The Return of Crypotocurrency Withdrawals?

alyssa85

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Quote from: ranlo on April 02, 2017, 01:56:21 AM

Quote from: alyssa85 on April 01, 2017, 09:01:44 AM

There was a rumour a few days ago that the PBOC wanted in person verification:

http://bitcoin.xyz/pboc-proposes-person-verification-account-opening-exchanges-withdrawals-still-hold/

Quote

An article in the China Business Journal reportedly claims that the PBOC has sent a 4-page draft proposal to Chinese bitcoin exchanges. The bank is asking them if the requirements outlined in its proposal, including one involving a mandatory in-person verification, are feasible.

An exchange insider, Lu, told the Chinese publication that one of the items listed is the requirement for all new users to go through on-site verification before they can open an account. Bitcoin.com previously reported on the PBOC potentially requiring on-site verification in order to deposit or withdraw 50,000 yuan when using a Chinese bitcoin trading platform, but doing so to open an account was not mentioned.

Lu commented that this requirement is not feasible and does not follow the trends of the internet, citing that even stock market trading accounts allow remote video verification.

We shall have to wait and see if a) they accept viseo verification and b) how many of the customers of those exchanges agree to video verification.

I suppose b) depends on how much money is involved and whether they can afford to walk away to keep a low profile from the Chinese govt.

In-person verification is a ridiculous request, IMO. Unless their plan is not to "regulate" BTC, but rather to kill it in their country. Most aren't going to travel just to verify their identities.

It IS ridiculous - but the Chinese are worried about capital flight. Their forex reserves have dropped by a staggering $1 trillion in just two years as they try to prevent the yuan from collapsing due to capital flight.

It is possible that they take a super hard line just to deter people, and if the price is killing bitcoin in China, they just don't care.

ranlo

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Quote from: alyssa85 on April 01, 2017, 09:01:44 AM

There was a rumour a few days ago that the PBOC wanted in person verification:

http://bitcoin.xyz/pboc-proposes-person-verification-account-opening-exchanges-withdrawals-still-hold/

Quote

An article in the China Business Journal reportedly claims that the PBOC has sent a 4-page draft proposal to Chinese bitcoin exchanges. The bank is asking them if the requirements outlined in its proposal, including one involving a mandatory in-person verification, are feasible.

An exchange insider, Lu, told the Chinese publication that one of the items listed is the requirement for all new users to go through on-site verification before they can open an account. Bitcoin.com previously reported on the PBOC potentially requiring on-site verification in order to deposit or withdraw 50,000 yuan when using a Chinese bitcoin trading platform, but doing so to open an account was not mentioned.

Lu commented that this requirement is not feasible and does not follow the trends of the internet, citing that even stock market trading accounts allow remote video verification.

We shall have to wait and see if a) they accept viseo verification and b) how many of the customers of those exchanges agree to video verification.

I suppose b) depends on how much money is involved and whether they can afford to walk away to keep a low profile from the Chinese govt.

In-person verification is a ridiculous request, IMO. Unless their plan is not to "regulate" BTC, but rather to kill it in their country. Most aren't going to travel just to verify their identities.

alyssa85

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There was a rumour a few days ago that the PBOC wanted in person verification:

http://bitcoin.xyz/pboc-proposes-person-verification-account-opening-exchanges-withdrawals-still-hold/

Quote

An article in the China Business Journal reportedly claims that the PBOC has sent a 4-page draft proposal to Chinese bitcoin exchanges. The bank is asking them if the requirements outlined in its proposal, including one involving a mandatory in-person verification, are feasible.

An exchange insider, Lu, told the Chinese publication that one of the items listed is the requirement for all new users to go through on-site verification before they can open an account. Bitcoin.com previously reported on the PBOC potentially requiring on-site verification in order to deposit or withdraw 50,000 yuan when using a Chinese bitcoin trading platform, but doing so to open an account was not mentioned.

Lu commented that this requirement is not feasible and does not follow the trends of the internet, citing that even stock market trading accounts allow remote video verification.

We shall have to wait and see if a) they accept viseo verification and b) how many of the customers of those exchanges agree to video verification.

I suppose b) depends on how much money is involved and whether they can afford to walk away to keep a low profile from the Chinese govt.

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Quote from: LittleBitFunny on March 31, 2017, 07:02:43 AM

Quote from: swogerino on March 31, 2017, 02:28:02 AM

Quote from: OmegaStarScream on March 31, 2017, 02:04:08 AM

First, Coinbase and now those two big exchange. If anyone continue using these services after withdrawing his bitcoin, he can't blame anyone but himself If things goes wrong after that. The community should boycott these exchange until they change their ways on dealing with the bitcoiners.

I hope Poloniex doesn't start such services. It is good the way it is until now, just an email click link verification I think it's enough. Anyone is responsible for his/her email security alone. Why these exchanges wanna complicate their way of working I don't understand? Well for the moment Poloniex it is really good so I am not that much worried.

