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

[boopy265420]

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

Just for those that dont know and have some btc or other altcoins sitting there.

Yeah me too, I received similar e-mail notification from them.This is going to be too personal like they ask the information which most of the people even me don't like to share.I was using their services in past but in future this requirement will effect their business negatively.They are forcing people to share their personal information just to trade there,I don't see any sense to do so.

[trafficolaa]

really very strange kind of verification method so it is better to move on trex when they are forcing to verify without putting fiat exchange option, it does not make any sense to verify our profile there.

[newcripto]

really very strange kind of verification method so it is better to move on trex when they are forcing to verify without putting fiat exchange option, it does not make any sense to verify our profile there.

This action will provoke the potential traders to move to other sites like bittrex,c-cexand some new launched user friendly exchanges which will avail this opportunity to grow their business.In my opinion it is worst decision they could ever take.

[ebliever]

why did you black it out if it was fake data?

Because he doesn't want them to see his post and know that he's given them fake data.... 

[Cointopay.com]

Love the polo, but yeah the web of control is surrounding them as well. 

[BayAreaCoins]

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!

[illodin]

what kind of verification they need and why they too verify our profile when they are only dealing with altcoin coins?
their verification method is kinda joke i entered fake data into first step and get verified.

And when they finally ask you to provide ID when you're doing a large withdraw or w/e and you can't come up with ID matching your fake name, your funds are gone.

[dothebeats]

Good thing I don't have any balances in Poloniex. Dafuq is happening in the cryptocurrency ecosystem? We are slowly being consumed by the powers of the authority. I can't trade in that exchange without them knowing who am I. That's kinda alarming.

[Flyskyhigh]

The notice under the trollbox reads:

No accounts will be locked or frozen if you do not provide the information requested. Starting on May 20th at 19:00 UTC, you will need to have your name and country of residence on file to withdraw up to 2,000 USD worth of crypto per day.

[ticoti]

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

[fast2fix]

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)

[spud21]

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.

[MakingMoneyHoney]

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.

[ebliever]

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.

[fox19891989]

I have to input my name there, and my country to withdraw money, it doesn't matter for me, I can accept that

But I think they should regulate those fiat users, I only trade bitcoin and altcoin there, it is not necessary to get our info there actually.

[fox19891989]

The notice under the trollbox reads:

No accounts will be locked or frozen if you do not provide the information requested. Starting on May 20th at 19:00 UTC, you will need to have your name and country of residence on file to withdraw up to 2,000 USD worth of crypto per day.

From what I see is the same, if people who wanna get 2500 USD(10+btc) withdrawal per day, they need info, but if we don't withdraw that big amount of btc, we don't need enter our info.

But I have submitted my info there, it doesn't matter, you can use fake name there, LOL, I don't think many people need to withdraw so much money there, if you have to do that, you can just pass level 1, and get the money for some days.

[spud21]

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.

Agreed, I was shocked by how little notice we were given. Any US based exchange might be forced to do the same. If you give a fake name they might suddenly be forced to demand ID documents to withdraw your coins.

I remember a few people here who were caught in that trap when Bitstamp started demanding ID proof.

[dothebeats]

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)

Given that Bittrex is also a US-based exchange, it will be forced to do the same thing as what Poloniex did sooner or later. Btw, I have a question regarding the new implemented terms of service of Poloniex: are the submission of personal information mandatory even if you aren't a US citizen?

[celestio]

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

[spud21]

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)

Given that Bittrex is also a US-based exchange, it will be forced to do the same thing as what Poloniex did sooner or later. Btw, I have a question regarding the new implemented terms of service of Poloniex: are the submission of personal information mandatory even if you aren't a US citizen?

Ye its still mandatory even if you aren't a US citizen.