Privacy Prevails: Poloniex Crypto Exchange Abolished Verification – Trade Monero (XMR) Without Verification

You are probably aware of the fact that due to leag requirements, almost all the stock exchanges worldwide have implemented KYC, which requests personal data from users so that terrorist financing and money laundering can be found and tracked.

Governments all over the world tightened the rules, and in some countries, exchanges had to remove privacy coins such as Monero, Dash, and ZCash.

Poloniex crypto exchange abolishes verification

Poloniex seems to take a different approach, and it’s trying to attract new users by abolishing the KYC Process.

In a new blog post, Poloniex revealed that users could trade cryptos in the future without having to reveal their identity.

https://twitter.com/Poloniex/status/1207729401787490310

They wanted to implement this step for a really long time, and due to the takeover by Asia investors and other issues, the step has been postponed.

Crypto News Flash reveals that all new customers can start trading with a level 1 account, and this gives you access to unlimited trading, and unlimited deposit limit, and they can also withdraw up to $10k a day.

Monero in the news

Speaking of privacy coins, XMR had a pretty successful year despite the huge price volatility in the crypto market.

The privacy-oriented coin has gained a lot of interest from crypto enthusiasts who found it to be a great choice for investment this year.

Monero was recently in the news again, following a pretty important change that took place in the team of this project.

Riccardo Spagni, lead maintainer of privacy coin Monero steps down after 5 years.

Here’s how the official announcement sounds:

“fluffypony is stepping down as the lead maintainer of Monero. Snipa will be taking his place. fluffypony will continue as a backup maintainer to relieve Snipa during times when he is busy or on vacation. fluffypony has served the Monero project well over its five years of existence, and he will continue to remain active in the community as a maintainer.”


Companies Mentioned

CoinMarketCap
CoinMarketCap

CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.

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Eduard Watson Author

An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.

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