Bitfinex blocks withdraws - page 2. | Bitcointalksearch.org

squatter

legendary

Activity: 1666

Merit: 1196

STOP SNITCHIN'

Quote from: o_e_l_e_o on January 01, 2020, 05:13:05 PM

I know we covered this in another thread which was unfortunately deleted squatter, but no other financial service requires this kind of detail for individual users (unless you are trading millions).

Except for cryptocurrency exchanges. Bitstamp and others are known for this level of customer due diligence. More will follow.

I think it's clear from the scope of the FATF travel rule and 4th/5th AML Directives that VASPs are going to be regulated more strictly than traditional banks. The 5th directive limits anonymous remote or online transactions to €50, which basically destroys the notion of anonymous trading accounts. Not to mention the customer due diligence and suspicious activity reporting requirements, which extend to all custodial platforms and don't seem to have clear minimum thresholds.

Quote from: o_e_l_e_o on January 01, 2020, 05:13:05 PM

Let's look on the bright side though - more and more exchanges pulling this scammy nonsense will drive the growth and development DEXs.

I agree. I still don't think it's nonsense, though. Regulators are breathing down the neck of custodial/centralized services very hard right now. I'd love to be a fly on the wall in the war room of these exchanges to understand what they're dealing with.

My sense is that it's a "rock and a hard place" situation. The only real solution for end users is don't use centralized exchanges, particularly large ones that are being targeted by regulators and law enforcement agencies.

o_e_l_e_o

legendary

Activity: 2268

Merit: 18748

What a joke.

This is some of the most invasive questioning yet. Where did your money come from, how and where did you earn it, what you are doing with it on Bitfinex, where is it going, what are you going to use it for, and "proof" of this things (whatever they define "proof" as). And they want it all notarized? At this point you might as well just send them your bank statements, tax returns, bills, shopping receipts, passport, selfie, and colonoscopy report. I know we covered this in another thread which was unfortunately deleted squatter, but no other financial service requires this kind of detail for individual users (unless you are trading millions).

Not only that, but coming from Bitfinex it is doubly scammy. They want you to provide a "proof of source of funds" for your deposits of a few hundred dollars, but they can't provide "proof of source of funds" for billions of dollars worth of Tether. Hypocritical scammers. Avoid Bitfinex and avoid KYC.

Let's look on the bright side though - more and more exchanges pulling this scammy nonsense will drive the growth and development DEXs.

dkbit98

legendary

Activity: 2212

Merit: 7064

Thank you for updating with latest news.

Bitfinex asking 'notarized document'... means that De Facto they don't have no-kyc level anymore.
Now they have crazy strict kyc Tongue

piqlet13

newbie

Activity: 5

Merit: 2

the documents they are asking has to be notarized according to other posts. how can you have a notarized document between you and your friend, while exchange allows you to deposit from 3rd party wallet without notorized document aka KYC decleration lol. this just seems like an ultimate scam.

squatter

legendary

Activity: 1666

Merit: 1196

STOP SNITCHIN'

Quote from: piqlet13 on January 01, 2020, 03:24:48 PM

confirmed. having the same issue right now , withdrawals blocked until i declare every single data they want according to their KYC form which is full of question that are out of line.. in addition never requested fiat withdrawals just used the account for coin deposits and withdrawals..

Good to know. Bitfinex has obviously been ramping up their AML/KYC process over the past few months. There have been increasing reports of accounts being frozen and KYC demanded, and they also just added additional KYC requirements for verified users.

Fortunately, these cases generally seem to end with customers getting their money back. Unfortunately, you will probably need to complete their KYC process unless you're willing to forfeit the funds in your account. They apparently flagged your account for risky behavior so there's also the possibility that they will close it.

In general, I would steer clear of Bitfinex if you're trying to avoid KYC. Too many people are getting caught in this net.

piqlet13

newbie

Activity: 5

Merit: 2

confirmed. having the same issue right now , withdrawals blocked until i declare every single data they want according to their KYC form which is full of question that are out of line.. in addition never requested fiat withdrawals just used the account for coin deposits and withdrawals..

