Hello, I am Oleg, and I am running Nexchange.io. At Nexchange we aim at making things better than they currently are.
Yesterday we had a trade of 165 BTC on our platform (around $1m).
https://nexchange.io/order/OSMQ6LOur algorithm decided to use uphold as a liquidity provider for this tx, as they had a good market rate with only 2% fee including the slippage.
Once the money was deposited to Uphold, they immediately froze the account, asking for 'source of wealth' 'due diligence' and 'KYC'.
The exact quote from the email would be: "When you initially created your account you have indicated an estimated volume of 100 000 USD per day, today you have exceeded this estimation, thus your account is frozen until you provide further documentation" (all trades were crypto to crypto)
To this email, I have responded with the link to trade which is above, as well as full audit-able list of orders on our platform via our API
https://api.nexchange.io/en/api/v1/orders/I have a verified business account with this firm for 2 years. Naturally when I was starting Bitcoin was much cheaper, the volumes were lower, and my business grew since then. In fact, their claim that I've exceeded my stated volume is incorrect, since none of my transactions was in fiat, and quoting by the BTC price at the time of signing the forms, $100k are actually 250 BTC!
By reviewing their terms and conditions there are no limits to neither crypto funding and crypto volumes.
I even had a face to face meeting with the technical team in Braga demonstrating my product earlier this year, followed by a Skype call with the business executive to try and negotiate better fees for my high volumes. On neither of those instances, any problem with my way of operation was brought to my knowledge by the team.
I wrote their support, explaining the situation, but there is no response.
So far there is more than $1.5m hanging funds on their exchange and no-one to talk to.
On the accumulated position size (200 BTC) my customers are losing thousands of USD every hour, but nobody in uphold seems to care, despite the fact they made 50 000 USD on fees from my company this week alone.
Stay away from those guys, They are thieves!
