Over the past few months, cryptocurrency exchanges across the globe have been swamped with new customers looking to trade or acquire digital assets. Trading platforms have been having a hard time keeping up with the new registrants. Users are complaining that identity verifications are now required and take weeks to process, while some exchanges are not accepting new customers at all. This has led to rise of individuals selling “fully verified” accounts for a variety of popular digital currency platforms.
As Exchanges Stop Accepting New Registrants and Require More Identity Verification — A Great Number of Fully Verified Accounts Are Being Sold for Bitcoin
Just recently news.AmpleMoney.com reported on how some exchanges like have temporarily stopped accepting new customers due to the heavy influx of registrants these days. Further, we on how one of the leading trading platforms, Binance, disabled new user accounts a few days ago. Meanwhile, in December Poloniex it required legacy accounts to verify their identity or the accounts would be closed. All of these issues has led to significant verification delays, and people finding it more difficult to trade cryptocurrencies. However, some individuals are selling “fully verified” cryptocurrency exchange accounts for bitcoin and other digital assets.
Verified Accounts Lead to Much Larger Withdrawal Limits
For instance, there are many examples of people selling accounts on forums over the past few months. On Bitcointalk.org one user is selling a Poloniex Verified Account (Level 3 Verified) that comes with a $25,000 daily withdrawal limit for $12. The same person is also selling a Bittrex enhanced account for $10. Verified accounts have been for sale for years, but these days the amount of people selling them has increased significantly. Just last week another individual was selling a Bittrex account with “proof” on the Selly platform, and announced the sale multiple times on forums stating;
Hello guys, I’m selling a Bittrex verified account with a daily withdrawal limit 100 BTC.
The Frustrating Verification Process Has Led to the Blowback of Underground Sales
Having your identity verified on exchanges is pretty much a requirement for over 90 percent of the trading platforms online, no matter which country you live in. Even exchanges that used to have very little verification requirements, like BTC-e, have changed to fully regulated platforms requiring KYC/AML. In order to get verified, users often have to upload a state-issued license, verify their phone number, and even submit various papers that show your residential address. With all these requirements many users and won’t even sign up for an exchange. If they do register their identity, they wind up and even weeks on end.
In addition to these posts found on forums account dealers are also selling verified accounts on messenger apps like Telegram. Cryptocurrency groups on Telegram in particular have various individuals selling accounts to Poloniex, Bitstamp, Bittrex, GDAX, Binance, and many more exchanges. With governments making it more difficult for exchanges to operate without abiding by KYC/AML background checks comes with some blowback — The rise of underground verified cryptocurrency exchange account sales.
It’s safe to say purchasing one of these accounts is really not the smartest move, as the seller could easily hold some credentials to the account and unload the user’s funds when the person least expects it.
What do you think about the number of people selling fully verified accounts for cryptocurrency exchanges? Let us know in the comments below.
Disclaimer: does not endorse nor support the product or service where people are selling verified accounts. The links provided in this article are for source purposes only and news.AmpleMoney.com does not recommend or consider these account vendors trustworthy.
Readers should do their own due diligence before taking any actions related to the mentioned links or any of the vendor’s services. is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Images via Shutterstock, Bitcointalk, Selly, and Telegram.
Need to calculate your bitcoin holdings? Check our section.