People objecting to the Verification process should familiarise themselves with the story of E-Gold

SecretsSecrets Posts: 55 Bronze ✭✭✭
https://www.wired.com/2009/06/e-gold/

Its a long and extremely interesting story, but the gist of it is that E-Gold was the first digital currency, allowing transfers from person to person. They didn't do any verification for customers and became plagued by theft, fraud and were eventually shutdown by the Government.

The reason Goldmoney is going to such lengths to ensure they are compliant with regulations is so that they can avoid a similar fate. If you provide what they ask your money will be safe, insured and you will be able to use the service as intended in no time at all.

Fail to comply and they do not know if its because you are put off by all the effort or actually creating a fake account so you can launder stolen Bitcoin or empty stolen credit cards (for example).

End of the day, just get it over and done with.

Comments

  • CaineCaine Posts: 24 Tin ✭
    When you make your account, Goldmoney make it very easy to deposit but impossible to withdraw.

    I am unable to withdraw my money without faxing in proof of identity, salary details, employers details, payslips, and other extremely sensitive information. This is more information than is required to open up a bank account in the UK, and I'm being asked to send it to a website. If Equifax cannot keep this information safe, why should I trust the workers at Goldmoney?

    Here is the page I get when I attempt to withdraw my money:

    https://www.dropbox.com/s/x9xhkw46coiwso6/Screenshot 2017-11-14 16.31.01.png?dl=0

    So now Goldmoney will not give me back my money. Can you describe it as anything other than theft?

    Any normal company would not allow customers to deposit if they cannot withdraw?
  • SecretsSecrets Posts: 55 Bronze ✭✭✭
    Right, or maybe you are a scammer who does not have any of those proofs and is trying to sell Bitcoins stolen in a ransomware heist or the money was deposited with a stolen creditcard.

    Without verifying identity, Goldmoney cannot tell the difference. That's not theft. That is a legal requirement they have to operate under.
  • CaineCaine Posts: 24 Tin ✭
    edited November 2017
    Secrets said:

    Right, or maybe you are a scammer who does not have any of those proofs and is trying to sell Bitcoins stolen in a ransomware heist or the money was deposited with a stolen creditcard.

    I guess you are one of those people who believe the government should be allowed to have access to all of our emails and communication channels, because, what have we got to hide right?
    Secrets said:


    Without verifying identity, Goldmoney cannot tell the difference. That's not theft. That is a legal requirement they have to operate under.

    Before you start accusing people that don't want to send their highly sensitive information to unsecured email addresses on random websites, how about Goldmoney doesn't allow people to deposit money until they are allowed to withdraw money?
  • GoldDustGoldDust Posts: 24 Tin ✭
    I like the verification process. I want to know that my wealth was stored under my identity. This way no one else may lay claim to my wealth... at least not legally. Also, it is harder to launder money this way. I am glad I waited until I had a fully verified holding before starting any transactions with Goldmoney.
  • SecretsSecrets Posts: 55 Bronze ✭✭✭
    @Caine I'm not accusing you. I have no idea what your setup is. What i am saying is that without doing the verifications, no one has any idea if your identity is legitimate or not. And by "you" i mean anyone who wants to open an account without verifying ID.
  • CaineCaine Posts: 24 Tin ✭
    @Secrets, I think you misunderstand my point. Goldmoney accept deposits from unverified accounts, but do not allow withdrawals unless the account is verified.

    So my money is being held hostage as I refuse to send the website my payslips in the post.

    I value my privacy, and I have been the victim of identity fraud (which was extremely stressful) and I am not taking any chances on this website just to buy a bit of gold.

    I know for certain I will get my money back from Goldmoney eventually, as the law is on my side in this instance.
  • DeOmnibusDubitandumDeOmnibusDubitandum Posts: 48 Copper ✭✭
    @Caine What's worse, there used to be "Basic" holding status which just required online verification that I passed. I used to be able to withdraw funds just fine some months ago, but now, from one day to another, I am no longer able to do so! Complaining about this, customer care reponded "If you wish to withdraw funds, your Holding must be fully verified." How can they just make such a fundamental change without any prior notice?! Now I am suddenly unable to get any money out of my holding without going through a cumbersome manual verification process (again!) that requires certification by a notary public.

    I fully agree that verification in general is important - but that should be done through a convenient online process as other fintecs do. And the worst thing you can do is just changing the rules for existing customers without telling them and without any explaination as I described above. I am very disappointed.
Sign In or Register to comment.