Share this article
Crypto Exchange Poloniex to Impose Customer ID Requirements
Cryptocurrency exchange service Poloniex is taking steps to ramp up the information it gathers on customers.
By Wolfie Zhao
Updated Sep 13, 2021, 7:19 a.m. Published Dec 29, 2017, 1:15 a.m.
One of the longest-running cryptocurrency-only exchanges is taking steps to bring its customer registration processes in line with the wider industry.
Announced on Dec. 27, U.S.-based exchange service Poloniex revealed it will soon disable all legacy accounts, that is unless these users complete the same verification process as its newer account users who must complete know-your-customer (KYC) due diligence. The exchange said a deadline for identification verification will be released within the first quarter of 2018.
STORY CONTINUES BELOW
No te pierdas otra historia.Suscríbete al boletín de Crypto Daybook Americas hoy. Ver todos los boletines
Stepping back, the requirement is perhaps the latest move by the exchange to meet regulatory compliance and better ensure its services aren't used as a conduct for criminal activities such as money laundering. Those not able to meet the requirement deadline, Poloniex said, will have their accounts disabled, meaning they will no longer be able to deposit, trade, lend or open orders.
Similarly, a margin position will be offered an eight-week grace period before closure.
It appears that the only feature to remain functional for legacy users will be withdrawal, which is subject to a maximum limit of $2,000. Based in the U.S. and incorporated in the State of Delaware, Poloniex has seen $860 million in trading volume within the last 24 hours, according to data site CoinMarketCap.
The exchange did not disclose how many legacy accounts are to be affected by the new rule.
Finger print image via CoinDesk's archive.
Больше для вас
Solana CME Futures Fell Short of BTC and ETH Debuts, but There's a Catch
When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
Что нужно знать:
- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
Top Stories
