Topic: Poloniex adds margin trading but wants your profile (Read 6258 times)
Bittrex ftw.
I have accounts at Cryptsy, Bittrex, Btc-e, C-cex, Allcoin, Alcurex, Cryptopia, Bter, and CoinQX.
None of those sites have ever required my name. Poloniex wants my social security number to "verify" me.
Notice that they don't require anything for you to GIVE them your money. But if you want your money back, then there may be a problem.
And I've been waiting for some coins I withdrew 2 days ago that said "ERROR" on the withdrawal. The funds didn't transfer, but they didn't reappear in my Poloniex account either. So I sent a support ticket, and they said they would "check on it". I've added my name to the account, but that hasn't sped up the process of someone clicking 2 things and allowing me access to my money.
None of those sites have ever required my name. Poloniex wants my social security number to "verify" me.
Notice that they don't require anything for you to GIVE them your money. But if you want your money back, then there may be a problem.
And I've been waiting for some coins I withdrew 2 days ago that said "ERROR" on the withdrawal. The funds didn't transfer, but they didn't reappear in my Poloniex account either. So I sent a support ticket, and they said they would "check on it". I've added my name to the account, but that hasn't sped up the process of someone clicking 2 things and allowing me access to my money.
i think this is more like to end up like mintpal i think.
so withdraw all you fund from that sh... market
They want your personal information who ask that think in crypto world?
No one.
This is fishy to me so watch out all.
I have accounts at Cryptsy, Bittrex, Btc-e, C-cex, Allcoin, Alcurex, Cryptopia, Bter, and CoinQX.
None of those sites have ever required my name. Poloniex wants my social security number to "verify" me.
Notice that they don't require anything for you to GIVE them your money. But if you want your money back, then there may be a problem.
And I've been waiting for some coins I withdrew 2 days ago that said "ERROR" on the withdrawal. The funds didn't transfer, but they didn't reappear in my Poloniex account either. So I sent a support ticket, and they said they would "check on it". I've added my name to the account, but that hasn't sped up the process of someone clicking 2 things and allowing me access to my money.
None of those sites have ever required my name. Poloniex wants my social security number to "verify" me.
Notice that they don't require anything for you to GIVE them your money. But if you want your money back, then there may be a problem.
And I've been waiting for some coins I withdrew 2 days ago that said "ERROR" on the withdrawal. The funds didn't transfer, but they didn't reappear in my Poloniex account either. So I sent a support ticket, and they said they would "check on it". I've added my name to the account, but that hasn't sped up the process of someone clicking 2 things and allowing me access to my money.
Update: They've added my coins back to my balance since my last post! Thank you, Customer Service Representative.
Even though I had an extended and bitter argument with this same Customer Service Representative a few months ago, and he's still in control of my money when I try to withdraw it and can't, I'm glad he's on the job and now has access to my full name and country of residence. I'll probably give him my SSN too.
It's ok guys, nothing has changed for regular people. Only the world elite will upload their docs. Look at the limits.
If you don't give them your name, you are not allowed to withdraw anything. That's how I'm reading it.
If you give your name and country of residence, you can withdraw up to $2000 worth of coins. They only want your social security number for larger daily withdrawals. For now.
And they changed the official notice from "up to $2000" to "$2000 equivalent value". Which is interesting, since I don't have any U.S. dollars in my account. I only have cryptocurrencies, but I can withdraw billions of them as long as they don't think they're worth much.
I have accounts at Cryptsy, Bittrex, Btc-e, C-cex, Allcoin, Alcurex, Cryptopia, Bter, and CoinQX.
None of those sites have ever required my name. Poloniex wants my social security number to "verify" me.
Notice that they don't require anything for you to GIVE them your money. But if you want your money back, then there may be a problem.
And I've been waiting for some coins I withdrew 2 days ago that said "ERROR" on the withdrawal. The funds didn't transfer, but they didn't reappear in my Poloniex account either. So I sent a support ticket, and they said they would "check on it". I've added my name to the account, but that hasn't sped up the process of someone clicking 2 things and allowing me access to my money.
None of those sites have ever required my name. Poloniex wants my social security number to "verify" me.
Notice that they don't require anything for you to GIVE them your money. But if you want your money back, then there may be a problem.
And I've been waiting for some coins I withdrew 2 days ago that said "ERROR" on the withdrawal. The funds didn't transfer, but they didn't reappear in my Poloniex account either. So I sent a support ticket, and they said they would "check on it". I've added my name to the account, but that hasn't sped up the process of someone clicking 2 things and allowing me access to my money.
It's ok guys, nothing has changed for regular people. Only the world elite will upload their docs. Look at the limits.
