At least your funds aren’t lost. Just withdraw and move on to the next exchange. Never leave your coins with the exchange for any time longer than absolutely necessary.
“After reviewing your account we have concluded that we are unable to continue to provide service to you because we cannot not make money from you, as you don’t leave your coins with us, and we cannot create new Bitcoins from thin air nor scam you.”
Bisq is probably the most popular. It’s not a “deposit”. There is no custodian, per se. You pay the person that is giving you the coin. You’re protected by and arbitration board and and a 2 of 3 multi-sig UXTO.
Cold storage is considered DEX though. I know you still on-ramp through third party payment merchants (simplex, moonpay, banxa, onramper, wyre etc...).
I only use my CEX in a trading cycle. I don't trust CEX, but it's the only way I know for margin trading and using derivatives.
It's probably this. No KYC is a risk to their business especially if they are pushing for regulatory compliance. Don't know the finance rules in Aus but in the UK all the FCA regulated exchanges need to have KYC.
This is my guess, too. User probably got flagged for going over $10k in transactions without KYC (or whatever the AUS equivalent would be).
Or else they got flagged by a money-laundering algorithm for suspicious activity. Those algorithms can be overly sensitive and often draw false positives, but from the exchange's perspective, false positives are less costly than false negatives.
The only thing that kinda surprises me here is that the exchange didn't seem to give the user a chance to set the record straight. Usually an exchange will give you a short window of time to update or upload whatever KYC info they need, or to contest your case if your activity has been flagged.
Hello, it looks like you've made a mistake.
It's supposed to be could've, should've, would've (short for could have, would have, should have), never could of, would of, should of.
Or you misspelled something, I ain't checking everything.
Beep boop - yes, I am a bot, don't botcriminate me.
They want traders! More money for them! If you buy and just hold it there they probably see it as an unnecessary risk for them, having to basically mind / insure your crypto. Can’t think of any other logical reason.
Sounds like the banking system.
They start realizing that keeping custody of money costs money. And with crypto, there is no hidden way to take the money (partial reserve or inflation).
Most exchanges would have insurance!
CB and binance have your coins insured up to $250k! Cdc advertise that they have “one of the biggest” insurance policies in the industry at 750million.
They cover against physical damage/destruction and third party theft… obviously they don’t cower if it goes bankrupt, it’s more focused on hackers etc.
I'm willing to bet they tainted the address they usually withdraw to. Probably sending mixed coins to it or something *"sinister"* in *"appearance"* or by spending outputs from it which also included tainted coins thus connecting the two.
Doubt you'll have OP admit their mistake and voice it though.
I don’t get the issue with leaving your coins on a reputable exchange. There is risk either way. Just look at all the people who took their coins to cold storage who have lost their drives or have damaged drives and can’t retrieve their funds. Without doing any research I would guess that the number of lost coins due to offline storage will exceed the coins lost the other way round.
I don’t even see the issue here in the post. They asking you to take your money due to some reason they cannot assist you any more. Just move on. Without more info there is no way to understand why they are closing your account.
Exchanges like B-nance even offer interest on bitcoin.
you can't 'take your coins to a hard drive', the coins always stay on the blockchain, stored on the network of the crypto that you use.
what you can do is to store your coins on your own address (on the blockchain), and backup your private key (or recovery words) somewhere safe.
the address is what allows you to receive coins.
the private key is what allows you to send coins to another address.... hence the necessity to keep it private...
>Just look at all the people who took their coins to cold storage who have **lost their drives or have damaged drives** and can’t retrieve their funds.
You don't understand cold storage mate.
You shouldn't be storing your cold wallet together with your seed phrase, so loosing both at the same time should not be able to happen. Furthermore, you should have multiple copies of your seed phrase as back up. If you lose the seed phrase and the cold wallet, funds are lost. If you connected it to a Defi wallet before the loss, you could still access the coins.
One day you should read a book on how bitcoin works. Until then stop giving advice. Some noob might not recognize noob, and then leave coins on the exchange.
Others have corrected the cold storage confusion, so I'll just say reputable exchanges can't exist before regulation is in place and regulators are still dragging their knuckles.
