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Author Topic: R.I.P. Poloniex (new face-image requirements)  (Read 377 times)
seoincorporation
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May 28, 2018, 03:29:54 PM
 #1

Some days ago, I received an email entitled: "Pononiex Account Alert: verification needed"

In the email, they sent me some instructions regarding the new restrictions they're implementing their service. They give me 7 days to send to them both a governmental ID (my passport, for instance) and a photo of my own face along with a paper with the date wrote in it. There is no option if you want to use Poloniex, for in the mean site you will find this:


Given the recent information leaks scandals, it is awesome they ask for a personal photo of your face. Ok, due to recent regulations, the user real name has to be shared, for the law is taking this way. But a pick? What's the point of sharing with them my ugly face? Why is so urgent to them?

Anyway, this is crystal clear to me: RIP, Poloniex. I will no longer use their services, as long as other exchangers continue offering anonymity.

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May 28, 2018, 04:48:39 PM
 #2

Quote
Anyway, this is crystal clear to me: RIP, Poloniex. I will no longer use their services, as long as other exchangers continue offering anonymity.

You do not use skrill? Have you seen the procedures for verification a skrill account? you would probably be shocked if you did skrill account verification. they ask the person to download an application and this application will scan your face and confirm if it matches your ID. besides they ask for many other things. is a very stressful process. probably many exchange will follow the example of poloniex, this is the end of anonymity the end of altcoins that are anonymous as monero


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May 28, 2018, 05:01:15 PM
 #3

That's a bad news if they are now asking for verification but it's weird because I didn't receive any email from Poloniex looks like your the only one who received it.
For now, it's not safe to give any personal data or government ID because there is news about adding new policy according to general data protection regulation. So I think this may be the reason for asking for ID's.

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May 28, 2018, 05:15:20 PM
 #4

Oh! It already started. On Dec 2017 they have announced here that they will require legacy accounts to become verified. So meaning after receiving the email, legacy account holders only have a week to be able to withdraw their balances if don't want to comply with the verification. Though there have been an upfront announcement last year, isn't 7 days a bit short? I know, processing the verification will only take minutes, but some people might be unable to check their email for a week.... Anyway, that's only what I thought.

There is no option if you want to use Poloniex
Only way is to be verified because unverified accounts will be useless on and after the deadline:

On the date of the deadline, legacy accounts will be placed in a state where:

  • Trading and lending will be disabled;
  • Open orders will be closed;
  • Loans will have auto-renew switched off;
  • Margin positions will be given an 8 week wind-down period where they can only be diminished or closed. After the 8 week wind-down period, they will be closed;
  • Deposit addresses will be revoked. Any deposits sent to a revoked address will not be recoverable until the account is fully verified;
  • Withdrawals will remain enabled at the daily withdrawal limits prior to the deadline.
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May 28, 2018, 05:43:56 PM
 #5


You do not use skrill? Have you seen the procedures for verification a skrill account? you would probably be shocked if you did skrill account verification. they ask the person to download an application and this application will scan your face and confirm if it matches your ID. besides they ask for many other things. is a very stressful process. probably many exchange will follow the example of poloniex, this is the end of anonymity the end of altcoins that are anonymous as monero


Puf, man, I once thought about using this, but of course, I didn't download this crazy stuff. Why the face? This is my central question. Why do they need to know the shape of your face? They are going too far.

That's a bad news if they are now asking for verification but it's weird because I didn't receive any email from Poloniex looks like your the only one who received it.
For now, it's not safe to give any personal data or government ID because there is news about adding new policy according to general data protection regulation. So I think this may be the reason for asking for ID's.

Maybe it depends on the country for the moment. Poloniex is from the US, I'm from Mexico, perhaps that's the reason... You know Trump's Government and Mexicans...

Though there have been an upfront announcement last year, isn't 7 days a bit short? I know, processing the verification will only take minutes, but some people might be unable to check their email for a week.... Anyway, that's only what I thought.

Too short, of course. Maybe it is about making people act without having time to give the desition a good consideration...

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May 28, 2018, 05:53:44 PM
 #6


Didn't got the same email too but I undergo to that verification months ago because Im aware of their new policy as Im regularly used Poloniex. Just wondering why Poloniex just send you the email days ago and not before.....

Moving on... well obviously it's R.I.P to those who aren't comfortable to that kind of system so take that as a reason why people should used other exchange instead. But for me, like I mentioned Im a regular trader on Poloniex, I don't want to have a limited activity because majority of my diversified funds throughout multiple exchanges are here. There are only couple of exchanges that I undergo this kind of verfication because I have no choice. So far so good and Im not new to this verification thing so Im sure it won't be used to shitty activities.

Just to be clear that Im not encouraging anyone to just follow verification system of a certain trading platform, be vigilant. It's just that my situation is different from others as I mentioned that I have big funds sitting here for trading purposes. Years of using them and didn't got a major problem.

