BlockTrades users must now create an account to trade with us

8일 전

In response to upcoming regulatory changes around the world, BlockTrades is now requiring users to create an account before they are allowed to trade with us. This means that you won’t see the “Get Deposit Address” button until you login to your account. One benefit of this change is that you will be guaranteed that all your transactions will be linked to your account, so you can’t lose a record of any of your transactions.

New account trading limits

New accounts will initially have a daily trading limit of $1750 USD, but you can increase this limit by submitting identification information via the Authorization section on your profile page. After being authorized, you will initially have a daily limit of $20,000 USD (which can be increased per an approved support request for a larger amount). An authorization request will generally be approved or rejected within 48 hours of the request.

What will happen to legacy deposit addresses from unregistered users?

For the next three months, we will still process transactions to existing deposit addresses, to avoid issues for anyone who has setup a periodic automatic transfer to such an address. Note, however, that transactions on such addresses will be limited to a $200 daily limit. If a larger amount is sent, the user will need to create an account and contact us to link the deposit address to their account in order for the transaction to be processed.

What if I’m a partner/affiliate of BlockTrades that directly uses the BlockTrades API?

For the next three months, we will still process transactions generated via our API without requiring a user login, but the amounts sent to such deposit address will be limited to $200 daily. After that period, your site will need to integrate support for our upcoming API function that allows a user to login to his BlockTrades account via OAUTH2.

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I got through half of the verification process but it is even more extreme than most exchanges, and only allowing $1,750 per day without it? Any chance that number goes up?

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Anything is possible and we haven't engaged with regulators yet to know if these limits are for sure too extreme. We're being conservative based on our readings of the rules until we have definitive answers. We'll know more in a bit.

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Blockchain: Restoring freedom to humanitywOOOAH HOLD UP THERE IT'S TIMEEE TO GET REGULATED

Fortunately making an account is very easy and painless process. I have had an account for a while, and never had any problems. @blocktrades has superior customer service and an easy to use interface on their website. Makes it easy for me to trust that my money is passing through safe and secure hands.

I've loved blocktrades for its no login requirement for as long as I can remember. I shared it to others on that very premise. I know that you were basically forced to do this, so nothing we can do other than create an account. Very easy to do so and I've had one for quite some time already. Still the easiest exchange around.

What do we need to sign up

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Basic signup just requires an email account.

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HEy it is not just E-mail... :( ... if you want take out more then 1750 $ then you must give all your ID info from them.

Sounds good guys. Keep innovating and progressing and improving the platform as we head towards early adoption. A gateway too and from steem is going to be the key for bringing on new users and enabling the early adopters to profit from the hard work in their steem business.

Thanks for all that you do and your ongoing support for the community.

Posted using Partiko iOS

I understand the regulatory reason for this change, but this will probably mean that our BuildTeam integration of the Blocktrades api will have to migrate to another solution (or maybe use a transparent pool of acounts? Is that legal? Allowed?). Users that want to one click power up on our platform don't want to register yet another account and this might be a dealbreaker here.

I think the two solutions for us here would be to either circumvent these limitations (which would be a pretty bad solution) or having to ditch blocktrades :/ both are not what we would want to do.

Hi,

is there any chance that you could provide access to your new API in advance so that we can update our own integration?

Regards

Steem.Ninja

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We'll publish it as soon as it is designed. Our current API should still work fine temporarily, as long as trades don't exceed the new limits, but getting our API updated is one of highest priorities at the moment.

This is grave news.

People who saw benefits of having an account with BlockTrades, already have one, therefore there is no point in discussing those.

There are however people who used your services because it was possible without leaving definite trace and with pretty much no limits.

You can't leak what you don't know. Now with mandatory account all the problems show up:

  • what information are you going to collect
  • how are you going to protect it against unauthorized access
  • what laws apply to you
  • which (governmental or other) organizations will have access to that information
  • is it possible to challenge request for such information in court and if so, are you willing to actually do that
  • are you going to let the target know about their information being accessed etc.

It is not that I don't want to give you my identity. You know who I am, so it wouldn't affect me, but other customers are not in the same situation.

On top of above mentioned problems new daily limit is atrocious, especially considering the limit so far was the size of your hot wallets. I haven't used them in a while (because for the last year I was using BlockTrades for most of my trades) so maybe something changed but back in the day Binance had no deposit nor trading limit and 2BTC daily withdrawal limit for unverified accounts. If that still holds the new $1750 USD barrier looks bleak in comparison.

Damn, it was such a good exchange...

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The answers to your questions are mostly publicly available on fincen.gov web site (with the exception of our own security procedures), but I'll summarize relevant answers as it might take you some time to read there.

  • We collect email, IP, trade info, and if optional "Know Your Customer" data is supplied by the customer, the trades are linked to the identify info (pretty obvious, I guess).
  • Like deposits and withdrawals to US banks, we're required to file "Currency Transaction Reports" for total trades over 10K USD in value in day (and they can't be filed for lesser total amounts during a day). These reports are "routine" reports, they don't generally indicate much.
  • There are also "Suspicious Activity Reports" which can be filed by the business on amounts over $2K USD in value if the business in its own opinion deems the transactions to be suspicious. An example of when this could happen would be if a bunch of Steem accounts suddenly sent funds to an account controlled by a known scammer. These reports are more serious, since they indicate the business suspects some form of illegal activity.
  • The above reports are sent to FINCEN. I don't know under what circumstances FINCEN will share these reports with other countries, but my best guess is they will only share it if they think the other country can help in a criminal investigation.
  • They don't normally make "requests" of the type you're describing except in the case where there is an active criminal investigation, and in such cases they must obtain a court-ordered subpoena for the data. It is possible to challenge such requests, but generally they are investigating stolen crypto funds (they actually tell you the reason for the request) and I don't have a problem providing the data in such a case, as I have no sympathy for crypto thieves. By the way, such requests are nothing new, we've always been required to assist in such investigations (as does any crypto company where its principals are known, I would guess). The subpoenas for these types of court orders explicitly require that you don't reveal the information to the subject of such an investigation, at a potential penalty of obstruction of justice.

Regarding the limits, I believe they are necessary to meet FINCEN reporting requirements outlined above if the business is a crypto exchange. I suppose it's quite possible that many crytpo exchanges outside the US are ignoring these requirements, since their principals probably reside in other countries. But generally, when you file a Currency Transaction Report, you are expected to provide basic identity information, not just an email. And 2 BTC is more than 10K USD now.

As to remaining question about the security of customer information, we are maintaining it at a highly privileged level (same as we have always maintained customer information). The data is stored on the same servers where we keep our crypto wallets and it is only accessed by 3 highly trusted and trained personnel here.

HEy @blocktrades ... this is not good :(( that means.... a government which in any case abuses power and laws, can start here this users now to tax on each transaction, and it is not good.

And also limit of $1750 USD Are you joke ???? I feel like I'm being jailed here in prison... and I not joke.

First ... this is my steem and SBD... and I must have right to decide for myself how much I want to take out, the fact that one authority can tell how much a user can take out is very bad. I thought here were people who dared to fight back the system, but no... it looks no.

And sorry I say this.

upcoming regulatory changes around the world

Translation: Banksters and gangsters (governments) fear freedom.

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Government is the opposite of freedom. Eventually government must eliminate all vestiges of freedom or be eliminated themselves. Today exchanges are being forced to become tools of compliance. We see simultaneous elimination of sites and parties that refuse to allow their speech to be not only reasonably limited by obeying criminal law, but that fails to conform to official narrative. Vaccinations are increasingly mandatory.

Where do you think this is going?

Governments are essentially vectors for corruption by banksters, and the mechanisms by which those tyrants impose their ownership of the subjects of governments. Every collective mechanism of industrial production is parasitized and enables those subjects to be sources of the power and wealth substantial stakeholders accrue, particularly the cabal of banksters that effect policy via extranational institutions. More importantly, that parasitization prevents substantial stake from inuring to independent parties, and that keeps them subject to government.

We observe that decentralized technologies like 3D printing, aquaponics, AI, CRISPR, and more are the leading edge of technology across all industries today, and each of these enables production to be effected by consumers themselves - obviating parasitism altogether. We see that cryptocurrency is now no longer able to be used to avoid parasitism, by this OP.

