Be Aware of Remitano Change of Address: Don't Send Bitcoins to it Again

[Mate2237]

If this not the appropriate board to drop this, the moderators should move to the appropriate board.
A similar thread has been created in the Nigeria (Naija) Board, but it seems that many users do not visit the local board and they mistakenly sent coins to their old Remitano address and the coins are trapped there. So that makes me to create this thread here for them to be aware on the latest development on Remitano. Network Congestion Issue in Remitano

It was about two weeks ago when the exchange informed the users of the platform about the maintenance that was going on which they freeze bitcoin deposit and withdraw. And yesterday they came back to inform the users that they  are back through the channel of email communication. But they warned the users that they should not use the old bitcoin address of the exchange and every user should create new address for deposit and those who has not seen the former thread in the local board and heard the information deposited bitcoins to the exchange and the exchange locked the coins. And this brought back the popular saying, "Not Your Key and Not Your Coins" if you are using exchange because you don't control the coins once the coins are deposited to the exchange. Those who are using Ramitano for buy and sell, transaction and transfer should be aware of the latest development of the exchange so that you will not be a victim. One of their warning of their returning back from the maintenance process is, once you deposit your bitcoin in the old address, you might not get it back. So be warned.

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[hd49728]

It's Remitano!

Ramitano can be a phishing site of Remitano if its domain is registered and live.

This announcement is important as Remitano changed their exchange wallets and user wallets too. They likely moved their funds to entire new wallets and they warn that if users send coins to old wallet addresses, they will lose coins.

However, Remitano will still have access to old wallets but they just waive out their responsibility to support their users. Some exchanges can support you but with expensive support fees and with this announcement, Remitano simply warn that they will not support any user with mistakenly sending to old wallet addresses.

I note one thing. If you go to their Wallet page, click BTC (Deposit), you will no longer see your old deposit address. There is only a button, Create a new address. So if a user goes with this process, no chance to make mistake.

[Charles-Tim]

Let me quote Remitano by quoting myself:

Please note that we shall not be responsible for any losses resulting from deposits sent to the expired wallet address. If you have any questions, please don't hesitate to reach out to us.

If this is true, this is nothing more than a scam. Not your key not your coin.

Not your key not your coin.

It is not good to backup your exchange address. Anytime that you want to deposit into the exchange, go to the exchange and copy the address from there.

Do not leave your coins on an exchange. Convert to bitcoin to fiat and deposit it in your bank. Or convert fiat to bitcoin and send it to a noncustodial wallet.

Remitano is not an exchange that I can recommend. They are poor in satisfying customers.

[Aanuoluwatofunmi]

Looking by the exchange ratings on the list of best and most recognized exchanges, you could see that ramitano will not make upto the first ten that one can have as most preferred exchange, aside the overall risk all centralized exchanges have where users can loose their asset on them through hack or scam and the fact that they custodial wallet, anyone using this exchange among others will still face the same consequences of risk of any category as threat over using it with, non custodial wallet is the best way to keep away any chance of loosing your asset.

[Lida93]

A friend called me about this information explaining how his money is still stuck after over 24hrs of doing the transaction on remitano and it should be that he had used his old address without being informed about the latest change.

Remitano is not an exchange I can bet on owing to their poor customer care system and network, if I am to use a centralized exchange for my transactions I will prefer binance to remitano despite it been a Cex it's with a better security system over the year than remitano and any other Cex I can think of.

 But that being said, never leave your coins in a Cex the risk is risky in all dimension, take responsibility of your keys and be in charge of your coins by using a noncustodial wallet.

[Mate2237]

It's Remitano!

Ramitano can be a phishing site of Remitano if its domain is registered and live.

Thank you very much for the correction. All the both threads have been corrected. Remitano would have still giving more weeks for the support of the old address. And if Remitano have access to the wallet then those coins that are already locked it frozen are not save because they can transfer and withdraw them as will. Therefore, those who are sending coins for instant transaction should be careful with the address. Now that they have gotten the information, they should always Chey the address before sending coins.

But I still don't understand why the old address was stopped to be used. This changing of address might make some user to lose coins unaware because this email messages that was sent to all users is not enough because many users might have lost there email accounts to hackers and some of them have forgotten the password so they might not get the email.

[Coin_trader]

If this not the appropriate board to drop this, the moderators should move to the appropriate board.
A similar thread has been created in the Nigeria (Naija) Board, but it seems that many users do not visit the local board and they mistakenly sent coins to their old Remitano address and the coins are trapped there. So that makes me to create this thread here for them to be aware on the latest development on Remitano. Network Congestion Issue in Remitano

It’s more suitable to move this on service discussion since this is about a ToS matter.

