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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.

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Steve Kanaval: Portfolio Manager/Writer/ Market Analyst Steve began his career in the Trading Pits in Chicago making markets at the Chicago Mercantile Exchange (NYSE:CME) the Chicago Board of Trade and the CBOE in the early 80’s. He ran the Morgan Stanley Derivative Prop Trading for the firm specializing in Index Arbitrage. He continued his career as a Trader/Portfolio Manager for multiple Hedge Funds during the Internet Boom of the 90’s managing large portfolios. Steve is known as an expert in MicroCap Technology Stocks and the emerging Digital Currency markets as a Portfolio Manager for his Family Office. Steve has managed portfolio’s in volatile asset classes for 3 decades as a commodity trader, hedge fund manager and digital currency trader and miner. Steve publishes his views on the asset classes in a public forum and has published more than 10,000 articles simplifying these complex and volatile assets for readers. His work is published on multiple sites including Bloomberg, Equities.com, Hacked.com, CryptoCurrencyNews as a paid contributor. His work includes research, journalism and archived video on important market volatility related to stocks, digital currency and other volatile misunderstood asset classes. He offers a humorous, unique insight and the related back stories and drivers for readers interested in volatility and emerging market assets. Full disclosure Steve is long 25 digital currencies and sits on the board of multiple public companies involved in digital currencies, and owns shares in these companies from time to time.

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