Crypto - Poloniex drops KYC following US exit
Crypto - Poloniex drops KYC following US exit

By Doc | Doc | 24 Dec 2019


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Poloniex announced they are dropping KYC for withdrawals under $10k

In a surprising and somewhat shocking move, Poloniex announced last week that they are doing things their own way.

While the rest of the world is going towards KYC, Poloniex is going the opposite direction and dropping KYC on withdrawals up to $10k.

A quote from Poloniex can be seen here:

> "To our long-time unverified customers, we know how frustrating your experience has been recently and we’re dedicated to improving that for you. That’s why we prioritized creating this new account tier and are upgrading existing customer accounts as one of our first moves towards addressing the needs of our global crypto traders."

More on the announcement can be found here:

https://medium.com/poloniex/a-new-account-tier-is-here-bebb4a8919e0

If you recall, they dropped Steem a few months back...

Given this latest development, it's extremely unfortunate that they dropped steem a few months back.

More on that can be seen here:

https://steemit.com/steem/@jrcornel/steem-reminder-withdraw-all-steem-and-crypto-assets-from-poloniex-asap

I think this move is going to help Poloniex drum up a lot more business and a lot more volume overall and it would have been nice to have steem a part of that.

Users wishing to stay mostly anonymous have been getting squeezed left and right over the last year or two, this move helps significantly in that regard.

https://youtu.be/UDclvkkRP_w

This is also likely why Justin Sun decided to get involved with the purchase of Poloniex several months back as well.

He saw an opportunity and he took it.

Which is why I also think he would be a net positive for steem and steemit.

He has his negatives for sure, but I believe his ambition outweighs many of his negatives.

Doesn't help US based users...

The problem for many of you reading this is that Poloniex is no longer accepting US based clients, which was probably part of their plan to go this route in the first place...

https://steemit.com/crypto/@jrcornel/poloniex-gives-us-based-users-the-boot-perhaps-partly-explains-the-steem-delisting

They knew that in order to go no KYC, they had to get out of the US.

Well, mission accomplished.

Time will tell if this move was the right move overall, my gut is telling me this is going to get Poloniex back on the map in terms of exchange rankings.

It really was unfortunate steem lost this exchange.

Perhaps now with Justin Sun involved and him also rumored to be interested in steemit.com, we can get steem back on there.

We can only hope.

Stay informed my friends.

Image Source:

https://medium.com/poloniex/1000-usdt-giveaway-to-celebrate-no-kyc-for-level-1-accounts-d459705d1f33

-Doc


Doc
Doc

I like crypto and stuff


Doc
Doc

I have two guns, one for each of ya!

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