Crypto-Bridge Just sprung KYC on everyone today - No notice given

[Steamtyme]

Not sure when I'll update but over the next day or so I'm going to explore options to move funds without KYC. I can log in and see all my balances. They do give the option to send coins to another CB account - that won't lead to people getting ripped off I'm sure.
I believe there is another option but I have to read into this more as I've never done anything like it before.
It's been tiring but amusing reading through there terms; a lot of stuff going to need to be updated. Random trolls who believe it was there only hope.

[Coin_trader]

You can find a people that WILLING to do the KYC for your account then just pay him for his service.

I'd only do this if you would be happy to forfeit the coins. If the exchange discover this is what you are doing, the account will be locked immediately.

The exchange will not notice it unless the person do KYC itself admit it to them. Remember that the change don't have any legal documentation coming from so there's no way for them to determine if you are the original owner or not. Even if they try to detect your IP. There is always a VPN to cover that.

One thing on my mind that bothers me. I'm not familiar on that exchange security features. But my plan will just work properly if the exchange have separate 2FA security on the account itself and the trading section of the account. Take kucoin as an example. Because if they don't a separate 2FA security then there is a risk that a person can fck up the fund by selling the coins on cheaper price and destroy the account for fun.

[mk4]

Guess I'll just have to take a hit on this one. :/

And there we go.

This is exactly what exchanges which implement KYC with no warning are counting on. Privacy conscious users abandoning their coin(s).

I would try to use photoshop on any document and send it to KYC.
I know it is not right. However, those exchanges are not right either. Suddenly enforcing KYC is a theft.

This is definitely something that would cross my mind if something like this would ever happen to me, but wouldn't there be potential sort of criminal offenses for this? Faking of documents or something? I'm not sure, but it's probably possible when you're in a country like the United States.

[o_e_l_e_o]

The exchange will not notice it unless the person do KYC itself admit it to them. Remember that the change don't have any legal documentation coming from so there's no way for them to determine if you are the original owner or not. Even if they try to detect your IP. There is always a VPN to cover that.

They might. I'm not familiar with the sign up process for Crypto-Bridge, but many exchanges that do not require KYC (not that there are many left), still require a name, email address, country, and sometimes an address. If you have signed up as Robert Paulson with robert.paulson@gmail.com with a US address, and then complete KYC with documents belonging to Monty Python at a UK address, it's going to raise some red flags. Very likely your account will at least be suspended pending further investigation.

but wouldn't there be potential sort of criminal offenses for this? Faking of documents or something?

Absolutely. This is money laundering 101, to withdraw under someone else's name. There could very well be criminal consequences.

[shaw1]

The exchange will not notice it unless the person do KYC itself admit it to them. Remember that the change don't have any legal documentation coming from so there's no way for them to determine if you are the original owner or not. Even if they try to detect your IP. There is always a VPN to cover that.

They might. I'm not familiar with the sign up process for Crypto-Bridge, but many exchanges that do not require KYC (not that there are many left), still require a name, email address, country, and sometimes an address. If you have signed up as Robert Paulson with robert.paulson@gmail.com with a US address, and then complete KYC with documents belonging to Monty Python at a UK address, it's going to raise some red flags. Very likely your account will at least be suspended pending further investigation.

but wouldn't there be potential sort of criminal offenses for this? Faking of documents or something?

Absolutely. This is money laundering 101, to withdraw under someone else's name. There could very well be criminal consequences.

As I recall, Crypto-Bridge doesn't require more than just a username/password setup.

However, if one's username is "shaw1", and one puts down a document claiming to be John smith, that would still raise the same issue as if they did ask for your name.

But I absolutely concur with your underlying point. Fraud to combat fraud isn't a good idea. And as soon as you get caught sending in the wrong docs, then they will have the "moral" high ground to seize your assets. All in the name of combating terrorism.

[Coin_trader]

The exchange will not notice it unless the person do KYC itself admit it to them. Remember that the change don't have any legal documentation coming from so there's no way for them to determine if you are the original owner or not. Even if they try to detect your IP. There is always a VPN to cover that.

They might. I'm not familiar with the sign up process for Crypto-Bridge, but many exchanges that do not require KYC (not that there are many left), still require a name, email address, country, and sometimes an address. If you have signed up as Robert Paulson with robert.paulson@gmail.com with a US address, and then complete KYC with documents belonging to Monty Python at a UK address, it's going to raise some red flags. Very likely your account will at least be suspended pending further investigation.

As I remember clearly. Signing up on exchange didn't required any personal info in your account. Only email and password. But of course case to case basis. And as I visit crypto bridge registration site. It really does not require any personal information during registration process. Actually this is the essence of crypto. To trade anonymously that's why most unregulated exchange don't ask personal info.

[tbct_mt2]

I remembered that many months ago, Crypto Bridge required KYC for US citizens without pre-announcement and a period for US citizens who don't want to do KYCs to withdraw their money.
This time, they do the same, just announce and ask for KYCs for all users. People who don't want to do KYCs, or fail with KYCs will be unable to withdraw money.
In addition, they require proof of address, that not require on most of other exchanges' KYC. This requirement is a big matter for their users.

[Mike Mayor]

Since CryptoBridge entered the market, we are on a mission: Thinking decentral.

Hahahahaha, good one.

