eXch - Official Announcements and Discussion Thread

[examplens]

I will transfer here the demand letter from the bitcointalk forum. eXch is under considerable pressure from certain entities, all because of its privacy policy and not requiring KYC from its users. Although I am personally convinced that it is a deliberate action of the competition only out of self-interest

Open Demand Letter

This letter serves as a public domain demand letter to all the following entities that follow and read this Bitcointalk thread, but not limited to:

* U.S. Internal Revenue Service (IRS)
* U.S. Department of Justice (DoJ)
* U.S. Securities and Exchange Commission (SEC)
* U.S. Federal Bureau of Investigation (FBI)
* Federal Deposit Insurance Corporation (FDIC)
* Fiscal Information and Investigation Service (FIOD)
* Office of Foreign Assets Control (OFAC)
* And all other entities with institutional power that currently use it to influence on how cryptocurrency-related projects operate.

To all the relevant and entitled entities above,

Following applicable anti-monopoly market laws, you are COMMANDED to use your institutional power to force the following companies to stop discrimination and abuse against eXch:

1. ByBit exchange (artificially lowering eXch's risk score for intentional reputational influence)
2. WhiteBIT exchange (artificially lowering eXch's risk score for intentional reputational influence)
3. Elliptic (assigning a "red" risk score to eXch solely due to the fact that we do not ask users for KYC information)
4. TRM (assigning a "red" risk score to eXch solely due to the fact that we do not ask users for KYC information)
5. AMLBot (assigning a "red" risk score to eXch due to personal issues with our exchange)
6. Ciphertrace (government contractor advisory services with a biased stance against eXch and corrupt practices, blackmailing companies like ours by demanding customer data in exchange for "favorable" scores across the chain analysis ecosystem)
7. SlowMist (government contractor advisory services with a biased stance against eXch and defamatory declarations about eXch on Twitter)
8. CFInvestigators (government contractor advisory services with a biased stance against eXch)
(* this list does not reflect all the entities but contains the most abusive ones that influence the market)

All the above companies abuse their status to:

a) Prevent coins originating from our exchange (eXch) from entering their cryptocurrency wallet pools without any fair or legal ground for doing so
b) Tag eXch-known addresses as "high risk" solely because we refuse to ask our users for KYC information
c) Publish and distribute misinformation and defamatory materials about us

We expect the mentioned companies in this letter to:

1. Send a letter to our company with apologies for the intentional damage caused to us and our customers by their actions of suspending their customers' funds when they used our exchange

2. Stop immediately any discrimination against our exchange and the coins sent from addresses belonging to our exchange

3. Release immediately any frozen funds on their exchanges illegally "seized" from their customers on the basis of the wrong risk scoring of our entity (eXch)

Upon lack of a response satisfactory to us after the next ninety (90) days, counting from the date of this publication, we (eXch) will stop making it possible to identify our public cryptocurrency addresses for the Bitcoin and Ethereum blockchains, making it impossible for your contractors to trace coins entering and exiting any of our aggregation addresses in the future due to the activation of the eXch Aggregation Pool Customer Shield protocol. This protocol will prevent the association of our aggregated coins with our exchange in your partners' and contractors' blockchain analysis databases. Amateur blockchain researchers existing within the Twitter ecosystem will also be unable to link any transactions to eXch, which will make them unable to provide efficient voluntary help to your entities.

For any questions associated with this demand letter, please use our official email address [email protected] or SimpleX Chat handle specified at our contact page.

Original post: https://bitcointalk.org/index.php?topic=577207.msg64955227#msg64955227

[hugeblack]

I hope this happens, I have avoided using USDT/USDC exch for this reason but I hope it is not related to a ban or ban threat that @exch received.

eXch's ETH address is publicly known : https://etherscan.io/address/0xf1da173228fcf015f43f3ea15abbb51f0d8f1123
Same for BTC (Aggregated pool)

a pool of addresses in case the government decides to blacklist that address or track customer privacy?

[dkbit98]

I will transfer here the demand letter from the bitcointalk forum. eXch is under considerable pressure from certain entities, all because of its privacy policy and not requiring KYC from its users. Although I am personally convinced that it is a deliberate action of the competition only out of self-interest

I don't know if any good competition alternative for eXch even exist today, and it's surely not centralized exchanges listed on that demand letter.
As for the AML bots listed in same letter, I was always sceptical abnout them and their shady practices.
And we already know that some of this AMB bots/tools have tight connection with some centralized exchanges.

[examplens]

As for the AML bots listed in same letter, I was always sceptical abnout them and their shady practices.
And we already know that some of this AMB bots/tools have tight connection with some centralized exchanges.

The problem is obviously much deeper (although we are mostly against AML persecution), as far as I understood from their announcement, some users have their funds frozen because they came from eXch. Most of the mentioned services have mandatory KYC, and their users are verified, so it is quite obvious that it is only a competitive fight against eXch

[dkbit98]

The problem is obviously much deeper (although we are mostly against AML persecution), as far as I understood from their announcement, some users have their funds frozen because they came from eXch. Most of the mentioned services have mandatory KYC, and their users are verified, so it is quite obvious that it is only a competitive fight against eXch

I know that, but those exchanges and services are not only freezing coins coming from eXch, they can do this with coins coming from anywhere that is not approved and whitelisted by them.
If people are smart and doing good address management they can easily avoid this issues, but they probably send coins directly from one exchange to another, that is a recipe for more problems.

