Topic: [ANN] Crypto X Change Now OPEN - BitInstant Deposit & Withdrawal Available Soon! - page 2. (Read 10048 times)

What made me chuckle about this irony of yours is that a whore lives from a perfectly honest service, while a princess lives from plain robbery, and yet, there are so many cases when "whores" (people living honestly) have to dress like "princesses" to avoid issues.
What a twisted world we live in.

It does show you're kind, professional, and that you "stand on the issue", but it doesn't actually addresses my concerns because you mostly evaded my questions. I'd appreciate direct answers, even if the answer is on the line of "we won't answer this particular question". A direct no is at least clear.

• Will you ever ask me my passport, or any other ID for that matter? May I know under which situations, or should I expect surprises?
• Will you keep links between the account(s) I use to fund my balance with you and bitcoin addresses I withdraw to?
• Will you only freeze somebody's account "in the interest of the rest of our account holders or ourselves if the account holder is acting illegally" if you can actually prove the account owner is acting illegally, or will it be more on an heuristic basis with frequent false positives? Keep in mind that making a false positive in such case is calumny.
• If a foreign government, or the IRS-equivalent of it, asks you data about your clients, will you deliver?
• If the Australian government forces you to give them data on your customers, will you at least require a Justice order or something else that could be made public, to prevent your customers?

Thanks again. Don't take me badly, I'm not here to attack you, just to know about your service, and how much can I trust it. I hate, from the deep of my soul, to pay taxes, and I don't want to pay capital gain taxes I eventually have with my bitcoins. I'm obviously not asking you to help me avoid my taxes, I just wonder how preemptive will you be in helping governments to catch those who try to protect themselves from taxation.

By the way, I'm sorry to hear about the attacks. This is sad. Every bitcoin related site is aimed by these scumbags. I hope you can get rid of these criminals without suffering any actual damage.

Quick notification - our site is going through some downtime today, related both to the continuing attacks on it and our security work in combating the attacks. So, please don't be worried if you're unable to access the site at some point today (Nov 30/Dec1). Trade engine and servers are secure and happy.

Our sincere apologies for the inconvenience. As always, you can contact us at [email protected]

Regards,
-Crypto X Change

well...you can dress a whore like a princess but deep down she's still a whore. so i hope you have good lawyers and a yatch to flee the country when something happens and all your clients money is gone.

It's probably worth pointing out that AUSTRAC listed e-currencies as one of the emerging threats in their report last year.  They're well aware of the potential for web-based fund transmission and exchange services to be used for money laundering and the financing of terrorism (they even mention e-gold specifically).  Mobile payments and prepaid credit cards were also on their list of emerging threats as well as third party intermediaries.

AML/CTF requirements are going to get tougher in Australia (they already have, with 100 points of ID now being needed to buy a SIM card).  While financial information is highly protected here in general, that information must be gathered by entities offering financial services and there are a number of organisations to whom it must be disclosed upon request.  Certain types of activity must also be reported to AUSTRAC by law.  There are circumstances under which a financial service provider would be restrained from informing a customer that their account activity is under investigation.

It's seriously not worth any legitimate business looking the other way when it comes to AML/CTF requirements - the risk of their accounts and other assets being frozen/seized while investigations are made is just too great.  You want the sketchy customers to go elsewhere so that you don't suddenly find your business in indefinite limbo.

Hi EhVedadoOAnonimato,

That's quite a name you've got there =)  Yes your concerns are understandable. Frankly speaking, Crypto X Change intends to be around for a very long time, and as such we must be very careful to fully comply with Australian AML and "Know Your Customer" (KYC) guidelines. We understand there is a range of opinion within the Bitcoin community on issues of proper security, privacy, and disclosure, and that because of this, some individuals may never wish to trade with us because we comply with AML policies.

If we believe there to be suspicious activity in an account, we reserve the right to freeze it while the course of action is determined. Sometimes this is done in the interest of the account holder (if an account may have been compromised), and other times it is in the interest of the rest of our account holders or ourselves if the account holder is acting illegally. There is no free lunch - an exchange which looks the other way with regards to illegal activities is jeopardizing the accounts of its other customers if it draws suspicion from law enforcement.

Thankfully, Bitcoin itself exists within a free and open marketplace, and users are free to choose with whom they associate and do business. Crypto X Change seeks legal business in full AML compliance over the long term, and thus our Privacy Policy and Terms reflect that (and extra points to you for actually reading a site's policies... more people should do that).

Hopefully this addresses your concerns in a reasonable way and demonstrates where we stand on the issue, and thank you for bringing it up for discussion.

