Crypto-Bridge Just sprung KYC on everyone today - No notice given

CryptoBuzzerd

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Quote from: magneto on October 02, 2019, 08:14:39 AM

They most likely knew that people would simply pull out their funds if a KYC check was to be conducted, which is the reason why they made no notice of this until very recently, just before the actual KYC system is implemented.

It's unethical in my opinion to give such short notice, while people's funds are still stuck in limbo and at risk.

They should give an option for people to close down their accounts and get their funds back. I doubt there is any regulation explicitly forbidding this. Otherwise, they'll simply destroy the entire brand of "decentralised exchanges" or gateways.

If your funds are locked on Crypto-bridge, I can help you, just DM me

KekCoinProject

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But what about using a gateway without KYC to withdraw funds from cryptobridge? Did anyone tried this?

You can simply use another gateway provider which does not demand you to do KYC before depositing or withdrawing assets!
For example:

Use the OpenLedger gateway to deposit BTC. You then get credited OPEN.BTC.
Exchange the OPEN.BTC to BRIDGE.BTC and go on trading on CryptoBridge with BRIDGE.XXX pairs.
If you want to withdraw the BTC again, exchange the BRIDGE.BTC to OPEN.BTC and withdraw them via the OpenLedger gateway.

pgbit

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This is unethical AF, it seems to be the new trend in exchanges these days, they seem to always be searching for ways to freeze users funds in their exchange, this is the more reason why we shouldn't leave our funds in any cryptocurrency exchange no matter how long they have been around because the whole power really lies in the people running the exchange and when things like this happen, they make that particular thing quite obvious.

Steamtyme

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Update for anyone who had to submit KYC.

So after 3 weeks Fractal has responded that I meet the criteria to have my Data deleted. I will have to provide some information that I provided to complete KYC and that should be the end of it. Seems as long as you didn't do any trading after verifying you can go through the steps of emailing them... a couple times and they will comply. From what I gathered if you made a trade (maybe even tried) you have to leave your information on file for 5 years. I'll update here with a Service Discussion thread for Fractal, as they have been fairly straightforward and more accommodating than expected. I just want to wait until everything is complete and I can confirm my information is wiped.

Kyraishi

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Quote from: dkbit98 on October 02, 2019, 06:21:34 AM

Why could they not add tiers with optional or no KYC ?

This CryptoFridge exchange will soon die and close forever, due to low volume, and this is just my prediction.
They charged high fees for listing bunch of shitcoins and they where never really decentralized in the first place.
Some other Bitshares based exchange will replace them, and will not ask for mandatory KYC.

Because I don't think they are legally able to do that. They've been scrutinized by the governments for years now due to how much illegal activity occurs with coins from their site and they forcing everyone to use KYC is just the first step for this.

I don't think they where legally required to give no notice before the funds you have there are lost forever though.. that's just more of a dick move on their part to get some free money.

I haven't really hated them since any regular company would be forced to do the same but this is pretty scummy.

o_e_l_e_o

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Quote from: Mike Mayor on October 17, 2019, 05:52:39 PM

Hows this one "to protect customers and CryptoBridge from being held responsible for any illegal intentions" lol sure.

It obviously has nothing to do with protecting customers. It is entirely to protect themselves. As you say, sending my KYC to a total stranger doesn't offer me any protection at all. It offers them protection when the government comes knocking and demands proof that they aren't facilitating money laundering, or demands records so they can start harassing people for taxes.

Quote from: Mike Mayor on October 17, 2019, 05:52:39 PM

I would never implement KYC for anyone. government can kiss my arse.

Then you would be shut down, along with every other centralized exchange which doesn't sell out its users to the government. If you want to avoid KYC, trade peer-to-peer on a DEX.

Quote from: Mike Mayor on October 17, 2019, 05:52:39 PM

They basically want nothing to do with it in the way that if you mess up or get scammed don't come crying to them

Pretty much. If you have your identity stolen, have thousands of dollars of debt racked up in your name that isn't yours, get a criminal conviction for something you didn't do, do you think the government is going to help you? Of course not. You will have to pay thousands for lawyers to sort it out. The government doesn't care about. All they care about is getting their hands on your money.

