Poloniex, a US-based cryptocurrency platform and one of the leading crypto-exchanges in the world has announced that they will be freezing all the unverified accounts on their official portal. Poloniex team released a press release yesterday stating that they have updated their new onboarding and identity verification process that the platform had set-up for the past 3 months.
The platform has been constantly working on improving the mandatory KYC process to make the process easy and efficient for its customers. They have made significant changes in the document upload workflow in order to automatically verify as many customers as possible.
In addition to this, Poloniex has frozen all the unverified accounts and have provided a statement which says:
“As soon as you submit this information, we will take steps to verify it and re-enable trading and transactions for your account. Please rest assured that your funds remain safe and accounted for while you complete this process – you can verify your holdings on the Balances page of your account throughout.”
The mandatory KYC policy has led to an uproar in the crypto-verse. They have been accused of not notifying their customers about the updated identity verification process and some of the users are arguing that the platform cannot halt someone’s account without giving them a date as they promised they would. The platform is also facing allegations of freezing accounts of customers who have already verified their accounts.
SilentRunning123, a Reddit user says:
“Somehow I dont have that much faith in a company that is willing to lie to customers only to turn around then hold their money hostage, doesnt really inspire feelings of security, that they will handle the information properly. They are holding peoples money hostage”
Febos, another Reddit user says:
“I also verified, and took quite some time, way more then Bittrex. But yes people should be upset. In December they said that al legacy will keep their old limits forever. They should announce this at least a month in advance. Like Bittrex did at end of last year. Unless Poloniex in last half year drastically improved their verification procedure, they will have huge mess.”
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