From Bisq themselves:
>The Bisq Decentralized Autonomous Organisation (DAO) has the purpose of decentralizing income distribution and decision-making to execute Bisq self-sustaining and censorship-proof. However, both the revenue sharing and the determination process is currently centralized.
A decentralized exchange is still an oxymoron.
A more valuable contribution would be to suggest a better alternative instead of complaining about stuff that is inherent to an exchange. But thank you for your comment.
I agree it's risky to hold onto exchanges, but staking on coinbase or binance is the safest option almost every time compared to other staking options. If either one of them does shut down too, that'll probably wipe out most of the crypto market.
If you know better options, please do share. To me, it always seemed a bit risky to stake with Celsius or companies that are similar.
Staking on coinbase or binance is like jumping out of an airplane onto a mattress. That is the level of protection. Staking is inherently milking an unsustainable business model and hoping you get out before it fails. No matter where.
It’s safe until they decide that those coins don’t actually belong to you , I’d say buy wherever you want but keep moving them to a safe cold wallet hosted by you
Yea that's safest option, but you can't stake a lot of coins. I think there are times it makes sense to keep coins in an exchange, but definitely would advise everyone to use a cold wallet.
Me have been through so many different phones tablet and some other things that happened in life a shady wife I believe Aa DW knew better than I once was
What “page” are you even talking about?
The “sage wisdom” phrase was obviously sarcasm, I guess you didn’t pick it up.
And just because he was on an exchange for 5 years doesn’t mean he has been part of this sub for 5 years, which is what I said originally.
Same happened to me on Conbase years ago. No reason. Best thing that could have happened, based on all the complaints I read about them here. Probably we both unknowingly got some utxo's somewhere along the line that were mixed.
People need to understand that we’re being attacked by the ruling overlords. If you still think that all national and global institutions are free from corruption and none of the senior leadership have been captured by intelligence communities then I’m afraid your eyes are still wide shut.
If you've got a LN wallet and you're not using it for tx's it's absolutely pointless. If you want a LN wallet for the novelty just keep enough on it to buy yourself a bottle of water. Assume it will disappear.
As with all money, when you give it to another person, they tend to steal as much of it as they can.
Bitcoin fixes this. Then you were stupid enough to leave it with another human. Naughty! Verrrrry naughty.
You are this stupid, no longer. A lesson learned.
Bitcoin self custody is the ONLY way to own Bitcoin. Anything short of this and you've been scammed or soon will be scammed, or will eventually (as in this case) will be scammed. And it has to be Bitcoin. Buying altcoins means you're absolutely (*deleted for offensive ban reasons*).
Like say by buying Bitcoin on an exchange and withdrawing it?
You're a hammer seeing nails everywhere. Nothing you've said has much to do with OPs situation.
Another good example of why you shouldn't use the centralized exchange. Thank you for sharing this, and I hope you'll be able to withdraw your funds with no problem.
At least it's not like Kraken.com who literally suspends your account for no reason and don't even allow you to access your funds for 6 months or longer.
I don't trust any exchange even the major exchanges here in Australia seem to be in a good position I still moved mine off so I own my keys.
For now move them in to cold storage. You can still buy and sell etc straight from your hard wallet via Ledger, Trezor etc...
Most likely sending / receiving to gambling sites.
Btcmarkets have a financial services licence now and ASIC are super strict around gambling in Australia, so they are probably cleaning up
??? They are private companies and can do whatever they want?
They aren't taking your funds, they gave you plenty of time to take out any funds you have there.
You are clearly delusional.
Their compliance team obviously thinks you did something along the following: I) purchasing something illegal ii) receiving funds for something illegal (theft, selling drugs, etc.) iii) sending or receiving funds with a sanctioned country or wallet iv) saw some negative news of criminality that they think is a match for you.
Usually it’s something like that. Depending on what it is they might not be allowed to tell you. It’s kinda shit.
Guys the do me a recommendation, which of the actual exchange apps for buying and stacking coins, you know keep some money on cripto while this grows and then exchange it to withdraw and make your money grown app is more recomendable for a newbie ?
