Poloniex Customers complain about Frozen AccountsMay 31, 2018
A few weeks ago, many users who patronize the cryptocurrency exchange, Poloniex, have been complaining about their accounts being frozen for not being verified on the exchange platform. Most of the complaints are piling up the forums and social media over the past couple of days.
The reports of all the users who have been able to get their account successfully verified through the automated process still cannot access or trade their funds. Back in 2017, Poloniex, a cryptocurrency trading platform, announced that all users especially the legacy accounts who were once grandfathered should verify their identity by the first quarter of 2018.
After the announcement made by the exchange, an information leak that the exchange was acquired by the firm Circle Financial yet the representatives denied the acquisition. A few months later in February, it was then revealed that Circle Financial has officially purchased Poloniex and the firm will take over the business.
Many people believe that the company’s verification requirements were due to the acquisition of the Circle, as the Boston-based firm is known for its serious adherent to all the regulatory policies like KYC and AML laws. A few days ago, many customers saw their accounts frozen unless they validate their identity.
On the Reddit forum of Poloniex, there are a bunch of gripes and complaints about the verification process. U/PauleeWorli, a user on Reddit, explains that he is still unable to access his account even after completing the automated process.
Most of the cases with the customers say that they didn’t get an email notification specifying a certain time limit. A Reddit post, posted by PauleeWorli, he stated there about his frozen account and asking for help. The post has a bunch of replies with customers explaining they are also having the same issues even after verification.
On Twitter, the same scenario can be seen as there are plenty of Poloniex customers complaining about their frozen account. What one user of Twitter explains is so disappointed about the fact that he wasn’t notified about the account freeze taking place this week.
“Something is wrong, I clearly remember you are giving warning before 2018 saying after disabling “Trading” legacy accounts would be able to “withdraw their coins.” the user stresses. Just like the many posts and complains on Reddit, there are also a lot of customers on Twitter whining about the frozen account issue. At this moment, there are no official statements on either the Reddit forums, Poloniex Twitter page or the website itself regarding the issue.