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Offline davidpbrown

POLONIEX now KYC compliant
« on: May 18, 2015, 09:18:57 PM »

via safenetwork forum


I've not seen any other detail but expect it's correct.. from May 20th
฿://1CBxm54Ah5hiYxiUtD7JGYRXykT5Z6ZuMc


Offline fav

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Re: POLONIEX now KYC compliant
« Reply #2 on: May 18, 2015, 09:24:38 PM »
Quote
Greetings from Poloniex!

We're happy to announce that Margin Trading with Peer-to-Peer Lending is now available at Poloniex! You can now borrow funds from lending users to open long and short positions with 2.5x leverage on our XMR, DASH, XPR and LTC Margin Trading platform. You can also loan funds in the same selected markets in 1 day intervals at up to 5% interest.

In addition, we are requiring that all users provide us with their first name, last name, and country of origin by May 20th, 2015. This information is mandatory for all users and all withdrawals. Go to your Profile page to get started.

The Poloniex Team

Offline cass

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Re: POLONIEX now KYC compliant
« Reply #3 on: May 18, 2015, 11:30:04 PM »
█║▌║║█  - - -  The quieter you become, the more you are able to hear  - - -  █║▌║║█

Tuck Fheman

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Re: POLONIEX now KYC compliant
« Reply #4 on: May 19, 2015, 12:11:17 AM »
Well, that sucks.

Even worse, did they notify anyone prior to making this change??? It appears to be very beneficial for them not to notify the users before making this change.

I went to double check to see if we had any balances at Polo and was asked to provide KYC info before I could even check the balance (I used the exchange to find out instead).

I checked our gmail account and I see no warning that this change would be made. That's kind of ***tty/underhanded if you ask me. Or did I simply miss some announcement?

https://www.reddit.com/r/Bitcoin/comments/36fue0/confirmed_poloniex_locking_accounts_in_2_days/
« Last Edit: May 19, 2015, 05:35:16 AM by Tuck Fheman »

Offline xeroc

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Re: POLONIEX now KYC compliant
« Reply #5 on: May 19, 2015, 06:20:46 AM »
Well, that sucks.
I don't have funds there, but does this say you can't get them out unless you fill in the KYC forms?
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Offline fav

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Re: POLONIEX now KYC compliant
« Reply #6 on: May 19, 2015, 07:27:14 AM »
Quote
When your loans are being used by margin traders, you are earning interest on them, which is paid to your lending account when a contract closes. (Poloniex takes a fee of 15% from the interest you earn, so be sure to consider that when you place your offers.) Your active contracts are listed under My Active Loans.

wow.... https://poloniex.com/support/aboutMarginTrading

Offline karnal

Re: POLONIEX now KYC compliant
« Reply #7 on: May 19, 2015, 07:29:40 AM »
Well, that sucks.
I don't have funds there, but does this say you can't get them out unless you fill in the KYC forms?

It is not that so much as it is not knowing any other non-fiat exchange with such a wide selection of coins [edit: where verification is not necessary].

Quote
When your loans are being used by margin traders, you are earning interest on them, which is paid to your lending account when a contract closes. (Poloniex takes a fee of 15% from the interest you earn, so be sure to consider that when you place your offers.) Your active contracts are listed under My Active Loans.

wow.... https://poloniex.com/support/aboutMarginTrading

Such greed. Wow.

Offline cass

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Re: POLONIEX now KYC compliant
« Reply #8 on: May 19, 2015, 07:37:52 AM »
Well, that sucks.
I don't have funds there, but does this say you can't get them out unless you fill in the KYC forms?

AFAIK yep
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Offline starspirit

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Re: POLONIEX now KYC compliant
« Reply #9 on: May 19, 2015, 07:52:21 AM »
Well, that sucks.
I don't have funds there, but does this say you can't get them out unless you fill in the KYC forms?

It is not that so much as it is not knowing any other non-fiat exchange with such a wide selection of coins.

Quote
When your loans are being used by margin traders, you are earning interest on them, which is paid to your lending account when a contract closes. (Poloniex takes a fee of 15% from the interest you earn, so be sure to consider that when you place your offers.) Your active contracts are listed under My Active Loans.

wow.... https://poloniex.com/support/aboutMarginTrading

Such greed. Wow.
Bitfinex charges the same.
It's not greed - its supply and demand. Poloniex is held to account by its users. They can choose to not pay the fee by not using the service.



Offline Frodo

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Re: POLONIEX now KYC compliant
« Reply #12 on: May 19, 2015, 08:43:03 AM »
Well, that sucks.
I don't have funds there, but does this say you can't get them out unless you fill in the KYC forms?

AFAIK yep

It's not that bad though, first level that allows you to withdraw up to $2000 worth of crypto daily is just providing a first name, last name and country without any "real" verification.

Tuck Fheman

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Re: POLONIEX now KYC compliant
« Reply #13 on: May 19, 2015, 09:31:35 AM »
It's not that bad though, first level that allows you to withdraw up to $2000 worth of crypto daily is just providing a first name, last name and country without any "real" verification.

I'm curious of the laws concerning a user providing false information, even for the first level.

If it's obviously false information, say "Tuck Fheman" for instance, Poloniex could easily say, "we're locking your account until you provide us with further information confirming your first/last name and location", and they never have to involve any legal authorities, and get to keep the accounts funds.

Or, let's say they do contact a legal authority and that agency determines there is no such person as "Tuck Fheman" and now ... what?

Offline starspirit

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Re: POLONIEX now KYC compliant
« Reply #14 on: May 19, 2015, 09:43:03 AM »
Sure, I can loan to you at 90% interest, and you can choose not to use my (totally legit!) service.

Still, would it not be greed on my part?
Yeah you're right. It would be stupid greed of any business to price its product out of the market. But the market in the end will determine whether Poloniex's pricing is reasonable, and I only note Bitfinex for the same cut have over a $25m book of lending.

 

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