Either governments prevent all decentralized technologies from creating goods and services independent of government authority, or eventually governmental authority becomes obsolete.

Physics mandates what technology can eventuate. Governmental authority is a meme, and nothing more. Those dependent on authority for their wealth and power will not allow government to become obsolete willingly, and there are no ethical limits on their projection of force to retain that power, as we can see throughout history. I consider this a shot across the bow of every free person in the world.

Prepare to be boarded, or to secure your community, family, and person from violent force.

Puh all these regulations. IT was so convinient not needing an extra Account.

Posted using Partiko Android

While I respect that this is not an optional choice on the part of Blocktrades, I am also aware that this is one of many steps that regulators around the globe will keep taking to keep the financial systems transparent for the benefit of those pulling the levers.

My concern is whether Blocktrades is working towards creating an off/on ramp from crypto to fiat, as this would certainly put Blocktrades in the same position that Bittrex is in now, who recently had to eliminate basic accounts that had no KYC (proof of identity, uploaded photos, documentation, etc), which hurt a lot of Steem users that took advantage of the on/off ramp. Such an outcome for Blocktrades would likely kneecap the crypto-side of Steem much more so, and maybe propel the Steem blockchain into something entirely different than what it is now.

I'm not against progress and evolution of Steem, as I get more use out of Steem these days when playing drugwars, and upcoming projects like Cache.gg look exciting as well, whereas the social media aspect of Steem (purely for the sake of social media) is niche at best in the current climate where something you said 20 years ago can land you in jail today, and everything you say on Steem is written in stone. Great for writers who want proof they own their ideas, bad for someone seeking to speak their mind on controversial topics. As I say, niche.

Then you have to wonder if applications using the Steem ecosystem would want to use blocktrades in the same way as something like paypal, which is very much trusted and does not require typical KYC to make transactions, as there are other means of proving someone owns a bank account or a credit card. But where does Blocktrades sit in comparison to paypal? If Steem users cannot move Steem in and out of the platform without KYC (if further regulatory steps are taken in the future, or Blocktrades adds fiat on/off ramps), then Blocktrades effectively decouples itself from Steem in the way paypal did with eBay.

Of course, as long as Blocktrades doesn't allow you to store a balance that they manage, then that should leave Blocktrades in a much better position.

I don't know whether that will be a good thing or not, but it certainly motivates me to power down now instead of facing the risk of losing liquidity. I mean, I'm not going to, but the FUD is certainly knocking at the door. I also understand the liquidity of Steem is a major issue that has seen countless exploits of the system for profit without any consequence, killing the potential for everyone else, and Blocktrades has played a major role in this, as did other exchanges like Bittrex.

So many things to weigh here, and in the long term I see the legitimization of Blocktrades and the tightening down of Steem's liquidity only being a good thing for actual users of the platform, but it certainly is an unknown for speculative traders. Who knows, maybe with some luck there will be scared whales trying to get out while they can and move the center of gravity of the ecosystem back down from the sky.

At the very least, thanks for the work put into Blocktrades, and the continued effort to keep improving the experience for users. I've always known that the older functionality of Steem relied heavily on Blocktrades, but it really hits home just how much Steem users rely on Blocktrades for liquidity, and it will be interesting to see where this takes us.

Appreciate the update, thanks for the hard work.

I have mixed feelings about this as it will limit liquidity in some sense as many prefer not to register. I guess I will need to make a big decision about this...

Posted using Partiko iOS

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If you mean pricing and liquidity for our site, that won't be affected.

Can you move your business to Malta or something like that @blocktrades?

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We're a Cayman Island's company now. The issues don't relate to where we are domiciled, it is a function of where your customers are.

I've had an account for months, the ability to see transaction history is pretty useful and I needed it anyways to buy EOS.

And this is why we need a %100 decentralized exchange. You will be able to draw/trade out $1750 for a while, however like other exchanges that are subject to this kind of submission will change and make you submit your ID to do any kind of trading. At that point use an exchange that has some kind of insurance in the event of a "bug" or "hack". Maybe blocktrades will think about working on making a decentralized exchange?

