Bitcoin Forum

The Poloniex exchange again invites new users for the trading by using only the registration via email address. that is means that in order to trade on the exchange you will no longer need to go through complex verification.

I learned this from the letter they sent me in the mail. I think that we should not trust this exchange and protect new users from the possible loss of their money on this exchange.

 What do you think about such invitations?  should we avoid such tricks from exchanges? ???

As far as I know, the controller of The Poloniex exchange has changed,They need new users!good luck！

Actually I haven't used Poloniex exchange for a long time, but for the new changes I don't know about that and haven't received any replies from Poloniex.
I will not take any action now unless someone has used it, so I'm waiting for feedback about it here.

you do not need to do verification to trade on poloniex but when you try to withdraw it, you will be asked to.
it is too good to be true, when everybody is forced to do it. poloniex on the other hand gives us this option. I will not fall for this exchange again.
they have done enough.

who is the new owner? is not it the circle?

Don't know about the ownership change but Justin Sun has invested and bought some shares on the exchange. Don't know how much he owns but there's a increased involvement of Chinese users and  support staffs in the exchange. Justin Sun is the founder of TRX blockchain and is not a very dependable name in the crypto sphere.

Justin Sun now owns Polo, it was in the news and they relocate its office to where Crypto is not regulated yet. And the reason why you as trader in Polo can now withdraw $10K everyday without submitting KYC. I believe we still can trust the exchange. This is what Sun can do, seem very sneaky move actually but yes he manages to do it.

https://www.coindesk.com/circle-to-spin-out-poloniex-exchange-less-than-2-years-after-400-million-takeover


that's enough to answer your question. Some people said it has owned by Justin and that's true but he was one of the investors who was investing on poloniex exchange site.

Though Justin Sun claimed he is one of the investors of the new Poloniex but it was Sun and his close people that acquired the exchange. It's not a selling of a share but the whole exchange was sold. Everything changed hands. Poloniex not only has a growing number of Chinese but full owned by people related to Justin Sun on his leadership.

After moving out of Circle, there's also another Poloniex news you guys have missed: Poloniex has moved to the Seychelles (https://bitcointalk.org/index.php?topic=5200285.0)
Also the news about KYC/verification is from before Christmas and was discussed in the thread Poloniex revives unverified accounts (https://bitcointalk.org/index.php?topic=5211520.0)

So while the "no KYC" part may be good news, together with the move to Seychelles may not be something so great anymore. Caution is advised.

Poloniex are under controlled by Polo Digital Assets LTD.  Because the poloniex exchange are bankrupt and some report that some users lose thier holding here because of inside job.  

That's why we need to be careful on trading here in poloniex.  

poloniex is a pretty popular exchange, they have this policy because they have moved their server to a place more familiar with crypto, this is not some kind of trick as you think, just a new marketing strategy. Justin Sun's presence as an investor was very influential in this regard, and he also contributed to the launch of Polonidex.

that unnamed Asian investment firm looks shady af. now it is understandable why they sent the email.

any source for that? I would love to read it.

Because they no longer have too many users used their exchange, so they need to change the rules to attract new users. But I think that anyway, this exchange will not have too many users like before because right now we have a lot of better exchanges and higher liquidity than Poloniex. Personally I stopped using this exchange 2 years ago because it only lists old altcoins and it does not meet my needs

I know Poloniex not need KYC to do activities in their market. Just by listing using the email link, you can already trade and activity in the market. But what I know POLONIEX market is now deserted, many delist, etc.

I think Poloniex is trying to restore its former glory. Well, since that regulation, Poloniex has become increasingly dim from the world of trading, and now binance is replacing Poloniex, even Bittrex. however, if there is a need there, then it is an opportunity to make it. unfortunately, I am quite comfortable with the exchanger that I currently use.

Is there is who try it now when they withdraw, is KYC required upon withdrawal? it will be hard to Poloniex to acquire new users again so it might be their plan to eliminate KYC. But the question is how they comply in regulations in their country. Will better read more response and review before putting some amount in it again.

Is that so? I am a long standing customer of poloniex and I don't think I have received any such email till date! I have been receiving a lot of emails from them lately for completing my KYC verification which I didn't respond to! So this is a big surprise to me! I still have few Ripples and Dogecoins left in that exchange.

Can you please share a screenshot of the email here?

Poloniex isn't the first exchange to offer a opportunity to trade without passing KYC. Like it there're a lot exchanges offering this opportunity and most of them are reliable. Also bu sure that these people are not offered an unlimited deposit/withdrawal. In this case, there's no reason to be afraid. Right?

I'm pretty sure you need verification to withdraw from them.

This whole thing is just to lure people to deposit with them, and then they're stuck. There are loads of better exchanges out there, steer clear of Poloniex.

You get an e-mail from Poloniex with the e-mail content like that? why I don't get it too, even though I'm a Poloniex user. Okay, no problem.
if that's true, I think it's just an initial strategy or just a tricks hmmm. it is true that trading will not require verification, but when you make a withdrawal I'm sure you will be told to verify to open a daily withdrawal limit.

Can you send a copy of their email? they are sinking and probably noticed the drop of their users and found out that it's probably one of the reason.
Good job on their part as most of the users doesn't really want to rely on KYC and don't want to comply on it, they can limit each accounts as an option for both users and their end.

Really? Ever since I used Binance and OKex, I had not crossed path with Polo again.
If that is right then this is nonsense.

No verification in the entry but yet you cannot get out?
Is it like a prison?
Unlike Binance, they have a small limit where you could deposit and withdraw. Maybe I will just stick with them by now. No need to go back to the past.