Mike Mayor

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Quote from: o_e_l_e_o on October 01, 2019, 05:19:48 AM

Quote

Since CryptoBridge entered the market, we are on a mission: Thinking decentral.

Hahahahaha, good one.

Quote

Therefore, starting October 2019, all existing and new users are required to submit user verification before continuing to use deposits and withdrawals, to protect customers and CryptoBridge from being held responsible for any illegal intentions or money laundering activities. Introducing AMLD5 not only creates a legal status for crypto assets, it also enables them to become viable and legitimate financial networks. It also facilitates the listing of security tokens on CryptoBridge.

In plain English: If we don't do this, our profits will be affected, and we care way more about out own profits than we do about your privacy or security.

Quote

We are working closely with our partner Fractal who stores all user-submitted data

Oh good. A third party storing all users' data. Because that's never gone wrong before *cough* Binance.

This is the height of scummy behavior, as far as I am concerned. If you are going to implement KYC, then you should give your users plenty of notice so the ones who don't want to compromise their own security can withdraw their coins. Holding users funds hostage and demanding they either sacrifice their coins or sacrifice their information is incredibly immoral. It's becoming an increasingly common event, and one of the reasons I stay away from centralized exchanges at all costs.

Hows this one "to protect customers and CryptoBridge from being held responsible for any illegal intentions" lol sure. I feel so much safer now that who knows who has my personal info. I don't feel unsafe at all.
If a criminal steals my info that makes me feel so safe. Undecided

I don't need protecting thank you very bloody much. My god, I love how they act like they doing us a favour when all they really doing is making things really shitty for your common user just because about 0.001% off users launder money. If they cant tell hte difference between a legit transaction and one that might be dodgy then they have no business calling themselves an exchange.

I wish I could run an exchange. I would never implement KYC for anyone. government can kiss my arse. Matter of fact the government here has told people to not give any info to anyone no matter what they say esspecially within the crypto realm. They basically want nothing to do with it in the way that if you mess up or get scammed don't come crying to them cuase there is nothing they can do. I think that is fair dont you? Basically they are telling their citizen to be resposible for themselves and not be baby sat.

tbct_mt2

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I remembered that many months ago, Crypto Bridge required KYC for US citizens without pre-announcement and a period for US citizens who don't want to do KYCs to withdraw their money.
This time, they do the same, just announce and ask for KYCs for all users. People who don't want to do KYCs, or fail with KYCs will be unable to withdraw money.
In addition, they require proof of address, that not require on most of other exchanges' KYC. This requirement is a big matter for their users.

Coin_trader

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Quote from: o_e_l_e_o on October 02, 2019, 01:37:47 PM

Quote from: Coin_trader on October 02, 2019, 10:30:04 AM

The exchange will not notice it unless the person do KYC itself admit it to them. Remember that the change don't have any legal documentation coming from so there's no way for them to determine if you are the original owner or not. Even if they try to detect your IP. There is always a VPN to cover that.

They might. I'm not familiar with the sign up process for Crypto-Bridge, but many exchanges that do not require KYC (not that there are many left), still require a name, email address, country, and sometimes an address. If you have signed up as Robert Paulson with [email protected] with a US address, and then complete KYC with documents belonging to Monty Python at a UK address, it's going to raise some red flags. Very likely your account will at least be suspended pending further investigation.

As I remember clearly. Signing up on exchange didn't required any personal info in your account. Only email and password. But of course case to case basis. And as I visit crypto bridge registration site. It really does not require any personal information during registration process. Actually this is the essence of crypto. To trade anonymously that's why most unregulated exchange don't ask personal info.

shaw1

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Quote from: o_e_l_e_o on October 02, 2019, 01:37:47 PM

Quote from: Coin_trader on October 02, 2019, 10:30:04 AM

The exchange will not notice it unless the person do KYC itself admit it to them. Remember that the change don't have any legal documentation coming from so there's no way for them to determine if you are the original owner or not. Even if they try to detect your IP. There is always a VPN to cover that.

