Poloniex Breaks Guarantees, Forces KYC on Legacy Account Holders – Bitcoinist.com

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Poloniex Breaks Promises, Forces KYC on Legacy Account Holders - Bitcoinist.com

Goldman Sachs-tied cryptocurrency trade Poloniex is now giving legacy account holders 14 days to adjust to new KYC restrictions, whereas failing to honor guarantees made in December 2017. 


Who Are You?

Poloniex, a US-based cryptocurrency trade platform owned by Goldman Sachs-backed finance firm Circle, has reportedly begun circulating emails to legacy account holders notifying them of newly-imposed know-your-customer (KYC) restrictions.

The information comes by way of a Twitter submit shared by well-liked person @WhalePanda, by which The Poloniex Crew writes:

We’re requiring that every one legacy Poloniex accounts grow to be verified by means of the most recent model of our verification portal […] In the course of the course of, you’ll be requested to offer a verification photograph of your self in addition to a photograph of a sound government-issued ID card or passport.

Unsurprisingly, the verification course of just isn’t optionally available, and affected customers have 14 days to conform. Explains The Poloniex Crew:

We recognize your cooperation on this course of. You’ll not have the power to make use of your Poloniex account till your profile verification is full, so please take motion on this as quickly as attainable. As soon as we obtain and confirm your info, full account performance will probably be restored […]

Legacy accounts have been beforehand in a position to function with solely primary verification information, which excluded the necessity for verified government-issued identification paperwork.

Damaged Guarantees

Poloniex’s change in coverage doesn’t come as a shock, given its location in the US and new-found possession by regulatory-compliant firm Circle. Nonetheless, some customers are taking situation with the trade over failing to honor an announcement made in December 2017.

As famous by Reddit person ‘domchi’ within the BitcoinMarkets subreddit: