Quote from: sumana on April 12, 2014, 08:53:53 AM

Quote from: igot.com on April 02, 2014, 03:32:01 PM

Hello everyone!
Thought we should jump in and clarify a few things.

1. The volume you see is not just our volume. It is block chain data. No point in us giving out fake data. We're doing great for a new exchange.
2. Processing withdrawals faster or slower has nothing to do with forum posting. We follow strict guidelines to access our cold storage and stick to that.
3. 7 days wait after first purchase - why is this implemented?

Why is this important?

Most hackers that hack bank accounts in Australia, India and worldwide use innocent people and buy Bitcoin with their accounts.
Exchanges (if they are not careful), would then send the BTC to those fraudsters.
What happens there? The fraudster made free money, the victim suffers for no reason, and it gives bad reputation to the exchange that was used.
Banks then deem Bitcoin exchanges and Bitcoin itself very high risk and stay away.
But if we put 7 days of ONE OFF restriction, we can always crosscheck with banks, or banks can raise an alarm of such theft and we can stop the theft of money and Bitcoin, both.
Does it mean that someone will not use a fraudulent account next time around after this restriction is lifted? Not at all! But by now we've gathered enough paper trail to go after them if they were defrauding us or innocent, unsuspecting bank account holders.

You have to keep one thing in mind. We're one of the newer exchanges.
We take security very seriously. Many people put in their hard earned money and Bitcoin into our system. As an exchange, it is our responsibility to keep that safe, away from hackers. In order to run an exchange, you need to instate certain security protocols (even if appears to be overly cautious).

We're committed to providing great service to our customers. Some people have issues with wait, others don't and that's totally fine with us. One thing we won't do is - compromise on our security procedures that keeps our customer's and us safe.

normally bank transactions are tied with SMS of customers phone and that will be detected by customer .

That's true.... but its its not always accurate. I've had withdrawals from my account and had the SMS delivered to me after a 10 hour delay... its completely dependent on the server load. I've also had occasions where 4-5 transactions will deliver to me in a string after 4-5 hours.