Crypto Exchange Poloniex Ditches KYC for Accounts Withdrawing up to $10,000 a Day
Popular cryptocurrency exchange Poloniex has announced that it’s ditching know-your-customer (KYC) checks for accounts deemed “level 1,” which are allowed to withdraw up to $10,000 a day.
According to the exchange’s announcement, users with a level 1 account have access to “o unlimited trading, unlimited deposits, and $10,000 per day in withdrawals.” Users who don’t go through KYC will also be able to join trading competitions, take advantage of staking, and use the Trollbox.
Poloniex, which spun out of Circle earlier this year and became an “independent international company” under the name Polo Digital Assets, Ltd.,” added it’s going to unfreeze unverified accounts and upgrading them to this level.
We are beginning to unfreeze and upgrade existing unverified accounts to Level 1 now and will complete the upgrades over the next few months. We will notify you through your Poloniex account’s email address as soon as your account has been upgraded.
Other cryptocurrency exchanges, including Binance, allow users to withdraw certain amounts per day without going through KYC, although most may still demand identity verification for security purposes on any withdrawal.
As CryptoGlobe reported, data shows users have been withdrawing their funds from Poloniex after it spun off of Circle and stopped serving U.S. users. Data compiled by CoinMetrics showed that the supply of BTC and ETH plummeted after the exchange became an independent company, leading to Poloniex’s lowest amount of holdings since early 2016.
Featured image via Pixabay.