They might. I'm not familiar with the sign up process for Crypto-Bridge, but many exchanges that do not require KYC (not that there are many left), still require a name, email address, country, and sometimes an address. If you have signed up as Robert Paulson with [email protected] with a US address, and then complete KYC with documents belonging to Monty Python at a UK address, it's going to raise some red flags. Very likely your account will at least be suspended pending further investigation.

Quote from: mk4 on October 02, 2019, 11:41:24 AM

but wouldn't there be potential sort of criminal offenses for this? Faking of documents or something?

Absolutely. This is money laundering 101, to withdraw under someone else's name. There could very well be criminal consequences.

As I recall, Crypto-Bridge doesn't require more than just a username/password setup.

However, if one's username is "shaw1", and one puts down a document claiming to be John smith, that would still raise the same issue as if they did ask for your name.

But I absolutely concur with your underlying point. Fraud to combat fraud isn't a good idea. And as soon as you get caught sending in the wrong docs, then they will have the "moral" high ground to seize your assets. All in the name of combating terrorism.

o_e_l_e_o

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Quote from: Coin_trader on October 02, 2019, 10:30:04 AM

The exchange will not notice it unless the person do KYC itself admit it to them. Remember that the change don't have any legal documentation coming from so there's no way for them to determine if you are the original owner or not. Even if they try to detect your IP. There is always a VPN to cover that.

They might. I'm not familiar with the sign up process for Crypto-Bridge, but many exchanges that do not require KYC (not that there are many left), still require a name, email address, country, and sometimes an address. If you have signed up as Robert Paulson with [email protected] with a US address, and then complete KYC with documents belonging to Monty Python at a UK address, it's going to raise some red flags. Very likely your account will at least be suspended pending further investigation.

Quote from: mk4 on October 02, 2019, 11:41:24 AM

but wouldn't there be potential sort of criminal offenses for this? Faking of documents or something?

Absolutely. This is money laundering 101, to withdraw under someone else's name. There could very well be criminal consequences.

mk4

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Quote from: bitmover on October 01, 2019, 06:31:10 PM

Quote from: o_e_l_e_o on October 01, 2019, 02:08:05 PM

Quote from: shaw1 on October 01, 2019, 02:02:00 PM

Guess I'll just have to take a hit on this one. :/

And there we go.

This is exactly what exchanges which implement KYC with no warning are counting on. Privacy conscious users abandoning their coin(s).

I would try to use photoshop on any document and send it to KYC.
I know it is not right. However, those exchanges are not right either. Suddenly enforcing KYC is a theft.

This is definitely something that would cross my mind if something like this would ever happen to me, but wouldn't there be potential sort of criminal offenses for this? Faking of documents or something? I'm not sure, but it's probably possible when you're in a country like the United States.

Coin_trader

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Quote from: o_e_l_e_o on October 02, 2019, 06:21:13 AM

Quote from: Coin_trader on October 02, 2019, 01:36:19 AM

You can find a people that WILLING to do the KYC for your account then just pay him for his service.

I'd only do this if you would be happy to forfeit the coins. If the exchange discover this is what you are doing, the account will be locked immediately.

The exchange will not notice it unless the person do KYC itself admit it to them. Remember that the change don't have any legal documentation coming from so there's no way for them to determine if you are the original owner or not. Even if they try to detect your IP. There is always a VPN to cover that.

One thing on my mind that bothers me. I'm not familiar on that exchange security features. But my plan will just work properly if the exchange have separate 2FA security on the account itself and the trading section of the account. Take kucoin as an example. Because if they don't a separate 2FA security then there is a risk that a person can fck up the fund by selling the coins on cheaper price and destroy the account for fun.

Steamtyme

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Not sure when I'll update but over the next day or so I'm going to explore options to move funds without KYC. I can log in and see all my balances. They do give the option to send coins to another CB account - that won't lead to people getting ripped off I'm sure.
I believe there is another option but I have to read into this more as I've never done anything like it before.
It's been tiring but amusing reading through there terms; a lot of stuff going to need to be updated. Random trolls who believe it was there only hope.

magneto

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They most likely knew that people would simply pull out their funds if a KYC check was to be conducted, which is the reason why they made no notice of this until very recently, just before the actual KYC system is implemented.

