US Based Crypto Exchange Poloniex To Upgrade XRP Wallet On Monday For User Enhancements

One of the biggest exchanges based in the US, Poloniex recently took to Twitter to announce that they will be upgrading their XRP Wallets to have an improved user experience.

On Monday, we will be upgrading our #XRP wallets in order to introduce an enhanced user experience.

Trading will be unaffected but deposits and withdrawals will be suspended during maintenance. We expect maintenance to begin around 15:15 UTC and last several hours.

— Poloniex Exchange (@Poloniex) September 5, 2019

The exchange clarifies that once implemented, there will no longer be a Base Reserve deposit requirement of 20 XRP for new address creation. They added that new deposits will require a destination tag in order to identify the customer's deposit. Customers will continue to be able to deposit to a previously-generated deposit address without a destination tag, but will also receive a new deposit address / destination tag pair.

The exchange adds:

“Additionally, deposit confirmations have been reduced from 12 to 2 confirms. In general, deposit times will be reduced from 20 minutes to about 15 seconds. Thank you for your patience while we work to improve the XRP experience on Poloniex.”

On August 13th Poloniex introduced a scheme to reimburse the flash crash that happened in May 2019 which led to the loss of around 1,800 Bitcoins. Many users said that there was a conspiracy behind as the exchange had stopped margin trading on the day.

A Reddit user geopo123 comments:

“If Poloniex were operating in any regulated financial space, they would not be allowed to get away with this. They are simply taking advantage of the fact that there are no regulations or standards for them to abide by set by the industry. Instead of keeping payback as a high priority, they have pretty much deemed it as the lowest priority and taken the minimum amount of steps to try and appease affected parties.”

However, Poloniex has failed to comment on the issue.