Topic: Crypto X Change - $5 + % Deposit / Withdraw Fee Will Resume This Last week May (Read 6432 times)

Useful links, thanks, will read in free time.

Maybe I'll create my own organisation with a nice acronym, with "recommendations", etc, and encourage exchanges to implement them, and blacklist those non-compliant.

Its all politics.

Freedom-minded people vs. authoritarians.

Innocent-until-proven-guilty vs. everybody-is-suspect.

I already have my own rating of exchanges, with levels of trust how much of my BTC worth of Bitcoin+fiat at once I'd let under their control.

I have 5 levels: 10 BTC, 30 BTC, 100 BTC, 300 BTC and 1000 BTC.

By default a new unknown exchange gets 30 BTC, and based on what I find out gets rated up or down.

Very few have 300 BTC, none have 1000 BTC.

At the moment CryptoXchange has 10 BTC, lets see where it goes.

CryptoXchanges website states that it is compliant with FAFT recommendations.  As a bullion dealer, it is both a KYC and a STR covered entity for the purposes of AML/CFT requirements.

You can download a copy of those recommendations here.

http://www.fatf-gafi.org/topics/fatfrecommendations/documents/fatfrecommendations2012.html

Dominica is substantially non-compliant or partially compliant with the recommendations.  It is non-compliant with 4 out of the 6 core recommendations and is therefore deemed by the FATF to have "significant AML deficiencies".  It is compliant or largely compliant with only 7 of the 40 + 9 recommendations and still classified as an offshore finance jurisdiction.  It is absurd to compare how AML/CFT requirements are applied in largely non-compliant nations with how they are applied in nations which are largely compliant.

You can actually check on the overall compliance status of various nations here.

http://www.knowyourcountry.com/index.html

Nowhere in your quote does it say AURUM CAPITAL HOLDINGS can hold funds in any case. It only says "AURUM CAPITAL HOLDINGS INC. is legally bound to report such misdemeanors to the Dominica’s authorities, and as such you may be the subject to a criminal investigation". So... a report goes to whatever authorities they are bound by, but funds go back to where they came from.

How about reading: https://www.aurumxchange.com/content/terms

All what is handed to local law enforcement authorities is information. Not funds. The only entity that can allow or request for an exchange to do something different with the funds from either executing the customers order or returning it where they came from is a local court order. Not some staff of a financial company - but a judge of the local jurisdiction. Even the police can not hold a person more then 48 hours without a court order issued by a judge.

No worries on this end, I'll remember you just fine without a forum feature.

Its a pity this forum has no way to add a user to some personal "list of people never to make transactions with". We could both make good use of it, couldn't we?

+1

holy crap, miernik is either a scammer or a full blown mongoloid. It's not even funny...

You've made this same argument in another thread concerning people using fake ID documents and it's simply not true that businesses are required to return funds to the original account if verification fails - in many cases, they would be in breach of AML requirements if they did so.  AurumXchange operates under Dominica laws.  These are not the same as the Australian laws by which CryptoXchange is governed, although you might want to brush up on what AurumXchange has to say about AML.


Frankly, many of your posts create the impression that you're actively seeking an exchange which is not compliant with AML/KYC requirements.  If you already know currency brokers who are non-compliant then by all means feel free to use them, but don't expect that businesses which are required by law to hold funds pending satisfactory verification of identity are going to stop doing so because you don't like the process.

No AML/CTF/KYC laws require or even allow a company to hold funds received. If they can't identify the user, they should immediately return the funds where they came from - bounce the transfer. Exactly as if they got a random erroneous transfer. That's what all respectable AML/CTF/KYC compliant companies do, I've seen this happen at a currency broker. AurumXchange even has it written in their terms.

Failure to identify - treat the incoming transfer as an erroneous random transfer - immediate bounce back.

Holding funds is unacceptable. Bounce is the only proper way to deal with this. Huge currency brokers who deal with much more volume then BTC exchanges do this. They know the law. They can't afford their name to be ruined.

You honestly think that any legit company is going to publicly promise to be non-compliant with AML/CTF/KYC requirements for your benefit?

