Bitcoin Forum

The popularity of cryptocurrency exchanges in recent years caused the appearance of the number of schemes which enable to launder money received with help of illegal measures. That’s why the governments of some countries as well as owners of crypto exchanges aware regarding the protection themselves against money laundering. As the result, the specific regulations regarding AML/KYC procedure was developed in order to secure the cryptocurrency sphere from fraud. This process has its advantages and disadvantages for cryptocurrency exchanges. Despite the protection, the KYC/AML procedure also goes against the important principle of the crypto world such as privacy.

KYC procedure is the process of customer identity verification. As usual cryptocurrency exchanges verify their customers in order to protect themselves from illegally obtained funds. Such a process is called AML - Anti Money Laundering. Money laundering is the legalization of funds obtained by criminal means which includes actions that conceal the source of funds in order to give them a legal character. The fight against money laundering in cryptocurrency sphere consists of a set of measures aimed at preventing the use of the particular project or institution for legalizing money obtained by criminal means or financing terrorism. The development and implementation of these measures and instruments are carried out by international and national institutions, the banking and business community.

The AML procedure requires the number of expenses which can take a bite the owners of cryptocurrency exchanges. Also, the KYC procedure can stop transactions for up to 50 days or even freeze of the financial accounts. The KYC procedure breaks the anonymity of cryptocurrency as the main principle of this sphere. Nevertheless regulation has undeniable advantages in the world of traditional finance. Creating some obstacle, it protects customers from fraudulent actions of banks and financial institutions and even provides them with mechanisms for compensation for damage.

Binance, for example, allows withdrawing 2 BTC per 24h for a non-verified account and 100 BTC per 24h for users who passed KYC.
https://support.binance.com/hc/en-us/articles/115000864371-Verification-on-Binance

Bittrex has several levels of accounts. The withdrawal limit depends on the type of the user’s account. Bittrex emphasizes the necessity of compliance to “the Bank Secrecy Act, U.S. economic sanctions laws, and other legal and regulatory requirements”. The withdrawal limits for different accounts are:
- New/Unverified Accounts: 0 BTC withdrawal limit.
- ID Verified Accounts (without 2FA): withdrawal limit is 1 (or equivalent) BTC per day.
- ID Verified Accounts (with 2FA enabled): withdrawal limit is 100 (or equivalent) BTC per day with two-factor enabled.
https://bittrex.zendesk.com/hc/en-us/articles/231701788

Bitfinex requires verification for those who want to deposit or withdraw fiat money. Also, it is stated the KYC procedure enable “to speed up the deposit process”. Bitfinex doesn’t set any withdrawal limits.
https://support.bitfinex.com/hc/en-us/articles/115003355893-Account-Verification-Individuals

More and more jurisdictions around the world require licenses or regulate cryptocurrency exchanges. According to the report Blockchain and Cryptocurrency Regulation 2019 3-4% of Europe’s crime in 2017 were committed with the help of cryptocurrency and this percentage is tending to increase rapidly.
https://www.lenzstaehelin.com/uploads/tx_netvlsldb/GLI-BLCH1_Lenz_Staehelin.pdf
The most effective way to regulate the cryptocurrency exchange transactions is to regulate cryptocurrency exchanges. Every cryptocurrency exchange has its own rules on the registration process. The more exchanges require the stricter rules for account verification. As usual, the verified accounts have bonuses for trading operations, but there is a tendency that the user can’t even start trading if he doesn’t pass the verification. The effectiveness of the KYC/AML procedure depends on service providers mostly. The accounts are frozen for some period of time if there is any suspicious activities noticed.

European Union, The United States, South Korea have developed the KYC/AML rules for cryptocurrency sphere and made them an integral part of crypto regulation processes. After the beginning of the persecution of Bitcoin in China, many players moved their capital to South Korea. Until the beginning of February, they acted on the principle of self-regulation, but after the introduction of the new rules, they were controlled by financial authorities. From January 30, 2018, all Korean banks are required to exercise increased vigilance when working with cryptocurrency exchanges.

European Parliament passed rules concerning KYC/AML procedure. The innovations adopted in April 2018 entailed a series of changes in the work of cryptocurrency exchanges.
http://www.europarl.europa.eu/news/en/press-room/20180411IPR01527/anti-money-laundering-meps-vote-to-shed-light-on-the-true-owners-of-companies
As a result,  LocalBitcoins obliged to go through the mandatory registration of traders working with large capital, and opening a large number of positions. In May KuCoin platform also made changes. All users of the exchange are required to complete the authorization of KYC, indicating their passport details, gender, nationality, place of residence and so on.

