| submitted by /u/slacker-77
I am in the process of verifying for Tier 3 for the Kraken.com exchange, however they rejected my ID document because I applied a "only for Kraken.com" watermark. Applying such a watermark is considered a standard procedure to avoid ID fraud, in case a breach happens or ID documents are otherwise put into the wrong hands.
The initial rejection took very long after uploading my documents. After that, I tried to convince them by replying to the email in the support ticket, but I'm almost waiting for a week now and still no reply.
We do not have to put up with this sort of practice. I have removed my funds and looking for another exchange were they do respect the security of personal documents. Anyone a suggestion?
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Been a longtime user of Xapo, because of their nice wallet mobile app and the debit card that deducts realtime from the wallet.
Very disappointed though that when I tried to withdraw some bitcoin this morning I was prompted through a 6-step KYC process where I was forced to upload my passport and address proof (at 7 in the morning) before I could perform the action.
I was very annoyed that they would not even allow me to access my bitcoin deposited with Xapo until I uploaded documents and went through this multi-step KYC process. Why let me deposit in the first place if you're only going to ask for documentation and refuse to allow withdrawal later? It's like holding the funds hostage.
Since I already had given some documents back in 2015 (the same exact ones: passport/address proof) for the purpose of the debit card, I decided just to go through the process, hoping i would be able to immediately access the coins for something I needed to do in the morning.
But of course, even upon submission, Xapo says I have to wait up to 5 days (until they are finished VERIFYING my documents!) before I can withdraw any funds: http://i.imgur.com/FW6KQPD.png
This is really outrageous and I would urge bitcoiners to avoid Xapo. Freezing funds and demanding KYC/AML before they can be withdrawn makes no sense, especially since I ALREADY GAVE THESE DOCUMENTS BEFOER! If anything, they should be forcing that KYC process before deposit, not waiting until after funds have been already given.
Xapo markets itself as a "wallet". A "wallet" is something containing funds that you have access to on demand. You can't rely on Xapo for this function if they are going to randomly prohibit access to your bitcoin and force you to provide documentation to access funds, even after you have been a customer for years (and have already provided documents prior!).
EDIT: A few hours later (who knows how long it would have taken w/o this thread) they have verified the documents and linked to this: https://support.xapo.com/why-does-xapo-ask-for-my-personal-information
Users that do not want to comply with these requirements have the option to close the account and have the funds sent elsewhere.
This option was never provided to me and I was not in any way able to initiate such a process.
I've withdrawn my coin from there and I don't plan to use them again.
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