Poloniex to identify users in accordance with KYC

Poloniex, one of the most popular cryptocurrency exchanges, decides to work in compliance with the Know Your Customer principle. It is one of the oldest digital currency marketplaces. The verification deadline will be published in the first quarter of the year 2018, tells the official announcement published by this exchange on its own website.

One might say this exchange is preparing for the future, because some countries’ regulators clearly demonstrate their toleration towards cryptocurrency trades is not limitless and some rules simply have to be complied with by all market participants, be them fiat or cryptocurrency-related.

Another major cryptocurrency exchange, Coinbase, has notably lost an argument with the American authorities this year. The representatives of the financial supervision agencies demanded in the court that Coinbase gives them the personal data of a relatively big number of users. The Internal Revenue Service won the argument and got what it wanted.

Recent tax plan signed by President Trump also sets the trend which might seem very bad for those of cryptocurrency fans who think there can’t be fun in Bitcoin without the lack of governmental control or monitoring.