I've sent an e-mail with my passport scan there just now.
Anyway my account number is CRACCALL0000607900

In the meantime can you post on this forum what withdrawal/deposit limits for each level really are (so there is an independent confirmation these are true), and on what time frame these apply? Because the info at https://cryptoxchange.com/Customer/IdInfo seems nonsense (- ust look at it and see if it makes sense: level 1 deposit limit: 100000 AUD, level 2 deposit limit: 25000 AUD, whereas other limits increase with increasing verification level.


I did not mean 24 hours to reach my bank account!

I am talking about 24 hours to submit the payment to your bank/payment processor. If you show me a screenshot/PDF confirmation the payment is posted there, it'll be satisfying for me you did your job. I just want to avoid situations where payment doesn't arrive for days and the exchange blames it on a third party, when in fact they even didn't submit it to the third party.

Hi,

We will check all of this out, your ticket should have been attended to. We have 2 staff members handling identification authorisations so we will find out what the issue is with your passport it must have been human error there, if you could please send an email to [email protected] with your account number and information our guys will get this sorted out for you. Very sorry for the problem.

In regards to withdrawals of Fiat, we process those as quickly as possible, we have been continually working on fast and efficient world wide payments, we have had problems with our previous payment partners messing up transfers or delaying them 1 or 2 days however we have changed companies and things should be flowing much smoother now. We cannot promise 24 hour payments as we rely on banks and banking partners like every other exchange.

Thanks

Crypto X Change

Its not the only example which shows issues at Crypto X change are left without being dealt with forever.

There where other people waiting for weeks, including me with ticket 1500314 (19 days old).
I've been querying about this already multiple times - with zero effect.
Anyway, now after all this, I don't think I could ever trust you after you declared my passport "invalid" without explanation - it just shows that even if the verification goes through now, its possible that some error in your system will mark it invalid again, and you'll stop responding and hold on my funds forever.

I will never put more then 100 AUD at a time into your exchange, unless your CEO publicly promises on this forum that he will never hold on my funds more then 24 hours, process all deposits and withdrawals within 24 hours, and if they ever need more verification they will not hold funds while waiting for it, but release funds to the accounts they came from, and then deal with verification.

Even the verification form on the account shows that you have a mess in there: Level 2 has a lower AUD limit then Level 1. How can I trust you even if the forms don't really know what the limits are? Oh, and it should clearly state there are these limits per day, per month, cumulative forever or some other kind of limit? If a bank had such unclear forms and a mess, they'd have no customers.

This is nonsense! If this were true any issues would have been sorted out promptly, place a ticket in our system and we will investigate this.


Crypto X Change

No!!! I am waiting on a bank transfer of like 3 months ago still nothing received and no replys to mails ..

Hi Repentance,

That is correct, sorry guys we are changing our outbound payment services, we will have the $5.00 Outbound service up and running this coming week, we had hoped to have it finished this week with minimal down time. Payments at the moment have been sent out at normal Australian banking costs and users had been notified. We will be emailing everyone this week with the update on our new payment services.

Crypto X Change will continue to be able to send out to 120 Different currencies world wide for the $5.00 fee + a small % fee which we are just finalizing negotiating.

We haven't changed any information here in the forum, we appologise for that however all users should take note of what is on our site.

Thank you very much for your continued support!

Regards

Crypto X Change

It was announced on their website but they probably should have updated the thread title here.

http://www.cryptoxchange.com/blog/11/discontinuing-online-bank-transfer-deposit-and-withdraw-option-with-5-aud-fees

Maybe you should fix your dang registration, unbelieveable. Tried on several browsers.

How is $5 + 0.6% defined as a "flat $5 fee"?

I am not sure what relation do you have with actual CryptoX, but this was not my experience. If you have access to support system, check ticket #1500374. I withdrew ~$750 dollars, and the amount I got was $29.52 less. I am not sure what's going on there, but I would appreciate your comment.  

UPDATE Folks from CryptoX contacted me and resolved the issue. Apparently, the $5 withdrawal is not an option anymore, and I never realized it.

I've waited a few hours at times, but patience is useful.