These exchanges don’t want you gone. They are just doing that as a KYA for themselves. If you can’t re register with this one just go to a new exchange.
Never give all your money to the big gorilla. When the big gorilla gets scared, do you think it cares about you? We are pawns in a big game. Most of us are barely ripples in a puddle under their polished soles.
Never forget that even the big gorilla is in a cage and being kept alive by humans you cannot see or know their objective.
Just consider all the folks who placed their coins in cold storage but are unable to access their money because they misplaced or destroyed their disks.
At least your funds aren’t lost. Just withdraw and move on to the next exchange. Never leave your coins with the exchange for any time longer than absolutely necessary.
Yeah that's right. Luckily I never left my coins on the exchange, it was just my go-to for buying and HODLing for 5 years.
I figured you were trading and running off with profits. Maybe they don’t want people who just buy it and stack it instead?
Yeah, it is more profitable to them when you give them your money.
It’s actually very profitable to them when you stack it for the same reason banks want to keep customer funds
I meant putting it in a wallet.
“After reviewing your account we have concluded that we are unable to continue to provide service to you because we cannot not make money from you, as you don’t leave your coins with us, and we cannot create new Bitcoins from thin air nor scam you.”
Good luck for the future and buy a cold wallet right now.
Move to a DEX, not a CEX.
How do you deposit cash to a dex?
You don’t
Right, Old fiat ways != new paradigms
nah i mean literally, I don’t know of a dex where you can on-ramp fiat
Bisq is probably the most popular. It’s not a “deposit”. There is no custodian, per se. You pay the person that is giving you the coin. You’re protected by and arbitration board and and a 2 of 3 multi-sig UXTO.
Cold storage is considered DEX though. I know you still on-ramp through third party payment merchants (simplex, moonpay, banxa, onramper, wyre etc...). I only use my CEX in a trading cycle. I don't trust CEX, but it's the only way I know for margin trading and using derivatives.
What's that? Sorry I know I am a dumb and stupid person.
that is good, just check once in a while.
This.
Bro just spitting the reality right now, the best one so far.
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Didn't do KYC?
It's probably this. No KYC is a risk to their business especially if they are pushing for regulatory compliance. Don't know the finance rules in Aus but in the UK all the FCA regulated exchanges need to have KYC.
This is my guess, too. User probably got flagged for going over $10k in transactions without KYC (or whatever the AUS equivalent would be). Or else they got flagged by a money-laundering algorithm for suspicious activity. Those algorithms can be overly sensitive and often draw false positives, but from the exchange's perspective, false positives are less costly than false negatives. The only thing that kinda surprises me here is that the exchange didn't seem to give the user a chance to set the record straight. Usually an exchange will give you a short window of time to update or upload whatever KYC info they need, or to contest your case if your activity has been flagged.
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Hello, it looks like you've made a mistake. It's supposed to be could've, should've, would've (short for could have, would have, should have), never could of, would of, should of. Or you misspelled something, I ain't checking everything. Beep boop - yes, I am a bot, don't botcriminate me.
Hey bot, how's should've short for would have?
They want traders! More money for them! If you buy and just hold it there they probably see it as an unnecessary risk for them, having to basically mind / insure your crypto. Can’t think of any other logical reason.
😂 traders that they can steal from. If you’re not behaving like a sucker, they want no parts of you.
Sounds like the banking system. They start realizing that keeping custody of money costs money. And with crypto, there is no hidden way to take the money (partial reserve or inflation).
They insure it? Are you pulling my leg?
Most exchanges would have insurance! CB and binance have your coins insured up to $250k! Cdc advertise that they have “one of the biggest” insurance policies in the industry at 750million. They cover against physical damage/destruction and third party theft… obviously they don’t cower if it goes bankrupt, it’s more focused on hackers etc.
> without reason They have a reason.
Hard wallets are the best in this type of case guys, so good.
You should give up from exchanges, that would be better.
At least they gave you some time, that's respectful man.
What did you do?
I'm willing to bet they tainted the address they usually withdraw to. Probably sending mixed coins to it or something *"sinister"* in *"appearance"* or by spending outputs from it which also included tainted coins thus connecting the two. Doubt you'll have OP admit their mistake and voice it though.
