HitBTC is using ridiculous KYC/AML process to selectively scam people out of their money!

Everything is fine until you decide to withdraw. That's when they decide it's time for KYC. And note that we are talking crypto to crypto only, no fiat involved!

  • The first ask about just ID and proof of address which is fine.
  • Then they ask for documents to prove your income and how you obtained the bitcoin.
  • Then they ask to paste them the hashes of previous transactions, something they can easily see themselves, it's a public blockchain.
  • Then they ask for screenshots from balances on other exchange you might have.
  • Then they go for facebook, gmail (what does one do if they don't use gmail or social media?), skype….
  • and god knows what else.
  • It's been 3 months now and at this point it seems like they are just figuring out random stuff to stall the process and make people just give up.

They take their time between replies and often ask for the same stuff twice. At one point they just started ignoring my questions about the validity of their action and kept pasting the same response again and again. Gives quite a confidence doesn't it?

If you look at their subreddit, it's full with cases like this:


Oddly enough, they seem to be incorporated in Hong Kong but based in Chille.

Also there is no info (at least I couldn't find) about their CEO and team on the site.

Overal information about their operation is scarce at best.

This exchange has been around for several years now and is considered to be one with significant volume. They way they operate now looks like the end isn't too far away. Please be careaful.

Publicity and legal actions are my only hope at this point.

submitted by /u/SatoshiBrother
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Bitcoin – The Currency of the Internet

“Using Bitcoin to facilitate a crime is one of the stupidest things a criminal could do, since crypto transactions are transparent to all, can be traced, and are recorded forever in the blockchain. I can think of much better ways to hide transactions — cash, for example.”

Great article, so glad to see Tomer Federman put Krugman in his place – "5 things Paul Krugman gets wrong about crypto": https://medium.com/federman-capital/5-things-paul-krugman-gets-wrong-about-crypto-fda8577f5362

submitted by /u/StandardCA
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Bitcoin – The Currency of the Internet

Venezuelan update: One BTC is around 700,000 BsS. (Bolivares), monthly minimum wage is around 19 USD -0.003 BTC- and inflation keeps going on (even in USD). 72 BTC were traded in the last 24h using Localbitcoin.


You can check the "Coffee with milk index made by Bloomberg" https://www.bloomberg.com/features/2016-venezuela-cafe-con-leche-index/

Government "set" the prices of some goods and what happens is that they set the price is under the production cost.

One example is meat, there is not meat anywhere, price is set at 90 BsS. per kilo (which is around 90 usd cents) none wants to sell at that price.

Another problem (which I "think" could help to "fix" economy) is that some prices (in USD) are the same of more expensive than the international price. For example one soda can (Coke) is around 1 USD. One Mcflurry ice cream is 4-5 USD and so on. (I use these examples, so you can compare easily). But remember minimum wage is 19 USD per MONTH. So it's really had for people to live here, even if you have family abroad and they used to send 50$ per month and people used that to live here now more USD are needed….

You can check the 24h volume here http://dolarbeta.com/

Sadly Coindance has updated anymore since 5 zeroes where knocked off from the Bolivar.

I have a with debt with u/AliResurrector ( u/rodown ) he sent me a donation of 10 AUD using BTC (by the way it was HIS first real use of bitcoin!!) (the price he pays here for a coffee) and I will post what I was able of buying here (including the coffee itself) will post soon that update 🙂

Any question let me know.

submitted by /u/WorkingLime
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Bitcoin – The Currency of the Internet