It wasn't exactly a random ID verification, but I used to trade at Kraken, and I exchanged pretty big sums there. I didn't trade for a while, and when I came back, I was surprised to learn that they had updated their terms, and I couldn't trade like I used to.
My advice is to use several exchanges to spread the risk, and to quickly move out your coins when you're not trading.
Topic: Which websites have hit you with random I.D Verification freezes (Read 272 times)
November 15, 2020, 10:29:58 AM
It is actually depend on your purpose, you can't suggested for those traders to use hardware wallet because they can't use it anytime.
But, you suggestion will be accepted if there is someone who try to hold bitcoin for several years ahead then it is good for him to choose hardware wallet to storing it.
Actually, there still some exchange even binance who still allowed you buy and sell crypto without you are giving your identity with a note your transaction is not more than 1 BTC.
But, you suggestion will be accepted if there is someone who try to hold bitcoin for several years ahead then it is good for him to choose hardware wallet to storing it.
Actually, there still some exchange even binance who still allowed you buy and sell crypto without you are giving your identity with a note your transaction is not more than 1 BTC.
November 14, 2020, 01:35:45 AM
No centralized exchange today that is not asking for verification ID. This KYC had been implemented since 2017, I'm surprise paxful only did it today on you.
I also have a token that I earn through a campaign that I can't do anything but comply with the KYC policy or else I wouldn't be able to do anything on my account. Every time I login it reminds me of the KYC that I need to fill.
Binance has no KYC for withdrawals of up to 2 BTC/day and Poloniex allows for no-KYC account for withdrawals of up to $10k/day. Of course, 'random' account freezes are still possible.
It might be annoying but it's just part of the cryptosphere now and if you want bitcoin to become mainstream then things like this are inevitable like it or not. There are pros and cons to it though. Would you want someone who isn't you to be able to withdraw your coins? At least it's another layer of security in that regard but if you're not comfortable with this sort of verification I would look for other exchanges that don't require them.
What's the difference between someone stealing from an unverified account and someone stealing from a KYC-verified account?
November 13, 2020, 02:47:43 PM
Check Binance. Non-verified users can withdraw up to 2BTC per day iirc.
sure, but keep in mind that if you trigger their AML risk system for whatever reason (IP address, browser fingerprint, blockchain analysis of your deposits/withdrawals etc) you can still have KYC sprung on you at any time. there are countless examples if you search through reddit discussions about frozen accounts. binance even has a support article called "How to Unlock an Account" which includes instructions on completing KYC.
November 13, 2020, 02:06:58 PM
The laws are supposed to be applied without retroactive effect, meaning that old users are given the opportunity to withdraw their money without verifying identity, provided that a certain limit is promised or allowed to withdraw all the money and the new restrictions are applied to new users.
Any client-friendly platform does this. The sudden account closure after changing TOS will make many people avoid using it.
Unfortunately, some people add this paragraph to the terms of the service so you can't do anything about it.
Any client-friendly platform does this. The sudden account closure after changing TOS will make many people avoid using it.
Unfortunately, some people add this paragraph to the terms of the service so you can't do anything about it.
November 13, 2020, 09:37:50 AM
Is there no other choice but to use a SIM, usually you can replace it with your ID card, that's enough. An exchange that is better than Paxful or Bittrex is Binance which is the best choice for traders who agree with KYC or not. Because users who have not verified their identity are still given a 2BTC limit for making withdrawals.
For some local exchanges in my country in Indonesia such as Indodax.com, implementing KYC is very easy to do and doesn't take much time, because after a few hours the account has been verified.
For your decision about buying a nano ledger cold wallet is a good choice, because you will have full access to the assets you have.
For some local exchanges in my country in Indonesia such as Indodax.com, implementing KYC is very easy to do and doesn't take much time, because after a few hours the account has been verified.
For your decision about buying a nano ledger cold wallet is a good choice, because you will have full access to the assets you have.
November 13, 2020, 06:50:22 AM
Check Binance. Non-verified users can withdraw up to 2BTC per day iirc.
Yeah, Binance is good in this aspect.
November 13, 2020, 06:19:00 AM
Most current Cexs have removed that rule. Binance, Bithumb, MXC, Okex, Huobi Global, ... can all trade, deposit and withdraw money without having to verify KYC.
Bittrex is really dead, they are increasingly killing the traders out there and not having any special treatment.
So don't choose the dying exchanges, focus trading on Top Cexs, it will be safer for your account as well as you don't have to do KYC to withdraw a small amount.
Bittrex is really dead, they are increasingly killing the traders out there and not having any special treatment.
So don't choose the dying exchanges, focus trading on Top Cexs, it will be safer for your account as well as you don't have to do KYC to withdraw a small amount.
This is a big mistake for them for asking mandatory kyc back then when we start the bull market . Which resulted of leaving their exchange to use by many other traders even the new traders doesn't want to under go to any kyc process .
It's a lost for them if they don't forcefully do ask their users they can still be the one of the top exchange right now it's their lost.
For OP before using any exchange make sure you check review first if they are asking for mandatory kyc or if someone have experience to forcely under go to kyc. You can find it if you search in the web.
November 13, 2020, 04:25:46 AM
It might be annoying but it's just part of the cryptosphere now and if you want bitcoin to become mainstream then things like this are inevitable like it or not. There are pros and cons to it though. Would you want someone who isn't you to be able to withdraw your coins? At least it's another layer of security in that regard but if you're not comfortable with this sort of verification I would look for other exchanges that don't require them.
November 13, 2020, 04:16:43 AM
Most current Cexs have removed that rule. Binance, Bithumb, MXC, Okex, Huobi Global, ... can all trade, deposit and withdraw money without having to verify KYC.
