We have multiple accounts, but our primary relationship was with CIBC. We had arranged a relationship to prevent these types of fraudulent transactions with RBC, but they recently closed our account for different reasons and we were then unable to attain the same kind of relationship with CIBC. Now we are working to setup alternative payment methods with another institution.


There are some options for this type of scenario. If you'd kindly file a ticket with our support desk, we'll work through this situation with you.

Dear Friends,

It is with great regret that we have decided to temporarily suspend operations due to bank account closure and a surge of fraudulent transactions. The effects have been two-fold: 1) Inflicting monetary losses on the company and 2) Damaging our primary banking relationships. These circumstances make it infeasible to continue operating the service without significant changes to our transfer system and identification measures. We feel it is our responsibility to pause operations now rather than risk any customer funds becoming vulnerable. We will be working in the coming weeks with partners and our legal counsel to overcome these obstacles and implement new measures to prevent these types of setbacks in the future.

Please be aware that all CAD, USD, and BTC funds are secure. Users are free to login and withdraw their funds through our system. However, given the anticipated volume, currency-processing times will take longer than usual and BTC will need to be transferred from cold storage. Therefore, please anticipate the following timeline for withdrawals:

CAD: 2-10 Business Days
USD: 2-10 Business Days
BTC: 1-3 Days

While email INTERAC is no longer available, direct deposit will be offered to all users. Also, all currently open orders will be cancelled and those funds will become available.

These last six months have been a wild ride. We've had an incredible opportunity to take part in the Bitcoin revolution and help thousands of new and experienced users trade more easily. A big thank you to everyone who has supported us, pushed us, and given us valuable suggestions to make this service even better. Bringing Libertybit to life has been our passion for the last year, and it's been an honor to offer this service to all of you.

Thank you again for all your support. We welcome your thoughts and suggestions for the future of Libertybit, and look forward to serving you all again soon.

Sincerely,

Paul Szczesny
Founder and CEO

Hi Gogxmagog,

As mentioned in our correspondence:


We hope this clears up and any misconceptions regarding our business practices and some of the misleading information provided in this thread. I'm happy to answer any questions or disputes regarding the above information.

Hi purelithium,

I'd be happy to point you in the direction of verifying this information. We do mention that we are a registered British Columbia Corporation on our website, which has been verified through the EV (Extended Validation) process of Verisign (Symantec). You can view our current status by clicking on the Verification link at the bottom-right of our website, or here: https://trustsealinfo.verisign.com/splash?form_file=fdf/splash.fdf&dn=www.libertybit.com&lang=en. This is the same 3rd-party corporate verification which endorses Mt. Gox and provides their security certificate. The process requires providing corporate documentation (Articles, Certificate, etc), as well as a letter of endorsement from a registered lawyer who verifies identity, address, and banking. The link above does more than provide the info you asked for, but also provides 3rd-party validation of that info. But for convenience sake:

Business Name: LibertyBit
Owned By: Spontaneous Equity Inc.
Location: Vancouver, B.C.
Toll-free: 1-888-BIT-4233

I believe all of the above information is available freely on our website, but perhaps visibility could be improved. I'll make a note of that, because I'm sure you are not the only one to have missed it.

I hope this clears up some of the concerns, but if you have any further questions don't hesitate to ask.

We have a rolling 24-hour EMT limit. Unfortunately the INTERAC network caps our daily amounts, so we can only accept so much each 24-hour period. You can check back in an hour or two, as this number will change throughout the day. We're working to expand this capacity.

All other deposits do not have such limits. We've also raised the daily cash amounts for verified members.

I will have to follow up on that scenario. My understanding was that is only possible if both parties involved in the transfer are fraudulent. For instance, if someone uses a stolen bank account to transfer funds into their own personal bank account - that transfer can be reversed. If however that person uses the bank account to make a purchase at a third party, the 3rd party is not necessarily responsible for the loses. This is also the case when debit cards are cloned and used without someone's knowledge. One added layer of protection may be to require EMT transfers to be verified first. I will however enquire further and update you. In the mean time, we will be holding payments for a 24-36 hour period.