[examplens]

Looking at the current reserves on the eXch exchange, the large amount of Litecoin is a little surprising. is it expected a correction and a drop in the value of LTC, so there is more supply than demand?
Also, in the last few days, there is always $1 m+ USDT in reserves, I guess this is possible due to the banning of Tether in the EU

XMR 3750.416266920660
LTC 122843.28656903
ETH 350.007982724059957036
DASH 1856.90750651
BTCLN 6.02786014
BTC 280.87199347
USDT 1196636.281086
USDC 87347.254448
DAI 14882.420518639699366759

[bitmover]

Hey, have you guys considering adding support for liquid network??

It would be amazing. This is the cheapest transaction fees for USDT (compared to other chains). And liquid is a L2 bitcoin, so it would fit exch perfectly.

Fees when sending L-USDT remain minimal, according to latest comparison from GasFeesNow website:

[dkbit98]

Hey, have you guys considering adding support for liquid network??

It would be amazing. This is the cheapest transaction fees for USDT (compared to other chains). And liquid is a L2 bitcoin, so it would fit exch perfectly.

I suggested this to eXch team and they answered to me they are considering to add support for Liquid in future, especially now when more chains are supported in Aqua wallet.
It would be even better when Aqua crypto card gets released, I think more people will switch just to try how they work.

[hugeblack]

Since BTT topic is still locked and eXch is one of the few platforms that is truly NO-KYC, Are there any efforts to reassure customers about depositing to centralized services?


I suggest some changes to the terms of service such as


- Temporarily freeze BTC/ETH ---> XMR in such cases and allow transactions up to $1000 only. (Not necessarily to be announced)


Such changes will not affect the noKYC rule and will reassure customers until there is a decentralized protocol.

[examplens]

- Temporarily freeze BTC/ETH ---> XMR in such cases and allow transactions up to $1000 only. (Not necessarily to be announced)


Such changes will not affect the noKYC rule and will reassure customers until there is a decentralized protocol.

These are already certain limitations, and I am not sure that eXch is friendly towards any limitations.
Due to the current chase against eXch, and accusations that they are mixers and similar, I would understand the only limitation if it is a limit on incoming Ethereum transactions. But still, nothing prevents someone from making dozens of transactions within the maximum limit.

[hugeblack]

Due to the current chase against eXch, and accusations that they are mixers and similar, I would understand the only limitation if it is a limit on incoming Ethereum transactions. But still, nothing prevents someone from making dozens of transactions within the maximum limit.

I don't think it's smart to try to exchange $1 billion for $1000/$500 per transaction, the service can also freeze the ETH/BTC (~ zero Reserve) node for 2-3 days.

by using this way eXch will avoid a lot of regulatory headaches until decentralized solutions are available.

[bitmover]

Due to the current chase against eXch, and accusations that they are mixers and similar, I would understand the only limitation if it is a limit on incoming Ethereum transactions. But still, nothing prevents someone from making dozens of transactions within the maximum limit.

I don't think it's smart to try to exchange $1 billion for $1000/$500 per transaction, the service can also freeze the ETH/BTC (~ zero Reserve) node for 2-3 days.

by using this way eXch will avoid a lot of regulatory headaches until decentralized solutions are available.

I tried to make an USDT ERC-20 exchange right now, and it is temporally disabled in exch. Probably related to bybit incident.



Then I ended up converting my USDT to SOL, as I wasn`t able to convert it to BTC using exch (ethereum smartcontracts are too expensive).

[hugeblack]

Then I ended up converting my USDT to SOL, as I wasn`t able to convert it to BTC using exch (ethereum smartcontracts are too expensive).

Yesterday I used the service and it was working fine but today it says SERVICE IS UNDER MAINTENANCE
I hope they get back to work. Does anyone remember if they ever stopped working?



EDIT:


I found this ---> https://exch.cx/status

We will be performing server maintenance routines today that might take up to 24 hours. This is to reinforce our infrastructure security and enhance resilience of our operations. Any pending orders will be completed and no new orders are accepted during that period.[/font][/size]Our website might experience intermittent downtimes.[/font][/size]
We will provide further updates on this page.[/font][/size]

[bitmover]

Then I ended up converting my USDT to SOL, as I wasn`t able to convert it to BTC using exch (ethereum smartcontracts are too expensive).

Yesterday I used the service and it was working fine but today it says SERVICE IS UNDER MAINTENANCE
I hope they get back to work. Does anyone remember if they ever stopped working?

They are a very useful service and I use them quite a lot!

I hope bybit incident doesnt hurt them, specially in long term, and this is just a scheduled maintenance.

[examplens]

I tried to make an USDT ERC-20 exchange right now, and it is temporally disabled in exch. Probably related to bybit incident.

They left information about it on the Btt forum, although in a completely different discussion because they still keep their ANN locked.

Dear users,

We have halted ETH and ERC20 deposits for next 48 hours.

Thank you for undestanding.

link: https://bitcointalk.org/index.php?topic=5528151.msg65113525#msg65113525

Regarding this interruption, it seems that now everything is fine and that the service is fully functional. Although a new maintenance is scheduled for next Sunday

02-03-2024 Service maintenance
We will be performing server maintenance routines today that might take up to 24 hours. This is to reinforce our infrastructure security and enhance resilience of our operations. Any pending orders will be completed and no new orders are accepted during that period.

Our website might experience intermittent downtimes.

We will provide further updates on this page.

UPDATE: Maintenance is complete. Thank you for your patience. There will be another maintenance scheduled for next Sunday.