It's unethical in my opinion to give such short notice, while people's funds are still stuck in limbo and at risk.

They should give an option for people to close down their accounts and get their funds back. I doubt there is any regulation explicitly forbidding this. Otherwise, they'll simply destroy the entire brand of "decentralised exchanges" or gateways.

dkbit98

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Why could they not add tiers with optional or no KYC ?

This CryptoFridge exchange will soon die and close forever, due to low volume, and this is just my prediction.
They charged high fees for listing bunch of shitcoins and they where never really decentralized in the first place.
Some other Bitshares based exchange will replace them, and will not ask for mandatory KYC.

o_e_l_e_o

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They are effectively saying "hand over either your coins or your KYC documents against your will". They had the choice to give customers a warning and a grace period, and they chose not to do that so they could deprive some users of their coins and keep these coins for themselves. Even if customers did complete the KYC, they are still being forced to hand over something against their will. Call it theft by extortion, if you will, but either way they are taking something from the customer against their will.

Quote from: Coin_trader on October 02, 2019, 01:36:19 AM

You can find a people that WILLING to do the KYC for your account then just pay him for his service.

I'd only do this if you would be happy to forfeit the coins. If the exchange discover this is what you are doing, the account will be locked immediately.

Quote from: adroitful_one on October 02, 2019, 03:31:14 AM

I would contact support demanding that they withdraw your funds.

There is probably very little legal recourse here, but they might be willing to let you withdraw your funds in exchange for not giving them a bad rep on social media.

adroitful_one

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1GhxHtabWhEpdb7e7oEJ2vd542n33BwTHR

Quote from: shaw1 on October 01, 2019, 02:02:00 PM

Quote from: mk4 on October 01, 2019, 07:51:33 AM

Quote from: o_e_l_e_o on October 01, 2019, 05:36:11 AM

Pretty much. If they'd announce it a bit earlier, heck, I'd even take a 3 day notice rather than no warning at all. If they did put up a notice and if I was a user of the exchange, I would just sigh, withdraw the funds, and probably move on to another exchange. Knowing in my mind that the exchange itself had no choice either but to put up KYC requirements. But then again, chances are that they're simply just very unprofessional, or the more shadier reason- they did it on purpose for their users to actually be forced to submit KYC to have access to their funds.

I'm going with shady on purpose.
That's too bad. I've got some funds there, but not enough for me to sell my identity.
Any warning time, and I would've just withdrawn, and gone about my business.

Guess I'll just have to take a hit on this one. :/

I would contact support demanding that they withdraw your funds. Surely there is some legal consequences to them not withdrawing your funds if you don't want to comply with the KYC. It should be like 30 days to withdraw funds or something. I'd make a huge deal out of it and force them to change their ways or threaten legal action against them. That's really shady.

Coin_trader

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Quote from: Steamtyme on October 01, 2019, 08:35:10 PM

Quote from: Coin_trader on October 01, 2019, 06:42:22 PM

But I believe OP got a hint when US citizen requires KYC which he stated. Actually, the exchange can't do anything when regulators ask for it since it's require for AML.

Considering they were able to provide notice the last time, your argument they had no choice is misleading. They may not have a choice in implementing this, but they had a choice in allowing a grace period.

I was pertaining here the force implementation of KYC and not the early NOTICE that they must give to all users before they implement KYC. Check my statement here:

Quote from: Steamtyme on October 01, 2019, 08:35:10 PM

Quote from: Coin_trader on October 01, 2019, 08:18:12 PM

I said that's its not actually a theft since you have a chance to claim it by undergoing KYC it's not just like that they didn't give you a way to recover your funds . I'm just explaining the legal process. I'm not telling that they are really doing that thing for legal peocess.

It's funny you point to a legal background.

This is just a habit of mine since many users here don't have any legal background. I'm happy to point out some facts.

