Popular crypto exchange Poloniex has announced today that it has completed a major upgrade to its customer identification and verification systems. As a result, the company will soon require legacy accounts to become verified through the latest version of its verification portal.
The exact date for this deadline will be announced in Q1 2018.
The Polo team is asking users, if possible, to verify their legacy account sooner rather than later to avoid any potential interruptions in the ability to trade on the platform.
Users can check their account profile as of now to determine if it is Legacy or Verified.
On the date of the deadline (to be announced), legacy accounts will be placed in a state where:
- Trading and lending will be disabled
- Open orders will be closed
- Loans will have auto-renew switched off
- Margin positions will be given an 8-week wind-down period where they can only be diminished or closed. After the 8 weeks wind-down period, they will be closed
- Deposit addresses will be revoked. Any deposits sent to a revoked address will not be recoverable until the account is fully verified.
Withdrawals will remain enabled at the daily withdrawal limits prior to the deadline. If at any point a user verifies their legacy account, full functionality will be restored and daily withdrawal limit will be increased to $25K USD equivalent.
The Poloniex Team stated: