Poloniex exchange drops KYC for withdrawals of up to $10,000 per day

Poloniex, the cryptocurrency exchange that recently spun off from its parent firm Circle, has introduced a new "level 1" account tier that has no KYC (know-your-customer) requirements.

The level 1 account tier allows new users to withdraw up to $10,000 per day, using only a verified email address and password. The account also allows “unlimited” deposits and spot trading.

Poloniex said the move has been taken based on customer feedback. Binance also allows withdrawals of up to 2 bitcoins (currently worth ~$15,000) with no KYC. OKEx also had a similar feature, but it recently banned unverified users from withdrawing funds due to China’s crackdown on the crypto sector.

Poloniex further said that users of level 1 account can also participate in other services, such as staking. The exchange will also begin unfreezing and upgrading existing unverified accounts to level 1.

Poloniex currently doesn’t serve U.S. customers - a move it took when it spun out of Circle in October. Poloniex has also seen a rebound in its market share since the spin-out, hitting above 2% market share on certain days for the first time in several months. It remains to be seen whether the exchange can sustain the rebound.

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Yogita is a senior reporter at The Block and covers all things crypto. Before joining The Block, Yogita worked for CoinDesk and The Economic Times. She can be reached at [email protected] Follow her on Twitter @Yogita_Khatri5.