Quote from: Steamtyme on October 01, 2019, 08:35:10 PM

The problem is using my balance which one can reasonably expect to have on an exchange if they are thinking of beginning trading, or just to have a small amount available to sell at a quick price run-up, to then forcibly extort my identity and personal information. To begin complying with laws outside of their country of origin, with no notice.

I believe this is the risk of trading on the unregulated exchange.
---
Actually there is a solution, This is just my method if I'm in your situation. You can find a people that WILLING to do the KYC for your account then just pay him for his service. Set a 2FA security in your exchange account. Let him login and process the KYC then wait till approves. Don't worry that he might hack your account since 2FA code varies per minute. (Considering that you have tons of money in there if NOT then that much then this method is to hassle.)

Kyraishi

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Today we see another crypto-exchange fall victim to KYC, and instead of them choosing to follow decentralization and their original business model, they've given it all up to maintain their profits. It's to be expected, it's the decision any business would make.

I'd understand if they gave users a couple weeks or months to get funds off the site, but by the looks of it, you can't do that? They said starting OCT, which is the current month??

Does this mean existing users will be unable to withdraw their funds unless they undergo KYC... That's crazy.

Steamtyme

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Quote from: bitmover on October 01, 2019, 06:31:10 PM

I would try to use photoshop on any document and send it to KYC.
I know it is not right. However, those exchanges are not right either. Suddenly enforcing KYC is a theft.

I get it but that adds an extra layer of risk to things, if you fail the KYC and then turn out to have attempted to cheat it I'd bet you just forfeited any chance of recovering that account. Like I said I'll eventually just do it, I don't handle people trying to take what is mine very well.

Quote from: Coin_trader on October 01, 2019, 06:42:22 PM

But I believe OP got a hint when US citizen requires KYC which he stated. Actually, the exchange can't do anything when regulators ask for it since it's require for AML.

Yes there was a hint that they may roll it out in the same way they did for citizens of their country, giving them notice to decide whether or not they wanted to continue to do business there. My guess enough people just left, so they figured at least this way they can take in a nice payday. You can't operate this type of exchange that really only had a place in the market because they offered something different. Considering they were able to provide notice the last time, your argument they had no choice is misleading. They may not have a choice in implementing this, but they had a choice in allowing a grace period.

Quote from: Coin_trader on October 01, 2019, 08:18:12 PM

I said that's its not actually a theft since you have a chance to claim it by undergoing KYC it's not just like that they didn't give you a way to recover your funds . I'm just explaining the legal process. I'm not telling that they are really doing that thing for legal peocess.

Correct I believe that's more along the lines of extortion not theft. It's funny you point to a legal background. There are very few laws that join nations, I am not a citizen of either that created these laws that this exchange is conforming to. I accepted the laws that the exchange operates within, in the same way this forum has an obligation to follow US laws and I agree to participate here. The problem is using my balance which one can reasonably expect to have on an exchange if they are thinking of beginning trading, or just to have a small amount available to sell at a quick price run up, to then forcibly extort my identity and personal information. To begin complying with laws outside of their country of origin, with no notice.

Coin_trader

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Quote from: TimeTeller on October 01, 2019, 06:52:55 PM

Quote from: Coin_trader on October 01, 2019, 06:42:22 PM

Quote from: bitmover on October 01, 2019, 06:31:10 PM

Quote from: o_e_l_e_o on October 01, 2019, 02:08:05 PM

Quote from: shaw1 on October 01, 2019, 02:02:00 PM

Guess I'll just have to take a hit on this one. :/

And there we go.

This is exactly what exchanges which implement KYC with no warning are counting on. Privacy conscious users abandoning their coin(s).

I would try to use photoshop on any document and send it to KYC.
I know it is not right. However, those exchanges are not right either. Suddenly enforcing KYC is a theft.

It's actually not a theft. Regulators nowadays are very strict regarding this. The exchange only fault was not informing the users in advance. But I believe OP got a hint when US citizen requires KYC which he stated. Actually, the exchange can't do anything when regulators ask for it since it's require for AML. It's either to force close or force user to submit KYC.

