What are legacy accounts, by the way? Does it mean that all new accounts have to be verified as soon as you register there? I have an account at Poloniex which I don't currently use, so if I got everything correctly I won't be able to trade there or do anything there apart from verifying my account after the deadline, right?
You can read the press release
here. Legacy accounts were accounts created sometime before this year. They signed up under different AML/KYC terms and thus had different KYC and withdrawal tiers. Legacy account holders have a $2,000 daily withdrawal limit -- low, but they don't need to provide any personal information or documents. Just a name and email address. I have a legacy account, so I'm sort of bummed to hear this.
Basically, your account would be in "wind-down" mode. Withdrawal limits don't change, but deposits and trading are disabled, and positions can only be diminished or closed.
I even dare to call it unfair to not require legacy accounts to verify themselves where others are being forced to do so -- everyone is equal since they use that exchange for the exact same reason.
The fact is that legacy account holders agreed to very different terms. It is customary (and ethically right) to offer legacy account holders ample notice before those terms change. I appreciate that Poloniex has done that. Bittrex could learn a thing or two in that department.