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Will Exchanges pay out during bullrun?


Staigera
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8 hours ago, strikerjax said:

Once the coins are sold on an exchange, the cash cant be hacked! That's my understanding. 

Only the coins on the exchange account can be hacked.

You can park the funds and withdraw them in a phased manner .. say over a few months.

If this is true then that's a relief. That cash can't be hacked, on exchanges.

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6 hours ago, Trickery said:

It's just the banks covering their arses but they are required to file a report for any tx over $10,000

Do you have much experience cashing out Trickery? Would be good to get a thread on the subject in Chocolate Fish if you have any NZ specific knowledge to share.

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10 hours ago, Staigera said:

This thought has been haunting me for awhile. I read stories about people getting denied withdrawal for BS reasons KYC etc, mostly as a way to shut the doors during a bullrun. And in some cases the exchanges got hacked and people who wanted to withdrawal their converted cash ended up losing it all.

So my question  is do some of you think the exchanges are going to f around and make our lives a hell when the next bull run comes, because they can't afford to pay out huge volumes.

Especially Bitstamp since from what I know are the only one who allows withdrawals up to 1mill+ 

Just curious what some of y'all think.

There's a whole reddit thread on Bitstamp's delayed withdrawals. From what I understand they have paid even when they denied further transactions in cases where they were not happy with the KYC responses. More importantly, there was a huge backlog of individuals trying to signup and go through the process right during the last November-December-Early January period. They simply didn't have the manpower in place to handle this level of demand, but since then it seems that they have smoothened out their processes and I think this applies to most exchanges actually. Bitstamp being a European licensed exchange does face a bit more scrutiny. And they do have a responsibility to pay out which they hopefully do fulfill more than 99.9% of the time. My concern is more on the banks side, I am somewhat worried that the banks may decline an incoming transfer worth, say 2500000 USD from an exchange. You may have a hard time explaining where this money came from, they don't look very favorably to crypto operations and most bank clerks/managers don't know this space too well, so the immediate conclusion is getting flagged for money laundry. There's actually a whole getting paid out thread in here somewhere as well. Ideally you would use an OTC exchange and a private banking account. Although I doubt many people have enough cash right now to start a private banking account. That is supposedly the ideal way to go.

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1 hour ago, ed1 said:

There's a whole reddit thread on Bitstamp's delayed withdrawals. From what I understand they have paid even when they denied further transactions in cases where they were not happy with the KYC responses. More importantly, there was a huge backlog of individuals trying to signup and go through the process right during the last November-December-Early January period. They simply didn't have the manpower in place to handle this level of demand, but since then it seems that they have smoothened out their processes and I think this applies to most exchanges actually. Bitstamp being a European licensed exchange does face a bit more scrutiny. And they do have a responsibility to pay out which they hopefully do fulfill more than 99.9% of the time. My concern is more on the banks side, I am somewhat worried that the banks may decline an incoming transfer worth, say 2500000 USD from an exchange. You may have a hard time explaining where this money came from, they don't look very favorably to crypto operations and most bank clerks/managers don't know this space too well, so the immediate conclusion is getting flagged for money laundry. There's actually a whole getting paid out thread in here somewhere as well. Ideally you would use an OTC exchange and a private banking account. Although I doubt many people have enough cash right now to start a private banking account. That is supposedly the ideal way to go.

The bank should accept the deposit. Will they place a hold on part of or all of it until they talk to you? Maybe. It helps if you have a good relationship with your bank or credit union. They'll fill out a CTR and maybe a SAR. Just remember not to try to make the amount seem less than it is (i.e. lots of smaller, identical amounts, especially less than $10,000).

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47 minutes ago, RippleHerToShreds said:

Can you kindly elaborate on what the asked, exactly?

The main question was how I bought my XRP.  I didn't buy much of my XRP (back then) from Bitstamp so I had to show all my transactions e.g. bought £1000 of BTC on cex.io - then transferred the BTC to Bittrex, then bought XRP on Bittrex, then moved the XRP to Bitstamp to sell it.

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14 hours ago, Slik said:

I have accounts at several exchanges. How do we know if we completed this KYC stuff?  Would we see an option to do so or to check to see if we did in our accounts on these exchanges?

thanks!

I had the same concern after reading some of the earlier entries in this thread.  I'm on Bitstamp, so I just went to look into it.  Turns out there's a verification/KYC section (in the left-hand column once you've logged in).  The KYC questions took all of 30 seconds to answer (things like what is your net worth, how did you get your initial funds, are you employed, etc.), and frankly felt like it wouldn't change anything if they decided to flag a withdrawal, but there's nothing else that I can find.

Any further elaboration anyone can provide would be appreciated.

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