CB should have sent an email in advance regarding this new policy.
So users can opt to retain their coins or not.
But CB I believe intentionally does this move so users will be obliged to comply their KYC requirements, else, the coins will be in their possession.
So you can consider it as cheating tactic. This new policy has been in discussion for such certain period within their management.
It is not that they came up with this policy a day before they posted it on their website.
Too bad for those who don't want to undergo KYC with coins in that exchange.

This actually what I said. Read carefully this statement.

Quote

The exchange only fault was not informing the users in advance

I said that's its not actually a theft since you have a chance to claim it by undergoing KYC it's not just like that they didn't give you a way to recover your funds. It's up to the user to comply or not. I'm telling you this because I'm more on the legal side and experience this kind of situation. But I understand your feeling as a normal user of exchange. So don't worry. I'm not with the exchange. I'm just explaining the legal process. I'm not telling that they are really doing that thing for legal peocess.

TimeTeller

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Quote from: Coin_trader on October 01, 2019, 06:42:22 PM

Quote from: bitmover on October 01, 2019, 06:31:10 PM

Quote from: o_e_l_e_o on October 01, 2019, 02:08:05 PM

Quote from: shaw1 on October 01, 2019, 02:02:00 PM

Guess I'll just have to take a hit on this one. :/

And there we go.

This is exactly what exchanges which implement KYC with no warning are counting on. Privacy conscious users abandoning their coin(s).

I would try to use photoshop on any document and send it to KYC.
I know it is not right. However, those exchanges are not right either. Suddenly enforcing KYC is a theft.

It's actually not a theft. Regulators nowadays are very strict regarding this. The exchange only fault was not informing the users in advance. But I believe OP got a hint when US citizen requires KYC which he stated. Actually, the exchange can't do anything when regulators ask for it since it's require for AML. It's either to force close or force user to submit KYC.

CB should have sent an email in advance regarding this new policy.
So users can opt to retain their coins or not.
But CB I believe intentionally does this move so users will be obliged to comply their KYC requirements, else, the coins will be in their possession.
So you can consider it as cheating tactic. This new policy has been in discussion for such certain period within their management.
It is not that they came up with this policy a day before they posted it on their website.
Too bad for those who don't want to undergo KYC with coins in that exchange.

Coin_trader

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Quote from: bitmover on October 01, 2019, 06:31:10 PM

Quote from: o_e_l_e_o on October 01, 2019, 02:08:05 PM

Quote from: shaw1 on October 01, 2019, 02:02:00 PM

Guess I'll just have to take a hit on this one. :/

And there we go.

This is exactly what exchanges which implement KYC with no warning are counting on. Privacy conscious users abandoning their coin(s).

I would try to use photoshop on any document and send it to KYC.
I know it is not right. However, those exchanges are not right either. Suddenly enforcing KYC is a theft.

It's actually not a theft. Regulators nowadays are very strict regarding this. The exchange only fault was not informing the users in advance. But I believe OP got a hint when US citizen requires KYC which he stated. Actually, the exchange can't do anything when regulators ask for it since it's require for AML. It's either to force close or force user to submit KYC.

bitmover

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Quote from: o_e_l_e_o on October 01, 2019, 02:08:05 PM

Quote from: shaw1 on October 01, 2019, 02:02:00 PM

Guess I'll just have to take a hit on this one. :/

And there we go.

This is exactly what exchanges which implement KYC with no warning are counting on. Privacy conscious users abandoning their coin(s).

I would try to use photoshop on any document and send it to KYC.
I know it is not right. However, those exchanges are not right either. Suddenly enforcing KYC is a theft.

coupable

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After building a good reputation, it's sadly bad to turn into a scam builder. I used crypto bridge for some of my small trades since about a year, and it was perfect. The platform has already a high number of users and this will be a disaster for a lot of them, but also for listed coins who will loose trade volume. I can't imagine that they will soon run out with the rest of deposits but adding KYC for its users in this way would destroy everything.
I will announce this in my local board.

o_e_l_e_o

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Quote from: shaw1 on October 01, 2019, 02:02:00 PM

Guess I'll just have to take a hit on this one. :/

And there we go.

