The US-based cryptocurrency exchange will be implementing new verification requirements for existing users of its trading platform, industry website Coindesk has reported.
On Wednesday the company announced that its legacy accounts would have to complete the same verification process as its newer users, which include know-your-customer (KYC) due diligence. Poloniex also said that it will announce a deadline for completing the verification in the first quarter of next year. Legacy account holders who fail to meet that deadline will have their accounts disabled, meaning that they will no longer be able to deposit, trade, lend or open orders.
“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,” Poloniex also said. Withdrawals will remain enabled, but they will be capped at the daily limits prior to the deadline.
The disabled accounts will be restored to full functionality if the verification requirements are met, the company added.
Poloniex said that the move reflected its commitment to compliance with all applicable law requiring identification and verification of its customers. The company, which is incorporated in the State of Delaware, operates one of the better-known cryptocurrency exchanges in the world. According to data from cryptocurrency tracker Coinmarketcap, it has processed nearly $1 billion worth of trades in the last 24 hours. More than 50 digital currencies are listed on the platform, including Bitcoin (BTC), Litecoin (LTC), Ripple (XRP), Ethereum (ETH), Monero (XMR) and Dash (DASH).