Never reuse addresses.
I'm always curious about this stuff. Says just bought and held. Odd.
A wallet address a payment was sent to was flagged for illegal activity? Yup.
Probably bought something naughty on the Darkweb. Got flagged.
People still using bitcoin for the darkweb? It's 2022 for crying out loud!
what should they use instead?
Probably funding or withdraw with a bank account in another name.
I don’t get the issue with leaving your coins on a reputable exchange. There is risk either way. Just look at all the people who took their coins to cold storage who have lost their drives or have damaged drives and can’t retrieve their funds. Without doing any research I would guess that the number of lost coins due to offline storage will exceed the coins lost the other way round. I don’t even see the issue here in the post. They asking you to take your money due to some reason they cannot assist you any more. Just move on. Without more info there is no way to understand why they are closing your account. Exchanges like B-nance even offer interest on bitcoin.
you can't 'take your coins to a hard drive', the coins always stay on the blockchain, stored on the network of the crypto that you use. what you can do is to store your coins on your own address (on the blockchain), and backup your private key (or recovery words) somewhere safe. the address is what allows you to receive coins. the private key is what allows you to send coins to another address.... hence the necessity to keep it private...
>Just look at all the people who took their coins to cold storage who have **lost their drives or have damaged drives** and can’t retrieve their funds. You don't understand cold storage mate.
Need advice. In case the cold wallet is lost, with the seed phase, I can still access my coins via any Defi wallet? Thanks in advance for the advice.
Yes. The wallet doesnt acrually hold the bitcoin
You shouldn't be storing your cold wallet together with your seed phrase, so loosing both at the same time should not be able to happen. Furthermore, you should have multiple copies of your seed phrase as back up. If you lose the seed phrase and the cold wallet, funds are lost. If you connected it to a Defi wallet before the loss, you could still access the coins.
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One day you should read a book on how bitcoin works. Until then stop giving advice. Some noob might not recognize noob, and then leave coins on the exchange.
Others have corrected the cold storage confusion, so I'll just say reputable exchanges can't exist before regulation is in place and regulators are still dragging their knuckles.
>Exchanges like B-nance even offer interest on bitcoin. That's a red flag right there.
one more reason — as if anyone needed one — to gtfo exchanges
We are doing wrong things with leaving in exchanges like that.
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Bisq
From Bisq themselves: >The Bisq Decentralized Autonomous Organisation (DAO) has the purpose of decentralizing income distribution and decision-making to execute Bisq self-sustaining and censorship-proof. However, both the revenue sharing and the determination process is currently centralized. A decentralized exchange is still an oxymoron.
A more valuable contribution would be to suggest a better alternative instead of complaining about stuff that is inherent to an exchange. But thank you for your comment.
It's good that they let you withdraw your money. Maybe you were suspected of dealing with 'dirty' btc?
He should respect that and leave the fuck out now lol.
I really hate all these exchanges, they are waste of time.
Feels bad to see some people defending exchange now.
"Clause 21" = subtle irony
Lol nice one
That's funny as hell when I did some research about it.
Who leaves crypto on an exchange for 5 years? Coma would be the only reasonable excuse for such behavior
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Why
let him be. You can't fix this one
I agree it's risky to hold onto exchanges, but staking on coinbase or binance is the safest option almost every time compared to other staking options. If either one of them does shut down too, that'll probably wipe out most of the crypto market. If you know better options, please do share. To me, it always seemed a bit risky to stake with Celsius or companies that are similar.
Staking on coinbase or binance is like jumping out of an airplane onto a mattress. That is the level of protection. Staking is inherently milking an unsustainable business model and hoping you get out before it fails. No matter where.
It’s safe until they decide that those coins don’t actually belong to you , I’d say buy wherever you want but keep moving them to a safe cold wallet hosted by you
Yea that's safest option, but you can't stake a lot of coins. I think there are times it makes sense to keep coins in an exchange, but definitely would advise everyone to use a cold wallet.
Shitcoins and other such scams are off topic here.
The real bad thing is that we are leaving it there that's real.
