Bittrex - source of funds

[moonstruck]

I received following mail from Bittrex:

Thank you for being a valued customer of the Bittrex Global platform.

Per our protocols, we are required to obtain source of funds information from select users. Please fill out the form which you will find at --personalised link was here-- and submit it along with the respective supporting documents within 7 days in order to continue utilizing your Bittrex Global account. This is similar to what other cryptocurrency exchanges in regulated jurisdictions require.

Our privacy policies are available here: ---personalised link to their privacy policy--- which are part of our Terms of Service. Additionally, all of your personal information is kept on an encrypted server.

The link was to this pdf:
https://imgur.com/a/c86smPQ

Anyone else had this lately? I've barely used the account the past year, I think I'm either under investigation or they try to disable inactive accounts to seize the assets.
The account was used more intensively before that and has been properly verified for at least 2 years.

The fact that they use personalised links is quite disturbing. I couldn't find many others having similar issues.

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[gentlemand]

I'd tell them to fuck off and abandon the account myself, or I'd charge them for my time in getting the info together not that I could be arsed to get shit notarised, but I doubt it's massively out of the ordinary since they now have fiat dealings. They probably spring it on random customers so they can show the authorities that they're being proactive when they come snooping.

Other exchanges do the same thing every now and then. I've only ever had a bank do it once which says something, and I made it all up and they went away.

Are there any funds in there right now?

[suchmoon]

Bittrex are thieves. They seized my funds (luckily only dust amounts) with their stupid KYC shit. So I wouldn't be surprised if they're running a new scam now with the "source of funds" nonsense.

[harizen]

Here in our country, the most popular local crypto-exchange here requests for those queries as part of the mandate by our country's Central Bank. In the past, it can only be triggered if someone hit the "alarm" but today, I think the majority of their users now required to submit such queries. I comply with that as I regularly used that exchange, not just for crypto but for other services as well, and no-hassle or worries hitting the alarm unlike before that for just around $1,000 or $2,000 withdrawal in a single transaction, there is likely you will be asked for an interview right away lol.

Going back to Bittrex, I never log in to the site for long, same as you, and never received such email.

It's up to you to decide, do you use them regularly? Do you currently have active funds there? If NO, then simply don't comply and stay away from that exchange aside from the fact that other users here don't have a good experience using that exchange.

[bL4nkcode]

I'd been using them lately until they freeze my account and ask for KYC documents, I've tried to submit these docs but never get accepted twice so I give up, luckily I don't have huge amount there since I'm not lingering funds on exchanges.

[gentlemand]

I've tried to submit these docs but never get accepted twice so I give up,

What reasons did they give for the rejection? Sometimes they witter on about not enough resolution for the documents. Or more likely they just intend to keep the money even if you take them back in time to watch the moments where your money arrived in your account.

Just because you don't pass their source of funds obstacle course does not give them the right to keep anyone's money. Provide them with an address to withdraw to and tell them you're terminating your relationship with them.

[cabron]

I didn't get an email regarding it.  They did ask my KYC back 2016, I don't have a choice but to comply since all my funds were with them ni NEM. I didn't encounter issues after that after all they are still one of the oldest exchange that made it and I'm still using them even today.

Asking for sources fo funds is a different story though. Is there any reason that you think why or could you possibly be linked to someone they think to suspect?

[moonstruck]

I'd tell them to fuck off and abandon the account myself, or I'd charge them for my time in getting the info together not that I could be arsed to get shit notarised, but I doubt it's massively out of the ordinary since they now have fiat dealings. They probably spring it on random customers so they can show the authorities that they're being proactive when they come snooping.

Other exchanges do the same thing every now and then. I've only ever had a bank do it once which says something, and I made it all up and they went away.

Are there any funds in there right now?

I removed all funds as soon as I saw the mail, I've read about a few people having the same thing (not recently though) and they got their funds frozen despite complying. I've got little interest in getting into a never-ending struggle to maintain control over my own funds.

Asking for sources fo funds is a different story though. Is there any reason that you think why or could you possibly be linked to someone they think to suspect?

I moved & sold most of my funds several months ago, might have triggered something (eg. they are forced by -fill in favourite intelligence agency- to share transactions to or away from their platform adding up to a certain amount).
Little doubt that they had to make a proverbial pact with the devil to enable fiat trading.

