Topic: [ANN] Crypto X Change Now OPEN - BitInstant Deposit & Withdrawal Available Soon! (Read 10048 times)

sell me some bit-coin cryptoxchage please

The website will be fully redesigned in the near future - we want our customers to always be thrilled with the functionality and aesthetics of the site.

Thanks damnek,
-Crypto X Change

Hello Joint,

Good questions.

Answer for 1 & 2: We would attempt to reimburse stolen money using a combination of Crypto X Change's own assets and the indemnity and liability insurance we hold with our insurance company (and I believe Crypto X Change is the only exchange with such insurance). As with any business, in the case of a massive loss or devastating attack, if insurance and company assets could not reimburse customers fully, the business would go bankrupt and customers would likely suffer partial losses. This is the reality of any market entity not backed up by something like the FDIC which provides ultimate protection via taxpayer subsidy.

Answer for 3: In this case, if your own account info was leaked via your own negligence, then we would be unlikely to compensate you for that loss. We recommend a Yubikey to prevent this.

Hope that helps address your questions, thanks Joint.
-Crypto X Change

That's what I thought. It is probably why all of these bitcoin laundering sites are still up. Thank you.

Hi Boonies,

No that would not be considered suspicious. Furthermore, if one is only dealing or interacting with Bitcoins, and not a national currency or "real money," then we are not aware of any laws that even apply in any way.

Until some legal precedent is set suggestion otherwise, Bitcoins are no different than WoW gold.

And yes you can absolutely use Crypto X Change as an ewallet - our security is second to none.

Thanks,
-Crypto X Change

The site looks kinda bad in my browser  , using Firefox 3.6.23 on Ubuntu..

I am interested in registering.  But, before I do, let me present you with 3 scenarios (Keep in mind I live in the United States):

1.)  Someone hacks the site and steals my BTC or USD
2.)  Someone responsible for operating your site messes up and CryptoXChange loses all of my BTC or USD
3.)  Someone steals my CryptoXChange account information from a source outside of you site and uses it to hack my login and steal my BTC or USD

How does CryptoXChange respond to me, the account holder, in each of these 3 scenarios?

I know you might not find it wise to answer, but would an account that didn't withdraw or deposit in fiat be deemed suspicious?

Would you advise using an account as an e-wallet?

Hi Littleshop,

Yes the $15 fee is prohibitive for some and we are working to reduce that fee. While other exchanges may have lower fees in that regard, for some people time is money, and receiving their funds fast and will more complete customer service is important. Withdraws from Gox via Dwolla have taken over 10 days for some people. Customers will vary in their time-preference for funding, and we offer the fastest system (and it'll be getting faster).

Also note, the withdraw fee is not to cover chargeback risk or anything like that. It's the cost of the actual transfer of the funds to your bank - as it occurs directly from Crypto X Change to your bank and cuts out Dwolla. But as stated, it is likely we'll be able to lower this fee soon.

Thanks,
-Crypto X Change

Sorry, it's AUD. However, the two currencies are basically on par right now.

Hi jwzguy,

To answer your questions...

- $500 in total... once that amount is withdrawn or deposited from the account, ID verification is required to withdraw or deposit more. This does not include BTC (you can withdraw or deposit unlimited BTC with no AML restrictions).

- Determining whether an account is "suspicious" is a subjective judgement on our part, and we cannot divulge the criteria we use for obvious reasons. Note that when an account seems suspicious, we'll investigate further and determine the proper course of action.

Regards,
-Crypto X Change

It works fine for me

is the page down ?

Find you guys did a lot Ads. 

I also would love to use your service but the $15 fee for withdrawals makes it very unlikely. Both Mtgox and Tradehill allow for nearly free withdrawals  Mtgox through Dwolla at 25 cents, and Tradehill through direct checks for free.  Anything more then $5 or 1% take you out of the the competition for me. 

Please note, I am talking withdrawals.  You should not 'tax' people withdrawing for the possibility of chargebacks from deposits by having the same price for both.  Simply put, withdrawals in the Bitcoin world cost less (due to less risk) then deposits and should be treated differently in terms of cost.



 

Are you a "reporting entity" under the provisions of the AML/CTF Act by virtue of providing the "designated service" of selling bullion?

What people from overseas should probably know is that if the Australian Taxation Office or AUSTRAC issues a formal request for information to an individual or a business, it's an offence not to provide it.  They don't need court orders to give legal authority to such requests or to impose penalties for non-compliance with such requests.  Both organisations have extensive coercive powers which they can use to ensure involuntary compliance if necessary.

Where this affects people from overseas is that both the ATO and AUSTRAC data share with their equivalents in over 40 overseas countries.  If the IRS thinks that you're trying to evade taxes through dealings in Australia, they can ask the ATO for any data it may hold on you and that data will be shared.  The ATO has the right to seek data on you to establish your liability for Australian taxes.  It's not the job of the business from whom information is requested to decide whether or not such a liability exists - it's their legal obligation to comply with such requests.

Likewise, there's a legal obligation to comply with formal requests by AUSTRAC.  Certain entities providing "designated services" have an additional obligation to actively report certain information to AUSTRAC whether or not it's formally requested.  What AUSTRAC does with that information depends on the particular type of offence which might be indicated by the transactions but if they deem it "suspicious", the data will be shared with the appropriate agencies both here and overseas.  Requests for certain types of transactions require immediate reporting to AUSTRAC and whether or not the transaction can proceed is determined by them.

It would be unwise to assume that information about transaction carried out in Australia is not available to authorities in your own country.  In many cases it is indirectly available to them through one of our government agencies.

hehe, true, that's a useful question too.
Also, does $ stand for USD or AUD? I initially assumed USD but as they are based on Australia maybe they're used to refer to AUD with the $ symbol as well.

That's what I was expecting. I appreciate your answers, thanks!


Almost.

What I meant is that if you claim that you only freezes an account if it is "to protect the owner" or "when owner acts illegally", and someday you freeze someone's account without being for his own protection, than you're by exclusion saying the owner is behaving illegally. Of course, if you always add the word "suspicious", never making direct accusations etc, I guess you won't have any sort of legal problem. I just hope your heuristics are not like some others we've been seeing around, if you know what I mean.


I wish you success on your business. Best regards.

Hello, respectfully, I have a few short followups.
 
When you say $500, do you mean $500 total? 500$ at once? $500 a month?

What criteria do you use to determine that an account is "suspicious?"

Thanks.

Hi, I'll try to be nice and direct for you =) Ordered as your questions:

- We require ID for any accounts withdrawing $500 or more through our site. This can be passport + driving license, or driving license + 2 ID cards (credit card or medicare card, etc).
- We log all money deposits and withdraws. The log would show a deposit from Account A and a withdraw to Account B
- We reserve the right to freeze an account which we believe to be suspicious. "Proof" of illegal activity is a matter for legal courts, not for our staff to determine. We of course do not intend to act "on a heuristic basis with frequent false positives." Putting a hold on a suspicious account is not calumny- calumny requires an intent to slander or defame someone with false knowledge. Ironically, if you knew the definition of that term, then you almost committed calumny against us, didn't you! 
- We would not just hand over data due to a "request" from some government body. We are not under the jurisdiction of anyone but the Australian government, and we will comply with Australian court orders absolutely.
- Again, we'll comply with legitimate court orders according to Australian law

Please always feel welcome to discuss your concerns, we're happy to help.

Regards,
-Crypto X Change