This past week, many users who patronize the cryptocurrency exchange, Poloniex, have been complaining about their legacy accounts being frozen for not being verified on the exchange. Complaints are piling up on social media and forums over the past couple of days, with reports of even users who have been able to get their account successfully verified through the automated process still cannot trade or access their funds.
Poloniex Customers Complain About Frozen Accounts
Back in December of 2017, the cryptocurrency trading platform, Poloniex, announced all users especially legacy accounts who were once grandfathered must verify their identity by Q1 of 2018. Soon after the exchange announced this requirement a press leak revealed the exchange was acquired by the firm Circle Financial but representatives denied the acquisition. Then a few months later in February, it was revealed Circle Financial had officially purchased Poloniex and that the firm was taking over the business. Many people believe Poloniex’s verification requirements were due to the Circle acquisition, as the Boston-based firm is very adherent to regulatory policies like AML/KYC laws. This week, many Poloniex customers are seeing their accounts frozen unless they verify their identity.
Any time a user wants to trade, or withdraw if their account is frozen this warning pops up even for those who have submitted ID.
On the Poloniex Reddit forum, there are a bunch of complaints and gripes about the verification process. One user on Reddit named u/PauleeWorli explains he is still unable to access his account even after completing the automated process.
“I am a ‘legacy’ user on Poloniex and I was told to verify today when I logged in,” explains u/PauleeWorli. “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. Can anyone help me here please?
Legacy users who haven’t verified their accounts are greeted by this page.
Legacy Customers Say They Didn’t Get An Email Notification Detailing a Specific Time Limit
The Reddit post has a bunch of replies with customers explaining they are having the same issues with Poloniex even after verification. On Twitter, the same sentiment can be seen as there are many Poloniex customers grumbling about frozen accounts. One individual on Twitter explains he is angry because he wasn’t notified of the account freeze taking place this week.
“Something is wrong, Poloniex, I clearly remember you giving warning before 2018 saying after disabling “TRADING” legacy accounts would be able to WITHDRAW their coins,” the customer emphasizes.
Freezing suddenly? I didn’t even get an email with time limit!
Just like the many Reddit posts, there are a lot of customers on Twitter complaining about this frozen account issue. At the moment there are currently no official statements on either the Poloniex Twitter page, Reddit forums, or the website itself.
What do you think about the Poloniex freezing unverified accounts? Let us know what you think about this subject in the comments below.
Images via Shutterstock, Poloniex, and Jamie Redman.