TopBTC Exchange requires ID verification

TopBTC Exchange

TopBTC, a cryptocurrency exchange has stopped withdrawals of all tokens and coins. If you want to do a withdrawal, you must do ID verification. Otherwise, you will not be able to do a withdrawal.

This is quite odd as there is ID verification required for doing a deposit on TopBTC. The exchange does not warns the users that they would not be able to a withdrawal while depositing a cryptocurrency token / coin.

It is only later when users of the TopBTC realize that the coins are locked in the exchange.

Just keep in mind that Bitgrail did something similar before call quits. While we are not saying that TopBTC will be performing an exit scam, anything that slows down or stops the withdrawal of assets is a start of a scam.

It is interesting to note that TopBTC’s official twitter account is mum about forced ID verification.

Perhaps, this is why we need more and better decentralized exchanges that do not require KYC/AML or any kind of ID verification.

Lately, IDEX, which is most popular Ethereum’s ERC20 decentralized exchange, started forcing users to do KYC if they want to trade. This is definitely not the type of decentralization we need.