Poloniex will never do that as they're not dealing with fiat. Governments are only concerned because they feel that Bitcoin could be used for money laundering and tax avoidance when exchanged with fiat, which it reasonably could. I think Poloniex is a lot more convenient for most people to trade Bitcoin with since you can just trade between Bitcoin and USD Tether instead of real USD or other real fiat currencies, so that should be a lot easier than complicated verification on an exchange.

are you two sure about poloniex?
i am not using it myself but i have heard they are actually asking for verification. specially if you are trading large amounts of bitcoin on their website and they limit how much you can withdraw if you don't do it.
and they may not exactly have fiat but they have fiat ralated markets with the USDT name which is really the same thing.

ranlo

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Quote from: iv4n on April 01, 2017, 04:14:17 AM

Quote from: ranlo on April 01, 2017, 03:55:49 AM

Quote from: Yuuto on March 31, 2017, 11:36:14 PM

Quote from: Doofus on March 30, 2017, 08:44:29 PM

TWO of the "big three" Chinese bitcoin exchanges Huobi and OKCoin are implementing video verification. Sure, it is so much better that on-site verification. If everything works out well, can we expect bitcoin withdrawals soon?

Probably soon.

And also i don't think that they're that much better than on-site verification. Usually they ask for your ID and you upload it and that's about it. But now they have to ask you for a live stream as well.

Another reason to store your bitcoins offline in a cold wallet.

Or just store it in whatever payment processor the currency you're trading with deals with, instead of holding it on an exchange.

Wait, you have to submit an identification AND do a live stream with them to verify you are who you say? This could be circumvented as well through fake IDs so don't really see the point.

I never heard about video verification until now, is there any existing service that use this sort of verification? I wonder will some people quit Huobi and OKCoin because of this. It will be very interesting to watch how this situation will develop in China, they are one of the first countries that will have some kind of regulations and we will see how will this affect on bitcoin users there, and how they will react on that. This will be a lesson to all of us, who knows will other exchange sites follow the same idea.

I've never heard of anything like that either. But keep in mind that if the major Chinese exchanges require it... it just becomes a normal part of life for them (that or they can't get involved).

CraigWrightBTC

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Quote from: Doofus on March 30, 2017, 08:44:29 PM

TWO of the "big three" Chinese bitcoin exchanges Huobi and OKCoin are implementing video verification. Sure, it is so much better that on-site verification. If everything works out well, can we expect bitcoin withdrawals soon?

Of course yes, we can expect bitcoin withdrawal soon, because we are the owners of bitcoin on the exchangers
if we can give a proof with video verification, the exchangers just makes sure all are right and increasing the security
because as we know bitcoin can be used for bad things.

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Quote from: swogerino on March 31, 2017, 02:28:02 AM

Quote from: OmegaStarScream on March 31, 2017, 02:04:08 AM

First, Coinbase and now those two big exchange. If anyone continue using these services after withdrawing his bitcoin, he can't blame anyone but himself If things goes wrong after that. The community should boycott these exchange until they change their ways on dealing with the bitcoiners.

I hope Poloniex doesn't start such services. It is good the way it is until now, just an email click link verification I think it's enough. Anyone is responsible for his/her email security alone. Why these exchanges wanna complicate their way of working I don't understand? Well for the moment Poloniex it is really good so I am not that much worried.

I think is only bitcoin exchanger and support use fiat money if follow use very dificult verified
poloniex only altcoin exchanger(trading) not bitcoin exchanger and support fiat money, so i think poloniex not follow huobi and okcoin about verification with video and live

iv4n

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Quote from: ranlo on April 01, 2017, 03:55:49 AM

Quote from: Yuuto on March 31, 2017, 11:36:14 PM

Quote from: Doofus on March 30, 2017, 08:44:29 PM

TWO of the "big three" Chinese bitcoin exchanges Huobi and OKCoin are implementing video verification. Sure, it is so much better that on-site verification. If everything works out well, can we expect bitcoin withdrawals soon?

Probably soon.

And also i don't think that they're that much better than on-site verification. Usually they ask for your ID and you upload it and that's about it. But now they have to ask you for a live stream as well.

Another reason to store your bitcoins offline in a cold wallet.

Or just store it in whatever payment processor the currency you're trading with deals with, instead of holding it on an exchange.

Wait, you have to submit an identification AND do a live stream with them to verify you are who you say? This could be circumvented as well through fake IDs so don't really see the point.

I never heard about video verification until now, is there any existing service that use this sort of verification? I wonder will some people quit Huobi and OKCoin because of this. It will be very interesting to watch how this situation will develop in China, they are one of the first countries that will have some kind of regulations and we will see how will this affect on bitcoin users there, and how they will react on that. This will be a lesson to all of us, who knows will other exchange sites follow the same idea.

ranlo

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Quote from: Yuuto on March 31, 2017, 11:36:14 PM

Quote from: Doofus on March 30, 2017, 08:44:29 PM

TWO of the "big three" Chinese bitcoin exchanges Huobi and OKCoin are implementing video verification. Sure, it is so much better that on-site verification. If everything works out well, can we expect bitcoin withdrawals soon?

