What Do Centralized Exchanges Consider as Taint?

[o_e_l_e_o]

From my experience these exchanges are now worse than banks.

Absolutely they are. Your standard fiat bank asks for far less KYC than most centralized crypto exchanges, freezes coins and accounts far less often, and has actual channels people can go down to have their accounts unfrozen if it does happen, rather then being left endlessly spamming Reddit and Twitter and getting nowhere. Not to mention that they don't perform "taint analysis" on all the cash you deposit or even track your withdrawals to see how you are spending your money, like centralized exchanges do. CEXs are antithetical to the whole concept of bitcoin.

They all started out singing the tune of crypto and btc decentralised and private. But now its just crazy.

As with many companies and entities in this space - started out with great intentions, but as soon as some nice profits came along, morals and ideals were discarded in favor of greed.

If you want convert to USD now and again we unfortunately tied to exchanges.

DEXs are the way forward. Using something like Bisq, LocalCryptos, or RoboSats to trade bitcoin to fiat and vice versa, all without having to complete KYC or even registering an account.

[goldrushed2]

But how? i thought you have to use usdc or usdt - thanks will look at dex exchanges

[Kakmakr]

In my experience, most startup exchanges and relative new exchanges have no serious issues with "Coin tainting" ...because they are simply too focused on building a large user base. (The same goes for KYC requirements at casinos) .... once they reached their target, they suddenly start asking KYC verification and they they start to adhere to strict regulations.

Also, most of the support personal do not even know what you are talking about, they just give you some generic answer that was prepared for them. 

[o_e_l_e_o]

But how? i thought you have to use usdc or usdt - thanks will look at dex exchanges

Use them for what?

All the DEXs I have listed above let you trade bitcoin for USD and vice versa peer to peer, using a huge variety of payment methods. You can pick and choose which payment methods you are interested in using. At no point do you need to trade for or hold any stablecoins, and given that most stablecoins are centralized and fractional reserve, better not to touch them at all if you can help it.

[Pmalek]

Also, most of the support personal do not even know what you are talking about, they just give you some generic answer that was prepared for them. 

Support personnel know how to handle the most common types of issues that users run into. If you have a serious question, concern, or you ask them something uncommon (like taint algorithms or blockchain analysis), they will give you an answer that is somehow connected to topic but in reality has nothing to do with what you asked. Or they will simply tell you to read the TOS.

But the support staff doesn't have the needed information because things like "taint" is surely handled by a different department and they aren't going to connect you with those people. And even if by some miracle they do, you won't find out anything because any information they might give you could be used to try and trick their systems.

[goldrushed2]

But how? i thought you have to use usdc or usdt - thanks will look at dex exchanges

Use them for what?

All the DEXs I have listed above let you trade bitcoin for USD and vice versa peer to peer, using a huge variety of payment methods. You can pick and choose which payment methods you are interested in using. At no point do you need to trade for or hold any stablecoins, and given that most stablecoins are centralized and fractional reserve, better not to touch them at all if you can help it.

Ok but you can only exchange btc - just took a look - and what can you do with the USD? Not sure exactly how it would work unless I test it out myself.

[o_e_l_e_o]

Ok but you can only exchange btc - just took a look - and what can you do with the USD? Not sure exactly how it would work unless I test it out myself.

The USD is received directly by you via whatever payment method you choose. If you choose a bank transfer, then you will get it directly in your bank account. If you choose some payment processor like Zelle or CashApp, then you'll receive the USD in your account on those apps. There is no wallet on these DEXs which stores USD for you.

Some of the ones I have listed above support a few select altcoins such as Monero. If you want to trade bitcoin/altcoin pairs, then there are a variety of non-KYC instant exchangers you can use, but I'm not familiar with this area so I can't recommend any. Maybe try the altcoin boards.

[Pmalek]

Monthly bump