The United States states that cryptocurrency trading or trading on stock exchanges falls under the definition of “money service businesses” and therefore is subject to the same measures to AML/KYC procedure as other financial institutions.
https://www.sec.gov/about/offices/ocie/amlsourcetool.htm
Bittrex, for example,  established strict rules for withdrawal with respect to unverified users. Unverified accounts have a 0 BTC withdrawal limit, thereby forcing serious traders to go through full registration.

In 2018 Mistertango provided a survey. They asked 25 cryptocurrency exchanges with a daily turnover of 100 million dollars about the necessity of the regulation of cryptocurrency exchange transactions. As the result, 88% of cryptocurrency exchanges want regulation in their operations.
https://www.newsbtc.com/2018/07/31/survey-finds-that-88-of-crypto-exchanges-are-crying-out-for-regulation/

To sum up, we think that more and more reliable cryptocurrency exchanges require the strict AML/KYC procedure for their customers. The reason is that it is the most efficient way to protect themselves against illegal actions as well as protect their users from unpredictable circumstances that can lead to accounts frozen and even to the close of the cryptocurrency exchange. This fact goes against anonymous and decentralization but corresponds to current conditions in the market.

Are there any problems in withdrawing cryptocurrency from HitBTC exchange?

It seems many users face the problem of withdrawing currency from the HitBTC cryptocurrency exchange. It takes a huge amount of time and slow support responses.

First, that you should do is to pass the KYC process. It doesn’t require while depositing funds but need during the withdrawal process. During the verification, you are required to do a selfie, a photo of the id, to provide the source of funds, transaction history, and social media accounts. They also can ask to provide the notarized translation of the documents to English. Be ready, that the support can ask you to do all these things, not in one email. So the verification process can take a long period of time.

That’s why if you are planning to withdraw your money in the future, it is better to pass all the verification procedure in advance. Because the delay in the transaction can go against your trading plans.

Reading the posts on various withdrawal problems I also noticed many complaints that the support doesn’t answer for some period of time. That’s why to be ready to contact them several times in order to get the response.

Be aware that Liqui cryptocurrency exchange is shutting down due to lack of liquidity. Many users reported about the withdrawal problems.

If you have any funds at Liqui exchange, you should withdraw them right now. Be patient, as there are a lot of withdrawal requests for the moment. But be sure your opened support tickets are not closed without any response. Create the new one again if such happens and continue to monitor your withdrawal status.

Do you have any withdrawing issues with Latoken cryptocurrency exchange?

There are the multiple complaints regarding the withdrawing issues. The support don't answer for a long time. We monitored the complaints and most of them concerned NEP-5 tokens.

That's why we recommend not to buy NEP-5 tokens there, as there are range of withdrawing issues.

One more recommendation if you have already bought NEP-5 tokens at Latoken cryptocurrency exchange. Do not pay for the niche from the exchange. Always withdraw to your wallet and after that pay. The reason is that if any problems arise it will be very difficult to regain your token.

If you have any questions, we are ready to assist you.

I am looking forward to all the crypto exchanges to become fully registered, regulated and compliant with governments and also with financial authorities just like most of the forex brokers are, after that im sure new users will be more interested and attracted to crypto market as they will be confident due to compliance of crypto exchanges with regulators.

I agree that checking KYC is necessary on exchanges for traders who have a large amount of trading with cryptocurrency. This is really a necessary measure to combat the laundering of dirty money.
However, I believe that in the activities of ICO, it is also necessary to streamline the conduct of the KYC audit. It should be carried out only in relation to investors who buy tokens for a certain decent amount. With respect to bounty hunters, KYC verification should not be carried out at all, since we are not investors and cannot basically launder dirty money. Applying a KYC check against bounty hunters is contrary to the task of checking KYC and therefore is illegal.

i do not like the kyc procedure at all and that's why i stopped using both bittrex and poloniex when it became mandatory, fortunately there are many other exchanges that do not require it and then alternatively there are the dex, it should be something optional if you do it increase withdrawal limits but must be a user's choice not an imposition...

RightBTC requires KYC for withdrawals which is a bit off putting for some. However, there are many exchanges to choose from like crex24 which has a lower volume but you don't have to worry about KYC

The effects of doing  kyc and aml before withdrawal is rampant
And that’s why we need to get every information correctly before sending of tokens

Secondly, HitBTC rarely gives me withdrawal troubles

Most of the people are irritated by the fact that some exchanges are requiring KYC. I see this as a no big issue since they are just doing this protocol for the security of their exchange. On hitBTC case, I don't have any issue regarding my withdrawals so far.

Most of exchange sites are following this way but only are putting KYC as the main requirements before you can start your deposit and withdrawal but remember if you are putting very striict rules to your exchange sites and then it will be so difficult to attract the demand.

Has C-CEX cryptocurrency exchange closed the accounts without any warnings?

We have investigated the range of complaints stated that the users' accounts were closed and the funds were disappeared without any warnings. It seems that the C-CEX disabled the accounts which were not used for some period of time. There is a message "User not found or account disabled" without the possibility to restore the accounts. The support didn't answer.

Please be careful!

Of course, I agree with the necessity of going through the verification process on the stock exchanges, and in general with any investment as this is your safety, see with this procedure you confirm that it is you who are making the investment or are acquiring cryptocurrency, as there are many scammers who kidnap your data make purchases on your behalf and this procedure is introduced to prevent it, of course there are flaws, but in my opinion it is irrelevant since this procedure solves challenges for the protection of investors.

Problems with CEX.io cryptocurrency exchange

There are a lot of complaints that money didn't credit to the users' accounts. There is a range of cases when the money was sent from the user's bank account to the CEX account. The CEX ignored requests of banks and didn't credit money nor return it. There were just polite answers from the support stated the case was reviewed.

It seems that money crediting can take up to 60 days. In fact, many users expect that 60 days are needed in case of unforeseen circumstances. But the truth is that it is normal terms for CEX.io.

There was a time I was using IDAX and after depositing into the exchange and done with trading and to withdraw my BTC I was told to first carry out KYC before I can withdraw my tokens, I just feel this doesn't not make any sense because if I won't be able to withdraw my tokens without KYC then I shouldn't be able to deposit without KYC

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.

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.

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.

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.

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)

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.

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.

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?

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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 ?

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.

South Korean cryptocurrency exchange Coinbin announced the impending bankruptcy

The cryptocurrency exchange reported a loss of several million dollars, part of which happened due to the actions of one of the company's employees.

Coinbin became known after it bought hacked Youbit. However, the management of the company failed to improve the business of the marketplace and in 2018, Coinbin received a loss of $ 26 million.

Part of the loss was due to the actions of an employee of the exchange, whose name was not disclosed. A Coinbin report says that an attacker has stolen a purse with 100 ETH.

right, thats very unfair. why exchange allows it and doesn't have any warning about it before you deposit. Now you are force to pass kyc or abandon your token there.

Coinbase has added the ability to withdraw funds to PayPal for EU countries

The American cryptocurrency exchange Coinbase has provided the ability to withdraw funds to PayPal accounts for customers from the European Union and  EFTA (European Free Trade Association).

As reported the European customers had access to only a single euro area of ​​payments (SEPA) and accelerated payment mechanisms in the UK with support for withdrawal. Customers can now link their PayPal wallets to Coinbase accounts and choose how to withdraw money when withdrawing funds.

PayPal withdrawal option now applies to customers from 32 European countries - 28 EU countries and four EFTA countries.

Poloniex Exchange unexpectedly left for maintenance

According to a post on Twitter, Poloniex had technical problems that forced her to close trades and go into maintenance mode.

Cryptopia "soft" restart

Finally, the New Zealand cryptocurrency exchange Cryptopia starts working, although in a limited "soft" mode, allowing users to just log in accounts.

Until users cannot trade or do anything, they will simply see their balances. It is also impossible to make deposits or withdraw funds from the exchange.

Users can no longer know how much money has been stolen from them, as balances show balances as of January 14, 2019, which were before the theft. As if no one had stolen anything.

For now, Cryptopia has uploaded “all balances before hacking”.

On March 5, Cryptopia announced that users can log in and change their passwords, as well as reset their two-factor authentication data (2FA). The exchange also stated that it is completing the process of compensation payments for users affected by the hacking.

Great news especially for those who have funds inside this exchange, knowing that there's still chances to recover back your money after
this hacked, hopefully the business will recover and send back those tokens that still available for the real owners.

I think if you pay attention to the fact that today there are a huge number of people who, all the same, are very serious about how the cryptocurrency is legalized today, I do not think that they will have questions on KYC, although the question here is exclusively in security.