Poloniex has posted an "open letter" about this: https://poloniex.com/press-releases/2015.05.19-Open-Letter
tl;dr - Fincen made us.
My feelings remain the same, I respect their right to do this, I just wish they had respected their users more by giving us enough lead time to orderly remove our coins from their exchange.
Good Luck.
tl;dr - Fincen made us.
My feelings remain the same, I respect their right to do this, I just wish they had respected their users more by giving us enough lead time to orderly remove our coins from their exchange.
Good Luck.
What a clusterfuck!
I only have a few hours to fuckin' trade, transfer or abandon.
I only have a few hours to fuckin' trade, transfer or abandon.
Bottom of the site:
Quote
© Poloniex, LLC 2015 - Whitefish, MT, USA
Time to find another exchange?
Or say my name is John Doe, location Nigeria?
Or say my name is John Doe, location Nigeria?
as long as they don't want a copy of your ID or some shit it's up to you. just give them fake data
http://i58.tinypic.com/29l1g1y.jpg
just enter fake data in step 1 and get verified so after this your daily withdraw limit will raise to $2000, level 2 also don't need any kind of your data copy.
I wouldn't do that as they might randomly select your account for an audit at some point or if some threshold is hit like account containing > 50 BTC or trying to withdraw a large amount or w/e... and if you can't come up with an ID matching your fake name they will take your monies.
Yeah, best to not add fake name to your account. They will probably end up freezing your account with the funds. Thats what other sites which require verifications do as well. Also, why are they taking this step ? Considering it isn't based in the US.
I thought it was in the US because a who.is search shows it's registered there.
https://who.is/whois/poloniex.com
Raw Registrar Data
Domain Name: POLONIEX.COM
Registry Domain ID: 1842246319_DOMAIN_COM-VRSN
Registrar WHOIS Server: whois.netearthone.com
Registrar URL: http://www.netearthone.com
Updated Date: 2015-01-25T22:06:14Z
Creation Date: 2014-01-10T16:43:20Z
Registrar Registration Expiration Date: 2016-01-10T16:43:20Z
Registrar: NetEarth One, Inc.
Registrar IANA ID: 1005
Domain Status: clientTransferProhibited
https://icann.org/epp#clientTransferProhibited
Registry Registrant ID:
Registrant Name: Tristan D'Agosta
Registrant Organization: Poloniex, LLC
Registrant Street: 121 Wisconsin Ave Ste 101
Registrant City: Whitefish
Registrant State/Province: Montana
Registrant Postal Code: 59937
Registrant Country: US
Time to find another exchange?
Or say my name is John Doe, location Nigeria?
Or say my name is John Doe, location Nigeria?
as long as they don't want a copy of your ID or some shit it's up to you. just give them fake data
http://i58.tinypic.com/29l1g1y.jpg
just enter fake data in step 1 and get verified so after this your daily withdraw limit will raise to $2000, level 2 also don't need any kind of your data copy.
I wouldn't do that as they might randomly select your account for an audit at some point or if some threshold is hit like account containing > 50 BTC or trying to withdraw a large amount or w/e... and if you can't come up with an ID matching your fake name they will take your monies.
Yeah, best to not add fake name to your account. They will end up freezing your account with the funds. Thats what other sites which require verifications do as well. Also, why are they taking this step ? Because it is not based in US
Awesome! Poloniex is the only good exchange. Legit US based, margin trading, long time secure standing, does't add scam coins. Probably if you buy most the coins on Poloniex in a few years you will be rich. Can't say the same for any other exchange.
Awesome! Poloniex is the only good exchange. Legit US based, margin trading, long time secure standing, does't add scam coins. Probably if you buy most the coins on Poloniex in a few years you will be rich. Can't say the same for any other exchange.
Time to find another exchange?
Or say my name is John Doe, location Nigeria?
Or say my name is John Doe, location Nigeria?
as long as they don't want a copy of your ID or some shit it's up to you. just give them fake data
just enter fake data in step 1 and get verified so after this your daily withdraw limit will raise to $2000, level 2 also don't need any kind of your data copy.
I wouldn't do that as they might randomly select your account for an audit at some point or if some threshold is hit like account containing > 50 BTC or trying to withdraw a large amount or w/e... and if you can't come up with an ID matching your fake name they will take your monies.
Offshore exchanges are the future.
I think the Poloniex folks maybe a bit retarded as well.
Not sure why folks have traded CLAM there as long as they have.
This move kinda fucks with the JD folks a bit and they didn't even add shorting to CLAM.
I think the Poloniex folks maybe a bit retarded as well.
