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Topic: Something bad is happening at Poloniex (Read 1421 times)

legendary
Activity: 2772
Merit: 2846
July 12, 2017, 07:24:15 PM
#31
I've never seen a leading exchange get so much negative reviews. If for example EUREX or NASDAQ received so many complaints all over the web from unhappy customers, they would work extremely hard to improve their PR day and night.

Just the fact that Poloniex is completely silent about this astronomically high number of complaints and bad reviews is a huge red flag, this site might be having liquidity issues, or may be malevolent in intent and might try to outright steal customer funds benefiting from a lack of regulation in the crypto space. I would hope very much to be wrong, and for someone to step forward from their company to fix this huge reputational hit they've been getting over the last couple of months...

Simple. They know they can get away with it because they have the volume. That dwarfs any need to please customers. It's always been this way and it'll continue to be so until more discerning and demanding people get involved. However greed will always beat anything else.

It won't continue in US exchanges if the Uniform Law Commission draft uniform virtual currency act gets approved. Coinbase is strongly objecting to it. All exchanges regulated by it would have to give a bond to the department administering the act, and the department gets to specify the amount. There's a possibility of heavy regulation coming soon to all big US exchanges.

http://www.coindesk.com/uniform-regulation-virtual-currency-businesses-coming-state-near/

Quote
The Uniform Law Commission will vote on its draft uniform virtual currency act at its annual meeting in San Diego on 14th July.

Quote
If you are subject to regulation, the act requires you to be licensed with the state whose residents you conduct virtual currency business activity with. To get a license, you need to submit an application in which you must disclose extensive details about the background of the principals of your business, including fingerprints, criminal history, past bankruptcies, current or past lawsuits, enforcement actions or arbitrations.

Prior to being licensed, an applicant is required to post funds, a letter of credit or surety bond with the department administering the act in the amount that the department specifies based on the nature and risks in the applicant’s virtual currency business model.


Quote
Once licensed, you must comply with various requirements such as having a minimum net worth or reserves, creating and maintaining required records, making certain disclosures and implementing compliance policies including cybersecurity, business continuity, disaster recovery, anti-fraud, anti-money laundering, and anti-terrorist financing programs. You are subject to be examined by the department for your compliance with these requirements.

Non-compliance with these requirements or engaging in unsafe, deceptive, fraudulent acts or misappropriation of customer property, subjects you to enforcement actions which can result in fines, a revocation or suspension of your license or the issuance of a cease and desist order as well as, where appropriate, the referral of the matter for criminal prosecution.
legendary
Activity: 2590
Merit: 3015
Welt Am Draht
July 12, 2017, 05:01:42 PM
#30
I've never seen a leading exchange get so much negative reviews. If for example EUREX or NASDAQ received so many complaints all over the web from unhappy customers, they would work extremely hard to improve their PR day and night.

Just the fact that Poloniex is completely silent about this astronomically high number of complaints and bad reviews is a huge red flag, this site might be having liquidity issues, or may be malevolent in intent and might try to outright steal customer funds benefiting from a lack of regulation in the crypto space. I would hope very much to be wrong, and for someone to step forward from their company to fix this huge reputational hit they've been getting over the last couple of months...

Simple. They know they can get away with it because they have the volume. That dwarfs any need to please customers. It's always been this way and it'll continue to be so until more discerning and demanding people get involved. However greed will always beat anything else.
legendary
Activity: 2128
Merit: 1657
July 12, 2017, 04:59:33 PM
#29
I've never seen a leading exchange get so much negative reviews. If for example EUREX or NASDAQ received so many complaints all over the web from unhappy customers, they would work extremely hard to improve their PR day and night.

Just the fact that Poloniex is completely silent about this astronomically high number of complaints and bad reviews is a huge red flag, this site might be having liquidity issues, or may be malevolent in intent and might try to outright steal customer funds benefiting from a lack of regulation in the crypto space. I would hope very much to be wrong on this issue, and for someone to step forward from their company to fix this huge reputational hit they've been getting over the last couple of months...
sr. member
Activity: 246
Merit: 250
June 29, 2017, 04:12:19 AM
#28
Just received my funds.
I guess I had to make some noise on the web in order for someone at Poloniex to move their a..

