Poloniex users are complaining about their account ‘freezing’ after mandatory identity verification procedures following the exchange’s recent policy update.
Enraged account holders took to social media and explained that after going through the identity verification procedures, they are told that they may continue on with trading. However, instead of finding their accounts ready for trading, they found them blocked.
The notice by the exchange reads:
“We are asing all legacy Poloniex customers who have not provided full identification information in the past to do so now through the Poloniex profile page.
This page provides clear instructions on what information is required to verify your account. As soon as you submit this information, we will take steps to verify it and re-enable trading and transactions for your account.”
Some of you have raised questions about recent updates to our onboarding and identity verification processes. Rest assured your funds are safe, and please see our product update with more detail on next steps: https://t.co/2LgDv0g17m
— Poloniex Exchange (@Poloniex) May 27, 2018
Many users are enraged and claim that the exchange is “holding accounts hostage” in exchange for personal information.
Users argue that the crypto exchange should have given prior notice before ‘freezing’ accounts. While the exchange did, in fact, announce the policy update in December 2017, they had failed to give advance notice of the “deadline” as seen in a social media complaint by a Poloniex user:
Could you address this statement that was made December 27, 2017? Still available on your website?https://t.co/iFhDL606r4
I was given no advance notice. pic.twitter.com/KkaLZH0mYo
— The Crypto Dog📈 (@TheCryptoDog) May 27, 2018