Not sure why folks have traded CLAM there as long as they have.
This move kinda fucks with the JD folks a bit and they didn't even add shorting to CLAM.
FUCK THE CLAM!
Would you short it if you could?
I for sure didn't get Poloniex email regarding their ToS change.
Offshore exchanges are the future.
I think the Poloniex folks maybe a bit retarded as well.
Not sure why folks have traded CLAM there as long as they have.
This move kinda fucks with the JD folks a bit and they didn't even add shorting to CLAM.
I think the Poloniex folks maybe a bit retarded as well.
Not sure why folks have traded CLAM there as long as they have.
This move kinda fucks with the JD folks a bit and they didn't even add shorting to CLAM.
FUCK THE CLAM!
Offshore exchanges are the future.
I think the Poloniex folks maybe a bit retarded as well.
Not sure why folks have traded CLAM there as long as they have.
This move kinda fucks with the JD folks a bit and they didn't even add shorting to CLAM.
I think the Poloniex folks maybe a bit retarded as well.
Not sure why folks have traded CLAM there as long as they have.
This move kinda fucks with the JD folks a bit and they didn't even add shorting to CLAM.
you can just put a fake name i believe, nothing really changed, until they require specifically your id and residence proof, i'm ok with it
...they does require it actually but for level 3, 25k usd at month, they limit are a bit too low for my taste...
...they does require it actually but for level 3, 25k usd at month, they limit are a bit too low for my taste...
Well, it is a US company. Anyway, when I logged in earlier today it was asking for my name and country. I entered NA/NA and withdraw my BTC without issues. I'm not saying I won't use it in the future but I'm not a big fan of sudden changes.
Oh well, another push towards decentralized exchanges I guess.
Oh well, another push towards decentralized exchanges I guess.
Time to find another exchange?
Or say my name is John Doe, location Nigeria?
Or say my name is John Doe, location Nigeria?
as long as they don't want a copy of your ID or some shit it's up to you. just give them fake data
just enter fake data in step 1 and get verified so after this your daily withdraw limit will raise to $2000, level 2 also don't need any kind of your data copy.
Time to find another exchange?
Or say my name is John Doe, location Nigeria?
Or say my name is John Doe, location Nigeria?
as long as they don't want a copy of your ID or some shit it's up to you. just give them fake data
I got the same message while withdrawing coins a few minutes ago.
I've noticed that they added USDT (Tether USD) markets but this restriction seems to apply for all altcoin withdrawals - even those that have nothing to do with fiat which doesn't really make sense.
Why can't they just do what Cryptsy is doing and only require your real name/identity for USD markets?
I've noticed that they added USDT (Tether USD) markets but this restriction seems to apply for all altcoin withdrawals - even those that have nothing to do with fiat which doesn't really make sense.
Why can't they just do what Cryptsy is doing and only require your real name/identity for USD markets?
Just another way for them to legally scam and steal from their users, even if you verified they reserve the right to downgrade you and keep your coins 
and margin trading and lending on a site that provides no proof of its funds = potential for fractional reserve and abuse by exchange against its user in markets as it effectively is able to lend more bitcoin then they own in attempt to cash in on interest repayments. Anyone thinking they can make money lending here is going to find themselves competing with the exchange itself which can offer infinite bitcoins at any rate they choose. Because they dont have to prove the bitcoins exist, poloniex can mix in their own loan offers with the real ones from users and effectively make money with no risk at all.
Quote
By agreeing to our Terms, you acknowledge and understand that Poloniex maintains verification levels which require user participation and verification in order to obtain, with leveled permissions based on user-supplied information, our ability to verify it, and our internal policies. You accept that you may not be able to achieve a desired level of verification, and Poloniex reserves the right to determine, at its sole discretion, the appropriate Verification Level for any user, as well as the right to downgrade users without prior notice. Poloniex may, from time to time, implement policies restricting Verification Levels by nationality, country of residence, or any other factor. This may affect your ability to withdraw funds in your account and you indemnify Poloniex against any losses associated with an inability to deposit and/or withdraw funds based on your verification level.
and margin trading and lending on a site that provides no proof of its funds = potential for fractional reserve and abuse by exchange against its user in markets as it effectively is able to lend more bitcoin then they own in attempt to cash in on interest repayments. Anyone thinking they can make money lending here is going to find themselves competing with the exchange itself which can offer infinite bitcoins at any rate they choose. Because they dont have to prove the bitcoins exist, poloniex can mix in their own loan offers with the real ones from users and effectively make money with no risk at all.
Good point - hadn't thought about the fractional reserve aspect.
