Bitfenix Verification? Why do they need so much personal info?

[r00t_my_lu_server]

Bitfenix is asking for way too much information to verify accounts. To my knowledge they are just a Bitcoin Exchange.

Bitfenix is not a regulated commercial bank or a licensed money transmitter. I know they still have to deal with regulations but they just ask for too much.

And why should I trust them with 5 I.D document scans including my passport, drivers license and 1 bank statement and 2 proof of residency docs.

They also want to talk to you by Google Voice & Skype. What exactly for?

[Hfleer]

Bitfinex?

[bri912678]

I found this in their terms and conditions about accounts that never withdraw fiat.

Registered members of whom transactions only involve virtual currencies are not required to have their identities verified (subject to change in the future).

Bitstamp suddenly started requiring verification to make withdrawals. If you cannot provide all they ask for then your funds are trapped if they do a ninja change of their terms and conditions.

[Hfleer]

I found this in their terms and conditions about accounts that never withdraw fiat.

Registered members of whom transactions only involve virtual currencies are not required to have their identities verified (subject to change in the future).

Bitstamp suddenly started requiring verification to make withdrawals. If you cannot provide all they ask for then your funds are trapped if they do a ninja change of their terms and conditions.

The problem is not the exchange but the regulatory environment they operate in. They would love to not have any customer data, but that isn't how it works. Sadly

[onemorexmr]

I found this in their terms and conditions about accounts that never withdraw fiat.

Registered members of whom transactions only involve virtual currencies are not required to have their identities verified (subject to change in the future).

Bitstamp suddenly started requiring verification to make withdrawals. If you cannot provide all they ask for then your funds are trapped if they do a ninja change of their terms and conditions.

The problem is not the exchange but the regulatory environment they operate in. They would love to not have any customer data, but that isn't how it works. Sadly

i don't use any exchange that requires that much info.
this is what i accept:
 - PostIdent (though..maybe only in germany? dont know)
 - Deposit from a bank account

in my country its not allowed to make a photo from your passport and submit it (but there are exceptions for bank - bitfinex is not a bank).

[Hfleer]

I found this in their terms and conditions about accounts that never withdraw fiat.

Registered members of whom transactions only involve virtual currencies are not required to have their identities verified (subject to change in the future).

Bitstamp suddenly started requiring verification to make withdrawals. If you cannot provide all they ask for then your funds are trapped if they do a ninja change of their terms and conditions.

The problem is not the exchange but the regulatory environment they operate in. They would love to not have any customer data, but that isn't how it works. Sadly

i don't use any exchange that requires that much info.
this is what i accept:
 - PostIdent (though..maybe only in germany? dont know)
 - Deposit from a bank account

in my country its not allowed to make a photo from your passport and submit it (but there are exceptions for bank - bitfinex is not a bank).

Its forbidden? What country if I may ask?

[onemorexmr]

I found this in their terms and conditions about accounts that never withdraw fiat.

Registered members of whom transactions only involve virtual currencies are not required to have their identities verified (subject to change in the future).

Bitstamp suddenly started requiring verification to make withdrawals. If you cannot provide all they ask for then your funds are trapped if they do a ninja change of their terms and conditions.

The problem is not the exchange but the regulatory environment they operate in. They would love to not have any customer data, but that isn't how it works. Sadly

i don't use any exchange that requires that much info.
this is what i accept:
 - PostIdent (though..maybe only in germany? dont know)
 - Deposit from a bank account

in my country its not allowed to make a photo from your passport and submit it (but there are exceptions for bank - bitfinex is not a bank).

Its forbidden? What country if I may ask?

germany (article in german: https://www.datenschutzbeauftragter-info.de/nicht-bemerkt-personalausweis-kopieren-verboten/)

google translate of the important parts:

"The collection and use of personal data or by using the certificate shall continue only on the designated trails . (... ) Other methods such as on the optoelectronic detection ( "scan") of card data or machine readable zone shall be expressly excluded."

"On the new ID card , the authorization number is printed . This principle should be known only to the cardholder , but could fall into circulation by copying the card."

and a cite of our lawbook (google translated again):
§1 Abs. 1 S. 3 PAuswG:
"From the cardholder shall not be required to deposit the identity card or give up custody in any other way ."

[Hfleer]

Oh wow. I didn't know that. But this seems to be only locally because pretty much everyone in europe is still doing it.

There are too few alternatives today to really enforce such a law anyway imo.

[onemorexmr]

Oh wow. I didn't know that. But this seems to be only locally because pretty much everyone in europe is still doing it.

There are too few alternatives today to really enforce such a law anyway imo.

well, thats true.
but i'll try and until now it works.

IMHO with PostIdent there is a very good alternative (essentially you are going to a post office showing them your id and they tell the company "yes, its him"). it works even with online banks (and is legally compliant).

[Hfleer]

Oh wow. I didn't know that. But this seems to be only locally because pretty much everyone in europe is still doing it.

There are too few alternatives today to really enforce such a law anyway imo.

well, thats true.
but i'll try and until now it works.

IMHO with PostIdent there is a very good alternative (essentially you are going to a post office showing them your id and they tell the company "yes, its him"). it works even with online banks (and is legally compliant).

Is there even one site that offers post ident?

[Chavez]

Don't use them if you don't want to provide all that info. There are plenty of other exchanges available though most legit/legal ones will require you to submit documents to comply with anti-money laundering laws etc.

[Hfleer]

Don't use them if you don't want to provide all that info. There are plenty of other exchanges available though most legit/legal ones will require you to submit documents to comply with anti-money laundering laws etc.

I think BTC-e is not requesting any infos, though the banks that work with them might.

[ninjaboon]

Don't use them if you don't want to provide all that info. There are plenty of other exchanges available though most legit/legal ones will require you to submit documents to comply with anti-money laundering laws etc.

use localbitcoins if you don't want to comply with AML/KYC rules.
most exchanges need your ID nowadays.

[innoculatant]

Bitspark only require ID and Proof of address and you dont need ID docs unless you want to deposit or withdraw fiat, worth a look.

[Muhammed Zakir]

Bitspark only require ID and Proof of address and you dont need ID docs unless you want to deposit or withdraw fiat, worth a look.

For cryptocurrency-only trade, you don't need to provide any IDs or docs. It should only be asked if you are depositing/withdrawing fiat. BTC-e is much better IMHO.

[TXWA]

As a verification-free alternative you may have a look at our service: TOXCOIN Bitcoin Exchange

We sell BTC for bank transfer, cash cards like Paysafecard, Ukash, MoneyPak, Reloadit, PayPal MyCash and many other payment methods such as Perfect Money, OKPAY and Payeer/Credit Card.

Please check our service thread to see the details: https://bitcointalk.org/index.php?topic=954370.0

Greetings,
TOXCOIN Support

[Alexis]

Bitfinex does have the strictest verification I have come across from all exchanges I have tried so far.
This is however to future proof them from any regulatory KYC/AML requirements at a future date.
It is better that they comply now, rather than risk being shut down, and potentially losing millions. No one wants that!

I found the verification process, strict, but it was all processed very quickly.

[Hfleer]

Bitfinex does have the strictest verification I have come across from all exchanges I have tried so far.
This is however to future proof them from any regulatory KYC/AML requirements at a future date.
It is better that they comply now, rather than risk being shut down, and potentially losing millions. No one wants that!

I found the verification process, strict, but it was all processed very quickly.

It is indeed strict, but they act very professionally. I still prefer Bitfinex over most other exchanges.