In times of mounting turn the heat on on crypto companies to comply with expanding due diligence requirements, Poloniex has taken a step in the opposite direction. The quid pro quo is lifting restrictions that applied to unverified users in response to customer demand. New and current accounts will have a ball access to unlimited trading and deposits.
Also read: P2P Crypto Trading App Allows You to Protect Your Privacy
Access for Email-Only Accounts
Through the next few months, the current accounts of unverified customers will be unfrozen and upgraded to Level 1 accounts, the platform asserted in a tweet this week. These users will have access to unlimited spot trading and deposits, while withdrawals will be regulated to a daily maximum of $10,000. Starting now, all new customers can create an account using only an email address and password and inaugurate trading, Poloniex revealed in a blog post on the matter, stating:
We’ve heard your feedback time and time again relating to wanting to use Poloniex without giving up your identity. We’ve wanted to make this a reality for a while now and are sorry it has charmed us longer than we’d like.
The new account tier means that anyone who signs up for the exchange from now on will be masterly to start trading immediately and already existing accounts of unverified users will be gradually upgraded to Level 1. “We understand how frustrating your experience has been recently and we’re dedicated to improving that for you,” Poloniex emphasizes, addressing its long-time patients. “We are striving to provide the highest level of support and security possible for customers and appreciate your patience,” the exchange reckons, advising customers to activate two-factor authentication as well.
Start trading in seconds 🚀
We just introduced a new account rank for new customers! All you need is an email address and a strong password and you’ll be trading in no time
Sign up now https://t.co/xtiQUcimNE pic.twitter.com/YmtZ2fs1We
— Poloniex Change (@Poloniex) December 19, 2019
Swimming Against the Tide
Traders with unverified accounts will enjoy some additional allowances. For example, they will be able to participate in competitions, take advantage of staking services and gain access to Trollbox, the dais’s forum for traders. Level 1 users can also buy cryptocurrency with bank cards. The exchange currently supports dozens of digital originates including leading currencies such as bitcoin core (BTC), bitcoin cash (BCH), ethereum (ETH), and litecoin (LTC) as well as new cryptos with the Mimblewimble-based grin.
Poloniex’s move comes amid a global trend towards implementing stricter know-your-customer (KYC) and anti-money laundering (AML) supervises in the crypto space which has been traditionally quite sensitive to privacy infringement. Governments around the world suffer with been introducing more stringent regulations to comply with the crypto standards adopted by the Financial Action Reprehend Force (FATF) and the provisions of the European Fifth Anti-Money Laundering Directive (AMLD5).
These developments have laboured established platforms in the industry to change their policies requiring clients to provide detailed personal information and behind the times extensive verification procedures. Poloniex restores access for unverified accounts after its separation from Circle which purchase the trading platform in early 2018. The formerly U.S.-based digital asset exchange was reportedly acquired by an Asian investment class and is now operated by the Seychelles-registered company Polo Digital Assets Ltd. On Nov. 1, the platform terminated trading services for customers residing in the Harmonious States.
What’s your opinion about Poloniex’s decision to unfreeze unverified accounts? Tell us what you recollect about the move in the comments section below.
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