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Cryptocurrency exchange Poloniex to make verification mandatory for legacy account holders

Leading cryptocurrency exchange Poloniex has announced that legacy account holders would soon be required to become verified through the latest version of its verification portal.

The exchange recently upgraded its customer identification and verification systems. It said that the account holders would be given prior notice before this requirement goes into effect.

According to the official notice:

“On the date of the deadline, 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 week 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.”

For those accounts that become verified, full functionality will be restored and daily withdrawal limit will be increased to $25K USD equivalent, Poloniex said.

The date for this deadline will be announced in Q1 2018.

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