Wow! Exchanges track how you spend btc!

[shesheboy]

when we agree, and most of those centralized exchange will ask for KYC when you needed to withdraw huge amount of your assets, by providing your data information you will now be track by any means as your logs are stored inside the system, every transactions can be traced now under your name, so there's no surprise if you are using third party serves.

We can still be traceable with or without a kyc because there is a transaction recorded on the exchange that we are using . if ever you give your kyc to them , they will only use it to track you more easily if ever they found out that your guilty on doing cyber crimes  .

Why? People still use more than one Anti-virus program on their computers and they will also use more than one coin tumbler

Because it gets mixed so the amount of wallets supporting it would not matter, its a feature. The amount of times would matter inn this case.

What do you mean by amount of times ? The delay ? And what about the anti virus ? I dont think it does matter when we are using a mixing service  . theres no harm on using a mixing service as long as you are using a trusted one  .

[sukoyomi]

1. I am almost sure that this guy didn't do the job as good as a mixer could do.
2. A better level of privacy would be nice. But as you said, there's Monero (and others). He could have done a way better job with Monero.

But I don't blame Coinmama, if this is in the ToS...

The easiest way to hide is to send to an exchange, buy an altcoin. Withdraw the alt to another exchange and change it back to btc, and then use it to gamble. (Or simply gamble with the alt).

Buying the alt stops the tracking.

Same as I do, it's just by doing it will makes the value of our coins we have reduce a little, but it doesn't matter I consider it a little payment for security or even consider it a withdrawal deduction from the exchange. A little complicated but more safe.

[poyaiscoin]

One day everyone will wake up, BTC will crash and one of the Private coins will take over.  They will be the NEW Trading pairs soon enough... I honestly can't believe they have algorithms tracking this.  I am dumbfounded.  Its like having a security camera and drone attached to you everywhere you go.

Even FIAT money can't do that to you.  What cash you pull out from an ATM can disappear without a trace.  No one will know you bought dirty anime manga....lol

[veleten]

Why? People still use more than one Anti-virus program on their computers and they will also use more than one coin tumbler

Because it gets mixed so the amount of wallets supporting it would not matter, its a feature. The amount of times would matter inn this case.

running more than one antivirus programme is detrimental to your system's health and speed
while mixing your coins in two or more mixers could , potentially , add more privacy to your bitcoin stash
thats if the mixers are not using tainted coins that could have the opposite effect , attracting more attention to you

[xvids]

As the email says, it is part of the terms and services which the user agreed upon (probably without reading) when he signed up with Coinmama. It's a good practice on the part of the exchange to make sure ToS are being followed. It's the users fault.

This is why you really need to read what you are going to agreed on.
Some of my fellow country men also experience some issue on our local wallet,
Some of them got some issue regarding to gambling I couldn't really recall what happen to their wallet and their money when Coins found out that their money comes from gambling.

[pixie85]

One day everyone will wake up, BTC will crash and one of the Private coins will take over.  They will be the NEW Trading pairs soon enough... I honestly can't believe they have algorithms tracking this.  I am dumbfounded.  Its like having a security camera and drone attached to you everywhere you go.

Even FIAT money can't do that to you.  What cash you pull out from an ATM can disappear without a trace.  No one will know you bought dirty anime manga....lol

If you think that bitcoin can crash and be taken over by another coin in a matter of days you're in for a surprise. This is impossible. Even if this happens one day it will be a long process taking months if not years of slow decline.

The exchanges are private companies registered somewhere and if that country forbids gambling they have to make sure their users don't gamble and comply with the law. If I saw that an exchange that I'm using bans people for what they do with their coins I'd move somewhere else.

[darylalban]

They don't necessarily track every single transaction just larger amounts. I was reading this feedback from ciphertrace (who recently partnered with Binance) tracking 1k USD movements within a single day (upwards of tens or hundreds of transactions)

https://ciphertrace.com/response-to-fatf-on-vasp-regulation/

[Thirdspace]

From the creator of that topic - 'Bounced coin from wallet to wallet. Made multiple transactions with multiple companies. They still sniffed out where some of it went. Am I silly or is that ridiculous?'

