Post
Topic
Board Bitcoin Discussion
Re: Buying BTC from KYC exchange
by
Coin-1
on 25/07/2021, 17:43:32 UTC
Did I shoot myself in the foot by purchasing through KYC exchanges? 

I am assuming you bought Bitcoin as a long-term investment, so the answer is no. In any case, if you have followed the "Know-Your-Customer" procedure and purchased BTC on a legitimate exchange, you can withdraw your coins to a cold wallet to avoid the risk of losing funds due to a possible hacked trading platform.


Is there a way to reverse the damage? Perhaps through things like mixers etc? What are your thoughts on those?

Keep in mind that the cryptocurrency exchange can monitor the public Bitcoin blockchain and track all transactions associated with the BTC address you provided. I've heard that some exchanges blocked their customers' accounts when they sent withdrawn coins to the mixers, so beware of such activity.