It was about two weeks ago when the exchange informed the users of the platform about the maintenance that was going on which they freeze bitcoin deposit and withdraw. And yesterday they came back to inform the users that they  are back through the channel of email communication. But they warned the users that they should not use the old bitcoin address of the exchange and every user should create new address for deposit

Can you clarify this, Did they provide notification email or in the exchange about the implication of their update because if they did official notification then it’s user problem for saving exchange address.

Usually, Withdrawal address is the one being save on the exchange to acoid withdrawing on wrong address but deposit address on exchange should be done manually to ensure that you are using the correct deposit address. Exchange like Binance and other big exchanges do this kind of terms if they update their wallet.

[Peanutswar]

Actually, you can easily get a hint with the activity doing of them not only on this platform because for me changing addresses is okay because part of the updates but takes time after these updates, and now hard to reach out to speculation to give a red flag on this, people trust them too much reason why we have a phrase we commonly use still ideal to store your assets into a hardware or hot wallets. You can provide the screenshots of their last updates so people can see other things.

[JeromeTash]

The title should be more like "Be Aware of a fake custodial p2p exchange called Remitano, Don't Send Bitcoins to it Again"
Like paxful, localbitcoins etc Remitano is one of those fake p2p exchanges that will freeze and hold user funds hostage.

In a sea of very good p2p exchanges like Localmonero, Agoradesk, hodlhodl, Bisq. Why should anyone choose to use Remitano?

[EarnOnVictor]

It's Remitano!

Ramitano can be a phishing site of Remitano if its domain is registered and live.

I believe this is a typo error from the OP.

In addition, I can confirm that the information is genuine. However, freezing assets for withdrawal and deposit is a standard practice in certain updates/upgrades. Even non-custodial wallets could do that when need be. The only difference is that you might be certain that you have the key and no one would steal your money.

They (Remitano) are fair enough to communicate promptly and to guide properly which is the most important thing here. "Not Your Key and Not Your Coins" will always prevail but we can't still do without these custodial arrangements if we need the best services.

Just don't save your assets there.

[Solosanz]

I always logging into my account whenever I want to send my coins even I already use the site many times, I can't understand why someone could easily send the coins without logging and checking the deposit address.

This is not about "not your keys not your coins" or anything that related with the drawback of the site, buy simply people are careless and greedy.

[yhiaali3]

Personally, I do not copy and keep any old address of the central exchanges. Every time I want to deposit on the exchange, I go to the exchange and copy the address from there for more than one reason: First, I am afraid that there will be a change in the address, and the other reason is that I am also afraid that I have copied the wrong address. Therefore, we should not be negligent in such sensitive matters.

This is a clear example of such cases, due to laziness some users send their money to the same old address on the exchange and now maybe their money is lost because the exchange stopped supporting the old addresses, even if they had access to the old wallets they probably won't return the money to the users because they put a warning before that.

[Mate2237]

It’s more suitable to move this on service discussion since this is about a ToS matter.

I think I made a mistake of bringing it here because the thread is meant for everyone in the forum to be aware of the current happening in Remitano and most newbies are not coming to this service discussion board, so this thread right now is invisible to them. So I will like to remove the thread to Beginners & Help board or Bitcoin Discussion Board for popular viewing.

Can you clarify this, Did they provide notification email or in the exchange about the implication of their update because if they did official notification then it’s user problem for saving exchange address.

I think, I provided the source of the information in the Op. I said, the information was gotten from email. And also to answer your question again, yes they notified me by email.

Usually, Withdrawal address is the one being save on the exchange to acoid (avoid) withdrawing on wrong address but deposit address on exchange should be done manually to ensure that you are using the correct deposit address. Exchange like Binance and other big exchanges do this kind of terms if they update their wallet.

Probably this is a new development because since when I join cryptocurrency ecosystem,I have not heard of aan exchange changes depositing address of bitcoin. And as I said changing depositing address is not really good because the depositor might mistakenly send coins to the former address. So preferably, if there is a way funds can't be sent to the old address whenever they send coins to it, there should be some kind of restriction.

[Potato Chips]

A considerate exchange would've given their users an ample amount of time to settle in by allowing requests to recover funds sent to old address/es.

However, let's admit CEx's are not always considerate to their users hence I'd put more focus on things that I can control which is myself and make it a rule to get the deposit address from the exchange, that way we could also check if our account/exchange is in normal condition.

