Crypto - Poloniex drops KYC following US exit
Poloniex announced they are dropping KYC for withdrawals under $10k
In a surprising and somewhat shocking move, Poloniex announced last week that they are doing things their own way.
While the rest of the world is going towards KYC, Poloniex is going the opposite direction and dropping KYC on withdrawals up to $10k.
A quote from Poloniex can be seen here:
"To our long-time unverified customers, we know how frustrating your experience has been recently and we’re dedicated to improving that for you. That’s why we prioritized creating this new account tier and are upgrading existing customer accounts as one of our first moves towards addressing the needs of our global crypto traders."
More on the announcement can be found here:
https://medium.com/poloniex/a-new-account-tier-is-here-bebb4a8919e0
If you recall, they dropped Steem a few months back...
Given this latest development, it's extremely unfortunate that they dropped steem a few months back.
More on that can be seen here:
I think this move is going to help Poloniex drum up a lot more business and a lot more volume overall and it would have been nice to have steem a part of that.
Users wishing to stay mostly anonymous have been getting squeezed left and right over the last year or two, this move helps significantly in that regard.
This is also likely why Justin Sun decided to get involved with the purchase of Poloniex several months back as well.
He saw an opportunity and he took it.
Which is why I also think he would be a net positive for steem and steemit.
He has his negatives for sure, but I believe his ambition outweighs many of his negatives.
Doesn't help US based users...
The problem for many of you reading this is that Poloniex is no longer accepting US based clients, which was probably part of their plan to go this route in the first place...
They knew that in order to go no KYC, they had to get out of the US.
Well, mission accomplished.
Time will tell if this move was the right move overall, my gut is telling me this is going to get Poloniex back on the map in terms of exchange rankings.
It really was unfortunate steem lost this exchange.
Perhaps now with Justin Sun involved and him also rumored to be interested in steemit.com, we can get steem back on there.
We can only hope.
Stay informed my friends.
Image Source:
https://medium.com/poloniex/1000-usdt-giveaway-to-celebrate-no-kyc-for-level-1-accounts-d459705d1f33
-Doc
Not that I think this is where they're moving, but it would be interesting to see them move towards becoming a DEX.
At this point, it seems like they are not quite sure what they want to do regardless and they are just trying to stay relevant after losing so much of the market to Binance.
I think Sun will try and re-invent them. This is a very good start.
I feel like they had no choice, but to go this route. I suppose i should feel lucky that i didnt have much in that account when they started forcing KYC. As soon as it asked for my social security number i was out. Not a chance. I do wonder how much profit they made from people like me who arent willing to give them that personal info in order to withdraw, my guess would be millions.
Anywho, great post was a good read :)
Yea it's tough to trust a crypto exchange with a social security number... Bittrex is going the same way.
very interesting...
Thanks.
now they are struggling to stay relevant, it has been solenly their fault why alot of users leave them especially with their lously support
Yep, agreed. They rarely fixed the steem wallets as well when we did hard forks.