THE COURT HAS ADDED QUADRIGACX 45 DAYS TO SEARCH FOR CURRENCY ASSETS

The Canadian court granted the QuadrigaCX cryptocurrency exchange, which has lost access to users' funds for $ 190 million, for another 45 days to search for missing assets.

In addition, the court ordered the Amazon Web Services cloud service to transfer data stored in the personal account of former QuadrigaCX CEO Gerald Cotten.

The next hearing is scheduled for April 18th.

Earlier, EY reported that the six cold wallets of the exchange, where, as expected, tens of millions of dollars were stored, were empty, and the average monthly total balance on accounts from 2014 to 2018 was 124 BTC (about $ 460 thousand)

Coinbase acknowledged the sale of its customers' data to third-party resources

Coinbase’s institutional sales director said that the company's acquisition of a start-up company Neutrino that led to users' protests and the launch of #DeleteCoinbase, was a necessary measure after one of the exchange’s partners broke the rules of cooperation.

One of the current platform vendors was selling the company's customer data to external sources, so the purchase of a controversial blockchain project is an attempt to make the platform more secure.

Poloniex cryptocurrency exchange reduces transaction fees

The cryptocurrency exchange Poloniex announced a sharp reduction in transaction fees for users since March 6, 2019.

Thus, Poloniex has become a cryptocurrency exchange, with the lowest transaction fees compared to other US platforms.

The purpose of the changes is to create conditions under which traders will pay significantly less with the implementation of most transactions with digital assets. In some cases, the commission will be generally zero.

Many users of social networks enthusiastically responded to the minimization of transaction fees and trade optimization. But there are also users who have announced that the administration of the Poloniex exchange is allegedly misleading its customers, since minimal trading fees already exist for many operations at this platform, and the new exchange hasn’t offered anything to traders yet.

The problems that are happening now with KYC and people who still send their documents really, it’s obvious that their documents will simply be resold to places that pay money for it. You must understand this.

The terms of compensation to customers of the Cryptopia

The New Zealand Cryptocurrency Exchange Cryptopia, which suffered from hackers in mid-January, sent letters to customers describing the circumstances of the hacking and their further actions.

According to the site’s management, Cryptopia Loss Marker (CLM) tokens will be credited to affected users ’accounts, which are records in the database.

Cyptopia expects to proceed with the payment of compensation and resume trading until the end of March after the completion of the necessary legal procedures.

Also today, March 18, the exchange has temporarily resumed trading. Given that this was not preceded by an official announcement, experts suggest that the auction was launched in test mode. To date, the trades have been stopped, their daily volume amounted to slightly more than 10 BTC.

GATECOIN STOPS WORK ON THE COURT'S DECISION

Last fall, Gatecoin signed an agreement with another provider, but the previous provider managed to block a significant amount of funds. Lawyers of the organization said that the chances for the return of all assets are incredibly small.

After that, the cryptocurrency exchange faced with the fact that it was not able to fulfill its obligations. On Wednesday, March 13, the court ordered the trading platform to proceed to the liquidation phase.

Bithumb will cut half the staff

Cryptocurrency exchange is experiencing financial difficulties due to lower trading volumes.

Of the 310 employees of the South Korean Stock Exchange Bithumb, only 150 people will remain in the company. The leaders of the platform said that the reduction will be voluntary and will affect only those who independently decided to change their place of business. However, the employees themselves do not explain the reasons.

Sponsored by Yahoo! Japanese cryptocurrency exchange Taotao will start in May

The Japanese cryptocurrency exchange Taotao (formerly BitARG), 40% of which belongs to a division of Yahoo! Japan will start trading in a limited number of cryptocurrency pairs in May.

Initially, users will have access to Bitcoin and Ethereum trading, as well as the ability to open margin positions on Litecoin, Bitcoin Cash and XRP.

DragonEx Cryptocurrency Exchange hacked

Singapore Bitcoin Exchange DragonEx reported that on March 24 it became the object of a successful hacker attack, during which both user funds and digital assets of the platform were stolen. The amount of damage remains unknown, but the exchange has promised to take responsibility for the return of funds.

At the moment, it was possible to return some of the funds, but the platform’s activities have been temporarily suspended. As part of the investigation, the addresses were identified, on which the stolen funds were transferred. DragonEx called on other exchanges to track financial flows and, if possible, freeze assets.

There really are problems, and they will be especially in people who have gone through KYC, which is now received by a very large number of people. I hope that they will still remove the KYC process, which lately is not relevant at all, you understand that all this is nothing more than just a process for deceivers.

