Reportedly some users on the popular cryptocurrency exchange, Legacy Poloniex, has admitted to being denied a chance to trade tokens following the notification to verify their information.
Poloniex had in December last year notified customers of a new identity verification they must carry out before the end of the first quarter of 2018. It seemed, however, that only a few loyal users have gone through this verification process before the recent lockdown.
Legacy users on the exchange are allowed to trade as much as $25000 daily and were primary targets of the re-verification.
A statement on an unverified user’s dashboard would read,
Please see your profile page for an important message about your verification status”.
However, the big problem for legacy users on the platform has been having their accounts still frozen even after undergoing the new verification process.
The complaint from users have been trending on social media with particularly one comment from a male user with the username PauleeWorli on Reddit detailing the difficulty.
‘’I am a ‘legacy’ user on Poloniex, and I was told to verify today when I logged in,” he stated.
“I did that and promptly got an email reply saying I had been verified — My profile now says I have a ‘level 3 verification’ — the type that allows $25,000 per day.
But when I go to trade, it tells me ‘account frozen’ when I try to place an order. I did make a ticket and then checked Twitter, and it seems many people have the same ‘now verified but still frozen’ problem.”
It is understood that Poloniex’s new verification process was introduced to enable new owners Circle Financial meet up with major regulatory policies like AML/KYC laws, but it has gone on to cause discomfort for users.
Legacy users are the biggest traders on Poloniex and contribute immensely to their daily market cap.
The exchange would definitely be under fire to provide quick relief to the pricked customers who had also complained of not receiving any notifications with a specified freezing date or risk losing its spot in the list of top crypto exchanges in the coming weeks.