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Whether it’s never replying to customer support or it’s breaking all the companies promises, Poloniex has done it all – and now they have the DOJ (U.S. Department of Justice) watching their every move. What was one of the largest cryptocurrency exchanges with tens of millions of registered users and tens of thousands of active users has dwarved to having only a few thousand active users online at most, IndustrialHotdog on Reddit states.
One might think that having the reputation of having some of the worst support out of all exchanges would be motivation to improve your support staff, and system, and answer all old tickets, although this hasn’t been the case with some Reddit users, one of whom just recently celebrated their 1 year poloniex support ticket anniversary with another commenting that they’ve been waiting over 400 days. With any company, waiting more than 3 business days for support should be deemed unacceptable, especially if it determines your financial future, such as if you can withdraw your money or not.
Promises. Every business makes them. Almost every business keeps them. A big reason that the DOJ started investigating Poloniex was because an immense amount of users filed complaints against the exchange that they used day in and out. The company stated in a press release on the 27th of December, 2017, that “withdrawals will remain enabled at the daily withdrawal limits prior to the deadline” if they had a legacy account. On the 27th of May, 2018, Poloniex proceeded to lock all legacy accounts, restricting access to withdrawing funds in the process, angering many users. This happened with the new owner, after the founder sold Poloniex, leading many to wonder if this was a targeted attack. Failure to keep this promise has also led to many people considering launching a class action lawsuit against Poloniex, in efforts to get people access to their funds back whilst taking additional money as compensation for all the lost trading opportunities. As witnessed recently, there was a spike in the market and all the prices increased, legacy account users on Poloniex were forced to watch their funds rise in value, before then dropping in value, unable to touch them.
It is without a doubt that Poloniex has had an issue with user count, but they have also dropped significantly, 24 hour volume wise, dropping to just over 10 million USD – ranking them significantly lower than many exchanges, as opposed to originally being one of the top ranked, 24 hour volume wise.
The exchange didn’t used to have this many issues though, whilst the company’s support has always been atrocious, users were able to use an account normally, unless they triggered the companies warning mechanisms. It is actually due to KYC (Know Your Customer) that the U.S. is forcing upon its financial companies (Poloniex is based in the U.S.) that has lead to the significant decrease in activity, reliability and trust with the exchange.
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