Does your local CEX as you to verify the information of your sender

[dimonstration]

Is this coins.ph? I stop using this shit CEX since they start lowering limits based on your KYC level and they will put you to custom limits which is very low depending on your KYC verification.

They are the first CEX to implement a much tighter KYC even though KYC is still not yet strict on Philippines.

Now they level up with this new feature which is already absurd.

[noorman0]

Is this coins.ph? I stop using this shit CEX since they start lowering limits based on your KYC level and they will put you to custom limits which is very low depending on your KYC verification.

They are the first CEX to implement a much tighter KYC even though KYC is still not yet strict on Philippines.

Now they level up with this new feature which is already absurd.

Just did a Google search, and it turns out that's your largest local exchange (cmiiw). And there's PDAX next in line, do they also implement similar measures?
Local exchanges typically have similar rules, as they're subject to a single regulation. This would be a favorable situation, without worrying about losing users if your government were to disallow or tighten regulations for global exchanges like Binance to operate.

[TryNinja]

I had a CEX ask me for proof of the funds that where deposited when someone repaid a loan from the forum. I said it was a loan repayment from someone on bitcointalk, they asked for proof, I just sent them the URL of the thread, and that was it...

To ask for the actual information of a random and anonymous user online, that's a bit crazy.

@aioc, what happens when you say that the user won't share this information (obviously)? Do they just block your funds?

[Zwei]

in today's episode of WTF, brought to you by your local CEX 

had to deal with something like this once on payoneer, they grilled me for my client info, chat logs and the work i had done for them, even tho that's a fiat platform, it was still ridiculous.
i guess CEXs are going full circle and reinventing fiat platforms, and somehow they are making them even worse.

It's from a Philippine local exchange and he's right that we're always asked as in every transaction that comes to you, they'll ask you automatically where it came from or whom sent it to you. And that's why I just fill it in always with the answer that it is from "myself" and I just post the TXID in the form that they provide to us and then it's good to go.

do they not check if the transaction really came from "yourself"? and what happens if you don't have the sender details?

It's an easy requirement but they shouldn't really be asking that info anymore. I guess it has something to do with our central bank being too strict with their rules for the local exchanges to avoid anti money laundering.

it's easy now, untill they start asking for more, and money laundering is just an excuse (like always), they just want to take your privacy away.

[LastKiss]

~snip~
Do you have these kinds of rules on your local CEX

Fortunately, no. I’m using crypto only to transfer funds so they arrive as quickly as possible. When a transaction requires filling in someone’s information, it ends up wasting time. As long as they only ask simple questions and don’t request personal or sensitive information such as ID numbers, phone numbers, or details that could be used for promotions then it’s fine.

[Yaunfitda]

~snip~
Do you have these kinds of rules on your local CEX

Fortunately, no. I’m using crypto only to transfer funds so they arrive as quickly as possible. When a transaction requires filling in someone’s information, it ends up wasting time. As long as they only ask simple questions and don’t request personal or sensitive information such as ID numbers, phone numbers, or details that could be used for promotions then it’s fine.

They will ask for that information once you registered on them, they will as they have to comply with AML. And assuming that this could have been a result of what is going on in the Philippines with the news of corruption and there have been noises that some of the accused are washing away their money using Bitcoin and any other crypto for that matter. So maybe that's why the local exchange are going to ask for the source of funds. Although I think anyone can get away with it by saying that it comes from them or even told them that it's a payment for certain services.

[dimonstration]

Is this coins.ph? I stop using this shit CEX since they start lowering limits based on your KYC level and they will put you to custom limits which is very low depending on your KYC verification.

They are the first CEX to implement a much tighter KYC even though KYC is still not yet strict on Philippines.

Now they level up with this new feature which is already absurd.

Just did a Google search, and it turns out that's your largest local exchange (cmiiw). And there's PDAX next in line, do they also implement similar measures?
Local exchanges typically have similar rules, as they're subject to a single regulation. This would be a favorable situation, without worrying about losing users if your government were to disallow or tighten regulations for global exchanges like Binance to operate.

It’s true since coins.ph is the first local crypto exchange available on the PH but they have much tougher KYC requirements compared to other local exchange.

They once confiscated funds that comes from online gambling and mixer which other exchange doesn’t have this terms.

Local exchange in my country has a very poor service offered that’s why Binance is still much popular here even if the exchange was ban by our country.

[aioc]

@aioc, what happens when you say that the user won't share this information (obviously)? Do they just block your funds?

Honestly, I don't have an idea. The worst that could happen is if someone sends me coins, and he is only known by his pseudonym. Since I've been using this exchange for 4 years, I can trade and cash out before providing the sender's details. I'm not familiar with the others.
I have a friend who uses a fictitious name because he does not know the real one.
They allow it for small transactions; for larger amounts, they will record it and question the sender.

[Darker45]

I have a friend who uses a fictitious name because he does not know the real one.
They allow it for small transactions; for larger amounts, they will record it and question the sender.

Not allowed as in Coins is fully aware it's a fictitious name and just let it pass because the amount of transaction is small. It was allowed only in the sense that your friend wasn't caught. He wasn't caught because small transactions don't require stringent processes. But it doesn't mean giving fictitious names is fine with Coins. It isn't.

Also, I'm sure transactions are logged and recorded whether big or small. In which case, I'd rather not provide made-up names even with small amounts. It might cause you unnecessary trouble in the future. Remember, Coins have your full name, complete address, contact information.

I wonder why you're still sticking with Coins.