Poloniex changing their ToS -- Needs verification for withdrawals next week.

[flyingplows]

I have already withdrawn all my coins in my poloniex, I really liked them, but I don't want nobody to force me to give them my data unless is necessary, and I want it. They will lose many clients

bad move by poloniex.. indeed they will lose a lot of customers, well time to move to other exchange website then.(bittrex is good)

I think Bittrex is US based and I suspect the real reason for Poloniex's actions is the fact it is US based and worried about trouble from the government. Bittrex might eventually get worried enough to go down the same route, or be forced to.

My thoughts on Poloniex's move is that they were forced to. I can't see any good reason for them to decide to do this on their own, and implement in 48 hours at that. If it was their decision, I would think they would give a bit more notice that that.

I agree. I just wish they explained why they are taking this action. For those who haven't seen it, there are three verification levels:

1. Provide name/nationality.
2. Provide mail address and phone #.
3. Provide passport/social security # (and I forget, maybe something else).

I only did the level 1 and there seems to be no verification that the info is real, at this point.

What do you get for level two? It sounds quite reasonable. Can I buy shitcoins with my fiat? It's about damn time I get all this stuff without some serious taxes...

[1715081078]

1715081078

[1715081078]

1715081078

[RitzBitzz]

This seems to get rid of bitcoins point for being anonymous.

[Flyskyhigh]

Who in the hell is going to give them thier name, address and social security number?

I mean come on. That is like identity theft!

[ranlo]

I really don't see an issue with level 1. It's just a name and country of residence. A ton of people on here already have mine as it is since I've done work with quite a few. #2 gets a little more involved, but use a Google Voice number. #3 is just... no.

[Shrikez]

Poloniex has made millions from Monero trading on there. I suspect this is a move towards further "validation"(They might get USD markets).

Please do some math. Hint: Volume in about a year and fee...0,2% it is, right?

Certainly not millions...

[celestio]

Poloniex has made millions from Monero trading on there. I suspect this is a move towards further "validation"(They might get USD markets).

Please do some math. Hint: Volume in about a year and fee...0,2% it is, right?

Certainly not millions...

Look, if you're going to reply, don't bullshit me please. Maybe you should do the math before making such statements.

I did a rough ex: Saying that Monero went on on Poloniex in July(It actually went on in the beginning of June, so I'm lowbawling it), and today's volume is $60,000 , so I used that, then you multiply the amount of months from then till now, around 10, and multiple that by 60,000, then multiply again by 0.2, you get 3,600,000.

So, poloniex gained at least, an estimated $3,600,000 from Monero trading, and that's lowbawling it as there's been plenty of days where the volume has been above $200,000 for ex(I suspect they've made closer to 10million).

[poochpocket]

Poloniex has made millions from Monero trading on there. I suspect this is a move towards further "validation"(They might get USD markets).

Please do some math. Hint: Volume in about a year and fee...0,2% it is, right?

Certainly not millions...

Look, if you're going to reply, don't bullshit me please. Maybe you should do the math before making such statements.

I did a rough ex: Saying that Monero went on on Poloniex in July(It actually went on in the beginning of June, so I'm lowbawling it), and today's volume is $60,000 , so I used that, then you multiply the amount of months from then till now, around 10, and multiple that by 60,000, then multiply again by 0.2, you get 3,600,000.

So, poloniex gained at least, an estimated $3,600,000 from Monero trading, and that's lowbawling it as there's been plenty of days where the volume has been above $200,000 for ex(I suspect they've made closer to 10million).

Not even close. Their fee is 0.2%. you have to multiply by .002 not .2!

[celestio]

Poloniex has made millions from Monero trading on there. I suspect this is a move towards further "validation"(They might get USD markets).

Please do some math. Hint: Volume in about a year and fee...0,2% it is, right?

Certainly not millions...

Look, if you're going to reply, don't bullshit me please. Maybe you should do the math before making such statements.

I did a rough ex: Saying that Monero went on on Poloniex in July(It actually went on in the beginning of June, so I'm lowbawling it), and today's volume is $60,000 , so I used that, then you multiply the amount of months from then till now, around 10, and multiple that by 60,000, then multiply again by 0.2, you get 3,600,000.

