The U.S. based Poloniex cryptocurrency exchange has announced that it will be making changes to its customer registration and verification processes so that they are in line with the rest of the financial services industry.

As one of the oldest cryptocurrency exchanges, Poloniex has many legacy customer accounts which were set up with minimal ID verification. These accounts will be disabled unless the users complete the same customer verification process that new users must complete. The know-your-customer verification is standard across the financial sector and is designed to prevent illegal activity such as money laundering.

While no deadline for when legacy account holders must complete the verification process was announced, Poloniex stated that the precise date would be confirmed in early 2018. Any user who does not verify their identity by the deadline will have their account disabled, which will mean they will be unable to make deposits, trade cryptocurrency, open orders or lend. The only function the disabled accounts will be able to perform will be the withdrawal of funds up to a value of $2,000. It is not known how many legacy accounts will be affected by the introduction of the new verification deadline.