Poloniex, one of the biggest crypto exchange has just removed anti-money laundering and know your customer AML/KYC requirements.
Anyone who wants to trade hundreds of cryptos and tokens on Poloniex can now do so by just giving an email address and password.
“Starting now, all new customers can sign up and begin trading using only an email address and password. Any customers who sign up from here on out can begin trading in seconds with a Level 1 account,” they say, further adding:
“With Level 1, you’ll have access to unlimited trading, unlimited deposits, and $10,000 per day in withdrawals.”
They’ve brought the trollbox back and all accounts frozen for being unverified are now to be unfrozen in a unique move for a crypto exchange.
This decision comes just weeks after a change of administration following an investment in Poloniex by Justin Sun, Tron’s founder.
Sun’s considerable influence on the exchange was shown recently when Poloniex announced it was to delist a crypto because its founder had criticized Sun.
They have banned United States residents from accessing the exchange. That’s presumably in an attempt to get out of US jurisdiction, but AML/KYC requirements are kind of global.
Other jurisdictions however have been happy to let US take enforcement action over global entities, so the exchange is presumably betting no one else will follow.
Making this a surprising move and an intriguing one, with it to be see what the Chinese duo of Sun and Zhao plan next.