✅ b1exch.to - Instant Auto Exchange | NO KYC | Escrow 0.2 BTC

[examplens]

However, another issue came up, which has been somewhat discussed here before. I tried to send USDT from the Bitfinex exchange, but they took over 24 hours to process my withdrawal request and still hadn't completed it, even though all previous withdrawals took just 2-3 minutes. I don’t know if it’s related to the address provided by b1exch or something else. To avoid any issues, I canceled the withdrawal request and contacted the Bitfinex support. I'm waiting for their reply.

Sending directly from one exchange to another is a very, very bad solution, and many things can go wrong there.
It does not seem realistic to me that exchanges check addresses to which the user has yet to send/withdraw. What a mess it would be in transactions if future addresses were checked as well

Given that it is about USDT, maybe Bitfinex has decided to apply some new regulation to your account like MiCA, with which Tether is not compliant

[SamReomo]

Actually.  I would say b1exch fits the 'traditional exchange' name way better than modern exchanges do.  Traditionally as in, in the first years of Cryptocurrencies the 'traditional' exchanges allowed you to deposit, withdraw, trade et cetera pretty much any thing of any value and they would ask for no thing more than your preferred username, an e-mail address and a password.  Know Your Customer does not represent the Cryptocurrency tradition.  It represents the modern dystopia built around Cryptocurrencies.  b1exch does instead.

Yes, you're right, in those days we could easily create accounts at exchanges and we could easily trade on those exchanges without caring about KYC verification.

I still remember those times when there was an exchange that I used a lot back in those days, I think that exchange shut its operations after getting hacked but I stopped using it in 2018.

B1exch is even better than those traditional exchanges because at B1exch or similar instant exchanges, users don't need to create any accounts, they can use such services without creating an account but on those traditional exchanges a user had to create their account in order to use those exchanges.

Surely, those exchanges were made for traders, and in those times people didn't care much about privacy because they weren't asked to provide any personal details. B1exch on other hand is focused more on privacy but it works similarly like those traditional exchanges.

[Numeral]

B1exch is even better than those traditional exchanges because at B1exch or similar instant exchanges, users don't need to create any accounts, they can use such services without creating an account but on those traditional exchanges a user had to create their account in order to use those exchanges.

Surely, those exchanges were made for traders, and in those times people didn't care much about privacy because they weren't asked to provide any personal details. B1exch on other hand is focused more on privacy but it works similarly like those traditional exchanges.

Traditional CEXs do offer relatively extensive functionality, there’s so much going on there now that it’s easy to get lost in all their new features. They’ve turned into cumbersome behemoths that, on top of everything else, require KYC - but even after that, your crypto assets can easily get frozen. When using B1exch, users aren’t exposed to these risks, balances are stored directly with the user, and trades are executed quickly.

[TokenTikas]

To avoid any issues, I canceled the withdrawal request and contacted the Bitfinex support. I'm waiting for their reply.

Withdrawal usually doesn't take more than 2–3 minutes but I'm surprised that even after 24 hours yours is still kept in processing. This kind of problem is not supposed to happen with a b1exch address but I also couldn't understand why this is happening. If the withdrawal address is correct, the exchange normally completes the process and sends it within a short time and that's the normal way. But I don't understand why the exchange is doing this. It seems like there is some problem with the exchange, otherwise it shouldn't happen like this.

Please share what kind of reply you received from the exchange. If you talk to the exchange support, you usually get a reply almost immediately but you are still waiting for a reply, which is something to think about.

[Pmalek]

Traditional CEXs do offer relatively extensive functionality, there’s so much going on there now that it’s easy to get lost in all their new features.

No one is forced to use any of those extra features. It's true that there is so much more now compared to how it was just a few years ago. Nowadays, some CEXs also have Futures markets, there is staking, loans, and even access to other instruments like stocks. But if you are there to do some spot trading then that's the only thing you should be focused on. It's like going shopping. Get in, buy what you need, and get out quickly. If you start looking around, you can always find other items to spend money on.

I am not a proponent of traditional account-based CEXs btw. Just saying what's on my mind on the subject.

