N.Exchange and Exodus using AML KYC EDD as a disguise to scam

[LottoEscoto]

I used the swap feature inside the Exodus wallet to exchange BTC for ETH, not knowing that the transaction would be processed by n.exchange.

Order O5K0AH failed, and instead of a refund, I was contacted by n.exchange demanding that I complete full KYC and provide detailed proof of source of funds — even though I never agreed to use their platform directly. I have provided all of the things they requested and even did a zoom call, but my funds are still being held without my consent for 2 months and counting

No one warned me that I would be forced to KYC and provide personal and sensitive information only to get my money back.

I was told that I could request a refund with a 5% administrative fee if I chose not to do KYC — but when I made that request, they refused and said KYC is still mandatory.

I am a US customer and as stated in N.Exchanges terms of use they do not do business with people from the United States. They have no legal obligation and are not bound under any rules or regulation to perform KYC/EDD on non-customers.

When I asked if we can just skip all this and give my BTC back they said they have just made new rules and have internal policies that require them to KYC/EDD everyone even though they have no intention of doing any type of business with them.

I even hired a legal advisor that specializes in AML/KYC and they said under no circumstances should it ever take this long to finish their review. Legitimate companies with no ulterior motive would have already given me my money back.

I am starting to doubt any review of n.exchange claiming to have refunded anyone. If this is how long their review process takes it is not possible for people to be refunded within a few days as the other reviews show.

DON'T USE EXODUS TO SWAP.

UPDATE 5/28: They say the are still reviewing my case since March. With no updates since March. Put me in contact with the team in charge.
N.exchange is not a financial regulated company. There's no regulation, legal precedence, no AML bullshit requiring them to perform KYC/EDD on a NON Customer.
6/6 They stopped responding to my emails once I called them out on the fact they are not a regulated company and have no business doing KYC/AML bullshit.
7/15 They are ignoring my emails and no longer communicating with me.

[acroman08]

This isn't something new, there are several people who have posted their issues with N.Exchange and Exodus here in the forum, and from what I remember, only one has been solved.

I'll try and PM their representative, they have been active this past week, hopefully they might give more info about the progress of your case, but if you ask me, I wouldn't expect much that it would hasten your issue getting resolved.

Also, would you mind posting screenshots of the conversation you've had with their support as evidence to back up your claims?

[LottoEscoto]

you can see how many emails i've exchanged with them and now they just don't even answer me. https://i.gyazo.com/4e39fc716f83e351bdf76a5fe4152b8c.png
https://i.gyazo.com/c1ae2f7571bce3305f7da908fb241bfe.png

[acroman08]

you can see how many emails i've exchanged with them and now they just don't even answer me.
-snip

I have already sent their representative a PM, and hopefully, they will answer you here. That being said, I am not sure when they will log in and see my PM. It might take days or even week/s before they log in to their account again. I suggest checking this thread from time to time.

[Zwei]

nothing new, n.exchange been selective scamming people like this for years now, and exodus (their partner in crime) refuses to do anything meaningful about it to protect their users.
all they ever did, was adding this useless text that you can't even read clearly.



which was even hidden under an icon hover before.



all they care about is getting their commission cut, nothing else. no warning about possible KYC/AML, no link to the third-party terms, nothing. and they do this on purpose, because over half of their swap partners are selective scammers.
if users knew who they were, i'm damn sure a large % would never use their swap feature.

[Bitcoin_Arena]

Please always read reviews and do some search before you ever use any new service that involves money. Scam accusations regarding N.Exchange have been all over this board at some points in time, and yet I am surprised that we still have new victims that keep falling for the service.

Right now you are at their mercy and there is nothing match that we can do to recover your funds except just sending them the negative tags.

[LottoEscoto]

Do you guys think going after them legally would get my funds back?

[acroman08]

Do you guys think going after them legally would get my funds back?

There is no way to tell. Try asking on "r/legal" on Reddit, someone who has more knowledge about it might give you an answer. Also, going the legal route can be expensive and could take a long time, and there is no guarantee of what the outcome will be if you take them to court.

[Potato Chips]

Do you guys think going after them legally would get my funds back?

There's no guarantee of course. But IMO legal pressure is a real thing, and thus could increase your chances of getting it back.

However, the legal side can be complicated and expensive especially if you're not from the same country. Ideally, you'd want them to settle/solve your problem before things get further.

[Trêvoid]

Always check reviews and do some research before using any exchange service.

There have been many scam claims about N.Exchange on this board, yet it’s surprising that new people still fall for it.

[FIXEDFLOAT SCAMS MEGATHREAD] Reports, Frozen Funds, Abuses, and KYC Traps (https://bitcointalk.org/index.php?topic=5550083.msg65585279#msg65585279)

You can read more about here. It is related FF but other exchanges also use common traps.

[mindrust]

How much did you lose to those scammers? I read your post but I haven’t seen anything, or maybe I missed it. If it is a few hundred bucks, a couple thousand etc, then It is not worth to hire a lawyer. If the amount is big, you might try to pursue legal action but then you’ll have to find the right lawyer and if you don’t, you’ll get scammed one more time because a shitty lawyer will feed you with the false hopes and that’s the last thing you wanna hear in this situation.

And again, if the amount was as big as something you couldn’t afford to lose, then after that mistake every step you’ll take may make the situation even worse than it was before.

[Coyster]

Do you guys think going after them legally would get my funds back?

Going after them all on your own would be very difficult and expensive, they have enough money to spend on lawsuits, but you as a single individual would prolly run out of yours whilst the case is on.

If it were a class action lawsuit, then it would prolly make more sense or if many of the victims can come together and create an online petition to the relevant authorities to investigate their numerous scams, and then request that as many as are victims or believe the service is a scam, should sign the petition. Just as this user did for the Freewallet scam:
https://bitcointalk.org/index.php?topic=5462119.msg62648631#msg62648631

[Nexchange.co.uk]

Thank you for raising this to our attention here also.

I have checked internally with our team the situation, and this will be resolved in short period of time. Please let us know if the situation is resolved in next couple of days.

Generally speaking, in the process of checking a specific transaction delays can be because of different reasons. If you don't pass the check of KYC, and you provide multiple documents for KYC, this will for sure increase the due diligence time.