Topic: Bitpanda Mandatory Verification Requirement -- What the F***? (Read 270 times)

You can trade it right now but there is no any book so the buy/sell price is just calculated by bitpanda and we have to agree with that price. Trading pantos is already available within bitpanda and I am trading it, price have surged on first few days but after that it is going sideways.

When they will add option to withdraw your PANTOS than we might see other exchanges also listing them. For now if you want to deposit more money in the platform to buy PANTOS you have to go through verification.

So from what I read here, trade PANTOS will be possible only when it is listed on other exchanges? Is that right?

Hello,

Like pugman mentioned already, nothing changed besides that depositing FIAT is only possible when a user verified fully now. There is no 50 € per month limit anymore.

Besides that, trading is unrestricted now, there are CHF, USD and GBP wallets now and depositing coins, or withdrawing them, works just like before. Also FIAT can be withdrawn just fine, the same way it was before. Just the 50 € per month depositlimit is gone for unverified accounts. For further info please check out our limits-page: https://www.bitpanda.com/de/limits We made many good changes with this new version of Bitpanda.

Of course we try to offer our services to as many users as possible, however we need to carefully evaluate legal implications and risks. We feel it would be in the interest of our customers, to avoid risks and grow in a natural and safe way. We always try to be one of the most secure and safest exchanges, in every direction.

Please let us know, if there are further questions.

Best regards,
Sebastian
Team Bitpanda

The support has already answered in this thread here:

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That is not funny. Its not because of how small the service is, it all matter on how their tie-ups are linked. Smaller services are much better, FYI. They have a better support and better service.

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One thing for me to say to bitpanda, like the others have mentioned: Don't fuck with people by suddenly putting restrictions like these without any prior warning. Its bad faith and is fucking shady.

That's unprofessional.How much money are we talking about here and how many investors they had outside of Europe? Aren't they suppose to mention or create an agreement which prohibits investing from the customers who don't belong to the European territories?
Did you try their support? If there are similar cases and high in number, you guys should start a group or something discuss a solution. I firmly believe if they hadn't mentioned while the time of the ICO about European restrictions, you guys deserve to get paid.

Whats done is done and cant turn it back the thing here is that they should really make a notice or announcement first for people or users to be aware on what would be only the countries are included on their list which means if a user do sees it he can immediately make actions that he would definitely move out his coins rather than on implementing or updating without further notice which would really definitely result similar on what happened to op. For now sending up ticket and waiting up for supports response related to this issue.

But mobnepal's issue is worse. He cannot verify his account if he wanted to because his country is not included in Bitpanda's list of allowed countries lol.

Having that said, many cryptocurrency services are not ready for full KYC/AML compliance. Leave the small services if you ask me.

Nice to see support coming in here to respond. As I mentioned above, I was previously a verified user and am disappointed I cannot verify due to my country not listed on supported verifier lists. Isn't there a way around this?

While it's good to hear that crypto deposits are still possible, and the limits so far are not too bad, it's still a risk to use an exchange that could make changes without warning... I hope Bitpanda doesn't do this, the way other exchanges have in the past.

Hello mobnepal,

You are right that that verification is mandatory now, however only for depositing FIAT. You still can deposit coins and sell them. Also you can buy with the FIAT you have in your FIAT wallets. Withdrawing coins or FIAT is possible as well.

Best regards,
Sebastian
Team Bitpanda

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@buwaytrees

Thank you for answering. And yes, it looks like your answer is correct so far.

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@hugeblack

The new version comes with the functionality to send coins to other Bitpanda users free of charge. Also you can send to an email address whose owner is not yet a user of Bitpanda. It's also free of charge.

@mobnepal: bitpanda user here, you CAN move your funds. I'm going to give my own experience and feedback from support, because I got this rude Verification shock much earlier in May when I logged in, some time after the news about EU AML laws affecting crypto.

1. They cannot verify anyone that their 3rd party Verifiers cannot verify (so basically, I tried both providers, and sure enough, they couldn't verify me). The 3rd party ppl actually suggested that BitPanda COULD do something about it but I tried, and didn't work. Note that I was ALREADY verified before, just that this time, they can't verify my country.

2. All the below functionality still works (I confirm as have continued to do this without problems) with unverified accounts, like mine now, only with some limits (up to EUR 1k withdrawal daily IIR, I don't withdraw a lot):
- Deposits to Bitcoin wallets, it is only fiat deposits they have blocked.
- Sale of Bitcoin for EUR/USD/GBP (all work)
- Withdrawal of EUR/USD. They saved my old bank account info from before, and all my withdrawal processes were fulfilled as before.

3. About PANTOS, it is also withdrawable and/or sellable once it is listed, is what they told me. So our free tokens are "safe" for now.

And yes, I am quite unhappy because BitPanda was really absolutely my favourite non-P2P site (for their fast easy FREE SEPA) and I'm annoyed I now have to find something else.

It is supposed to get a  notice from the trading platform before any regulation or restrictions, but there is a regulation wave of all the Internet dominates so expect this kind of documents.
What is strange is that you can not deposit from Bitpanda account to another.
I do not know what it is needed for since updating the accounts balance inside the platform is like playing with numbers.

It's a typical thing with crypto exchanges or alike services. The life cycle starts with:

1) the site is great
2) the support is slow
3) KYC 

It's another reason to not store your coins in an exchange platform because you never know what can happen with the platform. Adding the possibles news regulations coming, hack, etc make it less reliable to use as the main wallet.

@mobnepal
Look like your only hope is to wait to see your country listed or to find someone on the listed countries :/

This is even better at least, as a new person who wants to visit their site, he is given the option of whether to go ahead to deposit or not if he can comply with the requirements unlike other platforms that won't even give any notification if you want to deposit only to come up with myriad of forms to fill when you want to withdraw.

The numbers of country will surely increase I think its because they just implement it and its a gradual thing. There is no way they can sustain that by restricting their client base to Europe only if they are planning to close business very soon. The only issue I have with this the absence of notification which makes all of this new policy done in bad faith which should be rejected because they are locking people out from accessing their own money.

All those "mandatory verifications" will make many people to cancel cryptocurrency trading and investing.
The worst thing is that it will stop many people to enter the crypto market and invest.
About your issue,as long as you don`t have your private keys,the crypto exchanges can do whatever they want with your coins.Get a good attorney and gather more information about the owners of that exchange,so you can sue them.

Pretty much the same thing happened to me with Bittrex. I had an account with funds and then suddenly and without prior notice, they decided to ask everyone for documents. Either way, I suggest posting in their thread on the forums or contact the support.

We all know all mighty bitpanda, yeah the one that allowed direct sepa transfer and also offers easy to use wallet.

Yeah, they also recently ran their pantos ICO in the name of better and upgraded service. Obviously I also invested there not much few hundred bucks..

Wow, got an email about new user interface they have and multi coin wallet with zero fee during transfer between two bitpanda accounts. Looks amazing...

Wait wait.....
This actually turn out to be worst, they have added mandatory account verification before you can deposit or do pretty much everything. I have money there man, I have tokens (PANTOS) so I don't have problem giving them my docs.

Lets search for my country in their verification page, what? They don't have it and not even 50 countries. It turned out they only have european countries in their list.

So now what how we all gonna get out pantos or other coins out?

Does other have same problem?

No notice, nothing and now we can't even move our coins?