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RE: An Australian Trader Had USD$430,000 of Crypto Confiscated by the United States Government On BTC-e: A Timely Reminder to Withdraw Your Funds From Exchanges, or Use the Openledger DEX.
Ok, and I thought my couple hundred dollars lost from a bad trade was bad... He seems like a smart guy, I don't know why he didn't see the red flags... It happens to the best of us. I used it a few times but something about its relaxed stance on a lot of things and the lack of ownership info didn't sit well with me.
It's strange because it had been around for a long time
The exchange was fantastic - the problem with relaxed identification requirements is that it gives the feds another reason to raid the exchange...
Identification requirements only exist due to laws that aim to prevent money laundering. As far as crypto itself is concerned, there is no need for us to identify ourselves.
Agreed. Fiat and its source necessitates the identification