Poloniex Permits Cryptocurrency Trading with Just an Email Address and Strong Password Governments Alert

By Steven Anderson December 23, 2019 Off

Poloniex now permits users to trade without giving up their identity.  In the first place, already existing accounts of unverified users will upgrade to Level 1. However, users are to activate two-factor authentication.


As can be seen, the current accounts of the unverified customers were previously frozen.  To sum up, these accounts now upgrade to Level 1.  Thus, the users will be gaining access to unlimited deposits and spot trading; however, the withdrawals not be more than $10,000. Therefore, from now on, users will be able to make use of the Poloniex services with just an email address and password.

On December 19, 2019, Poloniex Exchange published, “We just introduced a new account tier for new customers! All you need is an email address and a strong password, and you’ll be trading in no time.” Further stating, “We know how frustrating your experience has been recently, and we’re dedicated to improving that for you.”


All things considered, the exchange currently supports Bitcoin core (BTC), Bitcoin cash (BCH), Ethereum (ETH), and Litecoin (LTC) along with cryptos like MimbleWimble-based grin.

In the final analysis, the current move from Poloniex comes at a time when the KYC (Know Your Customers) and AML (Anti-Money Laundering) services are becoming stringent.  Again, the Financial Action Task Force (FATF), with the provisions of the European Fifth Anti-Money Laundering Directive (AMLD5), mandate KYC and AML procedures.  By the same token, the current regulatory developments require that the exchanges have their traders pass extensive verification processes.  Setting aside these norms, Poloniex restores access to unverified customers.

In light of the move, Poloniex is currently attracting the attention of governments across the world.  Of note, Consequent to Circle releasing Poloniex, Circle has warned Poloniex that any unclaimed assets which belong to the U.S. customers should go to the state governments by the applicable regulations for the deserted property.

As can be seen, Poloniex customers were previously given time until December 16, 2019, to withdraw their assets, failing which they lose direct access to their accounts.  Further, a dormancy fee. Likewise, the company also stated that assets would be traded and stored as USDC.

Of note, Poloniex was formerly a U.S. Based Digital Assets Exchange, acquired by an Asian Investment Group operated by Polo Digital Assets Ltd., a Seychelles- registered company. However, on November 01, 2019, the platform terminated the trading services for the customers who are residing in the United States.