I used to be quite fond of Bittrex and Bill Shihara but this has hastily changed my opinion.
What really disturbs me is the fact that they use personalised links in the mail so they can easily track which users are complaining about it online & copy paste the mail.

[pugman]

Bittrex are thieves. They seized my funds (luckily only dust amounts) with their stupid KYC shit. So I wouldn't be surprised if they're running a new scam now with the "source of funds" nonsense.

Had the same issues, a little over 200-300$ is stuck in my bittrex account until I provide KYC which suck my cock I wont.

Also asking for source of funds for an online exchange is shit-tier worst. THEM ASKING FOR SOURCE OF FUNDS IS TWO BLOODY PAGES LONG, um no thanks. They are fucking asking for a receipt for a retirement home. Chances are, bittrex doesn't have methods of verifying anything. People should have stopped using bittrex the moment kyc requirements came in.

[o_e_l_e_o]

unlike before that for just around $1,000 or $2,000 withdrawal in a single transaction, there is likely you will be asked for an interview right away lol.

And therein lies the issues. Deposit your money to our exchange without verification - no problem. Trade on the exchange, pay our fees, make us profit, all without verification - no problem. Try to withdraw your money from the exchange - transaction frozen, account locked, coins seized, demands for personal information, KYC documents, and source of funds. Don't comply? Then we keep your coins.

It is unethical and untrustworthy to the highest degree. Any exchange which pulls this crap should be abandoned by the community.

They did ask my KYC back 2016, I don't have a choice but to comply since all my funds were with them ni NEM. I didn't encounter issues after that after all they are still one of the oldest exchange that made it and I'm still using them even today.

So they froze your account and held your coins hostage until you complied with their demands, and you didn't immediately withdraw everything and look for a new exchange? Why are you still using them when they show such blatant disregard for their customers?

I removed all funds as soon as I saw the mail, I've read about a few people having the same thing (not recently though) and they got their funds frozen despite complying. I've got little interest in getting into a never-ending struggle to maintain control over my own funds.

Good choice. A little unusual that they still let you withdraw despite asking you for all this information though.

[moonstruck]

Good choice. A little unusual that they still let you withdraw despite asking you for all this information though.

At first I thought they didn't let me, it luckily was only an issue because I gave a segwit address which they don't support still.
I've been a fully verified customer for several years though so would not expect them to go so far as to freeze my funds without any notice, luckily I caught it in time since my access will be blocked in a few days.

[mk4]

Looks like you got the slightly "better" end of the KYC requirement.

Apparently Bittrex is requiring freakin mugshot photos from this one really unlucky dude on Reddit LOL. I'd delete my account on Bittrex(if you have that option) as soon as possible.

Will not be using Bittrex anymore.

They just disabled my account and said the reason is I need to resubmit verification. I've already done this before and was fully verified. But now, they want even more photos and from multiple angles.

Required: Please submit the following 3 images: An image of you looking directly at the camera, another image of you looking off to the right, and a final image of you looking off to the left. All 3 photos are required for all requests.

Fucking ridiculous they would need three extra photo to verify it's you. My guess is they hired a third party company for facial recognition verification, and this third party is building the ultimate gov database with this. Orwellian bullshit.

https://www.reddit.com/r/CryptoCurrency/comments/gx9lxq/bittrex_kyc_wants_left_profile_straight_on_and/

[gentlemand]

That one's a first. I presume next up is having to measure one's nose to make sure you're not too Jewish.

They'll probably ask black folks to measure the volume of their skull with saline solution too.

I would respond to that with a photo of my undercarriage.

[bL4nkcode]

What reasons did they give for the rejection? Sometimes they witter on about not enough resolution for the documents. Or more likely they just intend to keep the money even if you take them back in time to watch the moments where your money arrived in your account.

I actually I had verified account just last year or 2018 I guess, and after opening my account last few months, I don't know what's the reason for resubmitting verification, they even asked to write a word bittrex on a piece of paper with the current date of taking a selfie with the ID and a video and that's bullsh*t to me, so stop after they asked.

Looks like you got the slightly "better" end of the KYC requirement.
[...]

Required: Please submit the following 3 images: An image of you looking directly at the camera, another image of you looking off to the right, and a final image of you looking off to the left. All 3 photos are required for all requests.

This is insane.

