Cryptocurrency exchange Poloniex enters customer identification in accordance with KYC

Cryptocurrency exchange Poloniex enters customer identification in accordance with KYC

One of the oldest cryptocurrency exchanges is changing its approach to the registration and verification of customers.

27 Dec Poloniex announced that it will soon disable all expired accounts, if those users fail to complete the same verification process, trained new users, in accordance with the requirements of the policy “know your customer” (KYC). Representatives of the exchange said that a deadline by which old users will need to update the information about yourself, will be published later, during the first quarter of 2018.

This requirement is one of the last steps taken by the exchange to meet regulatory requirements and effectively prevent illegal activities such as money laundering. According to Poloniex, those who do not have time to update the information within the prescribed period, you will not be able to work on the exchange, namely: to Deposit, sell, lend, etc.

It seems that the only function which remains active for those users, will be able to withdraw, however, the amount should not exceed $ 2,000.

According to the website CoinMarketCap, the volume of trading Poloniex based in the United States, and registered in the state of Delaware, in the last 24 hours amounted to 860 million dollars.

The stock exchange has not disclosed information on how many users will have to upgrade information about yourself.

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