What a perfect time! Centralized exchanges are thieves, you will think they are cool until you get caught by their nonsense policy.
I woke up this morning with a notification about a trending post on Bitcoin subreddit[1] on How Changelly exchange has refused to release a bitcoin onto user balance, they asked him to undergo a KYC before the bitcoin will be released but after doing the verification, they still never released the bitcoin and I was just asking my self why would the user use such an exchange? I Learned that he was misled by this Twitter Bio.
https://mobile.twitter.com/changelly_team
The user was misled by the headline, convinced and registered an account and has deposited a bitcoin all because he saw non-custodial and by that, I think he wasn't knowledgeable enough to know that he should have access to private keys or seed phrase and nothing like KYC will be required by such exchange.
Changelly is not a Non-custodial exchange, You can see from the Image that bitcoin is not his because he cannot spend it or authorised a transaction as he didn't hold the private key to the exchange. He didn't lose just his bitcoin, he lost documents about his information and money to them. They can do anything with those documents without his knowledge.
This is one way of losing your documents and bitcoin that are meant to be private to a group of people that run centralized exchanges, stay away from them.
[1] https://www.reddit.com/r/Bitcoin/comments/u04zex/changelly_kyc_scam_they_are_holding_my_19800_btc/
I woke up this morning with a notification about a trending post on Bitcoin subreddit[1] on How Changelly exchange has refused to release a bitcoin onto user balance, they asked him to undergo a KYC before the bitcoin will be released but after doing the verification, they still never released the bitcoin and I was just asking my self why would the user use such an exchange? I Learned that he was misled by this Twitter Bio.
https://mobile.twitter.com/changelly_team
The user was misled by the headline, convinced and registered an account and has deposited a bitcoin all because he saw non-custodial and by that, I think he wasn't knowledgeable enough to know that he should have access to private keys or seed phrase and nothing like KYC will be required by such exchange.
Changelly is not a Non-custodial exchange, You can see from the Image that bitcoin is not his because he cannot spend it or authorised a transaction as he didn't hold the private key to the exchange. He didn't lose just his bitcoin, he lost documents about his information and money to them. They can do anything with those documents without his knowledge.
This is one way of losing your documents and bitcoin that are meant to be private to a group of people that run centralized exchanges, stay away from them.
[1] https://www.reddit.com/r/Bitcoin/comments/u04zex/changelly_kyc_scam_they_are_holding_my_19800_btc/