The cryptocurrency exchange Poloniex allows up to $10,000 in daily withdrawals without actually requiring full Know Your Client (KYC) onboarding. According to a recent announcement published by the exchange on December 19, the new account tier has been created in reaction to the user feedback.
“We’ve heard your feedback time and time again about wanting to use Poloniex without giving up your identity. We’ve wanted to make this a reality for a while now and are sorry it has taken us longer than we’d like,” as the post reads.
Poloniex allows up to $10,000 as part of the new update – and new users will be able to sign up on Poloniex without KYC and access unlimited deposits, spot trading and withdraw up to $10,000 per day.In order to set up the accounts, users reportedly only need to provide an email address and choose a password. The tier also grants access to the platform and its competitions, staking service and chat. The exchange was also in the cryptocurrency news for suggesting the extra steps to ensure the account’s strategy.
“As with any account, we highly recommend setting up 2FA as soon as possible to provide an extra layer of security.”
The data reported on the official website shows that level 1 accounts do not have access to margin trading, lending, fiat currency wires etc. They have limited 2FA recovery, manual password resets, manual fund transfers and fund recovery functionalities.Poloniex allows up to $10,000 in daily withdrawals and is currently upgrading its customer accounts and unfreezing the existing unverified accounts. Still, this process will take a few months to reach the users. As of press time, the CEO Tristan D’Agosta has not answered inquiries about the number of accounts and quantity of funds to be unfrozen.What’s interesting is the fact that these regulations seem to contrast with the current trend towards regulation that prohibits custodial cryptocurrency services to anonymous users. As we recently reported, the Fifth Anti-Money Laundering Directive (which is expected to be adopted in the EU by January 10) requires that cryptocurrency exchanges based out of the EU only accept users that undergo Know Your Customer (KYC) measures.The post appeared first on DC Forecasts
