I wonder how I am supposed to sell bitcoins on an exchange. I have been considering several and have gone through the KYC/AML process for three exchanges. The problem is once I sell my coins they might ask me to prove where I got them from. Keep in mind I am not intending to withdraw the FIAT, I just want to sell high and rebuy lower, and withdraw the coins.
The problem with proving the source of my coins is, how the hell do I do it? I bought them on MtGox and they can't ask MtGox for verification. Even if they did, the coins have gone through several addresses over the years. I can't even trace it back to the MtGox purchase since they went through other exchanges (and got mixed).
So what is one supposed to do here?
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that's sounds fishy, an exchange asking where does your bitcoin came from. That's not good I think, you better stay away in that exchange. besides there are many other exchange site where they are asking where you bitcoin come's from just important is you buy bitcoin on their exchange site platform
When exchanges are dealing with fiats, I guess those KYC information are mandatory for preventing money laundry.
That is the reason some exchanges are asking the source of bitcoin from which it was earned from. I'm not finding anything wrong with this action of some exchanges because we need to comply with government regulations on preventing money laundry.
i think it is not such a difficult job i think everyone has their own choice. to me i personally using urdubit for selling my bitcoin for my fiat currency, i am using this service for such a long time and for every time i found it as reliable and trusted and will always like to continue it in future also.