Mycelium Exchange No-KYC - quick review and a word of caution

[pawel7777]

If you're using Mycelium android wallet you probably see ads in the media flow tab of Mycelium Exchange (cryptoexchange.mycelium.com), advertised with big bold letters as a No KYC exchange.
A few weeks ago, I decided to give it a try and deposited around $100 worth of crypto. I performed a trade, but when attempted to withdraw, I got a message on the screen saying my withdrawals had been frozen and telling me to contact customer support, which I did.

Customer support demanded me to provide "Source of Funds (SOF)" and complete the KYC process.
I provided them the source of funds as I didn't mind sharing such info, but declined to go through the KYC process, saying that the only reason I used their exchange was that it was advertised as "No KYC" and I'm not comfortable with sharing my sensitive info with 3rd parties I do not know or trust.

Long story short, they unblocked my withdrawal and I was able to transfer my funds out.

The stated reason for freezing my withdrawals was:

They were “frozen” because the AML compliance department had concerns about the quality of the BTC that was deposited on the exchange.

So that's something to consider if you're thinking about signing up for that exchange.

Before I signed up, I couldn't find any reviews or feedback on their service, so I thought sharing my experience here could be helpful to others. I'm saying they are a scam, but I don't think we have a board for service discussion (if so, mods please move).

[God Of Thunder]

Before I signed up, I couldn't find any reviews or feedback on their service, so I thought sharing my experience here could be helpful to others. I'm saying they are a scam, but I don't think we have a board for service discussion (if so, mods please move).

Thanks for sharing this, mate. I came to this thread from another thread where you posted the link. I knew about Mycelium wallet, but I never heard of their exchange. I did not even use their wallet. I have been using Electrum for a while, and I didn't need to look for any better options since I found Electrum. Some of my locals use mycelium.

If an exchange advertises itself as a no-KYC platform, but later asks for KYC documents, this is unethical and could be identified as an attempt to scam. You are lucky that they released your funds. But I believe if the amount were something significant, they could react differently.

[pawel7777]

Thanks for sharing this, mate. I came to this thread from another thread where you posted the link. I knew about Mycelium wallet, but I never heard of their exchange. (...)

No problem. I didn't know much about that exchange when I decided to test it, I was only familiar with it because it was advertised in the mycelium app for quite some time now. I searched online for reviews/opinions but couldn't find any, so that pushed me to create a topic here and on Bitcointalk.