Re: EXMO.com Cryptocurrency Exchange [Official Thread]
Hey guys, why you blocked my funds? Support said that by AML. What should I do? asked for a bunch of documents, a bunch of evidence of the origin of funds and pass the address verification. What do you suspect me of? I just started, I want to trade and withdraw MY USD.
Hello!
Dear user, please note that our exchange is focused on transparency. We need to make sure that our users don't engage in fraud. As a consequence, In connection with the AML/CFT and KYC Policy, EXMO will:
* monitor all transactions and it reserves the right to ensure that transactions of suspicious nature are reported to the proper law enforcement through the Compliance Officer;
* request the User to provide any additional information and documents in case of suspicious transactions;
* suspend or terminate Users Account when EXMO has a reasonable suspicion that such User is engaged in illegal activity.
Please, provide the requested information, we will check it and make sure that you are not involved in fraudulent activities and the withdrawal will be unlocked.
Why are exchanges doing this after the user has engaged in business activities? This behavior is very "bait and switch" like, get the users' funds whom you do not know in the first place and then make an arbitrary accusation putting the onus of exoneration on the victim. Would it not be proper legal practice to request this information before any funds transfer takes place? Can you provide intelligent explanation why you would do this this way and not sound like a thief?