Poloniex have unveiled new KYC-free accounts that include up to $10,000 in daily withdrawals. The cryptocurrency trading platform Poloniex, spun off its parent company Circle, has recently introduced a new account tier Named Level 1. The tier does not require KYC (know your client) but does restrict the withdrawals to a maximum $10,000 daily.

On December, 19 Poloniex published an announcement, stating that they decided to create the new account tier in response to customer’s requests about using Poloniex “without giving up their identity”.



Anonymous trading with no KYC

The Level 1 Poloniex account allows new customers to create accounts with no KYC and take full advantage of unlimited spot trading and deposits alongside $10,000 withdrawals. To sign up on the trading platform customers have to enter valid email address and password. Poloniex stated that some other services, such as Trollbox or staking, are available to Level 1 customers

Poloniex also recommended users to set 2FA at the first opportunity, in order to make the account more secure.

As it is stated on Poloniex.com, Level 1 customers can not use fiat currency wires, lending and margin trading. Moreover, some services, such as 2FA recovery or manual fund transfers are limited if KYC is not provided.

Now Poloniex is beginning to unfreeze and upgrade all the unverified KYC customers’ accounts to Level 1. However, Tristan D’Agosta, Poloniex CEO, did not provide any exact figures regarding accounts and funds they are going to unfreeze.

It is interesting to note that such policy seems to contradict the current regulations in the crypto industry. The new regulations are geared towards prohibition on granting incognito users depository cryptocurrency services.

The Fifth Anti-Money Laundering Directive, which is in the process of ratification now, reportedly made new requirements. Requiring that all cryptocurrency trading platforms located outside the EU accept only those users who underwent KYC successfully. The regulation, which grows stricter every year, led to the shutdown of Bottle Pay service, as its users could use social media accounts for Bitcoin (BTC) transfers. Two more services, ChopCoin, an interactive Bitcoin faucet, and a cryptocurrency exchange Simplecoin also closed down recently due to KYC requirements.

The new Level 1 Poloniex accounts can be created by entering a valid email address and password. Except the daily withdrawals, customers can take full advantage of unlimited spot trading and deposits without submitting KYC.

However, fiat currency wires, lending and margin trading services are not available, and some services, such as 2FA recovery or manual fund transfers, are limited if a user does not provide KYC.

