Yesterday the Poloniex cryptocurrency exchange announced that the exchange will soon require legacy accounts to become verified through the latest version of its verification portal.
The exact date for this deadline will be announced in Q1 2018, but the exchange advises to verify legacy account now to avoid any potential interruptions in ability to trade on the platform.
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.
It is stated that right after legacy accounts will be verified full functionality will be restored and daily withdrawal limit will be increased to $25K USD equivalent.