Topic: Thorough analysis: Terms&Conditions & Privacy on crypto exchanges !BE WARNED! (Read 894 times)

Thanks for pointing that out. I see things much clearer now.

Loads of exchanges have faced several degree of operational challenges, some of which have destroyed and caused some to extinct while some have either shaped the way operations are run and have become the basis for setting up new exchanges.

Most of these exchangèrs, mostly the once that couldn't meet up and had to fold should not be blamed as they were developed when there were totally no regulatory institutions in place for the blockchain technology.

All of those exchanges are complete and total garbage for refusing to host any cryptocurrency with a mining algorithm that is designed to solve the most important scientific problem. Of course, you probably do not see this as a problem. That is because of your complete and total lack of education. You are probably extremely uneducated because you went to a public school and then to a university. These days universities promote violence.

Extremely thorough & helpful OP, thanks for dropping this for the community. I think it’s every bitcoin bro’s worst nightmare isn’t it, having funds frozen or withdrawals limited. Not your keys etc etc, blah blah, we all deposit bitcoin or other crypto to exchanges & place limit sell orders during a bull run. Obviously you’re not storing your bitcoin on there per se but for a limited time some of your coins could/will be on a third party exchange to allow you to sell. Obviously it’s the same for buying in a bear market, you will have a load of fiat on there ready for limit buy orders to trigger. Just DYOR with regards to the T&C’s & never expose yourself by leaving more than 10% of your net worth on an exchange at any time.

I've not been active lately.

It'll be my pleasure, only I need to find the time, it's quite time-consuming. At least, if you want to do it correctly.

Feel free to let me know which exchanges you'd like me to check. Taking in account the issues at several exchanges in recent times, I do think that most remaining exchanges will (hopefully) have a strong legal team/legal counsels.

Keep in mind tho, that good terms & conditions are indeed no guarantee for trustful liquidity, or against bankruptcy, but I've written a lot about that subject during my time on these boards. Check out my other topics for that.

Cheers mate.

friends1980, would you like to think about going back to the updates for this thread? It would be great if you add a navigation bar, eg [anchor/] and put existing and future updates in tags. In addition to all of the above, I would prefer not to see fraudulent exchanges and exchanges with zero liquidity in the new list, (and I would like to non-intrusively remind you that some exchanges have changed their Terms of Service in the last year).

Cryptopia's liquidators have been posting their reports regularly. Quite interesting to read every report chronologically, to see how the bankruptcy of a (hacked) crypto exchange evolves, step by step. Last report was about a month ago. All liquidators' reports are quite accessible - meaning you don't need to be a lawyer to understand the content also, check this thread and join the discussion about' the NZ court's recognition of crypto as property.

Crypto is much in its infancy which makes it difficult to fit in with the legislative requirements set by Governments.

It is much the "wild west" out there with a lot of unethical behavior happening like inflated market caps, pump and dump schemes and insider trading.

Unfortunately it means that in order to survive exchanges are often located in dubious jurisdictions through dubious corporate structures and with anonymous ownership structures.

It also means that genuine failures are often seen as exit scams and genuine blocked suspicious transactions result in trolling and black PR campaigns against an exchange.

In a bear market there are a lot of exchange failures and in a bull market there are a lot of opportunist exchange scams.

It is really important that you check the actual corporate structures because when things go wrong the terms and conditions are only enforceable if you can find those that are responsible.

I strongly feel that the crypto market is still very exposed by US$ Tether / Bitfinex and there is a huge risk with the large market turnover that occurs on Binance.  I'm not saying that Binance is dodgy (their corporate ethics appear to be well intended)  - but if things go wrong it will go wrong very badly due to market reliance on that exchange. Their physical location is kept secret and their CEO is constantly on the move and holds his assets in 100% crypto.

** Changed the info for CoinExchange. Now that CoinExchange has shut down its activities, I feel more at liberty to say it's a good thing. They had a constant disrespect for their own Terms & Conditions. Listing and delisting "ad libitum". Not respecting their own delisting delays etc. If you protested you were laughed at or even banned. The chat mods made their own shitcoin and sold it on CoinExchange etc. I'm quite surprised they didn't get more negative reactions, but there's a lot of indifference and shoulder-shrugging going on in the world of crypto...

If crypto needs to grow up and become more mature, we have to get these crappy exchanges out for good.

** Further on, still no extra info about Nauticus. Meanwhile, their site's not working any longer. There's no updates on Telegram or Twitter whatsoever. Just another case of indifference, I'd say. These people have their activities registered officially in Australia, so what the h*ll is keeping their customers from failing official claims? It's really beyond my understanding...

** Lastly, more recent info and news from Cryptopia's liquidators is to be found right here. The most recent report has been published a few weeks ago. At this point, things are looking quite good actually. If you didn't file a claim yet, DON'T FORGET TO DO SO!

The report is quite transparent but should anyone wish to receive any more information about it, in a more "humanized" language, feel free to let me know. If so, I think it might be better to open a separate Cryptopia-devoted thread for that (should one not exist already).

