Poloniex Will Now Make ID Verification Mandatory
An excerpt from their website states:
"We have recently completed a major upgrade to our customer identification and verification systems. As a result, we will soon require legacy accounts to become verified through the latest version of our verification portal. 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."
The following rules will apply to unverified accounts once the policy takes effect:
-Trading and lending will be disabled
-Open orders will be closed
-Loans will have auto-renew switched off
-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
-Deposit addresses will be revoked. Any deposits sent to a revoked address will not be recoverable until the account is fully verified
-Withdrawals will remain enabled at the daily withdrawal limits prior to the deadline
I guess we're just spreading our vital information to more and more websites where hackers can steal our identity. Totally risk-free.
More and more reasons to start using decentralized exchanges. All centralized exchanges like Poloniex will eventually be fully under the control of governments and financial regulators.
Aha, how refreshing! I was under the impression that Poloniex is a decentralized blockchain.
On that note, why in the world would anyone in crypto mix decentralized with centralized?
That reminds me, I'll have to make sure that Bittrex isn't centralized. I haven't had any success accessing that platform over the past few days.
Peace.
Looks like the "wild wild west" days are over for Poloniex, they are going to the light side of the force. These preps look like KYC (know your customer) preps, to user banker parlance. Poloniex might be getting ready to shed a bunch of their poopcoins also, as perhaps they will apply for a NY BitLicense to join Coinbase and Japan's BitFlyer.
We suspect it's time for punters to look for decentralized private exchanges now.
Note: this is also a move to quell poopcoins by the establishment. if Poloniex can't traffic in suspect stuff anymore, then a lot of coins will cease to trade (exist).
2018 is going to be a different kind of year than 2017, rest assured.
Timely post dogeking, thx. We've never resteemed ANYTHING before, so this was our first.
I am having the impression that most exchanges are not trustworthy anymore.
I had some crypto's on Bitfinex and took them off from the moment I heard Bitfinex had a lot of issues. Since then, they are not alone as other exchanges seem to have their issues and take steps to improve their services, which I doubt. For now, I stay cautious when it comes to exchanges.
I stopped using Poloniex months and months ago when they had so many ridiculous issues sending and receiving steem. They've never been a great exchange in my opinion
Same here. I switched all my trading to Bittrex. They're not perfect either(flagged my account as fraud and forced me to do advanced verification to get cleared) but they're definitely better.
By having control of personal data, there is the possibility of entering the account. thanks for sharing the update
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What is interesting about cryptos is that you can only really sell them.
All the other stuff, including "buying" is really just a scam. But, people love casinos, so... in will come smart contracts for each of these "trading options"
I can't wait. Because it seems that poloniex is doing some shady stuff itself. As in, how is their tons of volume being traded when everyone you know can't get into their wallet? (such as that thing with bitcoin-cash.)
verry helpfull post ... thanks for shereing .
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