Topic: Withdrawal Issues, KYC/AML and cryptocurrency exchange regulations in 2019 - page 3. (Read 808 times)

Could QuadrigaCX exchange problems be the result of an incomplete reserve?

Analysts from the CryptoMedication team shared the results of their own research, in which they state that the Canadian cryptocurrency exchange QuadrigaCX, which owed its customers tens of millions of dollars in cryptocurrency, could not have the stated amount.

During the preparation of the work, the authors turned to QuadrigaCX clients and collected data on the transactions they carried out. This made it possible to identify a cluster of addresses that were under the control of the exchange and were actively used by it for arranging transfers between customers. At the same time, none of the transactions submitted by users leads to a wallet that could be called reserve or cold. Also, analysts were unable to find evidence that the exchange wallets had ever had a significant amount in bitcoins (more than 100 BTC).

According to CryptoMedication statement QuadrigaCX most likely never had enough Bitcoins to pay all customers. The available data clearly show that payments were transferred from one client to another in order to satisfy the request for the withdrawal of funds from the latter.

Indeed, the whole crypto-industry should be govern otherwise it will not be decentralized anymore. Bitrus is kinda new to me, i've been looking for good exchange to trade in other than top rank exchange which is certainty a good exchange do you have a link on this one ?

Are you satisfied with KYC at Kraken?

The verification procedure here has several levels.

Zero level involves checking of the email. This stage is included in the profile creation process when the user specifies a nickname and email address, and then follows the link in the email that arrives at the specified email. Passing this level does not allow you to deposit money and withdraw funds from the account. The user opens only the full functionality of the site to become familiar with the capabilities of the exchange.

At the first stage of verification, the user must specify his full name, enter the date of birth and country of residence, as well as confirm the mobile phone number. After passing this step, the trader can deposit and withdraw money for one day. The amount is also limited - up to 2500 dollars in equivalent.

The second stage of verification involves the indication of the exact address of residence. There you should state not only a country but also a city, a street, a house, an apartment. For these data, the resource opens up a complete list of methods for depositing and withdrawing money, increases the daily limit for withdrawals and deposits to 5000 dollars. It also opens the possibility of deposit and withdrawing of fiat up to 2 000 dollars per day and 10 000 dollars per month.

At the third stage, users must send documentary evidence of personal data. To do this, you need to send a scan of the passport and the document that confirms the place of residence, for example, a utility bill in your name. And after that, the user will be increased the limit on withdrawal of virtual coins to 200 000 dollars, and on withdrawal in fiat - to 20 000 dollars.

The maximum level - the fourth - implies an increase in the limit per day to 100 000 dollars in fiat, as well as the ability to connect a corporate account.  To pass it, you need to write a letter to the support service.

That is a very interesting view, the crypto community being regulated and compliant to government laws. The only problem in that is like all law enforced business, you can't control the political agendas that might take advantage of it. That's why crypto exchanges are kept in private regulators and companies. A good example is Bitrus, a private cryptoexchange trading platform that is currently rising to the top. What I love about this is the interface itself is user-friendly that'll help you utilize and maximize all available platforms in ease.

Yes, most exchange will requiring the users to do some KYC procedure to withdraw a certain amount of assets.
It is because exchange want to maximize their security by limiting the unverified account because it could be hackers, scammers, etc.
For me, it is not a problem if big exchange want me to submit kyc documents if i want to withdraw my coins.

Do you have problems with KYC at Bitstamp?

There are numerous complaints stated about the complicated process of verification at Bitstamp cryptocurrency exchange. During the withdrawal of a large amount of cryptocurrency or fiat money users are obliged to pass KYC. During the procedure, the cryptocurrency exchange asks to submit any financial document that can confirm the origin of sent funds. Among the requested documents there are savings account statement, salary payslip, tax revenue statement, investment portfolio, property sale contract, inheritance.

Many users don't afraid of being suspect stating that their funds are legal, but they don't want to spend hours of their time obtaining the documents from the banks or other institutions.

These are the realities of the laws of the countries to which the exchanges and the legislations of the participants of these exchanges belong. We live in an era of terrorism and money laundering, this procedure is necessary. If you are not ready then there are decentralized exchanges for you.

Fictitious cryptocurrencies at Yobit

In addition to market manipulations, delays in transfers and blocked accounts, Yobit was noticed in the listing of fictitious cryptocurrencies. This is not about small coins, but about the largest coins: Waves, Bitcoin Gold, Lisk. In June 2016, the Waves platform drew the attention of its investors to the fictitious WAV / BTC trading pair on the Yobit exchange. The project tokens were in the private accounts of investors and could not be traded in free access. A similar situation occurred later with Bitcoin Gold.

Yobit is one of the exchange to avoid for now due to its low support on security and we will face issues while withdrawing funds so completely ignore this exchange and we have lot of exchange like Binance which have no KyC for smaller daily limits and it will be okay for many traders here.

Is Yobit safe cryptocurrency exchange?

There is no any verification process at Yobit cryptocurrency exchange. Failure to comply with KYC / AML standards enable scammers to launder money. The second alarming moment is the lack of legal information. The names of the creators of the exchange remain unknown, there are no registrations, licenses, and guarantees.

Hacking of accounts occurs due to the inaccuracy of users. For example, the data of their accounts intercept phishing sites. Users regularly have problems with the login and they receive message ''temporarily disabled''. The cryptocurrency exchange blocks the account for various reasons such as inactivity, market manipulation, system overloading with micro-orders.

