Quote from: b4h4mu7 on August 11, 2017, 04:23:42 PM

Quote from: fluffypony on August 11, 2017, 03:16:36 PM

Quote from: b4h4mu7 on August 11, 2017, 02:41:22 PM

Poloniex is a ponzi exchange and IMO a honeypot. I'd stay away from them. I have friends would have millions in crypto frozen there with slim chances of withdrawal. They had to hire an attorney to get them to begin the withdrawal process and nine months later its still ongoing. If they're freezing large amounts of funds it means theres a liquidity issue. That's probably why they impose their own internal fiat level KYC/AML standards on a crypto-to-crypto exchange to prevent large withdrawals. There is no law or statue that compels them to enforce AML/KYC on crypto-to-crypto exchanges. Interestingly their rise to popularity is also a direct result of Monero's Oasis DNM scam since they were the main XMR exchange.

Utter nonsense - I've just been on a call with a law firm in the USA, and they confirmed that at least half the states in the USA have licensing and AML/KYC requirements for crypto-to-crypto pairs.

Bullshit. Show me a law that has compelled Poloniex to collect user data since 2014 for crypto-to-crypto exchanges. Bittrex is also licensed in the same country as Poloniex and all their owners are listed on their website. If I remember correctly they both started out in Washington State. How come they haven't been practicing the same data collection policy as Poloniex? Because there is no law. If there were, Bittrex would be in the news for violating the law. FINCEN is a federal entity not a state one. If there were compliance issues it would be at the federal level since it deals with interstate commerce. Your "law firm" should of explained this to you.

I trust the Bittrex team much more than I trust anyone from Polo. The only time one needs to register as a MSB is if they are transacting in fiat currency thereby they have to comply with AML/KYC. The US does not classify cryptocurrency as legal tender (yet) and therefore it is not subject to the same laws as fiat. I'm really surprised that you haven't informed your community about their unjustified data collection.

Edit: BTC-e was recently taken down by FINCEN and other agencies for not registering as a U.S. MSB even though they were a foreign corporate entity operating on foreign soil. They accepted wire transfers and bank deposits from U.S. citizens which made them subject to US law (in the eyes of FINCEN). If Bittrex was in violation they would of went down a long time ago.

Bottom line: Polo is a ponzi honey pot. The quicker people realize this, the quicker they will remove their funds.

FinCEN issued guidance on this over 4 years ago. https://www.fincen.gov/sites/default/files/shared/FIN-2013-G001.pdf Crypto to crypto exchanges in the United States or involving US persons require MSB registration with FinCEN and AML/KNC compliance. Bold my emphasis the law is shown.