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When you buy BTC on an exchange and then want to send it to another address but they block your transaction, call you on the phone, make you confirm your name, birth date, address, and verbal confirmation of the address you are sending it to and that you understand what you're doing prior to allowing the transaction...

Wouldn't they be logging this information and using it for some form of reporting to some other organization? Because I know they sure as fuck don't actually care about the safety of your assets. Is it for liability? "You can't complain about us if you lose it because you gave confirmation" type of thing?

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Discussion

ed 1y ago

Exchanges already have all of your details. So I don’t think they learn anything new by calling you up

I’ve never experienced this, but it sounds like either a genuine security precaution from the exchange. Or possibly a scammer impersonating the exchange

Zaelus 1y ago

It was the actual exchange and not a scammer, but it still bothered me a little... but yeah, I agree, they should already have all of those details since you pretty much have to give all of that upon account creation.

TAX EVADER 10mo ago

It does not matter if they call you or not. Of course they are logging this address information. They have been doing it for 10 years. not only that, but this info leaks. Comes out for the rest of the world to see. No kidding all info exchanges have on you will be 100% public, open info that everyone can see.