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May 28, 2018, 06:10:18 PM
 #7



Just to be clear that Im not encouraging anyone to just follow verification system of a certain trading platform, be vigilant. It's just that my situation is different from others as I mentioned that I have big funds sitting here for trading purposes. Years of using them and didn't got a major problem.

Don't worry, I get you, and I have neither nothing illegal in the move or anything to hide from. But the point is about surveillance. My face, face recognition... this is going too far, under my own perspective, of course.
We are living a surveillance nightmare just being known recently with some news as the Facebook leaks related ones. The leak of information can also happen in exchangers, as well. Facial recognition... this just sounds Orwellian to me. My pick is already on my ID, so, why they need another one? are they going to ask you for a digital fingerprint as well? (this is on the  id, by the way). What's next? A retina scan? A DNA sample? And who are they going to be obliged to share this information with?

To have nothing to hide doesn't mean you have to share everything.


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May 28, 2018, 07:39:42 PM
 #8

It's not whether Poloniex themselves will use it for shady activities it's whether they can keep it safe. As we know from past events Bitcoin users who hold a substantial amount of coin can become targets of hackers. Exchanges in the past have been taken down and breached. In the past only certain amounts of coin were stolen. But if Poloniex was now compromised they would not only get coin they would also get the identity of several thousand Bitcoin users. This sort of shit is what turns me off from major exchanges and makes me wish there were decentralized exchanges out there I've yet to find one but if anyone knows of any please let me know.

Even if you aren't  bothered by the additional information required yourself you should still be prepared to boycott anyone that requires this information as it's just not needed.

Doesn't a passport have a photo anyway? I don't see why they would require an additional one.

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May 28, 2018, 07:42:31 PM
 #9



Doesn't a passport have a photo anyway? I don't see why they would require an additional one.
They can't verify it's actually you if you only give them the photo of your passport, since there would be no time stamp etc, you could just use a false identity.

This is in their newest update "blog"
Quote
We are asking everyone to take action within the next 14 days.

This seems scary. What exactly will happen after the next 14 days? Will they just claim my funds? I can't find anything about this and it seems quite weird.
Anyone who can enlighten me on that bit?

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May 28, 2018, 08:11:39 PM
 #10



Doesn't a passport have a photo anyway? I don't see why they would require an additional one.
They can't verify it's actually you if you only give them the photo of your passport, since there would be no time stamp etc, you could just use a false identity.

I also received this email about poloniex forcing verification a couple days ago, in which it stated the following:

Quote
We are asking everyone to take action within the next 14 days.

This seems scary. What exactly will happen after the next 14 days? Will they just claim my funds? I can't find anything about this and it seems quite weird.
Anyone who can explain that a bit further?

Right. Strange as other services which require evidence of who you are don't require the additional timestamp on a photo and normally just require ID of some sort. This could sometimes be a driving license or even a bill that you've recently been sent via mail.

If they do seize the funds after 14 days that would be wrong. One could make the accusation that they had planned that a lot of people wouldn't be able to provide the information they requested in such a small amount of time and therefore knew that they would profit from this.

It's okay to suspend users from using their services if they don't live up to the standards of Poloniex but they should allow access to the funds indefinitely. 

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Fatunad
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May 28, 2018, 08:41:54 PM
 #11



Doesn't a passport have a photo anyway? I don't see why they would require an additional one.
They can't verify it's actually you if you only give them the photo of your passport, since there would be no time stamp etc, you could just use a false identity.

I also received this email about poloniex forcing verification a couple days ago, in which it stated the following:

Quote
We are asking everyone to take action within the next 14 days.

This seems scary. What exactly will happen after the next 14 days? Will they just claim my funds? I can't find anything about this and it seems quite weird.
Anyone who can enlighten me on that bit?
Additional photo with your own face and some time stamp will really prevent frauds and same as you said anyone can pass up others identity or documentation where they do add up with that kind of requirement i know it does sucks to have that add up but if you arent hiding something then this would be a problem into your side but if you are really into anonymous things then most likely you would really hate up this thing no doubt.


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May 28, 2018, 08:45:47 PM
 #12

My legacy account is now frozen as well, thanks to poloniex's new policies.

As to the face image, I guess it's just becoming industry standard as more and more exchanges start doing it. No way around it, really. But I'd rather use another exchange than have to provide them with this, tbh.

This seems scary. What exactly will happen after the next 14 days? Will they just claim my funds? I can't find anything about this and it seems quite weird.
Anyone who can enlighten me on that bit?

Exactly. This is what I don't get.

Why is there a timeframe on which you have to complete verification? Not everyone is able to complete it by that date. I don't think that there are any particular consequences that they have listed, but that is sure as hell scary.

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May 28, 2018, 09:15:21 PM
 #13

Additional photo with your own face and some time stamp will really prevent frauds and same as you said anyone can pass up others identity or documentation where they do add up with that kind of requirement i know it does sucks to have that add up but if you arent hiding something then this would be a problem into your side but if you are really into anonymous things then most likely you would really hate up this thing no doubt.

