Are bitmex just trying to scam with their kyc policy? - page 2.

pixie85

hero member

Activity: 2184

Merit: 531

Quote from: tippytoes on August 29, 2020, 04:45:20 PM

But have they given a period to transfer your funds before implementing the compulsory KYC policy?

Yes, but they should still allow users to withdraw coins deposited before the announcement.
What about people who deposited and forgot about their coins for a while? They could've had a death in the family, exams, wedding and honeymoon. They came back after a few months and their coins were frozen. The only way to withdraw is to do KYC but sometimes that's not enough.

With bittrex I had a similar situation to this guy. If you really want to hijack coins you can ramp up requirements.
https://medium.com/@herman_10687/is-bittrex-the-next-mt-gox-6887b038efb4

tippytoes

sr. member

Activity: 1988

Merit: 275

Quote from: pixie85 on August 29, 2020, 04:39:59 PM

They're doing something similar to Bittrex. I still have some coins there that I'm not getting back. My account is frozen because I ignored their KYC policies.

What these exchanges are doing is extortion. If someone doesn't pass KYC they should send his coins back and simply deny them service (trading). They have no right to hijack coins.

Another proof that not your keys = not your coins.

That is really not a smart move on their end. They just lost some clients on this action. But have they given a period to transfer your funds before implementing the compulsory KYC policy? Because normally, they will release a statement that they will implement such policy, and so you need to move your funds before that happens. Just like what crex did. They informed their clients that they will require KYC for their EU clients as tweeted like this -

https://twitter.com/crex_24/status/1201822589771026432?lang=en

pixie85

hero member

Activity: 2184

Merit: 531

They're doing something similar to Bittrex. I still have some coins there that I'm not getting back. My account is frozen because I ignored their KYC policies.

What these exchanges are doing is extortion. If someone doesn't pass KYC they should send his coins back and simply deny them service (trading). They have no right to hijack coins.

Another proof that not your keys = not your coins.

jackg

copper member

Activity: 2856

Merit: 3071

https://bit.ly/387FXHi lightning theory

From February, you'll have to kyc with bitmex or they'll freeze your funds apparently. Claiming they're doing it to ensure the only people using the exchange are in viable countries but binance and bybit both have similar services and aren't doing kyc verification?

This means bitmex have either found someone to buy all the kyc documents they took for the email verification last time or they're being put under stricter terms - they have an fca disclaimer now if you connect to them in the UK.

If binance brings in something similar I hope they do address verification (like stocks trading accounts do).

Topic: Are bitmex just trying to scam with their kyc policy? - page 2. (Read 234 times)