Is Poloniex In Trouble?

The Chief Special Investigator of the IPU, Craig Weldon contacted dozen of Poloniex users in order to check whether they have difficulties with their accounts. Over the past several months, users complained that they were locked out of their accounts so that is why the Department of Justice reached out to the exchange.

The exchange claims to have all the regulatory compliance with the authorities. Poloniex has also introduced to the Know Your Customer Anti-Money laundering procedures so all of the users were asked to give out their names and countries when they do a withdrawal. If any user wanted to withdraw more than $2.000 they had to specify their address and phone number. Later last year, Poloniex stated that the procedures are now more rigorous and ask its users for verification in order to avoid interruptions while trading. But then again, in May, many customers received emails where it said that Poloniex asks them to verify their account in 14 days and they later froze user’s accounts and even some users claimed that their accounts were blocked even after they confirmed their identity.

Users later claimed that the Poloniex support team ignored their complaints for weeks and they even started a petition against Poloniex but only 12 people have signed it. This is why Poloniex caught the attention of the Delaware Department of Justice. The rumors were later confirmed but the Department wouldn’t say anything further because of ‘’open investigations’’. They also explained how this can be a potential risk for investors so they urged investors and users to continue writing and contacting their agency if they have any complaints about their investments or accounts.