legacy Archives -
For Christie Hefner, visiting the Playboy Mansion was a child’s dream.
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This past week, many users who patronize the cryptocurrency exchange, Poloniex, have been complaining about their legacy accounts being frozen for not being verified on the exchange. Complaints are piling up on social media and forums over the past couple of days, with reports of even users who have been able to get their account successfully verified through the automated process still cannot trade or access their funds.
Poloniex Customers Complain About Frozen Accounts
Back in December of 2017, the cryptocurrency trading platform, Poloniex, announced all users especially legacy accounts who were once grandfathered must verify their identity by Q1 of 2018. Soon after the exchange announced this requirement a press leak revealed the exchange was acquired by the firm Circle Financial but representatives denied the acquisition. Then a few months later in February, it was revealed Circle Financial had officially purchased Poloniex and that the firm was taking over the business. Many people believe Poloniex’s verification requirements were due to the Circle acquisition, as the Boston-based firm is very adherent to regulatory policies like AML/KYC laws. This week, many Poloniex customers are seeing their accounts frozen unless they verify their identity.
On the Poloniex Reddit forum, there are a bunch of complaints and gripes about the verification process. One user on Reddit named u/PauleeWorli explains he is still unable to access his account even after completing the automated process.
“I am a ‘legacy’ user on Poloniex and I was told to verify today when I logged in,” explains u/PauleeWorli. “I did that and promptly got an email reply saying I had been verified — My profile now says I have a ‘level 3 verification’ — the type that allows $ 25,000 per day.
But when I go to trade it tells me ‘account frozen’ when I try to place an order. I did make a ticket and then checked Twitter and it seems many people have the same ‘now verified but still frozen’ problem. Can anyone help me here please?
Legacy Customers Say They Didn’t Get An Email Notification Detailing a Specific Time Limit
The Reddit post has a bunch of replies with customers explaining they are having the same issues with Poloniex even after verification. On Twitter, the same sentiment can be seen as there are many Poloniex customers grumbling about frozen accounts. One individual on Twitter explains he is angry because he wasn’t notified of the account freeze taking place this week.
“Something is wrong, Poloniex, I clearly remember you giving warning before 2018 saying after disabling “TRADING” legacy accounts would be able to WITHDRAW their coins,” the customer emphasizes.
Freezing suddenly? I didn’t even get an email with time limit!
Just like the many Reddit posts, there are a lot of customers on Twitter complaining about this frozen account issue. At the moment there are currently no official statements on either the Poloniex Twitter page, Reddit forums, or the website itself.
What do you think about the Poloniex freezing unverified accounts? Let us know what you think about this subject in the comments below.
Images via Shutterstock, Poloniex, and Jamie Redman.
The post Legacy Poloniex Customers Are Complaining About Frozen Accounts appeared first on Bitcoin News.
The militant separatist group ETA is dissolving, bringing a formal end to half a century of violence and shifting Spain’s attention to how to heal divisions left behind by a violent campaign that killed more than 800 people.
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This week the popular cryptocurrency exchange based out of Delaware, Poloniex, has issued a notice to legacy account holders. According to the exchange, all traders who use the platform must verify their identity using the company’s upgraded verification portal.
Legacy Account Holders Must Verify Their Identities On Poloniex to Avoid ‘Potential Disruptions’
A while back, the cryptocurrency exchange Poloniex started to implement an identity verification process for all its new registrants. At the time legacy account holders were ‘grandfathered’ with the privilege of not being required to submit identity credentials. Now Poloniex has issued a notice to all of its users that legacy accounts will now be required to verify their identities or the unverified accounts will be closed.
“We will soon require legacy accounts to become verified through the latest version of our verification portal,” explains the U.S. exchange.
The exact date for this deadline will be announced in Q1 2018 — While you will be given advance notice before this requirement goes into effect, we encourage you to verify your legacy account now to avoid any potential interruptions in your ability to trade on the platform.
Unverified Users Will See Most of the Trading Platform’s Functionality Disabled After the Deadline
At the moment unverified legacy accounts can withdraw approximately US$ 2,000 worth of cryptocurrencies per day from the site. The exchange details that after a user is verified, the withdrawal limit is upgraded to a withdrawal limit of $ 25,000 per day. Legacy accounts that fail to comply with the verification process will see trading and lending functionality disabled, and all open orders will be closed. Withdrawals will remain enabled at the $ 2,000 limit up until the deadline, and deposit addresses will not function after the scheduled date. Further, the Poloniex will also close margin positions after a grace period.
“Margin positions will be given an 8-week wind-down period where they can only be diminished or closed. After the 8-week wind-down period, they will be closed,” Poloniex explains.
Poloniex is ‘Committed to Regulatory Compliance’
A lot of traders use Poloniex, and as of today, the exchange is swapping the fourth highest trade volume for BTC pairs worldwide. The platform currently allows trades for 100 digital assets, and its 24-hour trade volume is 70,174 BTC or US$ 1Bn according to Coinmarketcap statistics. Poloniex details that at any point its legacy users can verify their accounts and “full functionality will be restored” alongside the withdrawal increase.
“As a registered money services business, Poloniex is committed to compliance with all applicable law requiring identification and verification of its customers,” the trading platform concludes in its recent notice.
What do you think about Poloniex making legacy account holders verify their identities? Do you think soon all exchanges will be required to verify identities? Let us know what you think of this situation in the comments below.
Images via Shutterstock, and Poloniex.
Need to know the price of bitcoin? Check this chart.
The post Poloniex Now Requires Legacy Trading Accounts to Verify Identity appeared first on Bitcoin News.
Lt. Gen. Ben Hodges, the commander of U.S. Army Europe, will retire this month after overseeing the first buildup of America’s military posture in Europe since the Cold War, as tensions with Russia rise in the region.
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President Trump heads to Capitol Hill on Tuesday for a meeting with GOP senators, but his feud with one of them in particular heated up in advance. In appearances on morning talk shows, Bob Corker said the president should leave senators alone to work on a tax plan. “I would…