Poloniex Exchange Users Claim their Accounts are Frozen After Verifying Their Identity

Frozen Crypto Funds

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Poloniex exchange users were on 27th May complaining that their accounts were frozen after conducting the mandatory identity verification process. The users said that after confirming their identity, they received notifications that they can continue to trade, but their previous accounts which they had been using were blocked.

These problems began after Poloniex notified its users that they needed to link their identity with their accounts. The exchange has however not commended anything about the freezing of accounts. The notice from Poloniex read that:

“All legal Poloniex users who have not provided their identification information are required to do so as soon as possible through the Poloniex profile page. The page will show all the customers all the required information and instructions on how to verify your account. As soon as you submit your identification details, we will act on them and verify then and then re-enable trading and transactions through your account.”

Poloniex seems to be following the footsteps of Bitfinex which is also conducting a similar process of identifying customers. In Poloniex the frozen accounts have affected very many traders who are currently trying to verify their accounts with several sources noting that the problem is only getting worse and out of hand.

The exchange has however tweeted through its official page that it had taken into account the questions raised about the updates very seriously assuring its customers that their funds were safe. Identification is now a requirement by most exchanges in order to reduce the anonymity nature of crypto users which poses a great risk the exchanges as well as engagements in money laundering and criminal activities.

Bitcoin is currently managed by Circle which is associated with Goldman Sachs. Circle bought Poloniex in a deal worth 400 million dollars, and the exchange is currently ranked as the 25th largest in the world when it comes to trading volume.

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