CoinBene reported users’ funds are safe, but doubts remain

CoinBene, a cryptocurrency exchange that was in the spotlight of community attention due to unplanned technical work, said that user funds are safe.

However, representatives of the platform did not inform when the technical work would be completed. At the moment, according to users, the withdrawal of BTC, USDT and ETH has been resumed, but the situation with ERC-20 tokens remains uncertain.

Zebpay Bitcoin Exchange has added support for Lightning-payments

Zebpay Cryptocurrency Exchange made Bitcoin payments available on the Lightning Network (LN).

To make the new option available, Zebpay users need to go into the wallet and activate it in the ‘Lightning’ tab. After that, it will be possible to make LN-payments for amounts from 1 Satoshi to 0.001 BTC.

I think at the moment Binance is friendly exchange as it s rules about trading,depositing and withdrawing fund are very simple and the best as 02 BTC withdrawal is enough for non verified account. But some exchanges like Bittrex need KYC for trading too and deposing to,

KuCoin has introduced the option of buying cryptocurrencies using credit cards

The Singapore cryptocurrency exchange KuCoin has added the ability to buy cryptocurrency using credit cards.

Now KuCoin users can buy Bitcoins (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash ABC (BCHABC) and Litecoin (LTC) for dollars and euros. According to the announcement, the service is already available in more than 100 countries.

Card payments will be processed by the Israeli processing company Simplex, which provides its services to such major industry players as Shapeshift, Litecoin Foundation, Xapo and Changelly.

It is always better to pass the KYC on every exchange, for sure if you have done your investigation and this exchange is legit. You are getting faster withdrawal channels, getting different airdrops and faster service.

CRYPTOCURRENCY EXCHANGE NANEX STATED A CLOSING

Since October 2018, trading volumes on the platform did not exceed several thousand dollars per day, and recently they have dropped by an order of magnitude, while the number of its customers being online at the same time has reached 2-3 people.
Most of the assets have been withdrawn from the exchange by users today, but there are still funds on its hot wallets, which Nanex are also asked to withdraw as soon as possible - however, not later than 04/30/2019, when the cryptocurrency exchange server stops working.

Coindelta Cryptocurrency Exchange closed in India

Indian cryptocurrency exchange Coindelta suspended work due to the adverse regulatory climate in the country

Representatives of Coindelta said that the marketplace faced severe restrictions on the use of banking services, which contributed to a significant increase in transaction costs. Subsequently, doing business was simply unprofitable.

Also, Coindelta noted that they do not see progress in creating a favorable legal environment on the part of the country's authorities.

Representatives of the company stressed that all trading operations on the platform were suspended on March 30. Orders are also closed, and funds are returned to users' wallets. The work of the latter will be extended until April 29.

From your list binance is still the only exchange that goes easy on people who are not ready to drop there KYC info and thee are few other exchanges that doesn't even request profile like changelly.com ,just send coins or tokens and get them swapped ,easy as that and to me they are the safest

There are really a lot of problems, but now you can work and not withdraw fiat money from the exchanges, why bother to do it at all? I don't think that this is a good idea at all. Just today you can live on BTC

Until now i didn't made kyc on any exchange i use, because they still offer service without asking it, i hope to not ask kyc so i can still use exchange without doing KYC, to trade BTC/altcoins or altcoins/BTC.

Japan's FSA has registered two more cryptocurrency exchanges

The Japan Financial Services Agency (FSA) has approved two new applications filed by the Rakuten Wallet Co. cryptocurrency exchanges. Ltd. and Decurret co. Ltd.

After the announcement of the FSA, Rakuten Inc. issued a press release confirming that its subsidiary Rakuten Wallet Inc. was registered as a “virtual currency exchange service provider” and announced that it will launch the exchange in April.

Startup Decurret also announced the completion of registration as a cryptocurrency exchange and the launch of its services. According to the information on the FSA website, Decurret will support BCH, BTC, ETH, LTC and XRP.

Cryptopia has transferred 50% of cryptocurrency to new wallets. Users complain about the slowness of the platform

The New Zealand cryptocurrency exchange Cryptopia, which suffered from the actions of hackers in the middle of January, transferred half of the 457 cryptocurrencies presented in the listing into wallets with new private keys.

At the same time, withdrawal of funds still remains unavailable. Particularly, users are outraged by the fact that all this happens during a period of active growth in the price of Bitcoin.