This is exactly what exchanges which implement KYC with no warning are counting on. Privacy conscious users abandoning their coin(s). I'm not saying that's the wrong thing to do; I would do the same thing in your shoes with an amount I could afford to lose, rather than hand over everything needed to steal my identity to some internet stranger to then pass on to another stranger working for some third party.

There is no good reason to not give at least a week or two grace period. Not doing so is simply theft from users who don't want to send their documents. Even if I were inclined to complete KYC on an exchange, I sure as hell wouldn't be doing it on an exchange with such blatant disregard for their users. I hope others take notice of this before signing up to this exchange.

shaw1

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Quote from: mk4 on October 01, 2019, 07:51:33 AM

Quote from: o_e_l_e_o on October 01, 2019, 05:36:11 AM

Pretty much. If they'd announce it a bit earlier, heck, I'd even take a 3 day notice rather than no warning at all. If they did put up a notice and if I was a user of the exchange, I would just sigh, withdraw the funds, and probably move on to another exchange. Knowing in my mind that the exchange itself had no choice either but to put up KYC requirements. But then again, chances are that they're simply just very unprofessional, or the more shadier reason- they did it on purpose for their users to actually be forced to submit KYC to have access to their funds.

I'm going with shady on purpose.
That's too bad. I've got some funds there, but not enough for me to sell my identity.
Any warning time, and I would've just withdrawn, and gone about my business.

Guess I'll just have to take a hit on this one. :/

mk4

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Quote from: o_e_l_e_o on October 01, 2019, 05:36:11 AM

Pretty much. If they'd announce it a bit earlier, heck, I'd even take a 3 day notice rather than no warning at all. If they did put up a notice and if I was a user of the exchange, I would just sigh, withdraw the funds, and probably move on to another exchange. Knowing in my mind that the exchange itself had no choice either but to put up KYC requirements. But then again, chances are that they're simply just very unprofessional, or the more shadier reason- they did it on purpose for their users to actually be forced to submit KYC to have access to their funds.

Steamtyme

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Quote from: o_e_l_e_o on October 01, 2019, 05:36:11 AM

Quote from: mk4 on October 01, 2019, 05:25:58 AM

I think it's mostly the case that they don't have any choice but to require KYC, just like ShapeShift was forced to.

Sure, but that doesn't mean they have to implement the KYC at the same time they announce it.

That's really my only gripe. Do what you feel you have to do but at least approach it with dignity. When they announced it for US citizens I'm pretty sure they got at least 2 weeks notice if not more. It's one thing to perform KYC with a business of your choosing after research, but to be told you have to do this now, and this is the only way. There isn't even a lite version of KYC for low volume withdrawals.

They for sure knew, likely since implementing the US portion. It's funny that they fall into the rhetoric that this is the only way forward for Crypto to become a "viable and legitimate financial network" as quoted above.

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Quote from: mk4 on October 01, 2019, 05:25:58 AM

I think it's mostly the case that they don't have any choice but to require KYC, just like ShapeShift was forced to.

Sure, but that doesn't mean they have to implement the KYC at the same time they announce it.

No court order says "Implement KYC TODAY or you will be shut down". They could quite easily give a grace period of a couple of weeks. They could suspend accounts from deposits, buys, sells, trades, etc., until they have completed KYC, but still allow them to withdraw whatever they have already deposited. They could freeze their entire exchange for 2 weeks whilst still allowing withdrawals, and then implement the KYC requirements. They also must have known this was coming. Their first contact from the government definitely wasn't "KYC or shutdown". There would have been correspondence leading up to this, and they would have anticipated this was going to happen. To give their customers absolutely zero warning and just say "your information or your coins" is pretty much theft.

As always, don't store your coins on an exchange.

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Quote from: o_e_l_e_o on October 01, 2019, 05:19:48 AM

Holding users funds hostage and demanding they either sacrifice their coins or sacrifice their information is incredibly immoral.

I think it's mostly the case that they don't have any choice but to require KYC, just like ShapeShift was forced to. Pretty much the government was like: "require KYC or we shut down your business." I honestly would understand their stance if only they've given at least a weeks notice to their users about them going to require KYC. In this case with Crypto-Bridge, it looks like they're simply just very unprofessional on how they announced the KYC requirement.