Therefore, starting October 2019, all existing and new users are required to submit user verification before continuing to use deposits and withdrawals, to protect customers and CryptoBridge from being held responsible for any illegal intentions or money laundering activities. Introducing AMLD5 not only creates a legal status for crypto assets, it also enables them to become viable and legitimate financial networks. It also facilitates the listing of security tokens on CryptoBridge.

In plain English: If we don't do this, our profits will be affected, and we care way more about out own profits than we do about your privacy or security.

We are working closely with our partner Fractal who stores all user-submitted data

Oh good. A third party storing all users' data. Because that's never gone wrong before *cough* Binance.

This is the height of scummy behavior, as far as I am concerned. If you are going to implement KYC, then you should give your users plenty of notice so the ones who don't want to compromise their own security can withdraw their coins. Holding users funds hostage and demanding they either sacrifice their coins or sacrifice their information is incredibly immoral. It's becoming an increasingly common event, and one of the reasons I stay away from centralized exchanges at all costs.

Hows this one "to protect customers and CryptoBridge from being held responsible for any illegal intentions" lol sure. I feel so much safer now that who knows who has my personal info. I don't feel unsafe at all.
If a criminal steals my info that makes me feel so safe.  

I don't need protecting thank you very bloody much. My god, I love how they act like they doing us a favour when all they really doing is making things really shitty for your common user just because about 0.001% off users launder money. If they cant tell hte difference between a legit transaction and one that might be dodgy then they have no business calling themselves an exchange.

I wish I could run an exchange. I would never implement KYC for anyone. government can kiss my arse. Matter of fact the government here has told people to not give any info to anyone no matter what they say esspecially within the crypto realm. They basically want nothing to do with it in the way that if you mess up or get scammed don't come crying to them cuase there is nothing they can do. I think that is fair dont you? Basically they are telling their citizen to be resposible for themselves and not be baby sat.

[o_e_l_e_o]

Hows this one "to protect customers and CryptoBridge from being held responsible for any illegal intentions" lol sure.

It obviously has nothing to do with protecting customers. It is entirely to protect themselves. As you say, sending my KYC to a total stranger doesn't offer me any protection at all. It offers them protection when the government comes knocking and demands proof that they aren't facilitating money laundering, or demands records so they can start harassing people for taxes.

I would never implement KYC for anyone. government can kiss my arse.

Then you would be shut down, along with every other centralized exchange which doesn't sell out its users to the government. If you want to avoid KYC, trade peer-to-peer on a DEX.

They basically want nothing to do with it in the way that if you mess up or get scammed don't come crying to them

Pretty much. If you have your identity stolen, have thousands of dollars of debt racked up in your name that isn't yours, get a criminal conviction for something you didn't do, do you think the government is going to help you? Of course not. You will have to pay thousands for lawyers to sort it out. The government doesn't care about. All they care about is getting their hands on your money.

[Kyraishi]

Why could they not add tiers with optional or no KYC ?

This CryptoFridge exchange will soon die and close forever, due to low volume, and this is just my prediction.
They charged high fees for listing bunch of shitcoins and they where never really decentralized in the first place.
Some other Bitshares based exchange will replace them, and will not ask for mandatory KYC.

Because I don't think they are legally able to do that. They've been scrutinized by the governments for years now due to how much illegal activity occurs with coins from their site and they forcing everyone to use KYC is just the first step for this.

I don't think they where legally required to give no notice before the funds you have there are lost forever though.. that's just more of a dick move on their part to get some free money.

I haven't really hated them since any regular company would be forced to do the same but this is pretty scummy.

[Steamtyme]

Update for anyone who had to submit KYC.

So after 3 weeks Fractal has responded that I meet the criteria to have my Data deleted. I will have to provide some information that I provided to complete KYC and that should be the end of it. Seems as long as you didn't do any trading after verifying you can go through the steps of emailing them... a couple times and they will comply. From what I gathered if you made a trade (maybe even tried) you have to leave your information on file for 5 years. I'll update here with a Service Discussion thread for Fractal, as they have been fairly straightforward and more accommodating than expected. I just want to wait until everything is complete and I can confirm my information is wiped.

[pgbit]

This is unethical AF, it seems to be the new trend in exchanges these days, they seem to always be searching for ways to freeze users funds in their exchange, this is the more reason why we shouldn't leave our funds in any cryptocurrency exchange no matter how long they have been around because the whole power really lies in the people running the exchange and when things like this happen, they make that particular thing quite obvious.

[KekCoinProject]

But what about using a gateway without KYC to withdraw funds from cryptobridge? Did anyone tried this?



You can simply use another gateway provider which does not demand you to do KYC before depositing or withdrawing assets!
For example:

Use the OpenLedger gateway to deposit BTC. You then get credited OPEN.BTC.
Exchange the OPEN.BTC to BRIDGE.BTC and go on trading on CryptoBridge with BRIDGE.XXX pairs.
If you want to withdraw the BTC again, exchange the BRIDGE.BTC to OPEN.BTC and withdraw them via the OpenLedger gateway.

[CryptoBuzzerd]

They most likely knew that people would simply pull out their funds if a KYC check was to be conducted, which is the reason why they made no notice of this until very recently, just before the actual KYC system is implemented.

It's unethical in my opinion to give such short notice, while people's funds are still stuck in limbo and at risk.

They should give an option for people to close down their accounts and get their funds back. I doubt there is any regulation explicitly forbidding this. Otherwise, they'll simply destroy the entire brand of "decentralised exchanges" or gateways.

If your funds are locked on Crypto-bridge, I can help you, just DM me