Bitcoin Forum

Hi Guys,

just wanted to let you know. I've already changed on coinswitch.co several times.
When I wanted to show to a Friend how CoinSwitch works I've sent them 30 Euro to change.
No Coins arrived, so I was asking in the Chat what happen. And they told me, they Request KYC.
So I've asked them to return the Funds, because I dont want to do any KYC for changing 1 Coin to another.
Coinswitch is always advertising that there is no KYC to Change one Coin into another.

Cheers

Dear friend why you are not ready to do KYC ? because now days all coins exchange's like shpeshift and other's done KYC compulsory to use the service so my suggestion to you please do the KYC there and get your amount from them.

Its common for the instant exchange to ask out KYC verification once they do saw suspicious transactions.Basing on what you have said op about your friends tx

then they had mentioned that its being flagged down.So they do ask for verification and its his choice if he would comply or not because those funds would be released or refunded
if he do cooperate.

I havent test out coinswitch though because when i do make use of these services i do stick with Flyp.me after shapeshift imposed that mandatory kyc.

maybe you can try it now but don't forget they have higher minimum transactions than flyp.me

The Point is, they advertise everywhere NO KYC.
And than they ask for 30 USD for KYC?

What does with the Coins happen when I dont agree to do KYC? They keep them.

This is outright cheating. You should try to create or move this topic in the reputation section to warn everyone that this site is nothing but a cheater. One site should not be advertising what one does not offer. If the site says there is no KYC, there should be no KYC. Otherwise, they are promoting something their site is not. But you need to read their terms and conditions detail by detail to make sure you are not missing something. But from the looks of it, I don't trust this site. For 30 Euros they need KYC? That is one sick policy.

Maybe it's the rules of coinswitch.co to do KYC if you want your coins to return right, if they really advertise without KYC anywhere you should ask first to know everything.
So I think the only way is to do KYC if you want your money to be returned.

TL;DR.
You have no choice but to follow their rule if you want your coins to be returned, you have to comply. But I understand what you're saying that they've said that they don't require KYC but just like any other casino or exchange, they have the right to do it if they think your transaction is suspicious.

Got your point however this should be on their Terms of Services and it should be clearly stated.
Likewise, what happened to OP is clearly crossing their ToS.
However, basing on your conversation the transaction was automatically flagged by their system, would you mind giving us exact scenario aside from transferring $30?

They said they don't ask for kyc on their ads ? But that was before because you said you already traded on them many  times and based on your explanation this problem happen to your friend and not by you ?  Because you said you sended him 30 coins to try this exchange but it didn't arrive as they ask kyc now and you aren't aware with that sudden change ?  I don't know if you have been offline for a while or maybe it's their negligence to not warn about kyc properly

Seems like something similar to changenow, where they used to advertise that all of the exchanges will be no KYC and prided themselves on being anonymous, but now, they are quite open to holding up people's money with KYC as the excuse to do so.

Honestly, these instant exchangers shouldn't be taken for their word.

Regulators are tightening up on their policies and there is no reason to believe that any instant exchanger, despite their current status, will be able to withstand these types of regulatory pressures for a prolonged period.

I don't really care about the 30 USD. But I think its a pattern. If I advertise something I have to keep my Word.
Im also really wondering what can be suspicious on such a Transaction? Tell me what's there benefit for the Public?
I really do understand KYC for SEPA transfers, because there are a lot of Chargebacks and so on. But with a coinswap?

So why they dont just return the Money? Whats the Case?

- They advertise: NO KYC
- User swap Coins on coinswitch because he dont want to do KYC
- Coinswitch requests KYC and know that a lot of people dont want to do it

Coinswitch keeps the Coins. Sure for 1-2-3-4 Years they let them probably on a extra account blocked. But after a certain time im sure they get transferred to a private Wallet.


Probably there business is not to swap - probably there Business is to hold an keep Coins?

I understand your concern about their advertisement but they could also defend themselves that it's written on their terms of agreement or FAQ that they can ask for it if it's needed and they have a suspicion with your transaction which have been told by the support. I think it's just best to serve this as a lesson not just for you but for everybody that before proceeding to a service like this, you agree with their terms. Many same service are also acting the same so before using one, find the most reliable that you're okay with their terms.

I'm looking for two scenarios. First, he might saw the ads without the KYC policy and the other one is he saw the ads showing "NO KYC". So which one of them cause its different from one another.
If the site failed to inform their users about the KYC policy which is mandatory then there is something wrong on their side.

I think you all do not really understand the case.

They advertise there Platform at many places that you don't need KYC.

I also ask them if there is KYC needed in the Chat and they answered with NO.
I had to insist and telling them a Friend told me KYC is needed.
After that they told me they mostly never do KYC just if there is something suspicious.


https://prnt.sc/qgth9p

The no KYC advertisement is just a promotion and use that thing to take advantage to those people they think they can't do a KYC which is not true on their side(advertisement).

I heard many complaints about their service and I heard that they scam from this service.
Check this thread https://bitcointalk.org/index.php?topic=2041972.msg49067744#msg49067744

You can find someone already scam with their service.

If you want to exchange your coins without KYC I suggest you use the exchanges which is well-known and use by many people.

Look at the binance you can use their service without KYC but you only have 2btc limit for withdrawal.

As I've said, I understand your concern and your friend's advise but what matters most is that they can really say that they have no KYC and later change the terms depending on your transaction. This is happening and plenty of complains are there, the change of sudden behavior can easily be made and there's nothing we can do with if our funds is already on their platform.

Yes, this.

https://www.reddit.com/r/Monero/comments/9xbgjx/anyone_here_ever_tried_coinswitch/

In this Thread even Exodus confirmed that its true -> https://www.reddit.com/r/Bitcoin/comments/egpmnl/exodus_coinswitch_are_a_huge_scam_beware/


6500 Euro Stolen by Coinswitch, all KYC done but they refuse to refund the bch.