US-based exchange service Poloniex has announced it will impose customer ID requirements, CoinDesk reported.
The exchange will disable all legacy accounts, unless these users complete the same verification process as its newer account users who must complete know-your-customer (KYC) due diligence.
Poloniex has not mention the deadline for verification, but has indicated the date will be announced in the first quarter of 2018.
“Those not able to meet the requirement deadline, Poloniex said, will have their accounts disabled, meaning they will no longer be able to deposit, trade, lend or open orders,” the exchange said.
Similarly, a margin position will be offered an eight-week grace period before closure.
Withdrawal, subject to a maximum limit of $2,000, will remain the only available function.
It’s unclear how many legacy accounts are to be affected by the new rule.