Reasons for transfers from and to your Bitfinex account;
A clear and detailed explanation your account activity and objectives.
A detailed explanation of the sources of all funds deposited to Bitfinex; provide details on how and where you acquired the funds that were deposited to your account. Make sure to include TXids and addresses that describe the source of the funds deposited to your Bitfinex account.
A proof of source of funds confirming how the deposited funds were originally acquired.
A detailed description of the destination you are sending your funds to from your Bitfinex account
Have you ever opened and used any other account(s) on Bitfinex? If so please provide the user name(s) and email address(es) of any account ever opened. explain why you operated more than one account, if you have.

timerland

hero member

Activity: 1526

Merit: 596

Quote from: figmentofmyass on July 26, 2019, 03:21:09 PM

Quote from: timerland on July 26, 2019, 05:37:30 AM

Bitfinex allows trading of unverified users, and then when they have funds in their accounts and they "suddenly" find that they are from the US, they take the money and lock the account.

is that a fact? i haven't heard about any of these cases with bitfinex. i know with bitmex, USA traders have had their positions liquidated and accounts closed but i think they are allowed to withdraw their funds. i've never been able to get a straight answer about what bitfinex does in these situations.

I should have structured this a bit clearer, but there is truth in what I said. If you want to use fiat currencies, you will 100 percent need to verify your ID - this is standard for basically most big exchanges. I have seen cases though if you are only trading crypto to crypto and you still get your account closed if you are found to be from the US. It's really dodgy from them, and I wish they could either allow no US customer to touch their exchange, or allow them to move their funds away from the exchange when it's found out to be a US customer.

Exchanges nowadays are pulling too many tricks to get ahold of user funds, it's crazy and it's one of the reasons why I choose to use and support DEX's mostly (although there is an immense lack of them).

Good job OP with getting your money back - glad to see it was worth the hassle.

gentlemand

legendary

Activity: 2590

Merit: 3015

Welt Am Draht

Quote from: adaseb on July 30, 2019, 03:16:58 AM

As far as I know Bitfinex doesn't do KYC. There were some rare cases that they had to perform it or for some very high balanced accounts.

They most certainly do if you're depositing or withdrawing fiat - https://support.bitfinex.com/hc/en-us/articles/115003355893-Account-Verification-Individuals

They say they don't do it if you don't touch fiat but there've been cases where they have imposed it on people who were crypto only.

adaseb

legendary

Activity: 3808

Merit: 1723

As far as I know Bitfinex doesn't do KYC. There were some rare cases that they had to perform it or for some very high balanced accounts.

Can you provide more info like how much did you deposit, could be a ballpark figure?

Also where did the deposits originate from, if you used some Mixer of some sort it might of set off some red flag and that's why you got KYC.

Glad it worked out in the end, and that you got all your money back.

figmentofmyass

legendary

Activity: 1652

Merit: 1483

Quote from: timerland on July 26, 2019, 05:37:30 AM

Bitfinex allows trading of unverified users, and then when they have funds in their accounts and they "suddenly" find that they are from the US, they take the money and lock the account.

is that a fact? i haven't heard about any of these cases with bitfinex. i know with bitmex, USA traders have had their positions liquidated and accounts closed but i think they are allowed to withdraw their funds. i've never been able to get a straight answer about what bitfinex does in these situations.

timerland

hero member

Activity: 1526

Merit: 596

Don't touch Bitfinex or Tether. Both of them are extremely corrupt and offer you no safety. Tether constantly lies about their arrangements and their model of tethering 1 USDT to 1 USD. Bitfinex has also been very dodgy with their practices with their customers, with most exchanges requiring ID verification or banning users from certain regions, but Bitfinex allows trading of unverified users, and then when they have funds in their accounts and they "suddenly" find that they are from the US, they take the money and lock the account.

I'd be willing to bet that they do something really dodgy with your IDs. They've been getting into the IEO scene as well, and haven't been doing so well on that front as well.

versprichnix

sr. member

Activity: 876

Merit: 291

Quote from: mr.relax on July 26, 2019, 01:12:45 AM

The forced me to do full KYC, including showing source of fiat-funds and declaring my personal income before.
In the end I am happy with that outcome.
In Future I will avoid Bitfinex and Tether.

There are a lot of people without a personal income, me too, and especially the poor all over the world. Will take Bitfinex the wealth of the poor? They are criminals!