Anyway, Im moving to Bittrex.
legendary
Activity: 1512
Merit: 1246
June 29, 2017, 01:31:15 AM
#27
Hi! I had the same problem. 2 fa + tier 3 of verification. My withdrawal was at 17-06-08. The ticket number was #211 ... I'd been waiting for 21 days and received my funds finnaly today. Support didn't responded though. Just deleted my ticket.

Let's go to bittrex!
full member
Activity: 129
Merit: 101
June 29, 2017, 12:55:25 AM
#26
If they dont keep a fair amount of all cryptos they accept in trading in coldstorage liquidity problmes will arise. Peple doesnt seem to learn. Everyone saw what happened with banks after the subprime. As crypto is no tregulated i dont expect them to behave diferently. When you have lots of mellions standing in fornt of you, its dificult not to be greedy.

Perhaps those Poloniex problems caused the btc price to decrease from 2600 USD to 2400 USD?
What if a future Poloniex crush make the bitcoin price to go back to $ 1300?
I was thinking about all cryptoccurency exchange plarforms to make a "cryptocurrency reserve system"
like the federal reserve system and keep some bitcoins in a separate fund.

Lol Smiley good one, man.
sr. member
Activity: 560
Merit: 257
June 28, 2017, 10:35:30 PM
#25
That's crazy because it's a lot amount of btc to me, I also got the same issues that is "Awaiting Approval" and it has happened repeatedly. But they responded to a complaint on my support ticket after 2 weeks, but after I got an answer from them my withdrawal was canceled and my bitcoin returned, but after that I made another withdrawal and "Awaiting Approval" kept getting so my bitcoin kept getting stuck in poloniex . I'm very curious, actually what's happening to poloniex, because I do not believe the notices they make.
full member
Activity: 160
Merit: 100
June 28, 2017, 08:17:04 PM
#24
Polo still has a notice up that say's ETH deposits are not allowed at this time, I have 1.2 Eth sitting in an anonymous ming pool that usually gets's auto sent to my ETH Polo address, so if they don't start allowing ETH deposits soon, then there could be a lot of miners stuck in a similar boat, with no real way to cash out their ETH.

This is all not good for POLO who seem to have had nothing but issues of one sort or another over the last couple of months, especially when POLO ground to a halt for hours on end. I really hope they get their act together, otherwise other exchanges will be sort by the masses, also I miss trollbox.

If anyone has sent ETH to their POLO ETH address in the last few day's and it has gotten through, then please reply and let us know, also if it failed, then also let us know. I am hoping they might have just forgotten to take the notice down or not put up a new one saying ETH deposits are accepted again.

full member
Activity: 154
Merit: 100
Cindicator Bounty Manager
June 28, 2017, 05:28:34 AM
#23
Alarmism? Never had problems with withdrawal but safety is my first priority
sr. member
Activity: 246
Merit: 250
June 28, 2017, 03:36:55 AM
#22
waiting for ANY response from polo support since 28 of may. Just moved my funds from there. Bad customer support.

They defiantly have bad customer support, but my fear is different. that they hold withdrawals on purpose.
I see a lot of trading volumes going to bittrex and Poloniex are starting to make problems when Withdrawing - that's a really bad sign
sr. member
Activity: 246
Merit: 250
June 28, 2017, 03:34:30 AM
#21
there is no bad thing occured with me.but i heard from some tradders that poloniex has some problem with their sequrity.so to safe your money active 2fa password system.

