Poloniex freezes user accounts until they validate their identity

The well-known cryptocurrency exchange platform, Poloniex, insisting on strengthening its user identification policies (KYC), froze the accounts of those clients who have not yet verified their identity on the platform. According to the company, since they started the verification process there has been a 77% success in the number of customers who have been able to complete it. But the remaining 23% will have their account frozen until they complete the verification.

The company published an official statement on May 27 through its website, where it noted that they have worked on improving the flow of documents to their platform, helping to increase the volume of customer verification. But to ensure full compliance with this process, the company has frozen user accounts, requiring its older users to complete the steps of verifying their identity in order to enjoy the service again.

As soon as you send this information, we will take steps to verify it and re-enable the exchange and transactions for your account. Rest assured that your funds will remain safe and accounted for as you complete this process: you can check your assets on the Balance Sheet page at all times.

This verification process has been successful and the company summed it up in figures: "In the last 3 months we have seen a 33% increase in customers that are verified instantaneously, a 77% increase in customers who successfully overcome our process of verification and an 85% decrease in client waiting time for verification.

Recall that the Circle payment and exchange platform formalized the purchase of Poloniex at the end of February. This with the aim of creating a global cryptocurrency market. Since its re-launch under the tutelage of Circle, Poloniex has set itself the goal of becoming a global cryptocurrency exchange business, but to this end, they have insisted on the need to comply with the laws.

Therefore, they have alleged that this process of total verification is given to "comply with all applicable laws that require the identification and verification of their customers." Through their Twitter account, they urged customers to be calm and to consult the press release directly.

Some users have complained because they were unaware of the possible freezing of their accounts, describing the decision of Poloniex as accelerated. They have even pointed out that when announcing this identification program in December 2017, the company warned that they would announce the date, although it finally seems that they did not.

Recall that at the end of last year the company started this verification program, informing that it would require the identification requirements to be met by all its users, including those who have accounts that have been open since long ago.

Since then, users have been obliged to complete the verification process of their data in order to increase the maximum withdrawal amount from 2,000 to 25,000 dollars, as well as to enjoy all the exchange functions offered by the platform. At that time, the deadline was to be defined, although Poloniex urged its users to complete this process as soon as possible to avoid inconveniences with the services of the platform.