I would like to think anyone using Bitcoin would be encouraging businesses to go the decentralized route to a certain extent at least. I understand certain measures are to be taken but this is really overkill. They've been operating without this additional proof for a long time and I don't see why they have made it a requirement now.


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May 28, 2018, 09:51:14 PM
 #14

They've been operating without this additional proof for a long time and I don't see why they have made it a requirement now.

It could be related to Circle's acquisition of Poloniex. It was clear that due to the approval of the SEC, that exchange would change fundamentally at a later point, but the only question is when. If I read through everything related to the potential transformation of Poloniex, then it very likely will become an exchange where professional entities will be able to trade a wide variety of Bitcoin tied instruments (futures, options, securities, etc). I don't think we'll be hearing much from Poloniex in that regard, but I do expect the security and verification measures to become worse than it is right now. Alongside Coinbase and Gemini, Poloniex now too is one of the most regulated exchanges in the industry.
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May 28, 2018, 10:18:10 PM
 #15

They've been operating without this additional proof for a long time and I don't see why they have made it a requirement now.

It could be related to Circle's acquisition of Poloniex. It was clear that due to the approval of the SEC, that exchange would change fundamentally at a later point, but the only question is when. If I read through everything related to the potential transformation of Poloniex, then it very likely will become an exchange where professional entities will be able to trade a wide variety of Bitcoin tied instruments (futures, options, securities, etc). I don't think we'll be hearing much from Poloniex in that regard, but I do expect the security and verification measures to become worse than it is right now. Alongside Coinbase and Gemini, Poloniex now too is one of the most regulated exchanges in the industry.

I guess so. I would think they would be doing everything in their power to avoid regulation though. Doesn't look to be the case and I would like to think they'll lose a lot of customers. I just hope people will be able to get their money out without any issues.

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May 28, 2018, 11:01:14 PM
 #16

It is like Bittrex-scenario all over again. They are implementing what Bittrex did in the past and this will definitely put most of the traders to other trading platform. Government policies are really making their way into these exchanges to hurt our anonymous trading life. I've been thinking if I will let them have my face but as things stand right now, there are other exchanges out there that don't require any verification at all. This will only limit the selection of trading pairs that I can play with but I'm totally fine with it.


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funsponge
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May 28, 2018, 11:30:34 PM
 #17

It is like Bittrex-scenario all over again. They are implementing what Bittrex did in the past and this will definitely put most of the traders to other trading platform. Government policies are really making their way into these exchanges to hurt our anonymous trading life. I've been thinking if I will let them have my face but as things stand right now, there are other exchanges out there that don't require any verification at all. This will only limit the selection of trading pairs that I can play with but I'm totally fine with it.

I don't see why anyone would use Poloniex over other trusted exchanges which don't require you to provide photographic evidence. I think we'll eventually see the others go the same route though and will eventually have to accept it or move on to p2p exchanges like localbitcoins.

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May 29, 2018, 06:43:05 AM
 #18

They've been operating without this additional proof for a long time and I don't see why they have made it a requirement now.

It could be related to Circle's acquisition of Poloniex. It was clear that due to the approval of the SEC, that exchange would change fundamentally at a later point, but the only question is when. If I read through everything related to the potential transformation of Poloniex, then it very likely will become an exchange where professional entities will be able to trade a wide variety of Bitcoin tied instruments (futures, options, securities, etc). I don't think we'll be hearing much from Poloniex in that regard, but I do expect the security and verification measures to become worse than it is right now. Alongside Coinbase and Gemini, Poloniex now too is one of the most regulated exchanges in the industry.

Yep, most likely its related to Circle acquiring Polo and this is one changes they likely wanted to see. Fully regulated and compliant however, might lost a few customers in doing so. I haven't received any emails yet, but I think they consider my account dead already, LOL as I haven't done any tradings for the last 6 months or so. But I agree with @seoincorporation, I wouldn't share any drop of my information and I would go for exchanges that is anonymous, as most of us really value our privacy.

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May 29, 2018, 11:45:21 AM
 #19

Anyway, this is crystal clear to me: RIP, Poloniex. I will no longer use their services, as long as other exchangers continue offering anonymity.

Maybe this will be implemented in other exchanges too soon so we have to agrees their terms if we want to use their services.I don't have any problem with sharing my picture but most of the people need anonymity in the crypto field.The solution for OP problem is to change into some other exchange but it maybe a temporary solution because in other exchanges also will implement the same rules.So guys don't keep huge amount in any exchanges if you don't want to agree these rules because your account will be frozen until you done the verification process.

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mobnepal
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May 29, 2018, 12:26:36 PM
 #20

I had strong feeling that something like this is coming in poloniex after their acquisition because every registered business need to report to their respected government if they want to deal with fiat and this might be their first step to introduce easy crypto purchase through credit cards in future.

Most of the exchanges are now implementing KYC policy even kucoin like pretty small exchange now have verification LOL.

You can't run off with selling bitcoin without reporting to tax authorities in near future, even localbitcoins now require you to verify your account to create ad... Grin
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