Regards,
-Crypto X Change

I know, but I wouldn't also want to have my account frozen by myself.
If the purpose of such freezing is really to protect the account owner, then maybe the triggers of such system could be configurable by the user himself. Not allowing the user to configure what could trigger his account freezing gives the impression that such mechanism is not there only to protect the users...

You don't necessarily want to announce what suspicious activities are being looked for.  That just lets criminals know what activities to avoid.[/list]

Hi Crypto X Change,

Your site looks very professional, congratulations.

But I wonder what are your takes on privacy. The "Extensive logging and tracing of all activity" statement on your security page is particularly worrisome, and combined with the "Account freezes on suspicious activity" one it really suggests a MtGox-like behavior of holding people's money hansom in exchange for identification, what I find particularly disgusting.

I mean, I perfectly understand that by operating legally the way you intend to do, you cannot fully respect people's privacy. But you can at least make everything clear from the start, to avoid misunderstandings. For example:

• How do you define suspicious activity?
• How one unfreezes his account, once it got frozen?
• Will you ever ask governmental identification? Which? Under which conditions would you ask them?
• Will you keep a record linking outgoing bitcoins to incoming bank transfers (or IDs), thus linking bitcoins with people?
• If forced by "stronger powers" to give away your customers' data, can/would you at least make such fact publicly known?

Thanks.

Quick heads up - we are receiving extensive malicious attacks on the site today (Nov 23 and past few days off and on). It is not damaging anything, but it is causing outages and slow response times for many people.

We're working on adjusting our defenses. The system is secure but we understand the annoyance of slow response on the page loading so we're working to correct this ASAP.

Thank you for your patience,
-Crypto X Change

That would be amazing. You certainly would have my business if I could turn cash in hand to cash on a exchange for 5 bucks. By then you should have a lot more volume.

It is free to send and free to receive at my bank and many others here. I haven't run into any intermediary fees even when sending funds outside Europe this far either. So international wire deposit charges are really a bummer...

Astana,

Of course our legal team have covered everything, there is such a thing called customer verification which is required for anything over $500, in which we have rules and policies in place. The Unlimited transfers are for our Bullion business, so there is no money laundering at all possible, we have very strict policies in place and all transfers in and out are facilitated to all legal requirements.

Thank You

Crypto X Change

I hope your lawyers have been talking to the ATO, because I give you 6 months before your charged with money laundering.

PSY,

Our clients are able to walk into the same branch bank in many countries and deposit cash over the counter or use internet banking for 25 Different currencies locally, our banking system and automation has taken a long time to put together. How much is an International Wire transfer at a Bank? $30 to $40 Usually. So we are providing a service that opens the market upto many countries that didn't have a safe and reliable way to deposit into an exchange. Within a couple of months we expect to be able to drop the fee to around $5. Our system allows for unlimited amounts of money to be transferred as we are a Gold & Silver dealer as well. We are not making any money out of the $15 cost at all, that is what it costs us in fees etc from banks.

Regards

Crypto X Change

Their "trade secret"(ah!) is the same as companies like paypal "trade secrets". They charge customers exorbitant fees to cover for losses caused by scammers. Ex.: The $15 deposit fee...

I respect your desire to keep your trade advantages secret, but it may backfire on your adoption rate. I can not imagine how you've solved the issues I've pointed out and thus leave open the possibility of the worst. I will not be using your service nor will I recommend it to others until much time and real-world experience show you can be trusted. I wish you the best and hope you prove my skepticism unfounded.

Thanks. Yeah, Chrome seems to be the reason live support isn't loading. I am just a bit itchy after having run into a stream of other companies with there fancy live supports and never any operators online...
It is just a small amount of LTC and it hasn't even been a day so I am sure you will sort it out.

Hi netrin,

On the bank issue: this is one of our trade secrets, so I can't discuss the details. But the statement is true. I suppose in the world of banking anything is possible, but it is extremely unlikely that a payment will not get to us or to you do to a frozen account.

On the credit card issue: this is again a trade secret, but no it's not due to our insurance. We hope to have the credit card purchases available by Christmas but I don't want to guarantee that.

On the mining pool programme: we're releasing an API that allows mining pool operators to link with us. Their miners can opt to sell directly/automatically on our exchange for a discount, and the pool op gets a portion of the commission (so the op and the miners are both benefited). We're in touch with a few mining ops now but the API isn't quite ready.

Thank you for the questions and please don't ever hesitate to ask.

Regards,
-Crypto X Change

Hi Rahl,

We did receive your email and our reply seems to have bounced, we've tried again just now (also, do you have a different email we could try?). The Live Support link at the top is working for most people but I am sorry it didn't work for you. We do have operators available there at almost all hours.

We'll get the Litecoin sorted for you.

Also, we don't want to upset anyone with a Mises avatar =)

Thanks,
-Crypto X Change