They can say good-bye to a lot of reserves (accounts) due to the profile completion requirement, IMO.
To Cryptsy, it is.
Quote
I respect their right to change, I just wish they had respected me with enough notice to decide if I wanted to keep trading with them or remove my coins in an orderly manner.
Exactly right on the timing!
2 days notice?
I smell BS all around.
Just another way for them to legally scam and steal from their users, even if you verified they reserve the right to downgrade you and keep your coins
and margin trading and lending on a site that provides no proof of its funds = potential for fractional reserve and abuse by exchange against its user in markets as it effectively is able to lend more bitcoin then they own in attempt to cash in on interest repayments. Anyone thinking they can make money lending here is going to find themselves competing with the exchange itself which can offer infinite bitcoins at any rate they choose. Because they dont have to prove the bitcoins exist, poloniex can mix in their own loan offers with the real ones from users and effectively make money with no risk at all.
Quote
By agreeing to our Terms, you acknowledge and understand that Poloniex maintains verification levels which require user participation and verification in order to obtain, with leveled permissions based on user-supplied information, our ability to verify it, and our internal policies. You accept that you may not be able to achieve a desired level of verification, and Poloniex reserves the right to determine, at its sole discretion, the appropriate Verification Level for any user, as well as the right to downgrade users without prior notice. Poloniex may, from time to time, implement policies restricting Verification Levels by nationality, country of residence, or any other factor. This may affect your ability to withdraw funds in your account and you indemnify Poloniex against any losses associated with an inability to deposit and/or withdraw funds based on your verification level.
and margin trading and lending on a site that provides no proof of its funds = potential for fractional reserve and abuse by exchange against its user in markets as it effectively is able to lend more bitcoin then they own in attempt to cash in on interest repayments. Anyone thinking they can make money lending here is going to find themselves competing with the exchange itself which can offer infinite bitcoins at any rate they choose. Because they dont have to prove the bitcoins exist, poloniex can mix in their own loan offers with the real ones from users and effectively make money with no risk at all.
I was really glad to see this at the top of the service discussion section!
I get that they are based in the USA and want to comply with US law, but this is a big change and very short notice. Worse, right now they are having delays sending email messages to confirm withdrawals.
I respect their right to change, I just wish they had respected me with enough notice to decide if I wanted to keep trading with them or remove my coins in an orderly manner.
Very disappointed.
I get that they are based in the USA and want to comply with US law, but this is a big change and very short notice. Worse, right now they are having delays sending email messages to confirm withdrawals.
I respect their right to change, I just wish they had respected me with enough notice to decide if I wanted to keep trading with them or remove my coins in an orderly manner.
Very disappointed.
Time to find another exchange?
Or say my name is John Doe, location Nigeria?
Or say my name is John Doe, location Nigeria?
I was thinking about santa Klaus from the north pole... but I fear they could block your account. Anyway, 2 days is a very short term notice
Moving my alts to craptsy...
Time to find another exchange?
Or say my name is John Doe, location Nigeria?
Or say my name is John Doe, location Nigeria?
I got that . Wtf 
Just got the email:
Again, WTF?
Quote
Greetings from Poloniex!
We're happy to announce that Margin Trading with Peer-to-Peer Lending is now available at Poloniex! You can now borrow funds from lending users to open long and short positions with 2.5x leverage on our XMR, DASH, XPR and LTC Margin Trading platform. You can also loan funds in the same selected markets in 1 day intervals at up to 5% interest.
In addition, we are requiring that all users provide us with their first name, last name, and country of origin by May 20th, 2015. This information is mandatory for all users and all withdrawals. Go to your Profile page to get started.
The Poloniex Team
We're happy to announce that Margin Trading with Peer-to-Peer Lending is now available at Poloniex! You can now borrow funds from lending users to open long and short positions with 2.5x leverage on our XMR, DASH, XPR and LTC Margin Trading platform. You can also loan funds in the same selected markets in 1 day intervals at up to 5% interest.
In addition, we are requiring that all users provide us with their first name, last name, and country of origin by May 20th, 2015. This information is mandatory for all users and all withdrawals. Go to your Profile page to get started.
The Poloniex Team
Again, WTF?
Profile Incomplete
On May 20th, Poloniex will require your first name, last name, and country of residence to process withdrawals.
Please provide this information on your Profile as soon as possible.
WTF?
Did anyone get the email they proclaim to have sent?
I found out on the trollbox.
On May 20th, Poloniex will require your first name, last name, and country of residence to process withdrawals.
Please provide this information on your Profile as soon as possible.
WTF?
Did anyone get the email they proclaim to have sent?
I found out on the trollbox.
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