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ID:

remitano-513

Date:

Status:

Incident Count:

June 26, 2020

Verified

2

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REKT

Contributor:

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zerofriction.io

KYC By:

KYC:

None

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Audit By:

Audits:

None

Loss Amount:

-

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Recovered:

-

Rewards:

Currency:

USD

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Key Indicators

Platform:

Type:

Category:

Method:

Data Sources:

Exchange

Assets

Scams

Extended Method:

Scam

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Days in Operation:

0

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They claim to be a peer to peer trading service but they are requesting KYC grade documents which of course defeat the purpose of a peer to peer trading platform. The amounts of documents requested are similar to what most exchanges are using, so why use remitano in the first place. Once you have deposit a substantial amount of bitcoins/ethereum to trade or sell, they will freeze your account in the name of KYC and identity proof verification. Attempts to verify your account will eventually lead to a ban because they will reject all the documents you sent to them under the false pretense that it does not comply with their company standards. Your documents can be crystal clear and comply with everything they request but they will still reject them anyway. They will send you multiple emails and notification to update your documents and when you do thats when your account will be banned and all your bitcoin/ethereum lost forever.

Let's think outside the box a little. By using their peer 2 peer services your are actually multiplying your risk because now your sending your bitcoins/ethereum over to 2 unknown entities 1.Remitano 2.The seller. That's if your trade does not turn into a dispute between buyer and seller which will result in a immediate freeze of your account. And would you a service operated by entities from a 3rd world countries such as vietnam,nigeria etc with a bitcoin which is worth around USD 13k at the time of this writing ?

As written in the Terms and condition Remitano reserves the right to ban your account with no reason given what so ever. So whats left of your rights as a seller or buyer just went into the drain.

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