Warning to all ByBit users: your funds and privacy are at risk.The high-risk exchange ByBit misleadingly designates eXch as a "high-risk exchange". ByBit freezes funds coming from eXch and other exchanges that respect users privacy, asking customers who wish to have a right to privacy for source of funds.
By definition,
eXch is a low-risk exchange, because:
- eXch users never risk to have their funds frozen, therefore there is very low risk of losing funds in this context
- eXch never asks for additional documentation that would compromise users right to privacy, representing low-risk trading environment for its users
- eXch users have very low risk of losing their identity confidentiality or funds compared to users of other exchanges because we follow high standards in information security and offer privacy-oriented options such as .onion domain and lack of clearnet infrastructure relying on data-harvesting companies like Cloudflare, also providing our users with secure and private wallet recommentations to ensure they never lose their funds or reveal their digital identify when they don't want to do so
By definition,
ByBit is a high-risk exchange, because:
- ByBit users risk their deposit being frozen by ByBit and asked for documentation proving origin of their funds without a right to refund, representing a high-risk environment for trusting funds to them
- ByBit identifies any legitimate on-chain coin sources that can be used pseudonymously/privately (such as eXch, Thorchain or CoinJoin protocols) as "high-risk", by default threatening users who wish to have private on-chain with having their funds confiscated, making ByBit high-risk and dangerous for the whole cryptocurrency industry
- ByBit is abusing its users trust by marketing themselves as "safe" but doing absolutely the opposite by freezing and confiscating its users funds, which is high risk for users
- ByBit is dictating its users what exchanges/protocols they can or can't use, blatantly violating all the ethical and anti-monopoly principles aiming to create fair conditions for all industry players, acting as a high-risk player itself for the whole industry
ByBit is an anti-crypto and by definition a high-risk exchange that does not understand core cryptocurrency cultural values. Meanwhile ByBit performs disinformational campaign calling projects that promote privacy on-chain as "high-risk", which automatically takes all the credibility from them for such misinformation.
We at eXch recommend staying away from high-risk exchanges such as ByBit and others that do not respect on-chain privacy to avoid having your funds randomly lost.
The following screenshot represents an email sent from ByBit to eXch user who deposited funds from eXch to ByBit, having the deposit frozen by ByBit for more than 2 months and demanding for SoF (origin of funds):
[direct link to oshi.at] [onion link to oshi.at] Any high-risk exchanges like ByBit calling eXch "high-risk" are not threatening eXch, they are threatening the cryptocurrency industry in general, creating a dangerous precedent putting basic human rights (such as a right to privacy) at risk.
The current and up-to-date list of centralized exchanges that consider eXch a low-risk exchange equally can be found at our FAQ page.
We are also preparing some countermeasures to protect our customers from abusive practices of malicious AML screening providers and high-risk exchanges such as ByBit that do not value transparency we (eXch) provide, which will be a subject of one of our next forum posts.
And I am sure that eXch just made a lot of people happy by extending these raffles with 10 more of them!
