Topic: [XMR] Monero - A secure, private, untraceable cryptocurrency - page 919. (Read 4670673 times)

Hmm, so you need to register your identity to even Withdraw your coins?

I think the biggest takeaway from all this is now to find a new home for XMR trading. There is the possibility of moving to Bittrex but again, they are US-based and it will most likely be a situation where it is only a matter of time before similar things happen there. There is a very real possibility that there won't be much of a market until a new exchange is established. I'm sure there will be a substantial amount of users looking at withdrawaling what coins they have there (that applies to all alts). For what it's worth, there's still about 80k worth of buy support above .002 so for those that don't want to chance potential illiquidity, there's the ability to get back into BTC. People ultimately need to decide for themselves how comfortable they feel in the interim if there isn't much liquidity post-KYC exodus. And I'm merely speculating that will be the case given the background that XMR-users are coming from.

As are marketsells

Bids just dropping like flies. About 34-35k sold thus far.

hehe I'm smelling a bet here:
Next question is obviously whether or not you can withdraw lent xmr with a level 1 verification..

Welp, you're already seeing the effect thus far.

Mr. Voorhees will be delighted.

And let's go xmr.from

They enabled margin trading and lending, similar to bitfinex. Along with that they asked everyone for "Level 1" verification, where they ask for your first and last name and country of origin. I do not know if they have any checks (IP for example) to verify the information you enter. They have no present way of verifying your name, as far as I know.

This is for withdrawing up to $2,000 daily; for greater amounts, they require more verification (address, etc). You can see this here: https://poloniex.com/profile

It should be noted that Poloniex is US-based.

I think this news is "ok" for XMR, but we need an "anonymous" exchange (with volume) in addition to Polo now.

So, any idea where to trade xmr now?

Gives me the heebie jeebies. No thank you to that nonsense.

Yeah, the biggest takeaway is the bolded:


How this will ultimately affect the XMR markets as Polo is the primary exchange it's traded on is yet to be seen. Obviously, people focused on privacy may very well opt not to comply and no longer use the exchange. This would result in less XMR and BTC on the exchange.

11. (AML) Anti-Money Laundering & (KYC) Know Your Customer Policy

Poloniex protects itself from involvement in any activity that facilitates money laundering or other criminal activities by following the FinCEN guidance for MSB’s operating in the United States.

Poloniex aims to reasonably identify each user by cross-checking user data against governmental watch lists such as OFAC, as well as 3rd party identity verification and authentication services. If a user or a user’s transaction is flagged as suspicious through our internal controls, Poloniex will require additional proof of identification from the user and has the right to not permit any trades, deposits, and/or withdrawals until additional and verifiable proof of identity is received and the Compliance Officer has approved the user for use of the Platform.

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.

Go there:
https://poloniex.com/profile

go to your balance and/or profile

i find it very sketchy too

https://poloniex.com/terms/

I logged in and did not find anything related to KYC requirements. Where is this information from?

Pretty much that.

Taxes came due a few weeks ago, they put off collecting ID's as long as possible while being registered w/ fincen.

To make up for the new requests personal info in exchange for tiered daily withdrawal amounts, they now offer margin trading and loan offerings on reasonably sophisticated software for a 15% premium on gains.

Offering margin trading so now people have a couple days to comply with KYC rules (identity information most likely drivers license and utility bill) or risk potentially having their funds frozen. At least this is what I have gathered thus far. I'm sure it will be done similar to what Bitfinex did iirc.

Can someone summarize what has actually happened?

Yes Poloniex has always been open about being US based.