Some Legacy Poloniex Customers Accounts to be Frozen

The number of Poloniex users' complaints in social networks and on forums is growing
28 May 2018   483

Last week, owners of unverified accounts on the Poloniex began to complain that their funds had been frozen. The number of complaints in social networks and on forums is growing, and some users who were able to verify their accounts through an automated system also report that they can not trade or gain access to the money. This is reported by Bitcoin.com.

In December, the Poloniex exchange reported that all its users are required to undergo verification in order to maintain access to their accounts in the first quarter of 2018. In February, the exchange was purchased by the American payment company Circle. Many believe that the requirement to verify accounts is related to this deal, as the new owner of the exchange carefully approaches the issue of identifying users of their products and combating money laundering. Last week many unverified users of Poloniex lost access to their accounts, and the exchange meets them with the following message:

Poloniex
Poloniex

In one of the discussions on Reddit, complaints begin to accumulate about the verification process itself. So, user u / PauleeWorli writes that he still can not access his account, despite having completed all the necessary procedures.

I am a ‘legacy’ user on Poloniex and I was told to verify today when I logged in. I did that and promptly got an email reply saying I had been verified — My profile now says I have a ‘level 3 verification’ — the type that allows $25,000 per day. But when I go to trade it tells me ‘account frozen’ when I try to place an order. I did make a ticket and then checked Twitter and it seems many people have the same ‘now verified but still frozen’ problem. Can anyone help me here please?
 

PauleeWorli at Reddit

Other users write that they weren't warned in advance that accounts will be immediately blocked.

Something is wrong, Poloniex, I clearly remember you giving warning before 2018 saying after disabling “TRADING” legacy accounts would be able to WITHDRAW their coins. Freezing suddenly? I didn’t even get an email with time limit!
 

Poloniex User

There are a lot of customers on Twitter complaining about this frozen accounts. At the moment there are no official comments from the exchange itself.

Circle to Launch USD Stablecoin

Owner of Poloniex exchange told that the USDC was developed with the help of the CENTRE consortium
27 September 2018   203

Circle, which owns the Poloniex exchange, announced the launch of a tokenized USD Coin (USDC). Soon USDC will appear on a number of crypto exchanges, including decentralized sites, and will also be supported by many other projects.

Circle said that the USDC was developed with the help of the CENTRE consortium and is intended to become a way of easy transfer of tokenized dollars in public blockchains.

Individuals and organizations can use this service for deposits in US dollars from bank accounts and convert them into USDC. Also, these tokens can be withdrawn back to bank accounts.

Initially USDC will be available at Poloniex, after which they will also be added to DigiFinex, CoinEx, KuCoin, OKCoin, Coinplug, XDAEX and other trading platforms.

Also, the company pays attention to the importance of trading protocols, as the exchange of currencies, goods or assets in a non-credible way is what many projects will soon want to get by default.

In this connection, Circle highlights several examples of using USD // Coin at the protocol level. For example, the Kyber Network, decentralized trading platforms DEX, Paradex, Radar Relay and Tokenlon, as well as the Dharma platform, where the support for USDC will soon appear.

Stablecoins, especially ones that provide fiat rails, are a critical piece of infrastructure in the decentralized ecosystem. We're excited by Circle and CENTRE’s efforts to create a transparent, fiat-backed project that provides a bridge between traditional finance and the open financial system of the future.
 

Ron Bernstein
General Manager, Paradex

Future partners of USD Coin are :

  • Origin Protocol
  • BlockFi
  • MoneyToken
  • BitPay
  • FOTA
  • Melonport
  • Centrifuge

In addition, CENTRE declares its intention to make every effort to ensure the security of the use of the USDC and partnership with the blockchain-oriented, AML-compliant and risk-based companies, including Chainalysis, Elliptic, Coinfirm and Coral.

Additionally, it is stated that such wallet providers as BitGo, Cobo, Coinbase Wallet, CoolWallet S, Elph, imToken, Ledger, Status and Trust will provide native USDC support.

Circle announced the release of its own stablecoin in May after the close of the E-series financing round for $ 110 million.