Bittrex is really dead, they are increasingly killing the traders out there and not having any special treatment.
So don't choose the dying exchanges, focus trading on Top Cexs, it will be safer for your account as well as you don't have to do KYC to withdraw a small amount.
Bittrex is really dead, they are increasingly killing the traders out there and not having any special treatment.
So don't choose the dying exchanges, focus trading on Top Cexs, it will be safer for your account as well as you don't have to do KYC to withdraw a small amount.
November 13, 2020, 04:02:05 AM
No choice but to comply. That's their terms after all. I experienced the same with our local exchange. I can't withdraw to fiat but I can send it to another wallet so not a big issue to me.
Check Binance. Non-verified users can withdraw up to 2BTC per day iirc.
And yes, it's good if you are considering having your own hardware wallet soon.
I've never had this forced ID verification, but perhaps the reason is that I've never dealt with big sums on exchanges. The biggest was around $1k, and it was years ago on HitBTC with withdrawal from a token to Bitcoin. I think it's unreasonable to ask for verification when people are dealing with small amounts of money. Even if it is something fishy, it's small-scale, while there are billions of dollars laundered successfully elsewhere with the criminals usually avoiding responsibility anyway.
But when it's thousands of dollars or more, an ID request sounds fair to me.
November 13, 2020, 03:23:42 AM
No centralized exchange today that is not asking for verification ID. This KYC had been implemented since 2017, I'm surprise paxful only did it today on you.
I also have a token that I earn through a campaign that I can't do anything but comply with the KYC policy or else I wouldn't be able to do anything on my account. Every time I login it reminds me of the KYC that I need to fill.
November 13, 2020, 03:11:16 AM
Which websites have hit you with that kind of thing - where they disable your withdraws until you provide I.D?
Finally after a long wait my status verified immediately withdraw all the funds right away and just trade on the local exchange and still need to do KYC. This is the policy of all CEX and cannot complain about this.
November 13, 2020, 02:47:49 AM
It's probably not random now but a requirement to use their services, trading, holding coins, access to markets, etc. It's not that stupid if the exchange wants to prevent money-laundering tactics being done on their exchanges. It's some barrier that lets them operate legally on to different countries. I don't like the idea personally of giving personal information towards different exchanges, but that's just the necessity.
I'm sorry you had to go through that. It must have been rough to withdraw, especially if you needed the coins immediately. Anyways, I haven't experienced that because mostly my coins are in my Ledger, and I haven't withdrawn too much from an exchange to be disabled with withdrawals.
P.S. For the Ledger, good for you that you are going to get one. It's for the best, for sure.
I'm sorry you had to go through that. It must have been rough to withdraw, especially if you needed the coins immediately. Anyways, I haven't experienced that because mostly my coins are in my Ledger, and I haven't withdrawn too much from an exchange to be disabled with withdrawals.
P.S. For the Ledger, good for you that you are going to get one. It's for the best, for sure.
November 13, 2020, 02:41:49 AM
This summer I had the same problem with Paxful.After 2 months of struggling to verify my ID I managed to get everything approved,but after one week,they required Address verification(utility bill with your name on it).I don't have utility bills on my name,so I had to abandon Paxful and delete my account.
I don't regret about that decision,after I saw their Trustpilot score.Seems like Paxful is a scammers paradise.
Maybe they will improve and get rid of the scammers and unnecessary verification procedures some day.Who knows...
I don't regret about that decision,after I saw their Trustpilot score.Seems like Paxful is a scammers paradise.
Maybe they will improve and get rid of the scammers and unnecessary verification procedures some day.Who knows...
November 13, 2020, 02:32:37 AM
I don't think we need to make a list which website are forcing their customers to verify KYC, obviously all CEXs can do it whenever they wanted. They've stated KYC is mandatory on their ToS, so you couldn't blame them since if you use that service you're agree with their ToS.
November 13, 2020, 02:30:24 AM
Well. I once have the same problem withdrawing my funds with our local online wallet in our country, which I need to provide a valid ID so that I could withdraw my funds from my wallet. It is why I suddenly fix all of my requirements just to get a valid ID and to withdraw my funds. Unfortunately, it takes at least a week for them to verify my account. It is the right decision for you to use a hardware wallet to avoid submitting an ID; you can also use Binance because you don't need to verify your account in Binance when you trade with cryptocurrencies.
November 13, 2020, 02:11:12 AM
To be honest I have never had this bad experience iirc. I am quite selective in choosing services that are consistent with customer identity policies and apply globally. I tend to avoid any services from/for priority local users especially the United States. In my opinion (after I observed), their services have frequent policy changes and tend to be more stringent.
November 13, 2020, 01:52:41 AM
There's one exchange, I forget that name, I was supposed to deposit some of my token so that I can sell them, unfortunately it is just one exchange that my token has been listed. This was two years ago, but in the last minute I decided not to send any of my personal information including pictures. Anyways, in the coming months if got listed on other exchanges so it was a good decision on my part not to. I can still get the name if I check my emails but I'm not wasting any of my precious time. 
. That exchange is history to me!
. That exchange is history to me! 
November 13, 2020, 01:26:29 AM
Any of the exchange where their governments make it mandatory for the exchanges to enforce KYC are the exchanges that will enforce their customers to provide KYC, the KYC of a thing is getting stronger day by day as governments of certain countries are getting stricter in making privacy non-achievable by their countries. Exchanges like LocalBitcoins ans Paxful are part of these exchanges, that is why I can never use their service again. There are non-KYC exchnges like hodlhodl and bsiq that requires no KYC, but we do not know what can also happen in future with their governments that might also enforce them to enforce their customers to verify their accounts. I have seen noncustodial way the best.
Jump to: