Poloniex Crypto Exchange users are complaining about an account freeze problem after the mandatory identification update on May 27, 2018.
The users have posted a message on social media that their accounts blocked after adhering to the instruction of the exchange and updated the identification profile. The functional account of the users is blocked but they can continue trading.
However, the exchange has not acknowledged the issues being faced by the users. According to the notice issued by the exchange to its customers, those, who have not updated their full details in the past, need to provide an update on the profile page.
The users can find detailed instructions on the profile page to provide the necessary details. The exchange will then check the details submitted by the users and enables the transactions and trading account.
The exchange has responded to the users’ request and said the funds are safe after the update. The users can find more details at https://t.co/2LgDv0g17m.
Bitfinex, which is similar to Poloniex Crypto Exchange, is also asking the similar details from the users. But its requirements are less stringent. According to the recent report, the accounts of several users of Poloniex Crypto Exchange is frozen.
Goldman Sachs Group Inc (NYSE:GS) backed Circle has acquired Poloniex Crypto Exchange in February 2018 for $400 million.
The cryptocurrency platform run by the Circle allows the clients to trade bitcoins. In the nutshell, it caters to the needs of larger clients.
In terms of the trading volume, Poloniex Crypto Exchange is ranked 18th biggest exchange. The takeover of Poloniex Crypto Exchange is one of the biggest deals in the cryptocurrency industry.
Circle is also functioning as a social payments company. The customers can use this platform to send cryptocurrencies or cash to others. Following the takeover of Poloniex Crypto Exchange, Circle is now competing with Coinbase.
Circle has mobilized the funds worth $140 million from investors such as Goldman Sachs and Jim Breyer.
Brief Information about Poloniex Crypto Exchange
Poloniex Crypto Exchange was established in the year 2014. Its headquarters are situated in San Francisco. The daily movement of funds on this exchange is estimated at $989 million.