Level 1 users can deposit and trade an unlimited amount of cryptocurrency. They can also withdraw a maximum of $10,000 every day. There are also opportunities to stake proof-of-stake (PoS) coins on the platform.
The exchange said in a blog post Thursday its new «Level 1» accounts will only require users to register with an email address and password. «Any customers who sign up from here on out can begin trading in seconds with a Level 1 account,» reads the entry.
Poloniex has introduced a new type of account that allows users to withdraw as much as $10,000 a day without completing know-your-customer («KYC») verification.
Poloniex users have reportedly requested the exchange provide a means to trade cryptocurrency «without giving up on their identity», the blog post reads. It continued, «To our long-time unverified customers, we know how frustrating your experience has been recently and we’re dedicated to improving that for you.»
The exchange will update older non-KYC verified accounts to the new level 1 tier, a process expected to take several months to complete.
Payments company Circle spun out Poloniex in October, less than two years after it acquired it for $400 million. Weeks later, Tron founder Justin Sun revealed he was part of a group of investors that acquired the exchange from Circle, also for a reported $400 million.
Poloniex moved from Delaware to Bermuda, when it was a Circle subsidiary. The exchange, which firewalled U.S. residents in November, has said it will now focus on business elsewhere. U.S. residents had until Dec. 15 to withdraw remaining funds from the exchange.
Poloniex first introduced KYC checks in early 2018 to comply with existing identity and verification requirements. In May, the exchange said users who hadn’t completed the KYC checks would have their accounts frozen within 14 days.
Back in 2015, founder Tristan D’Agosta said the exchange was legally obligated to follow rules set by the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury. Now that it has completely ceased its U.S. operations, those rules may no longer apply.
Other non-U.S. based exchanges have similar withdrawal limits. Binance, which stopped serving U.S. customers in September, allows users to withdraw as much as 2 BTC – approximately $15,000 – without KYC verification.
Polkadot to Use Chainlink Oracles for Interoperability Network
Polkadot will be the first non-ethereum blockchain to integrate Chainlink.
«Chainlink is set to become the first and primary oracle provider for all Substrate-based chains and eventually the entire Polkadot network,» Polkadot announced Tuesday. Chainlink provides price feeds for blockchain applications typically involved in decentralized finance (DeFi).
Among other things, Chainlink communicates prices between crypto networks. Unlike traditional equities markets, cryptocurrencies can be sold by anyone. As would be expected, finding a true market price across disparate bazaars can be difficult. In an interview, Chainlink CEO Sergey Nazarov said the firm’s oracles source pricing data from multiple sources – both on and off-chain – to come within 1 percent of a true market price.
Launched in 2016, Polkadot was created by ethereum co-founder Gavin Wood. Wood’s Parity Technologies, has over 100 developers building infrastructure for the Polkadot project, according to Parity Head of Public Affairs Peter Mauric.
Polkadot is a network for connecting and launching blockchain applications, with its “parachain” technology acting as a bridge between different blockchains.
Until Polkadot launches, Chainlink’s pricing feeds will first service Polkadot’s experimental Kusama network. However, the parachain between Chainlink’s decentralized pricing oracles and Kusama remains under construction, Polkadot said. The partnership started with Chainlink integrating with an unnamed Substrate-based blockchain.
«The integration of Chainlink’s decentralized oracle network on a dedicated parachain can unlock multiple use cases on Polkadot,» Polkadot wrote in a blog post announcing the deal. «For example, a parachain optimized for self-sovereign identity would be able to reliably query off-chain data such as identity-based digital signatures or verifiable claims using Chainlink’s oracles.»
