These changes provide greater functionality for level 1 accounts in Poloniex, which makes the platform much more competitive in the crypto market.
The exchange that until a few months ago was owned by Circle, Poloniex, announced that people who operate accounts with level 1 verification can withdraw up to USD $ 10,000 per day in crypto funds without entering identification data for KYC procedures.
New users with accounts of this level only need to manage a valid email address and password, so it is not necessary to enter names, addresses or verification documents.
Level 1 accounts also allow users to make unlimited deposits and make commercial orders through the platform with a large number of digital currencies. Originally, before the merger with Circle, the exchange only allowed users with these types of accounts to extract daily maximums of USD $2,000.
Poloniex expands its commercial offer
With this new change, Poloniex’s operations model is close to the offer handled by other reputable exchanges such as Binance, whose basic levels of operations also allow users to move large amounts of money daily in crypto funds.
In the case of Binance, the platform allows users to make daily withdrawals with a maximum of 2 BTC (approximately USD $15,000) without the need for KYC. Another platform that until recently handled similar margins was OKEx, however the company had to prohibit unverified users from performing this type of operations because of the measures implemented by Chinese government.
Level 1 vs. Level 2
Among other benefits, level 1 accounts also allow users to make use of the exchange API, use the two-factor authentication system, buy Bitcoin with credit cards and get rewards for participating in staking programs.
However, in addition to the aforementioned properties, those wishing to operate level 2 accounts may make withdrawals for amounts equivalent to USD $25,000 per day with the possibility of increasing said limit, performing margin operations, managing more fiat payment processors and using verification systems of identity.
The platform also enables these users a series of additional properties to reinforce the security of the accounts, among which the possibility of fully recovering the stolen funds and the refund of the account in less than four days should an irregularity occur.
Poloniex currently does not offer its services in the US due to the complex regulatory landscape that the country manages, so these properties are especially aimed at users residing in Latin America, Asia and Europe.