Why is it so dam difficult to find out where your money is when you withdraw USD from an Exchange.
I have been using a number of exchanges for years and it always seems to be the case that you withdraw from the Bitcoin Exchange and you wait for ever for it to arrive in your Bank account. Meanwhile the Exchange tells you that they have sent the money and your Bank tells you that they have no record of it. The best you ever seem to get from the Exchange is that it is with the Intermediary Bank. Well this is not good enough. Last January when crypto was going crazy I had money sitting in the Abyss or Black Hole or wherever it goes when it enters this 'Intermediary' territory for weeks on end. Surely these dam Exchanges can speak to their intermediaries and find out what is happening but they never do. WHY IS IT SO DIFFICULT
? - Again I am waiting and nobody knows where the money is - how is anyone going to get comfortable with crypto when it works like this?
I don't want to take sides, but there's some things I want to write down.
In my country if I do a transfer from bank account to different bank's account, it takes, in most of the time, more than one working day. In a small country.
In my country most crypto exchanges went out of business because the banks stopped accepting their money transfers.
Now, one thing that comes into my mind is that the exchanges are happy to have some banks that work pretty with them in a 90%+ reliable manner. (And from what I know, the banks don't give a sh*t about you until the point you threaten them you leave - and some times not even then.)
If you don't want money locked "in the abyss" use crypto
I didn't use Tether, but my guess is that it could be one option.
Edit: yes, imho, this is more about banks than exchanges.
