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Poloniex network announced that it will disable all legacy accounts, all users need to complete the KYC

Poloniex, one of the longest-running exchanges in the cryptocurrency space, is taking steps to align its customer registration process with a broader industry.
According to a December 27 announcement, the U.S. exchange service provider announced that it will soon disable all legacy accounts unless the old user completes the KYC due diligence requirements that must be completed, just as new account users do. P network said the deadline for authentication will be released in the first quarter of 2018.

Step back and say that this requirement may be the latest move by the exchange to comply with regulatory rules and better ensure that its services are not used as criminal activities such as money laundering. P network said that for those who failed to verify before the deadline by the user, the account will be disabled, which means that such users will no longer be able to save, trade, loan or create an order.

For legacy accounts, the only thing that remains reserved seems to be withdrawals, but the maximum withdrawal limit is only $ 2,000. According to Coinmarketcap data, P network in Delaware in the United States in the past 24 hours trading volume reached 8.6 billion.

The exchange did not disclose how many old accounts the new rules would affect.

Privacy has always been an important feature of decentralized cryptocurrencies, but the nature of centralized exchanges detracts from this nature.

Earlier this week , according to a report earlier this week , South Korea, one of the world's largest cryptocurrencies markets, announced the implementation of a real-name system for virtual currency transactions, prohibiting anonymous opening of encrypted currency accounts.