Paxful KYC | Bitcointalksearch.org

figmentofmyass

legendary

Activity: 1652

Merit: 1483

Quote from: OmegaStarScream on March 21, 2019, 08:52:43 AM

Apparently, regardless of whether the seller you're dealing with ask for an ID or not, you will still have to provide your info for the Paxful.

Quote

Paxful has implemented a global verification process which requires users around the world who reach an equivalent of $1,500 in trade volume or wallet activity to verify their accounts through ID verification.

Just thought about sharing this so no one finds himself in a bad situation where he is forced to give his info in order to get his money. I know that I'm not willing to do any KYC so for those who are in the same boat as me, I would suggest sticking to the forums for trading or Bisq.

we sort of knew this was coming, but it's still a shame to see. the wild west is become tamed before our eyes.

at least they're being transparent about the volume threshold that triggers KYC requirements. i wonder how easy it would be to game the $1500 threshold by setting up multiple accounts.

OmegaStarScream

staff

Activity: 3500

Merit: 6152

Quote from: magneto on March 22, 2019, 05:48:20 PM

It's certainly a hit, since the two most commonly used alternatives to traditional exchanges for p2p trading both now have fairly stricter KYC procedures. It's inevitable, but perhaps it is time to seek alternatives in decentralised exchanges. On forum trading is possible, but I still don't see enough low spread buyers/sellers to make it worthwhile.

I think it all depends on the payment method used when it comes to the forums. For example, I've never faced any problems with PayPal but with Skrill, I couldn't find anyone basically, at least not in time. Another reason why people don't post is that there is a lack of trust because of the nature of these methods.

hugeblack

legendary

Activity: 2744

Merit: 4065

What is the benefit of setting the limit at $ 1500? I did not use Paxful, but I know it is like Localbitcoin. Plus, the value of cryptocurrencies is variable. What will happen if the value falls below $ 1500? Will these restrictions be canceled? What happens if the opposite happens?

Setting limit as 2 Bitcoin would be more logical.

Those who use such platforms mostly are those who buy BTC anonymously "Buy Gifts for cash and sell it for Bitcoin"

magneto

hero member

Activity: 1666

Merit: 753

Quote from: OmegaStarScream on March 21, 2019, 08:52:43 AM

Apparently, regardless of whether the seller you're dealing with ask for an ID or not, you will still have to provide your info for the Paxful.

Quote

Paxful has implemented a global verification process which requires users around the world who reach an equivalent of $1,500 in trade volume or wallet activity to verify their accounts through ID verification.

Just thought about sharing this so no one finds himself in a bad situation where he is forced to give his info in order to get his money. I know that I'm not willing to do any KYC so for those who are in the same boat as me, I would suggest sticking to the forums for trading or Bisq.

They seem to be going down the same path as what Localbitcoins has done.

Though, localbitcoins seem to be focusing on the eligibility of people who want to create advertisements, while paxful is just imposing a universal ban. Does that mean that you are still able to list your own advertisements on paxful up to this certain threshold for your trade volume?

It's certainly a hit, since the two most commonly used alternatives to traditional exchanges for p2p trading both now have fairly stricter KYC procedures. It's inevitable, but perhaps it is time to seek alternatives in decentralised exchanges. On forum trading is possible, but I still don't see enough low spread buyers/sellers to make it worthwhile.

XCANA

full member

Activity: 1470

Merit: 148

Thanks for the share. According to their terms and condition provided, am able to withdraw my deposited funds from the exchange because i never want to give my IDs to any exchange. Have been trading on the exchange since 2017 with a minimal amount but am afraid of their KYC now.

OmegaStarScream

staff

Activity: 3500

Merit: 6152

Apparently, regardless of whether the seller you're dealing with ask for an ID or not, you will still have to provide your info for the Paxful.

Quote

Paxful has implemented a global verification process which requires users around the world who reach an equivalent of $1,500 in trade volume or wallet activity to verify their accounts through ID verification.

Just thought about sharing this so no one finds himself in a bad situation where he is forced to give his info in order to get his money. I know that I'm not willing to do any KYC so for those who are in the same boat as me, I would suggest sticking to the forums for trading or Bisq.

Topic: Paxful KYC (Read 198 times)