I can understand where the exchange is coming from if he's buying and sending it straight to a gambling site from the exchange wallet. Multiple transactions and dilution down the line? That's fucked up if you ask me. By that point it's out of their hair and they should've long stopped caring. For all they know it could be in a completely different person's wallet by then.

perhaps he didn't realize some amounts from change addresses was used when he's sending to a gambling site
if he's not too technical he won't notice there are change amounts back to his wallet
then sending from his wallet consolidating all his utxos will show connections between them
so by simply checking on that last transaction, it shows the leftover of his coins being sent to a gambling site

[thirdlight]

What do you want?  And such a lie to be.  But I do not see anything terrible here.  Everything can be solved.  In any case, it does not harm anyone.

[Bountyhonter]

Since they mentioned it in their terms and conditions (t&c) then it's the user that's at fault, most people don't bother reading terms and conditions because it can take hours to finish reading the terms and conditions of most sites.

If the user didn't want to be tracked and doesn't mind paying a little fee then he/she should have sent the funds to an exchange then convert it to another currency then withdraw the currency he exchanged it to and deposit it on another exchange to convert it back to the original currency he needs. Since exchanges use contract address then the funds should be very hard or even impossible to track.

[Reid]

This is an issue which had been talked before and Coinbase was the good example for it.

Before it was legal to send bitcoin to gambling sites directly using Coinbase. They saw that. (that means they are really detecting it even  before)
Used their TOS and added the exemption of sending to gambling site. If caught will be banned.
Now, there are a lot of ways to do it. You could just send it to a private dummy address and then mix it or go directly to the gambling site deposit address.
You will just be spending more for tx fee but that is to avoid losing everything.

[sanida]

You can be tracked easily If you don't use mixing service like chip mixers and other mixing services out there. I think coin mama is a big company who has some tight security with their unique tracking system. no wonder he got caught and got banned.

[Romanianz]

You can be tracked easily If you don't use mixing service like chip mixers and other mixing services out there. I think coin mama is a big company who has some tight security with their unique tracking system. no wonder he got caught and got banned.

assets that are in cryptocurrency will be very difficult to be able to manipulate wherever the transaction is created will definitely be very easy to see from the transaction track record.

[Anonylz]

Yeap, cryptocurrency is not anonymous after all, if you look at it almost 90% of people who are involve in crypto have pass through the process of kyc in the hands of centralized exchange, so basically exchange owns all our personal info which can be connect to wallets that we transact with, i think the idea of anonymous should no longer be applied to crypto.

[mirawantirinjana]

why is there tracking like that?
Are we free to spend the bitcoin that we have? what do they want with tracking?
are there security reasons? or are there fears of misappropriation of funds with bitcoin?

[Rick_avxo]

Yeah well am really not surprised because a friend of mine tried using coinmama to buy some BTC but she got banned were she was trying to use a demo first without passing the KYC procces. i think if Every Exchangers act like coinmama our digital Asset will sure have a fine future..

[figmentofmyass]

coinmama isn't alone in this. coinbase has been doing this for years in an attempt to comply with USA federal law (the UIGEA and wire act), which prohibits services from transmitting money to/from gambling services on behalf of customers. i'm guessing coinmama has similar rationale.

That guy did a botched job of covering his tracks most likely or he didn't ever bother doing anything in the first place.

likely this. the OP was intentionally unspecific and i would be surprised if he made much effort to avoid being seen depositing directly to gambling sites. he probably has no idea what he's doing.

[leea-1334]

Good luck I would say to exchanges who want to track how I spend my BTC I withdraw usually to some other service like to sort of mix my coins, and then I withdraw again to my own wallet. So okay maybe the service that I do that can track my spendings but they have to check my wallet and see which address I spend to. But if I use mainly Bitpay, how can they track it anyway? They only see us spending to Bitpay wallets they cannot see our merchants, right? Because is that not how most people "spend" BTC?

[Crypto Girl]

Apparently this guy sent it to multiple different wallets before gambling with it, but coinmama found out and has banned him

Coinmama wouldn't ban a certain account if it doesn't violate any rules in ToS. And I'm pretty sure that he also made multiple accounts to receive his coins.

Quoted some lines from their ToS under Account suspension, Termination and Cancellation.

(vi) you abuse the Services provided by the Company, including by opening multiple accounts and/or taking advantages of promotions in bad faith;
(iii) the Company has reasonable suspicion that a transaction involves illegal activity, including without limitations, money laundering, terrorist financing, fraud, or any other crime

https://www.coinmama.com/terms-102

Perhaps, you may want to rephrase your title.

[Alpinat]

It is the users default that's why coinmama banned him. He should always use those mixers website there are some of it that are circulating in the cryptoworld now. He just send it to multiple wallet right? So meaning there is still transaction there and it can still be traced and I guess sending coin to multiple wallets is not recommended.