User LottoEscoto (OP) used Exodus’s swap feature to convert BTC to ETH and didn’t realize the swap would be routed through n.exchange. His order (O5K0AH) failed. Instead of an automatic refund, n.exchange demanded full KYC and detailed proof of source of funds even though he never signed up with them directly. He completed everything they requested, including a Zoom call, but my funds have been held for two months with no return.
No one warned him he’d be forced to provide personal and sensitive information just to retrieve my own money. They offered a refund option with a 5% administrative fee if he refused KYC, but then denied my refund request and said KYC was mandatory. He is a U.S. customer; n.exchange’s terms say they don’t do business with U.S. residents, so they shouldn’t have any legal basis to require KYC/EDD from a non-customer.
Their explanation is that new internal policies force KYC/EDD on everyone, even when they have no intent to do business. He hired an AML/KYC legal specialist who said the review is taking far too long legitimate companies would have refunded me by now. He now suspect many public claims of quick refunds are false; their review timeline makes same-day or few-day refunds impossible.
UPDATE 5/28: They claim the review has been ongoing since March, but I’ve had no updates since then. Put me in contact with the team handling this.N.exchange is not a regulated financial company there’s no legal requirement for them to perform KYC/EDD on someone who is not their customer.
6/6: They stopped responding to emails after I pointed out they’re not regulated and have no right to force KYC/AML.
7/15: They are ignoring my messages and no longer communicating.
Source: https://bitcointalk.org/index.php?topic=5557013.0
Best regards,
— Trêvoid
No one warned him he’d be forced to provide personal and sensitive information just to retrieve my own money. They offered a refund option with a 5% administrative fee if he refused KYC, but then denied my refund request and said KYC was mandatory. He is a U.S. customer; n.exchange’s terms say they don’t do business with U.S. residents, so they shouldn’t have any legal basis to require KYC/EDD from a non-customer.
Their explanation is that new internal policies force KYC/EDD on everyone, even when they have no intent to do business. He hired an AML/KYC legal specialist who said the review is taking far too long legitimate companies would have refunded me by now. He now suspect many public claims of quick refunds are false; their review timeline makes same-day or few-day refunds impossible.
UPDATE 5/28: They claim the review has been ongoing since March, but I’ve had no updates since then. Put me in contact with the team handling this.N.exchange is not a regulated financial company there’s no legal requirement for them to perform KYC/EDD on someone who is not their customer.
6/6: They stopped responding to emails after I pointed out they’re not regulated and have no right to force KYC/AML.
7/15: They are ignoring my messages and no longer communicating.
Source: https://bitcointalk.org/index.php?topic=5557013.0
Note to the community from Trêvoid
Beware using Exodus's built-in swaps may be routed through third parties (e.g., n.exchange) that can require KYC/EDD. If a swap fails, expect delays and possible demands for personal documents before a refund.Best regards,
— Trêvoid