Poloniex has just announced that all Legacy account holders will need to become verified at some point next year to be eligible to trade. Not really unexpected, considering it is a U.S. based company. Read the full statement below.

Notice to our legacy account holders

We have recently completed a major upgrade to our customer identification and verification systems. As a result, we will soon require legacy accounts to become verified through the latest version of our verification portal. The exact date for this deadline will be announced in Q1 2018. While you will be given advance notice before this requirement goes into effect, we encourage you to verify your legacy account now to avoid any potential interruptions in your ability to trade on the platform.

Check your profile to determine if your account is Legacy or Verified:

As with any change, we understand you may have concerns about how this requirement impacts you and the consequences of not meeting this verification deadline. Here are further details on what to expect.

On the date of the deadline, legacy accounts will be placed in a state where:

Trading and lending will be disabled;

Open orders will be closed;

Loans will have auto-renew switched off;

Margin positions will be given an 8 week wind-down period where they can only be diminished or closed. After the 8 week wind-down period, they will be closed;

Deposit addresses will be revoked. Any deposits sent to a revoked address will not be recoverable until the account is fully verified;

Withdrawals will remain enabled at the daily withdrawal limits prior to the deadline.

If at any point you verify your legacy account, full functionality will be restored and your daily withdrawal limit will be increased to $25K USD equivalent.

As a registered money services business, Poloniex is committed to compliance with all applicable law requiring identification and verification of its customers. If you have questions about these or any other Poloniex terms, we encourage a careful and thorough review of our terms of service and privacy policy.

– The Poloniex Team