Bitstamp asked me in their KYC, on which platforms I trade or use cryptos. Of course I answered nowhere, and left them. The trading platforms will misuse the questions to get ahead.

mr.relax

hero member

Activity: 1651

Merit: 863

The forced me to do full KYC, including showing source of fiat-funds and declaring my personal income before.
In the end I am happy with that outcome.
In Future I will avoid Bitfinex and Tether.

squatter

legendary

Activity: 1666

Merit: 1196

STOP SNITCHIN'

Quote from: mr.relax on July 26, 2019, 12:37:21 AM

Update: after 3 weeks of negotiation they finally let mr withdraw.And they closed my account afterwards.

What do you mean by "negotiation?" Were you able to withdraw without being forced to provide any KYC documents? If so, that's a much better outcome than I expected.

mr.relax

hero member

Activity: 1651

Merit: 863

Update: after 3 weeks of negotiation they finally let mr withdraw.And they closed my account afterwards.

versprichnix

sr. member

Activity: 876

Merit: 291

On bittrex I lost some coins, and on hitbtc I lost a lot of them. I trusted hitbtc, it worked many years very smoothly, and suddenly they have sent me a KYC mail.

I'm paranoid, the worst case for me is the exchange ops are criminals, visiting me whenever they want. There are many signs in history this is probably the case. This said, the "loss" on some exchanges like bittrex and hitbtc in my view is a sort of donation to them, they will need it. The signs they give to me is worth all the money.

gentlemand

legendary

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Welt Am Draht

Quote from: squatter on July 25, 2019, 03:49:26 PM

I'm looking for an exchange that allows unverified users and limiting the funds I deposit there.

Everywhere will eventually fall into line unless they want to recede into the shadows. That's just the way the world is going. Hopefully they'll have the courtesy to tell their users that they're going full KYC too but a few seem fond of keeping it to themselves until it's too late.

If you're happy with the amounts risked then that's cool. It would REALLY get on my tits.

squatter

legendary

Activity: 1666

Merit: 1196

STOP SNITCHIN'

Quote from: gentlemand on July 25, 2019, 03:32:53 PM

I wouldn't put any money in somewhere with the possibility of KYC without verifying myself to pieces. It's just too much potential ball ache and some of the demands these places make are so stupid I want to see the demands up front before deciding to go with them before they have me by the nads.

KYC is a ticking time bomb. Better to defuse it before you're in too deep.

It all depends on your risk tolerance and the price you're willing to pay for privacy. People often say don't put anything on an exchange that you're not willing to lose and I think this is an extension of that. If you think you can double or 1000% your bitcoins by trading but are unwilling to verify identity, the risk might still be worth it. Withdraw profits quickly and regularly and if ever forced to verify, just consider your balance lost.

I'm very paranoid about my ID documents being compromised. I'm verified on Coinbase so if a market isn't listed there, I'm looking for an exchange that allows unverified users and limiting the funds I deposit there.

gentlemand

legendary

Activity: 2590

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Welt Am Draht

I wouldn't put any money in somewhere with the possibility of KYC without verifying myself to pieces. It's just too much potential ball ache and some of the demands these places make are so stupid I want to see the demands up front before deciding to go with them before they have me by the nads.

KYC is a ticking time bomb. Better to defuse it before you're in too deep.

Hope your issue gets resolved in a timely manner.

figmentofmyass

legendary

Activity: 1652

Merit: 1483

Quote from: AdolfinWolf on July 25, 2019, 08:58:26 AM

Quote from: Saint-loup on July 25, 2019, 07:17:12 AM

Leowonderful quoted a paragraph from the FAQ saying only fiats need KYC, so I hope it's still the same, and they are not trying to withhold user funds Undecided

I would be surprised if it only is for fiat, considering their counterparties (Bittrex/Poloniex) had to force verification upon their users for just trading crypto a long time ago.

bitfinex =/= bittrex and poloniex. they have never mandated KYC for all users. when bittrex and poloniex did that, bitfinex banned USA residents instead and kept allowing unverified accounts for trading and crypto deposit/withdrawal.

however, just like binance, they can freeze your account and require KYC at any time:

Quote

As per our Terms of Service, we reserve the right to ask for KYC information at any point in time if your account activity raises flags.

Topic: Bitfinex blocks withdraws - page 2. (Read 743 times)