[Husires]

It is the first time I have heard about Remitano, but it is normal for exchange to update their deposit addresses and then the old addresses become invalid. for one reason or another, such as changing the cold storage, changing the deposit and withdrawal system, or the presence of a major defect in the system.

before depositing, you must verify that Your account is still active, there are no problems with the account, your deposit address is still active, and if you count your currencies immediately after the end of trading, this is how you will minimize the damage if it occurs.

It is not Change of Address, but rather the old address has not become valid because in the case of Change of Address, the old address is still valid, but it is better to use a new address.

[rat03gopoh]

However, Remitano will still have access to old wallets but they just waive out their responsibility to support their users.

You're technically correct, they won't really remove access to the old wallets. However, a change warning has been issued which means they may be able to escape legal challenges, all they have left to risk is their own moral and trust integrity in their own customers.

[CryptopreneurBrainboss]

It was about two weeks ago when the exchange informed the users of the platform about the maintenance that was going on which they freeze bitcoin deposit and withdraw. And yesterday they came back to inform the users that they  are back through the channel of email communication. But they warned the users that they should not use the old bitcoin address of the exchange and every user should create new address for deposit.

Finally they have said what's in their mind and what they wanted to do from the very beginning, I have always advice people to stay away from this exchange but yet they're gaining momentums and becoming more popular among the Nigerian community, this isn't the first time they won't be putting their customers needs above theirs. What stops them from following Binance exchange footsteps in allowing users to appeal for their funds to be recovered if they mistakenly sent it to their old address. It's heartbreaking because many Nigerians use them for their (supposedly) peer2peer exchange and many users will be losing funds because of this. We all know they still have access to those coins that'll be sent to the old address but I guess that's a way of compensating their pockets before performing an exit scam.

Those who are using Ramitano for buy and sell, transaction and transfer should be aware of the latest development of the exchange so that you will not be a victim. One of their warning of their returning back from the maintenance process is, once you deposit your bitcoin in the old address, you might not get it back. So be warned.

Those who will be mostly affected aren't on the forum but the millions of Nigerians (and others) using the platform daily for their transactions and not aware of this change because people are uneducated on the matter of not storing exchange address and always going to the exchange to copy the address whenever they want to use it. Many users aren't used to the fact that address can change, they're still with the old mentality that you have only one Bitcoin address because that's how it started for most user that got involved and started from the wrong side (like using centralized exchanges and wallets giving them online one address). Many merchant already have their Bitcoin address sent out and for most of them, it isn't their personal address but that of these exchanges (all in the name to reduced expenses on fees). Remitano should just consider the number of users that'll be affected by this and provided a solution as Binance did. Sending out emails isn't enough although I know they they have done what typically is expected of them to do (send out notifications).

[Wiwo]

A friend called me about this information explaining how his money is still stuck after over 24hrs of doing the transaction on remitano and it should be that he had used his old address without being informed about the latest change.

Yeah I made the same mistake of sending Bitcoin to my old Remitano address,  on the day of the upgrade without noticing the upgrade luckily for me the network on the old wallet was congested and I used blue wallet to carry out the transaction,  so since the wallet give me an option to cancel transactions that have not yet gotten any confirmation on the blockchain network.

That was how I was lucky to have conceal the transactions and have my funds returned back to my wallet,  but as at now everything is fine with Remitano and they have issued a new user address for the customers which is faster in terms of ttransactionspeed.

[Dr.Bitcoin_Strange]

It has been a long time since I used that exchange, and it was also one of the first exchanges I used when I first ventured into cryptocurrency. In my opinion, the exchange is not really a very smart exchange, and it is not even very popular like some tier one and tier two exchanges like Binance or Kucoin. Also, I believe that anyone using any exchange should always be looking out for updates so that they will not end up losing their asset. Just like the recent update about Binance warning investors to exchange their BUSD for other assets. If it's someone who doesn't frequently check for updates, that would really be an issue. Thanks for sharing.

[Alpha Marine]

I'm more concerned about the set of people who will not copy their address straight from the wallet whenever they want to transfer BTC into that address.
I'm saying this because since they finished the maintenance you can't copy the old address without generating a new address. So I anybody's Bitcoin is stuck in the old address it means he copied the address from somewhere else where he has saved it or sent it out before.

It doesn't matter how many times you send a particular address out to someone or how many times you copy it, whenever you want to copy again, copy directly from the wallet.

The fact that you're using a centralized exchange is enough reason for you to be extra careful and look out for announcements and updates. We can't just be so careless all of the time.
Like most typical centralized exchanges, Remitano is saying they will not be responsible for any losses.