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Bitcoin wallet startup Xapo recently announced that it has received conditional approval from the Swiss Financial Market Supervisory Authority …
Google Alert – bitcoin
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 Freezing funds and demanding KYC/AML before they can be withdrawn makes no sense, especially since I ALREADY GAVE THESE DOCUMENTS BEFOER!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.
ive been using bitcoin since early 2013 and yesterday my transaction got “stuck” when trying to send some bitcoin to my Xapo wallet, this has never happened to me before.
im kind of scared that i can lose this 250$ , any help/information would be nice 🙂
I used to love Xapo and used them for their Vault service. I never purchased any btc through Xapo; just held btc there. I decided to move some coins from their vault into my own cold storage and in order to do so I had to submit a ton of personal info. Now it’s been 4 days and I’m still unable to access or send my btc. I emailed their support address which bounced and said they don’t accept emails anymore. You can’t log a ticket on their support page. What happened Xapo? Never again….
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