As for internet billing, we have been pursuing this method for quite some time. One major obstacle has been that this method is not intended for use with prepayment/trust type transactions. As a result, banks are very hesitant to provide this service and create a lot of red tape. We have made progress however, but we first need to average a minimum number of transactions over a 6-month period in order to qualify. Hopefully this obstacle will be overcome in the near future.

It's not as insecure as you describe. I'll refer you to: http://www.interac.ca/index.php/en/interac-etransfer/etransfer-detail


Or here: http://www.interac.ca/en/interac-etransfer/etransfer-faq


Which isn't to say that fraud is impossible. But after consulting with our banking, we are confident that this can be avoided.

Thanks for the feedback TheButterZone!

1) Good point. Updated this to be clearly visible when selecting a funding method.
2) Not sure how this one slipped through the cracks, but as you know, resolved.
3) First time we've seen this, due to TX fee. Resolved.

Appreciate you taking the time. Dropped a few bits in your account as a thank you.

Thanks for the feedback CB. Haven't been able to reproduce the tab issue in-house - sent you a PM for clarification.

In response to our user's feedback and voting on our roadmap, we are pleased to introduce Two-Factor authentication with Google Authenticator.

For those unfamiliar with Google Authenticator, it is an open-source method for creating 2-factor account validation. The process involves pairing a device (mobile or desktop) with LibertyBit, to increase the security of your account. Once enabled, logging in to your account will require both 1) Login credentials AND 2) Your unique authenticator code from the device. The code on your device expires every 30 seconds, so you need access to it in order to login to your account.

Two-Factor Authentication can be enabled from Settings->Security:


In order to pair Google Authenticator with LibertyBit, you will need to either scan the QR code provided by us, or enter the Key Code manually into Google Authenticator. Once your device is generating codes, make sure to SAVE your account settings. On your next login, you'll be presented with this screen:


If you ever lose access to your Google Authenticator device, you can restore your account through the forgot password process.

Google Authenticator is available for Android, iOS, BlackBerry, and desktop devices. For more information on Google Authenticator see: http://support.google.com/a/bin/answer.py?hl=en&answer=1037451.

https://www.libertybit.com

Hey Everyone,

Just wanted to reach out today and formally announce the launch of our new exchange: https://www.libertybit.com. We've been running a soft launch successfully for about two weeks and received both positive and constructive feedback. Currently working in both CAD and USD, and offer a flat exchange rate of 0.5%.

We are expanding the platform with an API, payment system, more funding options, 2-Step Authentication, email transfers, and more. Our roadmap is here: https://www.libertybit.com/roadmap. Anyone can vote on the features they'd most like to see implemented and will affect how we dedicate resources.

Have a look, give it a try, and let us know what you think. Questions, criticisms, and suggestions welcome.

China is about as communist as the USA is free-market oriented.

Not sure I'm interested in the mining aspect itself - though bundling some kind of a futures market with your offering might peak my interest.

There are many reasons I use Bitcoin, which probably includes all of the answers listed. These reasons taken together, point to a revolution in the financial industry. With that, a whole new industry will be born - creating an incredible amount of new opportunities. There is potential to transform and liberate the world of trade/exchange as the internet has done with communication. What could be more rewarding than that?

Hi Everyone,

Great to be here. Been interested in Bitcoin for a long time, as it perfectly blends my interests in tech,  economics, and liberty. Living in Canada and just started a new exchange up here for CAD and USD. I have background in software engineering and AI, happy to put that knowledge to work for such an incredible idea.

Hello,

I'm representing new Bitcoin exchange platform: https://www.libertybit.com. Would like to share latest development and get feedback from the community for improvement. Also interested in collaborating on interesting projects.