Thank you for your patience. We did miss some of the comments on this topic. We would also like to thank you for your attention to the monitor's functionality, your questions, and suggestions.
Let us try to answer your questions in the order of their arrival.
What happened with long time announced update for better review system on Bestchange website, is there any progress with thaht?
You announced it last year and since than nothing happened to improve this
Our monitor’s review system works as follows: according to our rules, a review of the "complaint" type (highlighted in red) is available on the website if the user has not received funds from the exchanger in due time or if the issue occurred due to the exchanger's fault.
The monitor's specialists and the exchanger's administrators try to respond to complaints and solve problems promptly. When the exchanger resolves the issue or if difficulties arise on the user's side, the review is switched to the "comment" type (highlighted in white). At the same time, all users can still see the review and comments to it, if there are any.
We have also updated the way reviews are displayed. Anyone can see any reviews on any exchanger’s page in the monitor, sorted by type (as shown on the screenshot
https://bc.to/J4cLOq): active financial claims, settled financial claims, comments about the service, and positive reviews.
we keep hear complains from people who lost money using exchanges listed on your website.
We presume you mean the cases when exchangers suspended the exchange to comply with international standards, such as FATF, AML, and KYC.
It would be a delusion to believe that the cryptocurrency sphere will forever remain unregulated and unattended by regulators in all countries. Attempts to regulate this sphere will be made in any case.
We understand that, on the one hand, AML policies deanonymize cryptocurrency transactions, and users would not want that. At the same time, law enforcement agencies are focusing on the crypto sphere because cryptocurrency transactions can be carried out for criminal purposes (to pay for services/goods on darknet platforms, to finance terrorism, kidnapping, etc.). It makes sense that regulations are essential to preventing illegal transactions. Today, AML is the regulation mechanism.
Exchangers listed on our website must comply with AML requirements like any other businesses providing financial services.
If high-risk indicators are detected in a user’s transaction, this may signal a direct or indirect connection to illegitimate sources from the AML/CFT perspective. If this is the case, the service accepting the funds will be obliged to freeze the transaction to perform KYC and find out the source of the funds. Otherwise, the service's accounts on exchange platforms may be frozen, and its crypto address may be blocked, while law enforcement agencies may bring charges of laundering funds obtained by criminal means.
During an AML check, the user’s funds are not gone, they are frozen until the source of funds is verified.
They unnecessarily went towards developing an AML checker. Very quickly, that tool went into maintenance and has not been activated since. It could be assumed that there will be no great benefit from it because the providers who provide liquidity (Whitebit, FF, Changenow etc...) to a large number of listed exchangers have their own AML and continue to act according to it.
When we initially launched this AML verification tool, our users relied on it extensively. We wanted users to be able to quickly and inexpensively check their crypto wallets on our site before making an exchange to avoid having assets blocked due to possible high-risk indicators. This tool is temporarily out of service due to technical reasons, but we are doing our best to get it back up and running as soon as possible.
Some exchangers also have their own verification tools and screening systems. The check results of different AML analyzers may show different percentage ratios of high-risk assets, but they will all agree that high-risk indicators are present if this is really the case.
We would also like to point out that some custodial services do have internal rules for processing transactions, which may lead to the service being suspended on the service side. In such cases, the user may also be required to provide data regarding their transaction.
We understand the vast majority of users are not involved in money laundering and mistakenly find themselves in a situation where their funds are blocked until they pass KYC. We assume the mixers you promote aim to solve this issue.
We agree that the regulatory pressure on the crypto industry is increasing, and platforms must adapt to mitigate the negative consequences for law-abiding users.