Well, it does matter for the other exchanges that still exist. If the T&Cs sound as if they've been written by amateurs, the exchange is probably led by amateurs.

NovaExchange closed down last week, so it's just another huge warning sign. READ THE T&Cs.

I did some cursory investigation of Coinexchange's T&C and the same text (in various forms) appears over several different sites: https://bitcointalksearch.org/topic/m.52742077

Doesn't really matter now, of course.

For a while, Novaexchange had T&Cs which were copy-pasted from Cryptopia. The most damning thing was that they forgot to remove references to the Cryptopia Marketplace (which Novaexchange did not have).

Spring cleaning in Exchange land. I'd dare to say that the warnings I expressed in the OP, more than a year ago, were sadly completely justified. Cryptopia went bankrupt. CoinExchange is closing down. Nauticus still hasn't restarted its activities.

Should you have any coins left on Cryptopia, consider filling in a claim. You will need evidence of your claims, and you will not be surprised that KYC (or rather ID) will naturally be necessary. In any case, I hope you didn't lose a lot...

As for CoinExchange, withdraw your coins before 1st of December 2019.

Make sure you don't need to learn this lesson in a hard way: don't leave your coins longer than necessary on an exchange and never invest more than you can afford to lose.

After having added the brand new Nauticus Exchange a few months ago, be warned: there are serious issues on the exchange following a security breach at a third-party working with the exchange. Information transparency from management is limited, euphemistically said, so trade carefully.

edit: I found this information on Telegram. I don't seem to find a word about this on their website, on their blog or in the Nauticus ANN or BOUNTY threads, which is quite disturbing. BE CAREFUL!

Damn time flies. You've hardly turned your back and before you know it, those darned Terms and Conditions have changed again. Haven't had enough time to follow everything up and honestly, it requires a lot of work, but I am trying to keep up as much as possible.

I've freshened up Binance 2. 3. 4. and 5. and will update 1. which has also changed a bit, asap! Further on some modest fine-tuning for Mercatox.

Don't hesitate to add a post if you want me to screen an other exchange for you.

Also, please let us know, should you have had any serious conflict with any of the exchanges in the far or near past. I am quite sure a lot of the other BTCT members could benefit if you could inform us about any such cases or issues and especially about the result and solving of the conflict.

Added a new exchange. This time the brand new NAUTICUS exchange. At first sight, general conditions look ok. I've been following the project rather closely and the team looks trustworthy, nonetheless I've tried to remain critical.

At this moment only some more popular coins can be traded. In the near future, they will also support some airdrops (the website mentions "Coming in November"... - but hey, their timing is not what this thread is about), and I suppose they will add more coins soon, too, so the Coin Acceptance as well as the Coin Removal Policies should really need to be cleared out soon!

Thx - again -, xtraelv. I've updated the links and info for Cryptopia. I will be keeping this topic updated but as you know, this is very time-consuming, which means: it takes time!

Cryptopia has an updated & more transparent listing and delisting policy since this article was written;

Listing Policy:
https://support.cryptopia.co.nz/csm?id=kb_article&sys_id=5d7482d2db9e9bc032a664a14a96199f

Delisting Policy:
https://support.cryptopia.co.nz/csm?id=kb_article&sys_id=b8aa010ddb452b80d7e096888a961934

Regarding coinexchange.io

There is concern that despite numerous reference to Australian laws their legal entity identity and ABN is not stated on their website.
https://www.ato.gov.au/forms/statement-by-a-supplier-not-quoting-an-abn/

https://www.accc.gov.au/consumers/consumer-protection/identifying-a-genuine-business

This may affect your ability to enforce your legal rights should something go wrong.


It would be good to have a look at Bittrex, Poloniex and HitBTC

Good job, I think your input will be appreciated here: https://tosdr.org/ - This is a transparent and peer-reviewed project.

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• Senders Guide: https://tosdr.org/get-involved.html

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Ratings based on public legal analysis of the “conditions of service” of many companies. Information gives users the ability to control their data and privacy. 

And we're back.

There have been quite a lot of updates on CoinExchange's website in the last weeks and months. They have FINALLY adapted their terms and conditions about delistings. At least their acceptance and removal policies are a lot clearer now (but still not 100% in order, as you can read above).

I remain however convinced they have been playing with fire: delisting coins without respecting its own conditions is a very doubtful practice. I wonder what the lawmakers of the State of New South Wales would think about that.

Thanks, mate. I have made some updates in the OP for Cryptopia.

Looks like I saved print-screens from all T&C's except for Cryptopia's, which is a shame as I can't compare the old version to the new one. Looks clearer and more transparent though.

I really think they should put a link to their fee policy in their bottom menu, though. Further on, since Cryptopia is based in NZ, which has solid Consumer and Privacy Protection laws (yes, as long as the libertarian walhalla has not been reached, we depend on laws...), I do not think users have a lot to worry about.