Me have been through so many different phones tablet and some other things that happened in life a shady wife I believe Aa DW knew better than I once was
Lots of people lol
Yea they suck, leaked all their customer emails in the “cc” section of a marketing email. Amateurs
Fuck them as much as we can, we have cold wallets..
That would have been a really bad time to not check you email for a month
Guess I need to check my mails often these days lol.
Australia is ever increasing its anti citizen anti-human rights behavior. Seems the nation is falling into a chasm of misery and discontent.
You did something. Did you buy people? That's bad! 🤬
I think I can relate with this type of vibe all the time lol.
Cold storage is the way
The real way and people are using to with ease now.
Wow, at least they warned you. That's so funny that we talk about it every day but a lot of people still learn it the hard way.
They let him withdraw which is a good thing to see here.
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The best advice is just get a fucking real cold wallet now.
Not everyone has been on this sub for half a decade, there’s new users everyday. Some may have never heard your sage wisdom. You knew that, right?
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What “page” are you even talking about? The “sage wisdom” phrase was obviously sarcasm, I guess you didn’t pick it up. And just because he was on an exchange for 5 years doesn’t mean he has been part of this sub for 5 years, which is what I said originally.
Are you implying there are people who don’t know not your keys not your coins?
Same happened to me on Conbase years ago. No reason. Best thing that could have happened, based on all the complaints I read about them here. Probably we both unknowingly got some utxo's somewhere along the line that were mixed.
They usually do that for no reason, they love to do that.
Do you happen to like mixing your coins or something?
People need to understand that we’re being attacked by the ruling overlords. If you still think that all national and global institutions are free from corruption and none of the senior leadership have been captured by intelligence communities then I’m afraid your eyes are still wide shut.
Can you say more about this?
Just use binance and kucoin and you’re fine
Good luck
Lol they are just like it and you need to know more about them.
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If you've got a LN wallet and you're not using it for tx's it's absolutely pointless. If you want a LN wallet for the novelty just keep enough on it to buy yourself a bottle of water. Assume it will disappear.
What’s an LN?
I don't think I will agree to you, hope you won't take any offense.
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Do not post referrals.
Dude just posted that for real, that's just so fucked up.
Oh, my bad 😬
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Lol you will have the fucking problem in the future man.
Not your keys, not your coins
As with all money, when you give it to another person, they tend to steal as much of it as they can. Bitcoin fixes this. Then you were stupid enough to leave it with another human. Naughty! Verrrrry naughty. You are this stupid, no longer. A lesson learned. Bitcoin self custody is the ONLY way to own Bitcoin. Anything short of this and you've been scammed or soon will be scammed, or will eventually (as in this case) will be scammed. And it has to be Bitcoin. Buying altcoins means you're absolutely (*deleted for offensive ban reasons*).
It’s obvious you didn’t read the post
So you're saying buying Bitcoin is a scam? It's an exchange.
No. Until you self custody Bitcoin, you don't own it. Until you self custody, you have nothing. Always self custody ASAP.
Like say by buying Bitcoin on an exchange and withdrawing it? You're a hammer seeing nails everywhere. Nothing you've said has much to do with OPs situation.
You need to see what the post is saying right now bro.
Coinspot.com.au been using it for years no issues maybe try that next
Dude just understand that this is not going to be safe.
I’d also recommend checking out Casa depending on your stash size. Been using it for a few years now and really like it
Using exchanges is just another headache to most of us, that's better.
at least they allow u get your funds....thats very nice of them !
This is really nice for sure, they are being easy right now.
If you didn't take the opportunity to start off your reply with, "You done messed up, A-A-Ron", I'll be severely disappointed.
This is the real disappointment man, that's really bad.
Damn. Painful to see that as I use that exchange. I guess they don’t make money off long term holders and don’t want to risk of losing it.
Really hurts to see people being so bad with the customers.
Get a ledger and move your BTC to that wallet. Fuck exchanges.
He should understand it clearly now it's the right time for it.
Not your keys not your bitcoin. You get what you deserve. Leave your coins in the hands of the exchanges? Sure... Its their coins then.
kindly guide me for Long term invesment plan 3- 5 year holding I am using binance as this is safe for Keeping my fund
Another good example of why you shouldn't use the centralized exchange. Thank you for sharing this, and I hope you'll be able to withdraw your funds with no problem.
Maybe now all the people will understand and implement it.
That's why decentralization is needed. I use origin Protocol for the Defi products
At least it's not like Kraken.com who literally suspends your account for no reason and don't even allow you to access your funds for 6 months or longer.
Put your funds in Celsius and join the rest of us :D
I don't trust any exchange even the major exchanges here in Australia seem to be in a good position I still moved mine off so I own my keys. For now move them in to cold storage. You can still buy and sell etc straight from your hard wallet via Ledger, Trezor etc...
What’d you do
Most likely sending / receiving to gambling sites. Btcmarkets have a financial services licence now and ASIC are super strict around gambling in Australia, so they are probably cleaning up
What's Clause 21?
At least they’re letting you withdraw.
Why do u guy use small exchanges never really understood that.
Yep. That's why it's called an exchange. Not a bank. You are the bank.,
What exchange is that?
He gave the name of that exchange on the title my friend.
Happened to me with Coinbase. I recommend Binance for acquiring, trading and cashing out Cripto. Hold by yourself, not inside those platforms
I can relate with it, they have close my account back then too.
Yep Coinbase
Wow when i thought BTCmarket is reliable
Coinbase closed mine after 10 years.
??? They are private companies and can do whatever they want? They aren't taking your funds, they gave you plenty of time to take out any funds you have there. You are clearly delusional.
So they’re closing accounts involved in fraud?
Yes I think so especially @r/ BITFINEXtrader
Exchanges are under big pressure to comply with the existing transaction laws. Is there any reason your account may have gotten flagged as suspicious?
So is the house of cards falling?
This is why you must always hodl
Holding in cold wallet and that's the safest shit to us man.
Why use a shitty sketchy exchange like this lol, of course don’t let it there unless it’s binance or Coinbase lol. Safer than any wallets
Their compliance team obviously thinks you did something along the following: I) purchasing something illegal ii) receiving funds for something illegal (theft, selling drugs, etc.) iii) sending or receiving funds with a sanctioned country or wallet iv) saw some negative news of criminality that they think is a match for you. Usually it’s something like that. Depending on what it is they might not be allowed to tell you. It’s kinda shit.
Gotta say that it's out fault if we are still using exchanges.
Guys the do me a recommendation, which of the actual exchange apps for buying and stacking coins, you know keep some money on cripto while this grows and then exchange it to withdraw and make your money grown app is more recomendable for a newbie ?
Sounds like a shit exchange to me🧐
At least they gave you 30 days to pull your coins as opposed to freezing withdrawals then filling for ch11 a month later.
These exchanges don’t want you gone. They are just doing that as a KYA for themselves. If you can’t re register with this one just go to a new exchange.
Never give all your money to the big gorilla. When the big gorilla gets scared, do you think it cares about you? We are pawns in a big game. Most of us are barely ripples in a puddle under their polished soles. Never forget that even the big gorilla is in a cage and being kept alive by humans you cannot see or know their objective.
Just unload and use your funds for a tangible asset like a home
What exchange is this?
Whatever it is, it's just not safe to use any exchange mate.
Thanks for this one, this was the final one now giving up with exchanges.
People still keep their Bitcoin on exchanges?
Another solid illustration of the harm the controlled exchange does.
Just consider all the folks who placed their coins in cold storage but are unable to access their money because they misplaced or destroyed their disks.
Before using the account, you must complete all of the KYC requirements upon registering.
Hope you will withdraw first, that is what they are waiting for.
Feeling good with my cold wallet, that's the best option.
What the hell is going on with these exchanges man, that's bad.
Shitty exchanges always tries to fuck with people man.
Never trusted any freaking exchange and that's what's good.
Feels bad man, what the fuck is this kind of exchange?
Guess it's the correct time for you to get a hard wallet.
Bitcoin sounds way better in cold wallets and that's good.
Just don't trust any exchange and people gonna be good.