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Quote

Since CryptoBridge entered the market, we are on a mission: Thinking decentral.

Hahahahaha, good one.

Quote

Therefore, starting October 2019, all existing and new users are required to submit user verification before continuing to use deposits and withdrawals, to protect customers and CryptoBridge from being held responsible for any illegal intentions or money laundering activities. Introducing AMLD5 not only creates a legal status for crypto assets, it also enables them to become viable and legitimate financial networks. It also facilitates the listing of security tokens on CryptoBridge.

In plain English: If we don't do this, our profits will be affected, and we care way more about out own profits than we do about your privacy or security.

Quote

We are working closely with our partner Fractal who stores all user-submitted data

Oh good. A third party storing all users' data. Because that's never gone wrong before *cough* Binance.

This is the height of scummy behavior, as far as I am concerned. If you are going to implement KYC, then you should give your users plenty of notice so the ones who don't want to compromise their own security can withdraw their coins. Holding users funds hostage and demanding they either sacrifice their coins or sacrifice their information is incredibly immoral. It's becoming an increasingly common event, and one of the reasons I stay away from centralized exchanges at all costs.

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Edit: here is my post detailing how I ended this for myself. I am linking it here to add support to the Flag I am creating.

Just putting this out there for anyone who may be using or was considering using Crypto-Bridge. I have some coins there so I really have no choice now but to submit to their bullshit no notice call. I really should have seen this coming when they made all US clientele perform this earlier in the year. I'm just amazed how it was rolled out, I found it in another random Discord Channel. I guess I'm just a bit miffed at teh fact that they are complying with laws in countries that don't concern me.

They previously allowed anyone outside the US to operate without KYC, so what's the difference now. Either way, I guess I'll have to fill it out eventually but I'll wait until I've seen it in action for a couple days. Sure as shit not letting them have my coins, just because they've changed the rules. I also wouldn't really give a shit, if they had provided some notice.

Edit:

Quote

Starting October 2019, all users are required to submit user verification to use CryptoBridge.
The 5th EU Anti-Money Laundering Directive requires users to submit verification of their identity to continue using CryptoBridge.

Proceeding with this requirement will redirect you to our partner, Fractal. Upon completion, full functionality of your account will be restored. The EU General Data Protection Regulation (GDPR) ensures that your privacy is protected at any time.

Find more about KYC in our blog.

This is the message you are greeted with once you attempt to log in to your account.

Quote

Introducing user verification
Oct 1, 2019 | News

Since CryptoBridge entered the market, we are on a mission: Thinking decentral. Both in a technical and in a jurisdictional sense. While we still strive to present new challenges for international financial regulation, we are facing the 5th EU Anti-Money Laundering Directive (AMLD5) and will adjust our gateway services to pave the way for CryptoBridge moving forward.

Therefore, starting October 2019, all existing and new users are required to submit user verification before continuing to use deposits and withdrawals, to protect customers and CryptoBridge from being held responsible for any illegal intentions or money laundering activities. Introducing AMLD5 not only creates a legal status for crypto assets, it also enables them to become viable and legitimate financial networks. It also facilitates the listing of security tokens on CryptoBridge.

We are working closely with our partner Fractal who stores all user-submitted data with General Data Protection Regulation (GDPR) compliance measures in a European data storage facility. GDPR holds personal data privacy to significantly higher standard than any previous national or international legislation and sets the bar very high for the handling of private data. Consequently, CryptoBridge does not have access to any user information other than their UUID associated with a successful completion identity verification. Personal information is not shared unless there is a court order mandating to release it. You’ll find more in depth information in our privacy policy.

We are looking forward to release an even more efficient and faster identity verification process in the upcoming weeks.

This is the Blog explaining it, note it was published October 1st. They are so F'd on this they don't even have a decent system for KYC up and running. Going to be a few weeks for a streamlined process; might have been niuce to announce it then implement it when the process was ready.

Topic: Crypto-Bridge Just sprung KYC on everyone today - No notice given (Read 574 times)