Poloniex Imposes Identity Verification for Legacy Trading Accounts

The recent announcement made by Poloniex has created another kind of regulation that needs to be followed by all its users. In recent time it has been brought to the notice of people that Poloniex has issued a notification for the legacy account holders. As per the Exchange, all investors those who are making use of this specific platform should certainly verify their identification through the company’s upgraded verification portal that is available for this purpose only. The regular updates are said to be necessary for users so as to make them able to have complete knowledge in this regard.

A few days ago, the digital currency exchange Poloniex initiated to execute an identity verification process for all it new users. However, at the time of registering to have the legacy account, users were not made aware of submitting their identity credentials. Later the notice was issued for users that now they would be the concern to make submission of all the required documents with a view to verifying the existing account otherwise they will be no longer the holder of this account as the unverified accounts will be point to get closed.

The verification procedure needs to be implemented before the issued deadline so as to continue it in the usual way. Further, the other facility was declared regarding the upgrading of withdrawal limit. Poloniex users will be able to withdraw the money up to $25,000 every day. This will be of course in favor of users. That legacy account that fails to observe the mandatory verification will lose the service of trading and lending. Although the Withdrawal limit will stay around $2,000 until the stipulated deadline. Apart from such actions, Poloniex may close the margin positions when the grace period will be over.

In current time, Poloniex exchange is being used by a numerous number of people and thus has earned the status as the fourth highest trade volume for BTC pairs across the world. This platform provides the trading options for 100 digital assets and further says that at any stage legacy users are free to undergo the verification process for their accounts and complete functionality will be restored when the withdrawal level goes high. This is such a platform that is inclined fully to compliance with all applicable law that is needed for the identification as well as the verification of its users. The trading platform shows this in the updated notification.

Poloniex users may choose to contact the focused team through the mentioned Poloniex support number 1-800-509-3075. Since an authentic platform is always needed to get the relevant piece of information at all time in all concerns. 

On the other hand, they may also opt to call a Poloniex Phone Number to have the conversation with the team who is capable of elaborating the latest rules and especially when it comes to the account. The verification is an important procedure that is essential to be executed from own safety point of view.