This past week, many users who patronize the cryptocurrency exchange, Poloniex, have been complaining about their legacy accounts being frozen for not being verified on the exchange. Complaints are piling up on social media and forums over the past couple of days, with reports of even users who have been able to get their account successfully verified through the automated process still cannot trade or access their funds.
Poloniex Customers Complain About Frozen Accounts
Back in December of 2017, the cryptocurrency trading platform, Poloniex, announced all users especially legacy accounts who were once grandfathered must verify their identity by Q1 of 2018. Soon after the exchange announced this requirement a press leak revealed the exchange was acquired by the firm Circle Financial but representatives denied the acquisition. Then a few months later in February, it was revealed Circle Financial had officially purchased Poloniex and that the firm was taking over the business. Many people believe Poloniex’s verification requirements were due to the Circle acquisition, as the Boston-based firm is very adherent to regulatory policies like AML/KYC laws. This week, many Poloniex customers are seeing their accounts frozen unless they verify their identity.
On the Poloniex Reddit forum, there are a bunch of complaints and gripes about the verification process. One user on Reddit named u/PauleeWorli explains he is still unable to access his account even after completing the automated process.
“I am a ‘legacy’ user on Poloniex and I was told to verify today when I logged in,” explains u/PauleeWorli. “I did that and promptly got an email reply saying I had been verified — My profile now says I have a ‘level 3 verification’ — the type that allows $25,000 per day…