Probably soon.

And also i don't think that they're that much better than on-site verification. Usually they ask for your ID and you upload it and that's about it. But now they have to ask you for a live stream as well.

Another reason to store your bitcoins offline in a cold wallet.

Or just store it in whatever payment processor the currency you're trading with deals with, instead of holding it on an exchange.

Wait, you have to submit an identification AND do a live stream with them to verify you are who you say? This could be circumvented as well through fake IDs so don't really see the point.

Yuuto

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Quote from: Doofus on March 30, 2017, 08:44:29 PM

TWO of the "big three" Chinese bitcoin exchanges Huobi and OKCoin are implementing video verification. Sure, it is so much better that on-site verification. If everything works out well, can we expect bitcoin withdrawals soon?

Probably soon.

And also i don't think that they're that much better than on-site verification. Usually they ask for your ID and you upload it and that's about it. But now they have to ask you for a live stream as well.

Another reason to store your bitcoins offline in a cold wallet.

Or just store it in whatever payment processor the currency you're trading with deals with, instead of holding it on an exchange.

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Quote from: Doofus on March 30, 2017, 08:44:29 PM

TWO of the "big three" Chinese bitcoin exchanges Huobi and OKCoin are implementing video verification. Sure, it is so much better that on-site verification. If everything works out well, can we expect bitcoin withdrawals soon?

Did you ever see a lot of the feedbacks for the coinbase video/web cam verification?
It seems a lot of the problems and not running smoothly.
Threaten the main aspect of the bitcoin. This regulation means if the exchange will be able for accessing the hardware of their users. It's more than just throw the user's privacy.

ranlo

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Quote from: OmegaStarScream on March 31, 2017, 02:04:08 AM

First, Coinbase and now those two big exchange. If anyone continue using these services after withdrawing his bitcoin, he can't blame anyone but himself If things goes wrong after that. The community should boycott these exchange until they change their ways on dealing with the bitcoiners.

The issue is the government has their regulations. No matter how you want to view it, they WILL attack anyone who gets in their way. That's how the world works. If Coinbase didn't follow the rules, govt would have those associated sent to jail and would confiscate everything by force. This idea that we can go without regulation is never going to happen as long as there's government.

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Unless we will see message about state of the affairs directly from "big three" we can't speculate on anyting.

It is certain that Chinese exchanges must met the requirements of PBoC and one of them is better KYC policy/verification of users.

That is the reason Chinese traders are not trading on centralized exchanges, and instead switched to p2p trading platforms like LocalBitcoins.
They use western price to determine value of BTC, and they don't care about "big three" anymore.

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Quote from: swogerino on March 31, 2017, 02:28:02 AM

Quote from: OmegaStarScream on March 31, 2017, 02:04:08 AM

First, Coinbase and now those two big exchange. If anyone continue using these services after withdrawing his bitcoin, he can't blame anyone but himself If things goes wrong after that. The community should boycott these exchange until they change their ways on dealing with the bitcoiners.

I hope Poloniex doesn't start such services. It is good the way it is until now, just an email click link verification I think it's enough. Anyone is responsible for his/her email security alone. Why these exchanges wanna complicate their way of working I don't understand? Well for the moment Poloniex it is really good so I am not that much worried.

Poloniex will never do that as they're not dealing with fiat. Governments are only concerned because they feel that Bitcoin could be used for money laundering and tax avoidance when exchanged with fiat, which it reasonably could. I think Poloniex is a lot more convenient for most people to trade Bitcoin with since you can just trade between Bitcoin and USD Tether instead of real USD or other real fiat currencies, so that should be a lot easier than complicated verification on an exchange.

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Quote from: OmegaStarScream on March 31, 2017, 02:04:08 AM

First, Coinbase and now those two big exchange. If anyone continue using these services after withdrawing his bitcoin, he can't blame anyone but himself If things goes wrong after that. The community should boycott these exchange until they change their ways on dealing with the bitcoiners.

I hope Poloniex doesn't start such services. It is good the way it is until now, just an email click link verification I think it's enough. Anyone is responsible for his/her email security alone. Why these exchanges wanna complicate their way of working I don't understand? Well for the moment Poloniex it is really good so I am not that much worried.

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First, Coinbase and now those two big exchange. If anyone continue using these services after withdrawing his bitcoin, he can't blame anyone but himself If things goes wrong after that. The community should boycott these exchange until they change their ways on dealing with the bitcoiners.

piloder

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May be it will require few more days/weeks or even months for them to open withdrawals for users who have completed their verification procedure. After verification they may also ask for source of those bitcoin before allowing users to make a withdrawal.

Doofus

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TWO of the "big three" Chinese bitcoin exchanges Huobi and OKCoin are implementing video verification. Sure, it is so much better that on-site verification. If everything works out well, can we expect bitcoin withdrawals soon?

Topic: The Return of Crypotocurrency Withdrawals? (Read 11047 times)