Altcointraders - Refuse withdrawal

Fransh said:
I'm all the way in Cape town.
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:( Perhaps you should get a mango flight and make the trip if the money they are trying to screw you out of justifies it.

Sorry man. Sucks that this is the only way. Have you tried their social media platforms? Twitter, facebook?
 
Altcointrader - their last tweet was October 2017 :sick:.
They don't seem to be at all interested or active.

Sucks about your funds - hope you get it resolved somehow. Have they responded to your query about why this is necessary if your account is already verified?
 
We also require customers to submit a personal bank statement for verifying the account on ice3x, and dont allow withdrawals from unverified accounts. If someone refuses to send verifying information, we naturally start to wonder 'why?'. It seems dodgy if a customer refuses to send the required information, like maybe they are trying to do something they shouldn't.

I am not sure why they want your statements again if you have already sent them. Just ask they why they need them a second time. If you have already sent them, what is the problem of sending them again?

Here is an interesting post about why exchanges want to verify your ID

https://www.bitcoinzar.co.za/verifying-your-identity-on-crypto-exchanges-in-south-africa/
 
ICE3X said:
We also require customers to submit a personal bank statement for verifying the account on ice3x, and dont allow withdrawals from unverified accounts. If someone refuses to send verifying information, we naturally start to wonder 'why?'. It seems dodgy if a customer refuses to send the required information, like maybe they are trying to do something they shouldn't.

I am not sure why they want your statements again if you have already sent them. Just ask they why they need them a second time. If you have already sent them, what is the problem of sending them again?

Here is an interesting post about why exchanges want to verify your ID

https://www.bitcoinzar.co.za/verifying-your-identity-on-crypto-exchanges-in-south-africa/
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So if someone refuses to divulge personal and private information, you immediately assume they are dodgy. Privacy and secrecy are very different things.
 
ambroseg1 said:
OP, any progress??
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Yea managed to get someone senior there to assist.

Still doesn't make sense. I was flagged since I deposited money and then instantly wanted to withdraw, only wanted to withdraw cause they blocked my account from transferring ether. So still a bit unsure. But apparently its being taken care off.
 
SoloMid said:
So if someone refuses to divulge personal and private information, you immediately assume they are dodgy. Privacy and secrecy are very different things.
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I won't send any bank statements. They should be comfortable with letter from my bank stating I own the account. I've done the verification ages ago already, never had any issues.
People need to get serious about whom your giving what...
 
Fransh said:
I won't send any bank statements. They should be comfortable with letter from my bank stating I own the account. I've done the verification ages ago already, never had any issues.
People need to get serious about whom your giving what...
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Have to agree with you here. A letter from the bank proving you own the account. Then wanting to sift though your statement makes no sense at all. You are not applying for any sort of credit.
 
We have a standard operating procedure. Send small amoung for trade, send back to ledger...

AML/KYC is part of an FSA type license though and sending a bank statement is a standard operating procedure. We do the same in our own businesses.

What you can do is redact any private information (totals etc.) and on the document you simply write: "Offered without prejudice and for the exclusive purpose of AML/KYC purposes of ABC CO Ltd. (who ever they are), not to be shared with third parties without my express written consent."

...
 
abvrnd said:
We have a standard operating procedure. Send small amoung for trade, send back to ledger...

AML/KYC is part of an FSA type license though and sending a bank statement is a standard operating procedure. We do the same in our own businesses.

What you can do is redact any private information (totals etc.) and on the document you simply write: "Offered without prejudice and for the exclusive purpose of AML/KYC purposes of ABC CO Ltd. (who ever they are), not to be shared with third parties without my express written consent."

...
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What is the purpose of wanting a bank statement? Why does a letter from the bank confirming bank details not suffice??
 
Managed to get everything sorted, got hold of Richard.
So at least the money is out of there.
 
Fransh said:
Managed to get everything sorted, got hold of Richard.
So at least the money is out of there.
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Glad you are sorted. Did you eventually have to give them a bank statement?
 
ambroseg1 said:
What is the purpose of wanting a bank statement? Why does a letter from the bank confirming bank details not suffice??
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For us it is proof of address. To be honest, if the client has photoshoped the thing, that is irrelevant, we have to be seen as doing our due dilligence... If you hold licenses etc, you can lose them...
 
abvrnd said:
For us it is proof of address. To be honest, if the client has photoshoped the thing, that is irrelevant, we have to be seen as doing our due dilligence... If you hold licenses etc, you can lose them...
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Proof of address can be obtained by utility bill which is the standard practice for any organisation requiring FICA verification from its clients.
 
abvrnd said:
Money laundering... they get into trouble. To be fair, they would likely prefer not to have to deal with the crap as well, they are just forced to do so.
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It is not in your jurisdiction to evaluate a clients bank records and make a finding of money laundering. It is the requirement of law enforcement or perhaps even SARS. You have to make sure the client is identified via ID book, and his/her address verified via utility bill. What you can still request is confirmation of bank account which the client can furnish you a letter from their bank confirming their bank account. That is it. You have no business looking at a clients bank transactions.
 
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