In order to contact the support service, users should use the ticket system on the website in the Support section. Sometimes users have to wait for responses from Support agents for days, weeks and months. Support service operators selectively review complaints, often ignoring customers. To speed up the resolution of controversial situations, users use third-party forums, write Yobit to Telegram. Most agree that the quality of support services on the exchange is low.

There really are problems and today these problems can seriously affect our security in the real world. I think that now we have great opportunities with you. Especially when people are still not simple.

Problems with Yobit cryptocurrency exchange

Making deposit and withdrawal of funds from Yobit turn into a real dilemma for many users. As to the fiat transfers, the main problems arise in Payeer, AdvCash, PerfectMoney systems. Delays in the deposit/withdrawal range from several hours to several months. Typical problems include:

• Small transfers are passed without problems, but the sums from $150 and above "hang up";

• Support ignores client requests.

• Delays in transfers from the payment systems which is 99% the fault of the exchange itself. Users have repeatedly contacted AdvCash, Perfect Money and Payeer support services, receiving confirmations of funds being credited to Yobit. It is worth considering that the maximum amount of withdrawal is also dictated by the rules of each of these systems. Most likely, delays are associated with manual processing of transactions. User complaints are considered selectively. Many have to seek satisfaction through third-party platforms.

Users face problems with cryptocurrency transfers as well. A common problem is disabled or inactive wallets. In this case, users do not have access to their coins. After the updates, there are also difficulties as the addresses of the wallets are changed, but the coins sent to the stock exchange “hang”.

As to the top cryptocurrencies (Bitcoin, Litecoin, Ripple, Monero, Ethereum) problems arise less often.

Before you deposit or withdraw money, we recommend to check the status of the wallet and study the latest news of the cryptocurrency exchange.

Did you have any problems with Poloniex cryptocurrency exchange?

Poloniex technical support is “famous” in many sources. The disadvantage of this exchange is that the support is not working properly and many users face various problems. For example, support can solve banal problems for 1-2 months. They simply do not respond or write “Wait”.

The team responds to such complaints as follows: “Due to the high demand for the stock exchange, we do not have time to process all requests, but we expand our headquarters regularly.”

There are also problems with the fact that the sent funds cannot come to the specified address. People send funds but do not receive them. In most cases, the exchange simply freezes the funds until the circumstances are clarified. Why there are such cases, it is not clear, perhaps they have their own rules that need to be followed?

When we look at the history of crypto money, we must say that the processes in the name of KYC and centralization have not worked.

I don't think KYC's doing anything to anyone. The KCCs, except for Bounty and airdrop, have no purpose. I think we need to understand what decentralized is before.

Is NoWex.nz "new Wex"?

WEX Cryptocurrency Exchange did not restore the work and did not give the blocked funds to the users. From the very beginning, this platform was associated with a scandal as it was created in 2017 after the closure of the BTC-e exchange which was accused of fraud.

07/12/2018 WEX cryptocurrency exchange announced that it temporarily stopped working and went offline. User funds were blocked. The withdraw was restored, but only for four cryptocurrencies NMC, ZEC, PPC, USDT.

On November 21, the official website of the well-known cryptocurrency exchange WEX.nz became unavailable. The blocking also affected the addresses: wexbet.nz, wexcash.nz, wexcoin.nz, wxcash.nz, wxcoin.nz.

In November, a petition was filed to appeal to the court. Everyone who has suffered from the actions of the exchange or consider them fraudulent plans to achieve wide publicity in the media, the prosecution of criminals and the payment of all funds.

The volume of user losses on BTC-E and WEX amounted to approximately $ 100 million. Now the address wex.nz is simply not available, as the New Zealand Domain Names Commission (DNC) suspended the site for fake registration data.

Nevertheless, the old-users (that's how they call themselves) created a new cryptocurrency exchange with a similar interface which is called NoWex.nz. We hope that the future of the platform will be different. However, it is a very brave act to call the exchange using the Wex name.

Well, very good but looks bad for a small players for those who are allergic to KYC.

It was possibility of other exchanges that will follow regarding all the regulations about KYC. currently is a lot which apply KYC on the exchanges so if you needed to withdraw a large value.

Nevertheless if need to changing all the mandatory KYC, well I think everyone can do matter be forced to this. (But depending each all the individual)

I think that in fact very many people are not entirely satisfied with these processes, which de-anonymize their personality. You understand that in general, this is a very insecure procedure. Therefore, I think that all this is not very cool.

What if they pass their money in an address that is different to HitBTC? like exchange like binance or some sort of that? I just wondering if that is possible since I can withdraw my money in those exchange without much difficulty. And what if you send your balance there then withdraw.

Yeah, because there were several hacking activities in the cryptocurrency world,
big exchanges like binance will requring some KYC to prevent withdrawal with large amount by any illegal parties such as hackers.
Against with anonymous, yet effective to prevent fund leaks.

Existing problems from the past and where the advantages are for KYC determination in some well-known exchange markets and others, first some agree that KYC is very important for security and eliminates the cunning of some people in this world especially in relation to very large money and it can be set in the ledger, to control all withdrawals or shipments, the second is that many disagree because there are many people who take advantage of such situations can be called stealing someone's identity for their own benefit so be careful when verifying to anticipate that abuse.