Xapo refuse to let me withdraw my bitcoin - Warning

Discussion in 'General Bitcoin Gambling Discussion' started by uglymug, Feb 24, 2017.

  1. uglymug

    uglymug Member

    Over a year ago I decided to open a free Xapo account because I thought it would be the safest place for me to store my bitcoin. Wences Casares seemed like a reputable Silicon Valley hotshot with a proven record for success. The idea that my coins would be secured in deep cold storage vaults on 3 continents also gave me peace of mind. Setting up my Xapo account was easy. I just provided my name and my passport number and that was it. Within minutes I had my bitcoin securely deposited in the Xapo Vaults.

    Everything was fine until a couple of months ago when I wanted to sell some coins to pay some Xmas expenses. When I tried to withdraw my BTC, Xapo told them I needed to go through a KYC/AML procedure and send them a copy of my ID and a utility bill. The problem is I live in shared accommodation so I don't have access to a utility bill in my name.

    I don't have a problem with Xapo requesting this information but they should have done it before I deposited my bitcoin. Now it feels like they've stolen my coins and I'm worried that they might be a scam.
  2. Humble Servant

    Humble Servant Active Member Staff Member

    I had a similar issue with Xapo. They took my bitcoin and then demanded I go through KYC when I wanted to sell some coins after. My biggest issue was the length of time it took for them to process my documents. I was waiting over a month. Thankfully the price continued to rise so I ended up making a bigger profit but what happens if there's a major security issue and the bitcoin price drops to $100 again. Many people who have their bitcoin stored in the Xapo vault might not be aware that it takes this long to withdraw them and they'll end up losing a fortune.
  3. 2damoon

    2damoon Member

    I have to wait over 4 weeks for them to review my documentation and approve my account. During that period I was not able to withdraw my bitcoin. If anyone has bitcoin in the Xapo vault, I would recommend that they start the AML/KYC process now. You never know when you might need to sell in a hurry.
  4. Humble Servant

    Humble Servant Active Member Staff Member

    There has been a huge explosion in interest in bitcoin and crypto-currencies in general over the past couple of months so I suspect that the 4 week waiting time has significantly increased unless they have hired a lot of new staff to manage the extra demand. Hardware wallets are more secure in my opinion.
  5. Toast

    Toast Member

    it's disgraceful that xapo allows you to open an account without providing ID and then once they have your money they refuse to allow you to withdraw unless you provide sufficient ID. surely there are laws against this.
  6. SuckIt

    SuckIt Member

    Does anyone know if Xapo are going to support BIP148? I will need to withdraw my BTC if not.
  7. Humble Servant

    Humble Servant Active Member Staff Member

    I doubt Xapo will publicly support BIP 148 because their CEO signed up for the SegWit2x New York Agreement. In reality I'm sure they will because they are liable for any coins that are lost in the even of a reorg of the chain.

  8. Humble Servant

    Humble Servant Active Member Staff Member

    Xapo finally allowed their customers to sell or withdraw their Bitcoin Cash / Bcash over the weekend. If you have an account with Xapo, you should login now to claim your free money. There is a possibility that the Bcash price will eventually crash, so you should do it sooner rather than later. If you haven't decided what you want to do with your coins by December, Xapo will convert your BCC coins into BTC and add them to your account.
  9. Humble Servant

    Humble Servant Active Member Staff Member

  10. Wonka

    Wonka Member

    avoid xapo if you have any sense. they are in bed with the miners and will no longer support btc after november.
  11. Kaboom

    Kaboom Member

    sadly xapo has gone rogue and will support an alt-coin call b2x after the hardfork in november. as a result, i no longer recommend their services to anyone, which is a shame because their visa debit card worked really well.
  12. Humble Servant

    Humble Servant Active Member Staff Member

    To be fair to Wences Casares, the CEO, he has held his hand up and admitted his mistake since the SegWit2X hardfork was abandoned...

  13. PokerGod

    PokerGod Member

  14. Wonka

    Wonka Member

    After a dodgy period period before the SegWit2x fork I'm glad that Xapo have come back to the light. Both Wences and their CEO Ted Rogers are talking a lot of sense again.


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