Prague crypto currency exchange Changelly recently announced the KYC requirements for clients trading in the XMR.
Many traders who trade Monero (XMR), has recently started to complain in social media and cryptocurrency forums that the crypto currency exchange Changelly freezes their digital assets, requiring you to go through KYC (know your customer).
And, according to reports, the platform asks for KYC documents even after users have sent money and refuses to return them if they do not “meet the requirements”. Customers trading in an anonymous coin, expressed his disappointment with the policy of the company, since deciding to buy Monero through Changelly, they are automatically classified as users with a high level of risk.
Compliance with KYC or prejudice against users of Monero?
The representative Changelly acknowledged that the security service can freeze suspicious transactions and to hold customer funds until they provide the requested information, explaining the edition of The Next Web:
“For all of the communities Monero I want to say that our risk management system does not freeze all transactions. Monero is a cryptocurrency that hides sender and recipient, making the transaction invisible. This is the reason only when large amounts of another currency needs to be checked before converting to XMR”.
The press Secretary also said:
“We have no mistrust and prejudice against the users who trade XMR. This question is connected with the “Know your customer”, which we must fulfill in connection with the increase in the number of cases of money laundering via our service. All funds will be unlocked, and their owners placed in the white list, after the procedure”.
However, representatives of the crypto currency exchange acknowledged that you can’t specify the exact time period during which will remain the cryptocurrency, when a customer refuses to provide the requested information.
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Tags: Changelly KYC Monero XMR