[SamReomo]

Traditional CEXs do offer relatively extensive functionality, there’s so much going on there now that it’s easy to get lost in all their new features. They’ve turned into cumbersome behemoths that, on top of everything else, require KYC - but even after that, your crypto assets can easily get frozen. When using B1exch, users aren’t exposed to these risks, balances are stored directly with the user, and trades are executed quickly.

Yes, those exchanges aren't good nowadays because they control the wallets, they can freeze the funds and do many things as no one can stop them. Those exchanges were good in 2017 era but now there's always some kind of risk at using those exchanges, especially if someone deposits coins at those exchanges.

As long as a user buys coins via their own p2p trading, they won't face any issues but when someone sends coins from other places and if unfortunately those coins are somehow higher in AML score then they'll freeze those coins. All such issues are solved by using a platform like B1exch. One doesn't even have to worry about KYC because they don't require KYC and that's their best feature for privacy lovers.

[TryNinja]

Yes, everything started working within a few minutes. I managed to create the exchange order. However, another issue came up, which has been somewhat discussed here before. I tried to send USDT from the Bitfinex exchange, but they took over 24 hours to process my withdrawal request and still hadn't completed it, even though all previous withdrawals took just 2-3 minutes. I don’t know if it’s related to the address provided by b1exch or something else. To avoid any issues, I canceled the withdrawal request and contacted the Bitfinex support. I'm waiting for their reply.

And this is why swaps should not just send the money back to the sending address if they need to refund. They send back to Bitfinex and then what? You don't get your money back.

Stop sending from an address you do not control (exchange) to a swap service. You're trying to save what? $0.25 in fees?

[Forsyth Jones]

thus such exchanges are a blessing for the ones who don't want to submit their KYC details to those traditional exchanges.

yeah, that's why I like using instant-exchanges that are in the gray market, because they can reach people from more countries. People from countries with some kind of restriction can use Tor or VPN, since the non-KYC instant-exchange doesn't have to deal with compliance rules (unless they are being pressured by some authority).

Yes, everything started working within a few minutes. I managed to create the exchange order. However, another issue came up, which has been somewhat discussed here before. I tried to send USDT from the Bitfinex exchange, but they took over 24 hours to process my withdrawal request and still hadn't completed it, even though all previous withdrawals took just 2-3 minutes. I don’t know if it’s related to the address provided by b1exch or something else. To avoid any issues, I canceled the withdrawal request and contacted the Bitfinex support. I'm waiting for their reply.

And this is why swaps should not just send the money back to the sending address if they need to refund. They send back to Bitfinex and then what? You don't get your money back.

Stop sending from an address you do not control (exchange) to a swap service. You're trying to save what? $0.25 in fees?

Good, I avoid using swaps as much as possible to send directly to a CEX with compliance (and vice versa), precisely to avoid problems like this case. I prefer to receive from a traditional CEX to my wallet first, and only then send the coins I want to traditional CEX to an instant exchange. I'll spend more on fees, but noticeably reduce headaches with CEX and compliance issues. Nowadays, it's impossible to combine instant exchanges with traditional CEXs and expect a smooth experience.

[SamReomo]

yeah, that's why I like using instant-exchanges that are in the gray market, because they can reach people from more countries. People from countries with some kind of restriction can use Tor or VPN, since the non-KYC instant-exchange doesn't have to deal with compliance rules (unless they are being pressured by some authority).

Well said, those who reside in countries where regulated exchanges don't provide their services, such people can use instant exchanges to swap their coins. But, they must have to find a way to buy coins first before they could swap those coins, I don't think that any instant exchange accepts fiat, so it's still somehow going to be a tough job for such people to buy coins. But, even those from such countries already having some coins can use instant exchanges without any issues. B1exch offers quite good services to everyone, since they've their own liquidity pools, swaps at this exchange have some good privacy.

[hosemary]

those who reside in countries where regulated exchanges don't provide their services, such people can use instant exchanges to swap their coins. But, they must have to find a way to buy coins first before they could swap those coins, I don't think that any instant exchange accepts fiat, so it's still somehow going to be a tough job for such people to buy coins.

When it comes to countries where cryptocurrencies are banned, people probably can't buy coins easily. But if you are talking about people from restricted countries, they should still be able to buy coins through their local exchanges.

[Lakai01]

those who reside in countries where regulated exchanges don't provide their services, such people can use instant exchanges to swap their coins. But, they must have to find a way to buy coins first before they could swap those coins, I don't think that any instant exchange accepts fiat, so it's still somehow going to be a tough job for such people to buy coins.

