Need advice serious thread

[nerox]

So.. there is a exchange in italy (EU) that was not regulated. some weeks ago the owner start to asking for IDS in order to get everyone regulate with laws.
right, i submitted my docs and got aproved.
now the guy want to everyone outside EU to sell all altcoins for BTC and withdraw
because the exchange gonna be only for EU users
what the fuck.. i cant do this, i'm gonna lose at least 40% of what i have now
here is the post of the exchange if someone want to take a look
https://www.reddit.com/r/BitGrailExchange/comments/7u02o9/bitgrail_update_30012018/?utm_content=comments&utm_medium=hot&utm_source=reddit&utm_name=BitGrailExchange
sorry for my english.. i'm a little bit upset

[pawanjain]

This is definitely not a right thing to do but we can't do anything about it since cryptocurrencies and it's exchanges aren't regulated by the government but specific people. So we can't really do anything about their new rules. The only thing we can do is quit using their exchange. So you have an option to transfer all your altcoins to a different exchange. I would recommend bittrex and binance for this case so that you can continue your trading without any losses.

[Yusran]

Every country has it's own laws and europe country are very strict in their rules and regulations. Better study a bit more about this topic and ask an expertise for any assistance. Don't loose hope and keep taking suggestions.

[cdb1690]

So.. there is a exchange in italy (EU) that was not regulated. some weeks ago the owner start to asking for IDS in order to get everyone regulate with laws.
right, i submitted my docs and got aproved.
now the guy want to everyone outside EU to sell all altcoins for BTC and withdraw
because the exchange gonna be only for EU users
what the fuck.. i cant do this, i'm gonna lose at least 40% of what i have now
here is the post of the exchange if someone want to take a look
https://www.reddit.com/r/BitGrailExchange/comments/7u02o9/bitgrail_update_30012018/?utm_content=comments&utm_medium=hot&utm_source=reddit&utm_name=BitGrailExchange
sorry for my english.. i'm a little bit upset

I'm not familiar with that exchange but why do you have to exchange altcoins for BTC before withdrawal? Why can't you just withdraw altcoins into your own wallets?

[walterw]

Of course, it is morally wrong what the operator of the exchange calls for, but unfortunately, there are currently no regulations regarding cryptocurrency.
The only thing you can do is to make a report to the police (probably in Italy). I do not believe that he is legally entitled to do so.
You have to look in the terms and conditions of the exchange. For the future, I can recommend you not to store coins at an exchange.
Otherwise you are exposed to the arbitrariness of the operator. In addition, there is a risk that you will lose all of your coins because the exchange could get hacked by criminals.
As I said, go to the police and stay away from this exchange in the future.

[nikjain422]

This is insane nobody can force you to sell your stakes,no matter if it is the exchange itself.This kind of rules should be mention first only and i they have not than you can't trust them.I would recommend you to withdraw all your coins and transfer it to some other exchange which is more trustworthy and please read all the rules before you get into that.

[xaviervilla]

So.. there is a exchange in italy (EU) that was not regulated. some weeks ago the owner start to asking for IDS in order to get everyone regulate with laws.
right, i submitted my docs and got aproved.
now the guy want to everyone outside EU to sell all altcoins for BTC and withdraw
because the exchange gonna be only for EU users
what the fuck.. i cant do this, i'm gonna lose at least 40% of what i have now
here is the post of the exchange if someone want to take a look
https://www.reddit.com/r/BitGrailExchange/comments/7u02o9/bitgrail_update_30012018/?utm_content=comments&utm_medium=hot&utm_source=reddit&utm_name=BitGrailExchange
sorry for my english.. i'm a little bit upset

damn, this sht is awful. this is obviously something that is morally wrong. and i truly believe that users of the said exchange like you should not be obligated to sell all of your possessions just because they want you to do so. did you read their terms and conditions before you started to use all their services? and if you did, was a statement regarding issues like this stated there? if none, then you can try to ask if they can extend the deadline since they haven't declared anything of the sort in their terms and conditions. sad to say, i really doubt that they'd even listen. but it's worth a try though.
and if that fails, then i'm afraid there really won't be anything much that you will be able to do about it then. this is mostly why i, and a lot of people do not want to store huge amounts of altcoins or bitcoins on an exchange. because anytime, things like this can happen. oh well, lesson learned. and i hope a lot will also learn from this too.

for what it's worth, i really hope that things work out in your favor and am really sorry that this had to happen to you.

