[XMR] Monero - A secure, private, untraceable cryptocurrency

[smooth]

sound like a bad joke but looks like everyone on polo needs to register lol

we need a new xmr exchange i think

Yup rip Poloniex, I'm moving all my funds asap off this irs watchdog...

 
  
This is so insane... please elaborate on the legality of this for a crypto exchange?  
  
Didn't Poloniex just take a quantum leap into a whole new world of regulation?  Is it US based?

Yes Poloniex has always been open about being US based.

Can someone summarize what has actually happened?

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.

Pretty much that.

[1714484651]

1714484651

[1714484651]

1714484651

[1714484651]

1714484651

[rpietila]

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.

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

[medusa13]

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.

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

go to your balance and/or profile

i find it very sketchy too

https://poloniex.com/terms/

[ungchy]

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.

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

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

[G2M]

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.

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

go to your balance and/or profile

i find it very sketchy too

https://poloniex.com/terms/

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.

[oblox]

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.

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

go to your balance and/or profile

i find it very sketchy too

https://poloniex.com/terms/

Yeah, the biggest takeaway is the bolded:

10. BSA / FinCEN
Poloniex is registered with FinCEN as an MSB (Money Services Business), registration number 31000055869515. Poloniex may be required to file details of account activity to this organization from time to time.

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.

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.

[Anon136]

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.

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

go to your balance and/or profile

i find it very sketchy too

https://poloniex.com/terms/

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.

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

[Burninj]

So, any idea where to trade xmr now?

[luigi1111]

sound like a bad joke but looks like everyone on polo needs to register lol

we need a new xmr exchange i think

Yup rip Poloniex, I'm moving all my funds asap off this irs watchdog...

 
  
This is so insane... please elaborate on the legality of this for a crypto exchange?  
  
Didn't Poloniex just take a quantum leap into a whole new world of regulation?  Is it US based?

Yes Poloniex has always been open about being US based.

Can someone summarize what has actually happened?

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.

[Bassica]

Mr. Voorhees will be delighted.

And let's go xmr.from

[oblox]

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

[G2M]

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 now need an "anonymous" exchange (with volume) in addition to Polo now.

hehe I'm smelling a bet here:

6. MARGIN TRADING

Margin trading on Poloniex is HIGH RISK. You may sustain a total loss of funds, or owe money beyond what you have deposited to your Account. The high volatility and substantial risk of illiquidity in markets means that you may not always be able to liquidate your position.

If the value of the assets in your Account falls below the maintenance margin requirement or Poloniex determines, at its sole discretion, that your Account appears to be in danger of defaulting on a loan, Poloniex may seize and liquidate any or all of your positions and assets on any balance in your Account in order to settle your debt to lenders. If, after your positions and assets are liquidated, your account still contains insufficient funds to settle your debts to lenders, you will be responsible for any additional funds owed. Intentionally defaulting on a loan may result in Poloniex reporting your activities to authorities and/or in legal prosecution.

Although Poloniex takes several precautions to prevent a user from defaulting on a loan, the high volatility and substantial risk of illiquidity in markets means that Poloniex cannot make any guarantees against default. When you lend to other users using the Platform’s P2P lending system, you risk the loss of an unpaid principle if the borrower defaults on a loan and liquidation of the borrower's account fails to raise sufficient funds to cover his or her debt.

All trading, margin trading, lending, and/or borrowing is conducted by Users, and Poloniex does not take any responsibility for any loss or damage incurred as a result of your use of any services Poloniex provides or your failure to understand the risks involved in your use of such services.

Next question is obviously whether or not you can withdraw lent xmr with a level 1 verification..

[oblox]

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

[Bassica]

Bids just dropping like flies.

As are marketsells

[oblox]

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.

[celestio]

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

[kazuki49]

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.

I'm trading (actually just buying) on bittrex for a while only because of this: https://bittrex.zendesk.com/hc/en-us/articles/204310644

[americanpegasus]

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.

 
 
Mmmm....  Blood in the streets....

[celestio]

Oh it's not that bad. All I had to do was put in a phone #, it could be temporary, and address and you can withdraw.

[Anon136]

Oh it's not that bad. All I had to do was put in a phone #, it could be temporary, and address and you can withdraw.

i just dont like all that talk about crosschecking us against databases. gives me the creeps. ill just use shapeshift.io if i want to buy more in future.