I think it is logical to say that kyc is not needed anymore since the exchange headquarters is moved to a place where crypto is not regulated.  And aside from that since it had changed hand, it is also possible that this is just a marketing scheme for new users to come in.  It may or may not be a trap, who knows.  Also I do not think Justin Sun will ruin his reputation since he has lots to lose if he do bad things.

I had a similar experience with Gate.io. I made an account and deposited a coin, traded and when I tried to withdraw, they asked for a KYC. It's not that I'm afraid of KYC, I have my frequently used exchanges verified but letting users deposit and trade without any verification and asking for KYC in withdrawal is not ethical even for a crypto business.

Wow, I thought that exchanges are going to collect IDs of all users due to regulations done by FATF organisation. But, I am okay with regulations at least it forces the exchanges to develop decentralized solutions.

Currently Poloniex is not like the old days, and has changed owners. So you need to be careful when trading here because it's not too safe. I personally have also abandoned this exchange for a long time because their exchange is outdated. Currently there are a lot better exchanges than Poloniex, and I don't need KYC anything to be able to deposit and withdraw money, anyway I will never use this exchange in the future.

That time when they decide to require KYC for all the users and those who want to register is the downfall of their exchange. No one is going to submit their ID for KYC just because they want to exchange some pennies they gathered out of altcoins and now they are seeking for new users. I guess in my opinion it's just too late for them considering many exchanges have taken majority of their former users.

As far as I know Poloniex exchange has been in existence and operating for the past few years, have traded there severally when I came into this space newly, but I can't really say much about your claim until I make further investigation, but for now they might be doing that to get more users to their exchange, we all know how stressful their kyc process was.

Poloniex has been moving around and sold multiple times already and with the change of ownership everytime there is also change of policies which is evident with what is happening with poloniex, i do not think we should suspect new poloniex management without any evidence, i think it is just a promotional campaign because they need more members and liquidity on their exchange, im sure they will clarify about it soon.

Poloniex is a legend exchange in crypto. I remember the time when poloniex became the best exchange
but the time has changed. if not mistaken, many people leaved that exchange bcz of hack incident

at this time, there are many better exchanges than poloniex
I would say that poloniex will be hard to get back glory in the past

about verivication, poloniex still needs it for all user
this is what I see inside exchange, we should do verivication.

https://i.imgur.com/HutoZXH.png

Poloneix has lost its initial valor with the advent of newer exchanges like Kucoin, Binance and Co. Probably by now they're looking for users that's all or it's likely a glitch they had on their exchange registration portal. I don't use Poloneix though.

I remember when Poloniex was my favorite exchange but now anymore. However, I will like to point out that it's still a legit exchange, I don't know about the removal of verification for new users. I think verification will be needed for withdrawal of big amounts, so it might be a means to bring in new traders. I've been seeing their ads on Twitter so I think Justin Sun is doing great with promotions.

Maybe they don't require KYC for small amount of withdrawals like below 2BTC. I haven't used Polo since they changed the management. I feel that my funds are not secured anymore, that anytime something will happen to that exchange.

If the OP can share the email he received along with the sender's email so we can confirm the authenticity of that mail. If it is true, then, I guess Polo is changing their terms to attract more customers. But you can't avoid the doubt of using them again. Just don't store your coins on them for long time.

Haven't used Poloneix for ages. You just read the email. I would suggest you go to their site and recheck their policy. You said can trade without going through KYC process, but you probably won't be able to withdraw without verifying yourself. That would be a really sneaky and unethical move. Or they might have restrictions on the amount of coins you will be able to withdraw without any kind of verification.

This is one of the first exchanges on which I registered a couple of years ago. Even then, identity verification did not cause problems. If they made such a decision, then most likely due to a decrease (significant) in the number of traders...

yes it is the same as old one , but as i remember they change ownership thats why many traders switch to use other exchange . Its so frusrating that one of largest exchange before is not know right now mostly newbie.

Poloniex is good so I don't think there should be a problem if they change their registration since they are already trusted. I don't they will lose their money if they use poloniex because for sure after registering using the email they will look for more information about the user, but maybe that is after you register your account.

I agree with you. Currently the number of investors in this exchange is very few and no one is interested in trading here, so Poloniex needs to have a new strategy to attract people and not requiring customers to verify is something that is very many people want. Hopefully, with this decision, Poloniex will be able to find more new investors in the near future.

Beside, Poloniex need to list some new coins because this exchange is very few coins and it will be very difficult to compete with exchanges like Binance, Okex.

Poloniex was once very successful. Almost all coins want to enter there and Bittrex. But times change and the world rotates. Poloniex makes steps that make the user uncomfortable and leaves it. And now he still wants to be as busy as before, it seems very difficult. Since most of the traders have moved to Binance. Gradually poloniex will also die, I think.

In that picture, it is clear that we must verivy KYC. no small withdraw amount like Binance
if we wanna withdraw, trade, card purchases, we need to verivy KYC

btw, Poloniex made PoloniDEX for Decentralized Exchange. I even just knewn after seeing their website
many tokens listed in that site. the UI looks like better than others IMO

China owns Polo now, like they are buying up everything else in this world, and in crypto :D
Justin Sun realized, just like any gangster, you need to take the scam money and invest it into legit things before the powers that be make you pay it back :P
so no surprise there, to see him involved financially in Polo, crazy that that guy scammed people so bad, TRX is a total flop, but he got REALLY rich off it :O :(

I consider this a bad practice you can deposit and you will receive a lot of invitation too deposit, and they will make it easy for you to deposit, but things will be different once you withdraw your earnings or your funds, they will make it hard for you, asking a lot of verification, they are ok with deposit but different when you are withdrawing.