flower-shilling

New crypto rules

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Coinbase will soon require full ID for withdrawing.

Probably part of the OECD's CARF (Crypto-Asset Reporting Framework)
 

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It reminds me of the Scam 'Plus 500' pulls where they'll allow anyone to start and fund an account, but when it comes to withdrawing funds, they throw countless hurdles in front of you and have a skeleton team of customer service reps to resolve issues via email only.

Many companies utilise their reporting requirements as a tool for commercial gain. It makes you wonder what this will do to the psyche of participants in this space, especially when these companies adopt shady practices in a crash/downturn to preserve their financial interests.

If the stars align and the environment allows it, I can see this being the beginning of the end for most crypto assets.
 
STKR said:
It reminds me of the Scam 'Plus 500' pulls where they'll allow anyone to start and fund an account, but when it comes to withdrawing funds, they throw countless hurdles in front of you and have a skeleton team of customer service reps to resolve issues via email only.

Many companies utilise their reporting requirements as a tool for commercial gain. It makes you wonder what this will do to the psyche of participants in this space, especially when these companies adopt shady practices in a crash/downturn to preserve their financial interests.

If the stars align and the environment allows it, I can see this being the beginning of the end for most crypto assets.

man plus500 did this to me a few years back, I hate those fuckers, Never been back, took me weeks of fighting with them toget my money out of my plus500 account. same deal they tried to use tax reporting to stall withdrawals. they already had all the info they needed, truth would have been  they just needed time to clear that money as it was tied up in some investment while in their account.
 
My guess is a lot of exchanges won't approve personal withdrawals, even to yourself. They'll only approve withdrawals to other "regulated" exchanges, thereby trapping a lot of the crypto on exchanges.
 
I sold off $10k of crypto last week from my Swyftx account. The 10k triggered KYC level 2 and they would not drop it into my account until i gave them copies of payslips, evidence of where i got the crypto in the first place. A copy of my bank statement showing withdrawals from the platform to my bank along with copies of bank statements showing deposits from me to them. I had been with this mob for three years and had jumped thru most of the new loops until i told them i was not going to supply more info and they could shut the account. They gave me an hour to move everything out of my account to my ledger. I will not operate an account here again in Australia. All transactions will be on an exchange with no KYC transacted between my ledger and them
Best thing for me to do is swap out from my ledger to buy gold from overseas dealers and pick up in person
 
That is some extreme requests for documentation. It sounds like they wanted you to prove ownership of lost (stolen) goods.

Here I am getting pissed at the bank for enquiring into my life when I withdraw over 5K. Your situation is next level.
 
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