Recall that Cryptopia has been trying to restore functionality since February. The exchange has already resumed trading in 40 cryptocurrency pairs and activated the API. Also, the site management announced its intention to return funds to affected users and has already credited tokens to users' accounts, which fix the amount of payments due to them.

BitMEX will pay compensation to customers due to failure

BitMEX, which offers various trading products using leverage for Bitcoin and other cryptocurrencies, automatically closed the positions of some customers when prices for BTC and ETH were rising. This happened as part of a process known as automatically closing risky market positions.

According to the company, the number of affected positions was minimal, while online commentators noted that as of April 2, the amount of funds involved in the situation was already $ 500 million in Bitcoin. Bitcoin rose unexpectedly this week, gaining almost $ 1,000 in one day, and then the price peaked at $ 5,330.

A sudden increase in trading activity took BitMEX by surprise, and now the site leaders promised to pay compensation to each of the approximately 200 affected customers.

The problems started after a really big hyip. I think that cryptocurrency in any case will be regulated and we will be able to suffer very much. I hope that nothing bad will happen and nothing bad will happen.

That is why I still recommend my friends to use binance for trading and don't use the other exchanges if they don't want to complete KYC. Binance still is the best for me, and it works perfectly, and I am sure that it's happening too with the other people. But I don't mind to complete KYC in poloniex and bittrex since I already upgrade my account for almost 2 years ago.

Paxful Estonian p2p cryptocurrency exchange “froze millions of funds of thousands of Nigerians”

The Economic and Financial Crimes Commission (EFCC) of Nigeria received a collective statement from the non-governmental organization United Global Resolve for Peace (UGRP) on the Paxful Stock Exchange. According to the UGRP, the Estonian p2p exchange illegally holds millions of dollars on thousands of accounts in Nigeria.

Africa provides Paxful monthly cryptocurrency turnover of more than $ 40 million dollars, transfers from Nigeria bring the main income from the work on the continent to the site.

The magnitude of demand is influenced by two factors: two-year inflation in the country, depreciating the local currency by 90% and the ability to circumvent economic sanctions by gaining access to dollars and euros by cashing out gift cards iTunes, Walmart and other bonus programs, the exchange, and credit which the cryptocurrency exchange supports.

Well since the cryptocurrency operate within the financial economic system it is best it activities are protected by some legal procedures not only to the advantage of the government but also to crypto users also. Despite the fact that some of the regulations process go against the nature of cryptocurrency which is anonymous and privacy it also important for it to be flexible in other to avoid accuracy that may harm the whole system.

Great post! Hope this will help people to understand the basic definitions of crypto currencies. But I am really afraid that we would have too much regulations on crypto currencies market which aim was always anonymity.

Thank you :) Yes, I agree the market tends to be regulated, which goes against the main principles of cryptocurrency

KuCoin realizes the possibility of instant deposit / withdrawal of funds in US dollars

This Monday, the KuCoin cryptocurrency exchange announced the upcoming “launch of the first of its kind” option, thanks to which users will be able to instantly buy cryptocurrency for US dollars and perform operations in the opposite direction. The possibility depositing/withdrawing funds in dollars will be realized together with a strategic partner whose name the exchange does not specify.

Also, KuCoin published a video in which it demonstrated how the new feature will work. For example, the user will be able to enter the desired BTC number for the purchase on the exchange website, then receive information on the required amount in US dollars and a QR code, which will need to be scanned using the wallet application for further confirmation of the transaction.

The exchange does not specify what restrictions will apply to the use of the service and the size of the applicable fees.

But what can we do, do we fold our arms and keep allowing innocent investors fall victims of these scammers or allow government to completely declare cryptocurrency illegal when laundering becomes too much ?

Yes, the system promised anonymity and like you see in the case of Binance, they are not completely imposing the KYC, that is why we are left with two options, not to get verified and have limit transactions and get verified to have unlimited transaction, and why should we even be so bothered about our identity if our hands are clean, only a criminal gets scared of being caught and in turn protects his or her identity.

For trading the altcoins I never send my documents for passing the required KYC procedure. Noone is responsible if I get in the trouble with a hardcopy of my documents. For fiat transactions, I only use 2 exchanges and they are safe from my point of view.

I do not use exchanges that require the mandatory KYC. Privateness and decentralization are the foundation of crypto. First of all, I'm not sure that my data will be stored securely. Secondly, I think that those who want to launder money are more likely to find a way to falsify KYC and circumvent the rules. Therefore, this procedure in this area does not work in the direction that is implied. But anyway thanks for this thread, i will bookmark it, there are a lot of important info for me here.