Unfortunately, FIAT and KYC are completely incompatible. If a platform wants to connect to the FIAT network, both the platform itself and its customers must comply with regulatory requirements, such as mandatory KYC. However, users of an instant exchange specifically don’t want to (have to) go through that process in order to quickly and easily swap coins from Coin A to Coin B.

People who want to buy coins with FIAT are therefore, unfortunately, limited to using a regulated CEX...

[b1ack]

When it comes to countries where cryptocurrencies are banned, people probably can't buy coins easily. But if you are talking about people from restricted countries, they should still be able to buy coins through their local exchanges.

It's not all that clear-cut. The only reason restrictions are being introduced is because the system fears capital flight and the violation of their tax monopoly. Imagine a situation where there are no banks in your country, and those that are available are either available to the wealthy or sell banking services (or cryptocurrency at huge margins).

For millions of people, digital property is a breath of fresh air after decades of lack of prospects. Therefore, people don't care about restrictions when they have no alternative.

[internetional]

It does not seem realistic to me that exchanges check addresses to which the user has yet to send/withdraw. What a mess it would be in transactions if future addresses were checked as well

In the past, Bitfinex has already blocked withdrawals of my assets to addresses it considered high-risk. Other exchanges do this too. It is a pretty standard practice.

Please share what kind of reply you received from the exchange. If you talk to the exchange support, you usually get a reply almost immediately but you are still waiting for a reply, which is something to think about.

Here is the response I received from Bitfinex:

As it is our mission and commitment to provide better and reliable services for all Bitfinex users, we require our users to update and/or provide Know-Your-Customer information from time to time in order to maintain the level of integrity and compliance required by international anti-money laundering as well as counter terrorist financing policies.

Accordingly, please provide us with the following details:

Reasons for transfers from and to your Bitfinex account;

A clear and detailed explanation of your account activity and objectives.

A detailed explanation of the sources of all funds deposited to Bitfinex

A proof of source of funds confirming how the deposited funds were originally acquired

A detailed description of the destination you are sending your funds to from your Bitfinex account

Have you ever opened and used any other account(s) on Bitfinex? If so please provide the user name(s) and email address(es) of any account ever opened. explain why you operated more than one account, if you have.

In addition to answering these questions, we will need you to provide us with updated images of the following documents:

International Passport (scan and “selfie”)

National ID/ Driver License (scan and “selfie”)

Proof of Address (government issued / utility bill)

Also, have a reference to Bitfinex and today's date displayed in this last picture - a note with the word "Bitfinex", today's date will do. Make sure to sign the note. Make sure your face will be clearly visible and that all passport details are clearly readable and that the images will be of at least 6 megapixels resolution and made under correct light conditions. The images need to be in JPG format and need to be the original images generated by the camera used.

I have no idea what triggered the additional verification on my account. It is entirely possible that b1exch's address has nothing to do with it.

What makes it especially weird is that I've been using this exchange for 10 years, and proving the source of funds that went in there between 2016 and 2022 is going to be highly problematic right now.

[TokenTikas]

What makes it especially weird is that I've been using this exchange for 10 years, and proving the source of funds that went in there between 2016 and 2022 is going to be highly problematic right now.

It will be very difficult because it is difficult to find out the transactions that have been done for so many years. It does not seem convenient to do this to a user who has been using the exchange for 10 years. Don't understand why they have taken such a verification step even though the address has nothing to do with b1exch. Again, even if they talk outside the requirements they have given, they will be suspicious. If they do this, the exchange will lose their customers because suddenly after so many years, the attempt to verify in this way will become really impossible, so customers will not stay here thinking about these aspects.

[Forsyth Jones]

those who reside in countries where regulated exchanges don't provide their services, such people can use instant exchanges to swap their coins. But, they must have to find a way to buy coins first before they could swap those coins, I don't think that any instant exchange accepts fiat, so it's still somehow going to be a tough job for such people to buy coins.

Unfortunately, FIAT and KYC are completely incompatible. If a platform wants to connect to the FIAT network, both the platform itself and its customers must comply with regulatory requirements, such as mandatory KYC. However, users of an instant exchange specifically don’t want to (have to) go through that process in order to quickly and easily swap coins from Coin A to Coin B.

