Topic: Is exchange CEX.IO going crazy? (Read 168 times)

Dear torai,

Thank you for your post.

Please be informed that as a legal company, CEX.IO strictly follow KYC/AML policy. Thus, international and local regulations require CEX.IO to implement effective internal procedures and mechanisms to prevent money laundering, terrorist financing, drug and human trafficking, proliferation of weapons of mass destruction, corruption and bribery and to take action in case of any form of suspicious activity from its users. The users are known not only by verifying their identity but, more importantly, by analyzing their transactional patterns. Thus, we need to confirm source of funds of our users, understand nature of their relations with CEX.IO and main crypto funds usage scenarios. That is the reason why our Compliance team has requsted you to provide all the documents and information .

The procedure is rather standard but obligatory and shouldn't be neglected under any circumstances. Besides, following such strict security rules helps CEX.IO to support a strongly secured environment, so our users can feel comfortable and safe, using our platform.

In order to get more thorough knowledge as for our AML/KYC policy, we kindly advise you to check the followinf link: https://cex.io/aml-kyc
Please also pay attention to the clause 3.2 of our AML/KYC policy:

With regard to the AML/KYC Policy, CEX.IO will monitor all transactions and it reserves the right to:

-ensure that transactions of suspicious nature are reported to the proper law  enforcement through the Compliance Officer;
-request the User to provide any additional information and documents in case of suspicious transactions;
-suspend or terminate User’s Account when CEX.IO has reasonably suspicion that such User engaged in illegal activity.

Please also rest assured that CEX.IO took all the necessary measures to ensure compliance with a high security standards as well as to provide safety of the stored data and our users' personal information.
We have obtained the internationally recognized security certificates, Level 3 PCI DSS among them. Compliance to these standards means that all the card data of users are thoroughly protected, which eliminates the risk of illegal activities.

CEX.IO exchange complies to highest security standards, including DDoS attack protection. An advanced encryption system helps us to ensure the safety of stored data.

Thus, our platform always guarantees the security of our user's funds and personal information.

Kindly let us know if you require assistance or need some additional clarififcation on your case and provide your user ID, we will be happy to help you.

Hope for your understanding and cooperation on this matter.

Bittrex, Polonex, Binance and LocalBitcoin - these are exchanges I work with and have there verified accounts. And none of them has required to provide my funds movements from my bank account. I'm shocked.

this is crazy. they asked very personal question about you. better leave that exchange and switch to the new much better exchange like binance, kucoin and many more.
cex.io is a shit exchange though.

I can not tell you exactly what it is and what this exchange is, because I first hear about such an exchange. Yes, it certainly sounds very strange, but I think that this is normal, because today there are a lot of different exchanges and projects.

Let me disagree here, PayPal works only with bank deposits and credit cards, and everyone is constantly crying about bureaucracy and because they demand too many documents. For more than 10 years of working with PayPal I have never heard of requirements to show my fund movements.

I think you are right.
Cryptocurrency was create to remove bureaucracy and idiot)

That's an excessive amount of personally sensitive information.

I kinda understand it because CEX supports credit card and bank deposits and withdrawals.

But that just highlights the bureaucracy and idiocy of the current system. Like some others said, this can be done safer and faster with something like ICOpass.

That's the extreme of KYC. I don't believe that they need to go to such great extents to be compliant within their jurisdiction. Someone somewhere within CEX has just gone overboard, they'll lose a lot of custom from this. Proof of past movement of funds and trading on other exchanges is absurd, that's not their responsibility.

I also decided that there are a lot of fish in the ocean and just asked them to deactivate my account.
Thanks a lot for the link to an interesting project.

This looks strange. I have never been exposed to something of this nature.
There are some information, no matter what, that need to be kept private. Not all information can be trusted with another party. I do not think incan do this,most especially when i have other options.

Some exchanges can be so frustrating. How on earth will they askfor allthese personal information. Although, i have seen some exchange did something close to this, but nit as much as what i have just read. This is just too much. The process of KYC needs to be reviewed.

It's just ridiculous to ask all the transactions. even applying for a loan - they don't need so much information about you.
I would just leave this exchange and use any other.
This is the reason why we need to transform KYC process. Realy interesting project for that is ICOPass.ID

I've had an account on this exchange for about a year and it is verified of course.I have a habit to verify my accounts on all the exchanges I am using.
Some time ago CEX asked to complete a new form for verification for passing the new procedure of KYC, the form includes 4 pages PDF which contains all the information not only about me, but also about my employer. So they have more than enough information to identify my personality. I was sure that they have received everything but then all of a sudden I received the following email:


Here I got furious, as far as I know nobody has the right to see fund movements on my personal bank account without a special order from court.
What would you do? Would you provide such personal data to verify your account taking into account that this company doesn't provide you with any guarantee of keeping your personal data safe?