nRunaway Comment: Poloniex, a well-known cryptocurrency exchange in the United States, recently issued a notice that will require users to authenticate and complete the registration of new accounts. The move aims to ensure exchange compliance and enforce KYC rules as required by the financial industry to reduce or even eliminate the possibility of criminals using the services of crypto-currency exchanges for criminal activities. This also reflects the increasing focus on operational compliance and transaction security in crypto currency exchanges.n
nTranslation: Inan
The U.S. exchange Poloniex, one of the oldest cryptocurrency exchanges in the world, is preparing to align its customer registration process with a broader industry.n
Poloniex announced on December 27 that it will soon close down all its old accounts, who will complete the same verification process and undergo KYC due diligence to register for a new account. The transaction said it will release the deadline for identity verification in the first quarter of 2018.n
This is the latest move for the exchange to meet compliance requirements to better ensure that its services are not used for criminal activities such as money laundering. Poloniex said those accounts that failed to complete the certification within the specified time will be banned from depositing, trading, borrowing or placing an order next time.n
Similarly, the exchange offered a grace period of eight weeks for the margin position prior to closing the account.n
It appears that the only function of the old account will be cash withdrawal, the maximum amount of withdrawals of 2000 US dollars. Poloniex is incorporated in Delaware, U.S.A., trading $ 860 million in the past 24 hours, according to the data site CoinMarketCap.n
The exchange did not say how many old accounts the new rule will affect.n