So, poloniex gained at least, an estimated $3,600,000 from Monero trading, and that's lowbawling it as there's been plenty of days where the volume has been above $200,000 for ex(I suspect they've made closer to 10million).

Not even close. Their fee is 0.2%. you have to multiply by .002 not .2!

Oh you're right. Jumped into it too quickly

[2dogs]

So back to the issue at hand, we have less than a day to "comply"...

In my case, I have numerous shitcoins over there - 'eff'n pain in the ass to transfer anywhere.

Main balances worth saving are going to Cryptsy.

[DooMAD]

Such short notice is a bit of a joke.  I'm on holiday abroad and, while their site is fantastic on a PC, it's shit on a mobile phone and I really don't fancy going through the hassle of trying to move my funds around on a damn phone.  I've always found Poloniex to be one of the more reputable exchanges, but making changes like this at the drop of a hat just comes across as sloppy and unprofessional.

[pooya87]

So back to the issue at hand, we have less than a day to "comply"...

In my case, I have numerous shitcoins over there - 'eff'n pain in the ass to transfer anywhere.

Main balances worth saving are going to Cryptsy.

i am moving away from Polpniex as fast as i can too. i did most of my altcoin trading in Bittrex before, this action of theirs forced me to move there completely.

who knows, they are going to ask for more personal stuff and place restrictions on people who don't give their social security number!

[ranlo]

Such short notice is a bit of a joke.  I'm on holiday abroad and, while their site is fantastic on a PC, it's shit on a mobile phone and I really don't fancy going through the hassle of trying to move my funds around on a damn phone.  I've always found Poloniex to be one of the more reputable exchanges, but making changes like this at the drop of a hat just comes across as sloppy and unprofessional.

I don't understand the need to transfer between sub-wallets like that. Just let people allocate x amount that will be tossed towards funding margins, and leave the rest alone (sort of like how we can stake and have x amount NOT being staked so it can be spent). Past that, orders you have set up effectively remove the funds from your wallet while pending anyways. This added step of transferring is just a hassle that isn't needed.

[dothebeats]

Who in the hell is going to give them thier name, address and social security number?

I mean come on. That is like identity theft!

Nope. Giving a business your name, address, and social security number isn't considered as an identity theft. When someone uses our identity and credentials as their own, then it is considered as an identity theft. I haven't got any issues on giving my name and nationality. But level 2 and 3 verifications are just way too invasive on my privacy and to others as well.

[adhitthana]

I wouldn't trust Poloniex with a jar of farts for over a week let alone that much information on their computers.

They have already been hacked once.

BTC in and out.

Cryptsy it is!

They did get hacked. Well I don't know if "hacked" is even the right word. Someone withdrew more than they had in their account due to a "loophole".
But Busoni paid everyone back, including me.

[cryptojumper]

Where can I find a clear explanation about those verification levels, I could not find it on their exchange site. If I verify for 1 or 2 what benefits do I get? Unless it's something tangible I guess people will just use another exchange and it's a huge customer loss for Poloniex

[galbros]

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.

[cryptojumper]

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.

Thanks. $7,000.00 USD equivalent in a 24-hour period is only when you need to upload docs looks like. So it's absolutely irrelevant at least for me while I am not a millionaire still like the people complaining. I didn't even thought such amounts are withdrawn daily Wow!

[Amph]

This seems to get rid of bitcoins point for being anonymous.

and monero too, which is even more of a big deal, bitcoin was never 100% anon anyway

[louise123]

This seems to get rid of bitcoins point for being anonymous.

That is true. It is an attempt to somehow regulate it and control it.
None the less, Bitcoin isn't as anonymous as most people think.
We do after all have all transactions recorder in a decentralized ledger 

[ranlo]

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.

Thanks. $7,000.00 USD equivalent in a 24-hour period is only when you need to upload docs looks like. So it's absolutely irrelevant at least for me while I am not a millionaire still like the people complaining. I didn't even thought such amounts are withdrawn daily Wow!

In other words, withdraw all your BTC now before it's worth $7k+ each and you're screwed. Or at least that's how I'm reading it.