I use 2fa, and had a Poloniex account for more then 2 years. First time I have problems with it
sr. member
Activity: 284
Merit: 250
June 28, 2017, 03:34:03 AM
#20
waiting for ANY response from polo support since 28 of may. Just moved my funds from there. Bad customer support.
legendary
Activity: 2436
Merit: 1189
Need Campaign Manager?PM on telegram @sujonali1819
June 28, 2017, 03:32:24 AM
#19
there is no bad thing occured with me.but i heard from some tradders that poloniex has some problem with their sequrity.so to safe your money active 2fa password system.
sr. member
Activity: 246
Merit: 250
June 28, 2017, 03:31:34 AM
#18
I really hope that this is just a temporary issue, I'd hate to see them in trouble.
It's definitely my favourite exchange for altcoins and I can't imagine the impact it would have on altcoin prices if they were to shut down or lose people's funds.

Same here dude. Though i'm not yet experiencing the problems that people are having in this thread but i hope if anything is wrong they'd be able to fix it. Majority of my btcs are in polo for trading and it would be disastrous for me if something unwanted happens there.


Start getting them out while you can....
Just made another withdrawal that got stuck

Awaiting Approval   BTC   0.78900000
2017-06-28 08:05:28
sr. member
Activity: 1456
Merit: 267
Buy $BGL before it's too late!
June 28, 2017, 03:25:06 AM
#17
I really hope that this is just a temporary issue, I'd hate to see them in trouble.
It's definitely my favourite exchange for altcoins and I can't imagine the impact it would have on altcoin prices if they were to shut down or lose people's funds.

Same here dude. Though i'm not yet experiencing the problems that people are having in this thread but i hope if anything is wrong they'd be able to fix it. Majority of my btcs are in polo for trading and it would be disastrous for me if something unwanted happens there.
sr. member
Activity: 406
Merit: 263
June 28, 2017, 02:00:48 AM
#16
Customer support ignores all requests. It is really starting to feel like they have liquidity problems

http://imgur.com/a/6xpkJ
http://imgur.com/a/Z1nR0


Edit : the account with 2fa/Email confirmation

I'm trying to stay away from Polo nowadays. I already loss some money because of Polo due to 3-4 hours delayed transactions.

If you are planing to do some arbitrage better stay away from polo at least for sometime.
sr. member
Activity: 246
Merit: 250
June 28, 2017, 01:49:27 AM
#15
Customer support ignores all requests. It is really starting to feel like they have liquidity problems

http://imgur.com/a/6xpkJ
http://imgur.com/a/Z1nR0


Edit : the account with 2fa/Email confirmation

Its been a months already that poloniex facing this kind of a problems. And because of this issues some of their client trader are transferring in Other exchange platform which they think its better than poloniex.


I want to transfer too... but they don't let me.
The thing that really pisses me off is that I have no one to talk too. They just ignore me.
full member
Activity: 232
Merit: 100
June 27, 2017, 05:11:39 PM
#14
Customer support ignores all requests. It is really starting to feel like they have liquidity problems

http://imgur.com/a/6xpkJ
http://imgur.com/a/Z1nR0


Edit : the account with 2fa/Email confirmation

Its been a months already that poloniex facing this kind of a problems. And because of this issues some of their client trader are transferring in Other exchange platform which they think its better than poloniex.


Due to the same reason, I already quited from poloniex 3 months ago. I promised myself that I'll never use it even though I like its user interface very much.
sr. member
Activity: 910
Merit: 251
June 27, 2017, 04:56:21 PM
#13
Customer support ignores all requests. It is really starting to feel like they have liquidity problems

http://imgur.com/a/6xpkJ
http://imgur.com/a/Z1nR0


Edit : the account with 2fa/Email confirmation

Its been a months already that poloniex facing this kind of a problems. And because of this issues some of their client trader are transferring in Other exchange platform which they think its better than poloniex.
legendary
Activity: 1582
Merit: 1059
June 27, 2017, 04:22:03 PM
#12
Customer support ignores all requests. It is really starting to feel like they have liquidity problems

http://imgur.com/a/6xpkJ
http://imgur.com/a/Z1nR0


Edit : the account with 2fa/Email confirmation

I don't know. Right now I keep doing deposits and withdrawals with no problems. The first withdrawal took some time, but still less than a day, but all the withdrawals after that one, were almost instant, so right now I have no reason not to trust them, and will continue using their service.
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