People who want to buy coins with FIAT are therefore, unfortunately, limited to using a regulated CEX...

I don't know how things are going in Europe with MiCA, but here in my country in South America, things are getting really complicated. The state wants to control and supervise all incoming and outgoing user transactions on regulated CEX exchanges that use fiat currency. What people are doing is bypassing this by using P2P, exchanging fiat for stablecoins pegged 1:1 to the local currency (like dePIX on liquid-network), and then using thisstablecoin for buy Bitcoin or other privacy coins like XMR, which is also becoming increasingly popular here.

In other words, excessive compliance, regulation, and oversight are causing people to shy away from formally acquiring crypto. Exchanges are becoming worse than banks, clients are treated like potential criminals (before committing any tax crime).

Services like b1exch make it easier for these people to exchange their stablecoins for BTC, XMR, etc. with greater privacy, rven though they don't support fiat, people find a way to get change/swap fiat to stablecoin > crypto.

[examplens]

In the past, Bitfinex has already blocked withdrawals of my assets to addresses it considered high-risk. Other exchanges do this too. It is a pretty standard practice.

In my opinion, this is a big red flag that would make me look for an alternative.
Honestly, this is the first time I've heard of withdrawal blocks due to receiving addresses, so I'm pretty sure it's not industry standard practice. Maybe at Bitfinex but not at all others.

I would emphasise again that sending from one exchange directly to another, or sending from one service directly to another where you do not have complete control over coins, is always a bad decision.

[SamReomo]

Unfortunately, FIAT and KYC are completely incompatible. If a platform wants to connect to the FIAT network, both the platform itself and its customers must comply with regulatory requirements, such as mandatory KYC. However, users of an instant exchange specifically don’t want to (have to) go through that process in order to quickly and easily swap coins from Coin A to Coin B.

People who want to buy coins with FIAT are therefore, unfortunately, limited to using a regulated CEX...

Yes, that's how things work, those who want to buy crypto with fiat will have to use centralized exchanges as that's the only option for them. But, I've heard that some people add fiat to casinos and then withdraw that as crypto so that's an option but still they'll have to use some kind of bank linked digital account and those accounts require KYC to work.

[internetional]

It will be very difficult because it is difficult to find out the transactions that have been done for so many years. It does not seem convenient to do this to a user who has been using the exchange for 10 years. Don't understand why they have taken such a verification step even though the address has nothing to do with b1exch. Again, even if they talk outside the requirements they have given, they will be suspicious. If they do this, the exchange will lose their customers because suddenly after so many years, the attempt to verify in this way will become really impossible, so customers will not stay here thinking about these aspects.

Actually, I think the issue probably isn't the b1exch address. When there's a problem with the recipient's address, exchanges usually reject the withdrawal quickly and warn you that the account will be blocked on the next attempt to that same recipient. But here, everything went differently. So the trigger was likely something else.

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[notocactus]

I don't know how things are going in Europe with MiCA, but here in my country in South America, things are getting really complicated. The state wants to control and supervise all incoming and outgoing user transactions on regulated CEX exchanges that use fiat currency. What people are doing is bypassing this by using P2P, exchanging fiat for stablecoins pegged 1:1 to the local currency (like dePIX on liquid-network), and then using thisstablecoin for buy Bitcoin or other privacy coins like XMR, which is also becoming increasingly popular here..

You can move around but at the end you have to touch fiat currency, bank transfer, and bank account, it's unsafe because your transaction history through bank system will be recorded. If you use cash, it can be better but it's not convenient like finishing your trades digitally by bank transfers.

Stable coins are not actually safe, as they can depeg, and they can be frozen even in your non custodial wallets. Using stable coins is more risky than using centralized exchanges, because centralized exchange freeze your fund in accounts (custodial wallets) but stable coin companies can freeze your coins in your non custodial wallets. It's a higher unsafe level.

In the past, Bitfinex has already blocked withdrawals of my assets to addresses it considered high-risk. Other exchanges do this too. It is a pretty standard practice.

I have no idea what triggered the additional verification on my account. It is entirely possible that b1exch's address has nothing to do with it.

Have you ever watched this video?
Blacklists, Taint, and Wallet Fingerprinting.