Exchange won't release bitcoins unless I verify identity. Advice appreciated. - page 2.

Bitcoins101

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Quote from: dkbit98 on July 20, 2021, 02:59:32 AM

You better read the terms before you register and sign up for any website or exchange, because Paxful had mandatory kyc for some time as far as I know.
There is no lawyer in planet earth who can help you with this so don't waste your time on this, because you signed a deal and accepted the terms when you registered, and you need to pass verification to use their service and withdraw coins.

Read:
https://paxful.com/aml-policy
https://paxful.com/terms-of-service

That's BS, you could absolutely get your coins back with the help of a lawyer when dealing with a company operating legally. Terms of service are not perfectly binding and don't give them a right to steal money. However, Paxful is a criminal enterprise run by a guy with a brain so fried up from drugs that he doesn't see the hole he is digging for himself, so don't expect them to even respond to your lawyer. He's probably looking at $10K+ in legal expenses to get anywhere.

dkbit98

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You better read the terms before you register and sign up for any website or exchange, because Paxful had mandatory kyc for some time as far as I know.
There is no lawyer in planet earth who can help you with this so don't waste your time on this, because you signed a deal and accepted the terms when you registered, and you need to pass verification to use their service and withdraw coins.

Read:
https://paxful.com/aml-policy
https://paxful.com/terms-of-service

Maus0728

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If you are trying to reach Paxful on their social media accounts, here are the links; however, it does not guarantee that your case will immediately solve.

https://www.facebook.com/paxful
https://twitter.com/paxful
https://www.reddit.com/r/paxsavoid

This is why it is extremely important to at least read the Terms of Service of every platform to ensure that you will not trigger KYC/AML verification process after you have created the account and bought your assets. Using this forum or Bisq could also be a good alternative instead of using Paxful.

Bttzed03

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https://bitcoincleanup.com/

Quote from: I_savor_your_pets on July 20, 2021, 01:16:04 AM

Anyway, I deposited about $1000 worth of bitcoins on Paxful when ID verification wasn't required, but now Paxful won't let me withdraw unless I go through ID verification. Because I don't want to hand over my ID, my bitcoins are stuck.

Pretty much the same situation with exchanges like Bittrex when they first implemented forced KYC to all their users.

@Upgrade00's suggestion of bugging them on social media could work just like what happened to this user

Quote from: Paxful_is_a_scam on February 16, 2020, 09:12:26 PM

Paxful banned my account over a year ago for accidentally marking a $30 payment complete. Even though I canceled the trade after I realized my mistake a moderator still perm banned me an hour after I canceled the trade and they have been refusing to let me withdraw my balance for the last year now. Below is a reddit post I made about this showing multiple other people who also had Paxful admins steal their bitcoin

https://www.reddit.com/r/Bitcoin/comments/f35kc0/bitcoin_exchange_paxful_stealing_peoples_bitcoin/

Edit: After over a year and blasting them on social media they finally let me withdraw my bitcoins. Case closed.

It's not the same but as the case above tells you, they could also give in to the pressure. It will most likely take a long time too.

CryptopreneurBrainboss

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eXch.cx - Automatic crypto Swap Exchange.

Don't think there's anything you can do order than complaining to their AML/KYC procedures. 99.9% of the service providers in the industry are now requesting for this information. Paxful is a centralized platform and that's what you get for entrusting your funds to any of the centralized platforms out there. They might not be requesting you to verify today in order to get hold of your funds but when you try withdrawing, that's why they use the opportunity to get hold of your private information.

Getting a lawyer would just be a waste of your money and time so don't, they have their ToS you signed that backs then up and the worst part is, I bet you didn't read these terms before accepting them just as majority doesn't before accepting the terms and conditions of the platform they intend registering on.

For future reference, don't trust centralized platforms, they're better alternative that are decentralized out there, and if there was to be any need to use them, then just know you have to be willing to give out all the sensitive/personal informations they'll required from you presently or in the future.

Upgrade00

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Firstly not not keys, not your coins. If you're using a custodian exchange then you are pretty much subject to their rules, including freezing accounts, blocking transactions or giving your personal information up to the authorities and these exchanges indemnify themselves with various terms on their ToS which each user first agrees to before being able to use their platform.

Your best bet would be to fulfill their requirements first and then wait to get their response before seeking legal advice.
You can also bug them on their social platforms and email, they may reach to the threat ofna scandal and open up your account.

Bitcoins101

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Paxful is a scam website at this point. It's only a matter of time before they either go offline completely or the owners are arrested. Google around and you'll find dozens of reports of people with coins (often $10K-$100K+) locked (stolen by the drug addict owner) there indefinitely for no reason at all. Dozens of reports = hundreds of actual incidents. A lawyer will eat up most of your $1,000.

I_savor_your_pets

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Hey mods, if I'm posting at the wrong place, please move this to the right section. Thanks.

Anyway, I deposited about $1000 worth of bitcoins on Paxful when ID verification wasn't required, but now Paxful won't let me withdraw unless I go through ID verification. Because I don't want to hand over my ID, my bitcoins are stuck.

I've spoken to a lawyer who suggested I get a lawyer in New York (where Paxful is based) if I really want to take it to small-claims court, and I want to hold off on suing for now because people here might have easier solutions. If anyone has any ideas, please help me out. Thanks.

Topic: Exchange won't release bitcoins unless I verify identity. Advice appreciated. - page 2. (Read 333 times)