Target Entity: EasyBit
Asset Involved: 0.1 BTC (Approx. 6,000 USD)
Status: Funds seized/Withheld following disputed KYC/AML process.
Current State: Over 6 months of inactivity and lack of resolution from the exchange.
The user Cryptocurrency hipsters (OP) initiated a swap of 0.1 BTC for USDT on October 10, 2024. Upon receipt of funds, EasyBit halted the exchange and demanded KYC documentation. Despite the user fully complying with the KYC request and providing documentation regarding the source of funds including communication records with the lender EasyBit declared the documentation insufficient.
Most notably, EasyBit’s Terms of Service explicitly state that if a user fails or rejects the KYC/AML process, a refund should be processed. The exchange has failed to honor this clause and has remained unresponsive for over six months, effectively detaining the user's capital without a clear path to recovery.
Best regards,
— Trêvoid
Asset Involved: 0.1 BTC (Approx. 6,000 USD)
Status: Funds seized/Withheld following disputed KYC/AML process.
Current State: Over 6 months of inactivity and lack of resolution from the exchange.
The user Cryptocurrency hipsters (OP) initiated a swap of 0.1 BTC for USDT on October 10, 2024. Upon receipt of funds, EasyBit halted the exchange and demanded KYC documentation. Despite the user fully complying with the KYC request and providing documentation regarding the source of funds including communication records with the lender EasyBit declared the documentation insufficient.
Most notably, EasyBit’s Terms of Service explicitly state that if a user fails or rejects the KYC/AML process, a refund should be processed. The exchange has failed to honor this clause and has remained unresponsive for over six months, effectively detaining the user's capital without a clear path to recovery.
Note to the community from Trêvoid
Users should be wary of "instant exchange" platforms that utilize retroactive KYC/AML triggers to seize user deposits. EasyBit has been reported for failing to adhere to its own Terms of Service, specifically regarding the mandated refund process when KYC is deemed "unsuccessful." Proceed with extreme caution.Best regards,
— Trêvoid