It took me a while, but eventually, I too came to the realization that, in hindsight, the eXch service was indeed absolutely unethical. Many will disagree, but there is just no point in denying it. You cannot provide such an exceptional service and then vanish into oblivion. I have tested a few other services – none came close in terms of service, credibility, or trustworthiness. Shame on you! You spoiled us.
Oh I totally agree agree with you. Ever since eXch stonewalled me for almost a month when I was trying to get my affiliate payouts - I did get my money eventually but they banned me from the program (
and they made a public spectacle of it) - I always had this worry that this sort of stubbornness which I found resembling that of Samourai's devs would lead to their downfall eventually.
Sadly I was proven right, but maybe things would've ended differently for them if they were a little more compromising.
I also find many posts in this thread irritating. How often do we need to remind you that you are not entitled to privacy? KYC is just for your own good.
OK, let me tell you a story that happened recently.
I run Talksearch, a search engine for Bitcointalk, and back when the indexing servers were still hosted on Google Cloud, I went to go pay the invoice by loading my liked PayWithUs card. Well at the cryptomus checkout page, after making the transaction I realized that I had sent them money I received from OKmix (directly, from their telegram contact, as a payment for services delivered to my
other website, the BitMixList mixer directory), and the payment to Cryptomus was blocked.
Well I said OK, let me send them clean LTC that I obtained from Wizardswap - blocked too.
To "refund" (they would not allow the deposits to go through), they wanted detailed information about the transactions.
Unfortunately I had deleted the Wizardswap exchange details a couple of days prior, so no details available for that one.
So I was thinking OK let me just send them my correspondence with OKmix but of course I know that's my service providers
do not like my directory service and find it risky.
So if they see anything related to mixers then they will just demand additional information even though it's not connected to the other service I was trying to fund. So to be clear, I never sent them any details. It was not even a lot of money anyway (2x $100), no big deal now that payment processors are trying to play judge.
Or is it??
Would you like to be demanded for your ID and utility bill when using a POS terminal at any store? I'm not talking about regulated industries like weapons and bars, but ANY store. Like Walmart. Or an Apple Store.
No? Ok, well tee have our answer then.
I wouldn't like to be demanded for such information either.
KYC is a required part of applying for banks, loans, and debit cards (even online). That does
not mean we should make it mandatory for all types of payments just because it's crypto.