that Poloniex decided to freeze accounts of those who haven’t pass the verification according to the rules of the exchange. This decision looks a bit strange, since the Poloniex Service Rules did not contain provisions on mandatory verification of those who do not plan to deposit / withdraw more than 2 bitcoins per day through the exchange. In addition, users note that they have not received any notifications about the need for verification.
But more interesting is the fact that even the subsequent successful verification cannot solve the problem completely. The user account that has not been verified in time gets the status of “verified, but frozen”.
On the one hand, this situation was predictable. Back in December 2017, Poloniex announced that customers who had not confirmed their accounts before the end of March 2018 would lose access to their accounts. In addition, in February this year the Poloniex exchange became the property of the payment giant Circle, which is known for a strict approach to identifying its clients and combating the laundering of criminal money. Just a week ago, unverified Circle customers also lost access to their accounts.
On the other hand, confirming the account for Poloniex and its verifying are different things. In addition, it is unacceptable to block accounts of those who still had to be verified. Although, in fairness, we should note that the problem of blocking accounts of those who have verified to reactivate their account is of a technical nature. We think that the problem will be solved soon, however, the representatives of Poloniex refrain from any comments on this matter.
It is worth noting that in 2018, those cryptocurrency exchanges, where crypto trade is possible without verification, become the most popular. For example, Binance exchange allows you to trade without verification, if your withdrawal volume does not exceed 2 bitcoins per day. It is thanks to the attraction of small players that Binance has been showing the largest trading volumes on the market for a long time.
In this situation, it is very interesting to look at the further actions of similar exchanges without mandatory verification. What to expect from them? Write your opinion in the comments or email us.