[dumplingsandsushi]

So.. there is a exchange in italy (EU) that was not regulated. some weeks ago the owner start to asking for IDS in order to get everyone regulate with laws.
right, i submitted my docs and got aproved.
now the guy want to everyone outside EU to sell all altcoins for BTC and withdraw
because the exchange gonna be only for EU users
what the fuck.. i cant do this, i'm gonna lose at least 40% of what i have now
here is the post of the exchange if someone want to take a look
https://www.reddit.com/r/BitGrailExchange/comments/7u02o9/bitgrail_update_30012018/?utm_content=comments&utm_medium=hot&utm_source=reddit&utm_name=BitGrailExchange
sorry for my english.. i'm a little bit upset

It seems like you don't need advice but you realize this is a terrible situation.

There are so many exchanges nowadays that you can easily use a different platform.
On top of that, it will be overall beneficial for everyone if people stay away from bad exchanges.
Although you can't convince everyone, at least you can stop using it.

I would definitely move your coins somewhere else as soon as you can.
Nowadays, the best exchanges don't even deal with FIAT, like kucoin or binance.
Also, decentralized exchanges are also generally terrific.

Just be careful not to move your coins from a shit exchange to another shit exchange.
And, ironically, the ones that used to dominate, poloniex and hitbtc, are currently the shittiest of them all.

[wklt2002]

no he cant do it
he cant force you to sell your altcoins for bitcoin
i think you can sue him
better wait for some specialists

He can, that's why you never hold your altcoins on exchanges, but in your own personal wallet. I suggest you withdraw in BTC and then buy the coins on another exchange that you CAN trust. You're going to have to accept some losses but you don't have a lot of choices.

[walterw]

only binance

I agree with you, but I would not store my coins on an exchange anyway. Not even on Binance, as Binance could be hacked, causing your coins to be lost.
I urge everyone to refrain from permanently depositing coins on an exchange (no matter how trusted the exchange is). Most secure are your coins only in your hands.
The most important thing is that you own the private key!

[agustina2]

So.. there is a exchange in italy (EU) that was not regulated. some weeks ago the owner start to asking for IDS in order to get everyone regulate with laws.
right, i submitted my docs and got aproved.
now the guy want to everyone outside EU to sell all altcoins for BTC and withdraw
because the exchange gonna be only for EU users
what the fuck.. i cant do this, i'm gonna lose at least 40% of what i have now
here is the post of the exchange if someone want to take a look
https://www.reddit.com/r/BitGrailExchange/comments/7u02o9/bitgrail_update_30012018/?utm_content=comments&utm_medium=hot&utm_source=reddit&utm_name=BitGrailExchange
sorry for my english.. i'm a little bit upset

Then used other exchanged instead.

If your purpose it to trade regularly then that exchange will restrict you to do your desired things to do. There are lots of trading and exchanges platform you can used for your daily trades. On the other hand, if you just plan to hold for long term, then better download an official wallet of that every coins or stored them on trezor if they are supported. If not available then you have no choice but to stored it on exchanges.

[preditor422]

So.. there is a exchange in italy (EU) that was not regulated. some weeks ago the owner start to asking for IDS in order to get everyone regulate with laws.
right, i submitted my docs and got aproved.
now the guy want to everyone outside EU to sell all altcoins for BTC and withdraw
because the exchange gonna be only for EU users
what the fuck.. i cant do this, i'm gonna lose at least 40% of what i have now
here is the post of the exchange if someone want to take a look
https://www.reddit.com/r/BitGrailExchange/comments/7u02o9/bitgrail_update_30012018/?utm_content=comments&utm_medium=hot&utm_source=reddit&utm_name=BitGrailExchange
sorry for my english.. i'm a little bit upset

I don't think this is Ethical at all.I don't know why they are doing it,whether they have some wrong intentions or they are pressurized by government but one think is for sure that they will not get many investors or customers with that plan.You can't force anyone to sell their stakes,this means you are taking back someone's freedom and that is soo sad.