Bittrex - source of funds

[ewibit]

any news?
has anyone got his funds back in the meantime?
(or account enabled again)?

[OmegaStarScream]

any news?
has anyone got his funds back in the meantime?
(or account enabled again)?

It appears that providing the source of funds has became mandatory (since the 26th of May): https://bitcointalk.org/index.php?topic=463202.3000

I see no reason for anyone to continue using Bittrex. They're many other (and better) alternatives.

[The Sceptical Chymist]

I see no reason for anyone to continue using Bittrex. They're many other (and better) alternatives.

The problem with some of the more obscure altcoins is that they're only traded on a handful of exchanges, and Bittrex happens to be one of the ones that lists some of the coins I used to be interested in.  I never created an account with them because of their KYC policy, but I'm sure I'm not the only one who's found himself in a similar position where you're basically forced to use an exchange if you want to trade something like Curecoin, RDD, or other coins that most exchanges don't list.

I guess I missed this thread when it was created, because I didn't know Bittrex tracked their customers' coins.  But since they're a US-based company, it should come as no surprise to anyone that they do this.  Coinbase does the same thing, and when PayPal starts letting people deposit and withdraw bitcoin, I have no doubt there will be a team that tracks where their customers' coins are coming from and going to--blame the US government for that.

And hey, what ever happened to gentlemand?

[malevolent]

I see no reason for anyone to continue using Bittrex. They're many other (and better) alternatives.

The problem with some of the more obscure altcoins is that they're only traded on a handful of exchanges, and Bittrex happens to be one of the ones that lists some of the coins I used to be interested in.  I never created an account with them because of their KYC policy, but I'm sure I'm not the only one who's found himself in a similar position where you're basically forced to use an exchange if you want to trade something like Curecoin, RDD, or other coins that most exchanges don't list.

I guess I missed this thread when it was created, because I didn't know Bittrex tracked their customers' coins.  But since they're a US-based company, it should come as no surprise to anyone that they do this.  Coinbase does the same thing, and when PayPal starts letting people deposit and withdraw bitcoin, I have no doubt there will be a team that tracks where their customers' coins are coming from and going to--blame the US government for that.

Almost every exchange starts caring about source of funds, and more and more of them start behaving the way Bittrex does.

And hey, what ever happened to gentlemand?

He stopped posting after he got kicked out of the ChipMixer signature campaign.

[PrimeNumber7]

It appears that providing the source of funds has became mandatory (since the 26th of May): https://bitcointalk.org/index.php?topic=463202.3000

Asking for source of funds is a common question to be asked when opening a bank account, or when making a large deposit. I have been asked about the source of funds for the coin I trade with on coinbase dozens of times, and dozens of times, they have accepted my answer without asking for supporting documentation. I am surprised that Bittrex is asking for supporting documentation for the source of funds question.

I don't think there is much anyone with coin in their bittrex account can do, except provide supporting documentation, or give up whatever coin is held in their account if they don't want to (or cant) give this information. I understand that most of the time, exchanges will allow you to make a final withdrawal if they are going to prohibit you from using their services for a compliance-type reason, such as KYC, with the only exception being that they believe you are on some kind of sanctions list that would prohibit them from sending you money, such as OFAC, which leads me to:

I see no reason for anyone to continue using Bittrex. They're many other (and better) alternatives.

[7788bitcoin]

~
Almost every exchange starts caring about source of funds, and more and more of them start behaving the way Bittrex does.

I am yet to experience these issues and so i have to expect these situation, i do hold coins that were mined in the past and do i need to provide all the wallets as source of funds and there are coins that were mixed and held for the long term, so i am sure i might get into issues in the future if i am not able to provide the source of these funds especially the coins that went through mixers, if that is the case it is a bit upsetting and worrying .

[Potato Chips]

I understand that most of the time, exchanges will allow you to make a final withdrawal if they are going to prohibit you from using their services for a compliance-type reason, such as KYC, with the only exception being that they believe you are on some kind of sanctions list that would prohibit them from sending you money, such as OFAC, which leads me to:

I see no reason for anyone to continue using Bittrex. They're many other (and better) alternatives.

I wish.

It's not the case for the CEXs today. When you get the KYC card, it's either you comply and get back the access to your funds or you don't and it's theirs. You can read countless threads about this when you look it up. And exchanges usually don't tell the reasons for it or make it vague like "we detected a suspicious activity" so we don't know how sensitive their system is when it comes to this.

Additionally, this is bittrex who imposed mandatory KYC without prior notice which locked thousands of users out of their account and has the mandatory source of funds. We can't really expect them to be that lax when it comes to KYC... or any other compliance type

I have been asked about the source of funds for the coin I trade with on coinbase dozens of times, and dozens of times, they have accepted my answer without asking for supporting documentation. I am surprised that Bittrex is asking for supporting documentation for the source of funds question.

Some CEX are laxer than the other which makes them relatively better

[ewibit]

in the meantime more and more signs...


https://www.change.org/p/liechtenstein-national-police-bittrex-class-action-lawsuit-against-bittrex-dc58d71a-2baf-4d53-8a3a-0bc991279c5a?recruiter=1173471254&recruited_by_id=1f365a80-5335-11eb-b43d-1946fad17e8d&utm_source=share_petition&utm_medium=copylink&utm_campaign=petition_dashboard

 

[Potato Chips]

in the meantime more and more signs...

https://www.change.org/p/liechtenstein-national-police-bittrex-class-action-lawsuit-against-bittrex-dc58d71a-2baf-4d53-8a3a-0bc991279c5a?recruiter=1173471254&recruited_by_id=1f365a80-5335-11eb-b43d-1946fad17e8d&utm_source=share_petition&utm_medium=copylink&utm_campaign=petition_dashboard

I think bittrex is shady too but the numbers in change.org is not really that credible because of how easy it is to manipulate and because we don't know the story of the supporters. A much credible source would be a post (for each case) detailing what happened and proofs backing up their word.

[bbc.reporter]

any news?
has anyone got his funds back in the meantime?
(or account enabled again)?

It appears that providing the source of funds has became mandatory (since the 26th of May): https://bitcointalk.org/index.php?topic=463202.3000

I see no reason for anyone to continue using Bittrex. They're many other (and better) alternatives.

Also avoid alternatives licensed in the same territory as Bittrex if you cannot provide source of funds. Bittrex moved from Malta to Liechenstein then presently to Bermuda where it has also appeared to have become very strict in enforcing AMLD5 directives. Bittrex might move to another territory again hehe.