Top crypto exchange cheating customers giving flimsy excuses

[neku]

One of the largest crypto exchanges in the country is refusing to credit the users account for the BTC received, unless they provide a copy of the national id of the sender for a very small amount, less than $8. They are falsely claiming that this is required to prevent money laundering , when it is affiliate income. Do all crypto exchanges ask for copy of senders national id , or only this crypto exchange is making flimsy excuses to cheat customers and keep their hard earned money?

 

[Suba]

Unfortunately you didn't mention the name of the crypto exchange, I have never come across a crypto exchange that asks for a copy of the sender's identity, what if we accept Bitcoin from faucetpay or from the DBucks forum, especially if you can provide the Bitcoin address so that people can prove on the blockchain that you received Bitcoin and it has been confirmed.

 

[Suba]

I have visited the CoinDCX exchange, have also checked the transaction ID, have you contacted Chat support or support center, if there is no response, make screenshots and sections on various social media, so that other users will also avoid the same incident. It's not about the amount of money but the cheating

 

[Nomad]

Never heard of crypto exchange called CoinDCX. Is this a centralized exchange? IN that case, it has to go through the financial regulations in the country where it is registered, therefore, it is likely to ask for government ID to stop fraud.

 

[Webster]

One of the largest crypto exchanges in the country is refusing to credit the users account for the BTC received, unless they provide a copy of the national id of the sender for a very small amount, less than $8. They are falsely claiming that this is required to prevent money laundering , when it is affiliate income. Do all crypto exchanges ask for copy of senders national id , or only this crypto exchange is making flimsy excuses to cheat customers and keep their hard earned money?

Welcome to the onerous worlds of KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations.
In a sane world, individual businesses that handle crypto would set their own policies; unfortunately, we don't live in a sane world anymore.

 

[Nomad]

In the case of centralized exchanges, you are required to do KTC verification because that is mandatory according to the country's law where they operate.

 

[Augusta]

You are always told to do KYC in some exchanges which I think it is no bad idea it's for our safety here.