Poloniex put out a press release on December 27 stating that they would require all account holders, even Legacy account holders to verify their accounts.
They have yet to give a concrete deadline but sometime Q1 of 2018 they will put this policy in place an any account holders who have not verified their accounts will have their trading halted, deposits stopped, and margin orders closed.
Poloniex is a US Based exchange out of Delaware. Up until recently it seemed that exchanges that didn’t deal with fiat, ie you can’t load US Dollars onto the exchange from your bank didn’t require too much in the way of verification.
More recently however it seems US Exchanges like Poloniex and Bittrex are starting to try to get their compliance in order with US laws. Poloniex with this move and Bittrex has recently hired a lot of former US Government employees and is trying to change their image from wild west to compliant.
While this hasn’t affected Bittrex yet, I can pretty much gurantee it’s comming in the comming months.
Right now in my experience decentralized exchanges aren’t quite up to par so I think the best choice right now is Binance. Not only does Binance have lower trading fees and withdrawl fees than Bittrex and pretty much every other exchange. THey also carry more coins and will let you withdraw 2 Bitcoins per day with no verification. If you want to verify with them you can have that upped to 100 Bitcoins per day which is probably more than the vast majority of us need. One cool thing about Binance as opposed to Poloniex is even being verified on Poloniex will only give you withdrawls of $25,000 per day where as an account on Binance with 0 verification will allow you to withdraw 2 Bitcoins which at current values is about $30,000, $5,000 more than Poloniex will allow you even after being verified.
Decentralized exchanges and atomic swaps can’t come soon enough but seeing as how we aren’t quite there yet Binance is probably the best choice at your disposal.
One interesting thing will be if after getting their compliance stuff in order if Bittrex and Poloniex will start letting customers add USD to their accounts. I think this is comming and in the grand scheme of things I think it will be great for the crypto industry as right now Coinbase has way too much power and control and almost a monopoly on the fiat to crypto world.
Sign-UP For Binance
What’s your thoughts? Are you a Poloniex user? Will you verify your account or withdrawl funds? Drop a comment below and let us know.