[figmentofmyass]

even bitfinex is doing these "source of funds" checks even as they hide out in the BVI. the crypto wild west is basically dead. if the seychelles exchanges (bitmex, binance, poloniex) are ever brought into line, it'll be completely dead.

Looks like you got the slightly "better" end of the KYC requirement.

Apparently Bittrex is requiring freakin mugshot photos from this one really unlucky dude on Reddit LOL. I'd delete my account on Bittrex(if you have that option) as soon as possible.

https://www.reddit.com/r/CryptoCurrency/comments/gx9lxq/bittrex_kyc_wants_left_profile_straight_on_and/

that might be a matter of jurisdiction. they've been doing the mugshot thing for at least a year now on bittrex.com (USA). the OP of this thread is a global (non-USA) customer.

[Darker45]

I have an at least 3-year old verified Bittrex account but I withdrew everything just a few months ago. I didn't receive such email. I guess they are more focused on accounts with balances than on those that are empty. They have nothing to gain with the latter, after all.

But you are extremely lucky for not complying and getting away with your funds. They must have missed freezing your funds there. After all, they do that even to those who complied.

Looks like you got the slightly "better" end of the KYC requirement.
[...]

Required: Please submit the following 3 images: An image of you looking directly at the camera, another image of you looking off to the right, and a final image of you looking off to the left. All 3 photos are required for all requests.

This is insane.

Things are getting more insane these days. From KYC to source of funds to mug shots. You name it. And not only on international platforms but also on local ones.

A month or two ago, I also underwent a confirmation process which asked me record a video turning my head around. I don't know what's that specifically for. They're just asking weird things. How I wish I could turn my head 360 degrees like a possessed man. That might have expedited the entire process.

[mk4]

that might be a matter of jurisdiction. they've been doing the mugshot thing for at least a year now on bittrex.com (USA). the OP of this thread is a global (non-USA) customer.

Huh. Interesting. Regardless, I personally mostly understand why certain businesses require AML/KYC(because of regulatory reasons), this is just too much in my opinion.

Currently in the process of closing my old Bittrex account even if it's been more than 2 years since I last used it.

[gentlemand]

Huh. Interesting. Regardless, I personally mostly understand why certain businesses require AML/KYC(because of regulatory reasons), this is just too much in my opinion.

This is the first time I have ever, ever heard of such a requirement from anyone, certainly no non crypto organisation. You can still run a trillion dollars through your bank account with a proof of address and a bit of ID and not even a hint of a selfie.  

If a normalton's bank called up and ordered them to take a series of mugshots before they could access their money again they'd wonder what the fuck was going on and run straight to the press.

Other than leaving we have no choice of course, but it's strange how many people in cryptoland regard this as normal. Compared to every other area of finance I've dealt with it sure as shit is not.

[o_e_l_e_o]

I've been a fully verified customer for several years though so would not expect them to go so far as to freeze my funds without any notice

You certainly wouldn't be the first person it had happened to, and Bittrex certainly wouldn't be the first exchange to do it. Plenty of verified users have their accounts frozen while facing demands for "enhanced" verification, proof of source of funds, employment information, etc.

they even asked to write a word bittrex on a piece of paper with the current date of taking a selfie with the ID and a video and that's bullsh*t to me, so stop after they asked.

That's actually less scummy than asking for your employment history and all the other ridiculous details that OP was asked for. I would completely avoid performing KYC at al all, but by asking you for a selfie holding the word Bittrex and the date, they are simply trying to verify that you haven't stolen or bought someone else's documents. The information OP was asked for, on the other hand, is way over the top. I've given away less information to take out a mortgage.

[mk4]

This is the first time I have ever, ever heard of such a requirement from anyone, certainly no non crypto organisation. You can still run a trillion dollars through your bank account with a proof of address and a bit of ID and not even a hint of a selfie.  

If a normalton's bank called up and ordered them to take a series of mugshots before they could access their money again they'd wonder what the fuck was going on and run straight to the press.

Other than leaving we have no choice of course, but it's strange how many people in cryptoland regard this as normal. Compared to every other area of finance I've dealt with it sure as shit is not.

For sure. Not even the ever-so-controversial Coinbase requires such ludicrous photos. I don't think people in cryptoland regard this as normal though, hence the recent publicity on this issue. But one thing's a bit safe to assume, A LOT of people don't give a crap about their privacy unfortunately, mostly due to ignorance.