NEWS: Poloniex new I.D. verification
Logged into my account today and usually i don't pay much attention to the news update section on the bottom right of the page, but today I did. Much to my dismay this news update is what I saw. Visiting the link I learned that Poloniex accounts will now require users to verify their identity to continue to use the platform beginning next year. Here's the full post from the Poloniex team.
I, like a majority of casual traders on Poloniex are completely against this move. They clearly have been receiving pressure from the government and/or I.R.S. to implement I.D. verification so they can better track your gains/losses and overall trades so they can catch those who evade paying taxes. This is just one more example as to how corrupt and money hungry the government is and how they will do anything to hold back the people from financial success. When I checked what information was required to verify my account this is what they ask for..
That's where I stopped. The fact that they want social security numbers is very troublesome. One of the main things crypto traders/investors advise against is holding your cryptocurrency on an exchange for fear of being hacked or they exit scam. There are many examples of exchanges being hacked and submitting your social security number to one of these exchanges could have far greater repercussions than just losing your crypto.
Just thought I'd let people know that haven't seen this yet about the upcoming change and give caution to those who give out important personal information like this on an exchange.
Have a good day, and stay safe out there.
All images were screenshots from poloniex.com
I too had faced same situation with Bittrex. I got my account verified in a month.
My concern is that if they get hacked, potentially you could lose all your cryptocurrency and have your identity stolen as well with the social security numbers. They could sell them on the black market easily. Very uneasy about it.
use your passport. or any other ID where you have no SSN.
We are anyways running on that risk. The Internet is black web, anything can happen.Or you can use those hard devices to store your bitcoin
I have a hardware wallet, but in order to trade for the most part it needs to go to an exchange like Poloniex. It appears without giving up that information users will have to go some place else or face the risks.
Yes, Government are making strict rules for exchanges. Just imagine how much black money is invested in Bitcoin and they are all making a hell lot of money. Governments are just avoiding the money laundry situation.