- Apr 2017
In the past, Poloniex did not require verification for Level 1 account holders, but that's about to change. Poloniex has announced that verification will be required for all accounts. And if your account, has not been verified, it will be marked as Legacy and disabled until you verify.
Poloniex made the following announcement yesterday:
One good thing about this will be the removal of the Level 2 Tier, as every verified user will have the equivalent of the previous Level 3 Tier, which allows up to $25,000 USD withdrawals every 24 hours.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.
As with any change, we understand you may have concerns about how this requirement impacts you and the consequences of not meeting this verification deadline. Here are further details on what to expect.
On the date of the deadline, legacy accounts will be placed in a state where:
As a registered money services business, Poloniex is committed to compliance with all applicable law requiring identification and verification of its customers.
- 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.
- If at any point you verify your legacy account, full functionality will be restored and your daily withdrawal limit will be increased to $25K USD equivalent.
Unfortunately, you can no longer use Poloniex unless you have identification and verification from somewhere that allows access to Poloniex. Currently, Poloniex is not allowed in New Hampshire, New York, and Washington.
And for anyone who wants to have limits higher than $25,000 USD, you are still required to gain Enhanced Verification, which requires an in person Skype interview with Poloniex.