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The crypto exchange poloniex enables the level one account without KYC (know your customer) requirements while most of the crypto exchanges are trying to fit into the regulatory framework to expand their compliance so let’s try to find out more in the blockchain news today.

One of the most popular exchanges Poloniex enables its clients in their official announcement that they introduce no KYC account registration. According to the document, this is something that most of the people that already use the exchanges have requested. The users are already able to take advantage of the features and they can start trading using only an email address and a password. It is worth to know that this isn’t applicable to all account levels on the platform and everyone that wants to register without revealing their personal information will have to bear with certain limitations so they can be able to open a level one account.

While they will only gain access to unlimited trading and deposits, the users will be able to withdraw only $10,000 per day and if they sign up for a higher level account which requires further verification of personal information. Without a doubt, one of the things that cryptocurrencies are mostly associated with is anonymity. The lack of KYC verification means that each user won’t have to worry about his funds being tracked and their identity revealed. However, it is also worth noting that if this goes against what most of the lawmakers across the world are trying to fight off.

As per the reports, the European Union is on its way to impose the 5^th Anti-money laundering directive which can enable even harsher KYC and AML checkups from the cryptocurrency business and service providers. The US has introduced a lot of measures of this kind back in 2013 and it seems that this what the regulatory trend is shaping up to become.

As per the reports, Both Bitcoin and Ethereum Poloniex wallets were rapidly emptied as the traders moved their coins to other markets. The decision to stop serving US clients was the main reason for the need to withdraw. However, the supply of the coins was already diminishing at the time when the company acquired the exchange. The platform lost a lot of traders buy attrition and faced both technical problems and regulatory issues as well.