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While I am not particularly informed regarding regulatory or enforcement activity, I note that presently companies are the only mechanisms potentiating exchange of currencies, and thus are the targets of such activities by government. In the event some form of automated and decentralized exchange replaced that target, the users themselves would be the only remaining vector for imposition of governmental authority.

I do not think that vector would be neglected. Do you?

Thanks!

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So what you're saying is that the people using said anonymous exchange in way of p2p or some other form of anonymous decentralization would be subject to targeting by the government all the more making aware of it's own people that they are owned like slaves to the system? Once enough people come to that realization they will become non complaint and rebel against such control. Using currency like the dollar you can just walk up to the store pay for your items and walk away, no showing ID or having to prove who you are in anyway and that is freedom, you earn your money and it is yours to do what you want with it. Slaves don't own anything not even money so if you allow a system to step in and do a KYC you are submitting to that slavery. Some would argue that it helps to secure your money and I would say let it be an option but not imposed on everyone else but i digress to get back what I was saying, decentralized exchanges are coming and the ones who do it right will come out on top. If you think it would be impossible for a full functional exchange that is trust less, decentralized, anonymous to be created well all I have to say is who is Satoshi Nakamoto... does anyone know? Will the real Satoshi please stand up? No it's not Craig Wright he doesn't talk like he has the same vision, maybe Hal Finney, David Kleiman or perhaps Nick Szabo? It would seem Satoshi doesn't want to be found and up until now hes done a great job in keeping his anonymity. If the government could find him you would here about it on the news because he would be in jail or dead. My point is that it took one man with a vision to make a world altering change that gave value back to the peoples hands and not some bs printed paper that degrades every year because they keep printing more and more. If you allow any group/government/person to take that control away from you, it will not be worth anything because that's the point. You will have a few people with most the value and the rest left with deflation. When they figure out how to control crypto currency another system will come out to replace it for the very same reason why btc came out to replace printed inflated paper. Now I know not everyone has the same vision, some want a gov control crypto and they should have that and let the people pick what system to use with no interruptions, control, threat and so on. It's just my cents, I'm not asking you to agree with me.

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Well, I agree with much you say here, but also note I mispoke. An additional vector for enforcement agencies exists: simply shutting down mechanisms that enable communications for such an exchange. Censorship is all it takes to end such an exchange.

While I'm aware of the inflationary tax on fiat, as you point out we can use it anonymously - and that's why I think the creation of Satoshi Nakamoto and BTC was done the way it was. I'd also point out that AXA is critically involved in BTC, and the company of the Chairman of the Bilderberg group. I am very skeptical of BTC for the same reasons I am skeptical of al Qaeda: I suspect it's a creation of the globalist intelligence community, rather than an organic defense against them.

However, that's not the point. The point I was making was that government cannot permit financial freedom without permitting it's own obsolescence. I doubt highly that will be permitted, although captive cryptocurrencies are ideal to eliminate anonymous transactions, and a pretense that they are secure and opposed by government exists that causes those parties government most wants to track the transactions of. There will come a time, I believe, when we'll be ordered to transact with BTC, or some official cryptocurrency.

We'll be left with only barter then to maintain anonymity. Crypto cannot by itself eliminate tyranny, but only by being part of a broad strategy of decentralization.

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You make a lot of good points here and it's something that I've reflected on my self. This is an interesting experiment to say the least and I think once this one has played out another one will pop up with some similar attributes. “Give me control of a nation's money and I care not who makes the laws.”

At the end of the day until we have proof of whats going on we can only theorize from the bits and pieces of facts laying around. It is just my perspective and having conversations like this helps to gain a better perception of of the subject at hand.

Pricey is a right and not a privilege, should that change you have fulling become a subject of your master.

First shapeshift and now this. Sign of the times I guess

I will miss blocktrades

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We'll miss you too, I wish it could be different.

I am very happy to already have an account with you and always login before trading. I look forward to the day when a limit of $1750 USD with be an issue for me. Please do what you can to make this happen!

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I hope it happens for all Steemians :-)

I've always loved the services offered by blocktrades and have created an account to keep track of my transactions. I simply love the seamless convertion from STEEM to another token at competitive rates.

Although I believe I won't be affected by this change, I do recommend creating an account with them.

Dang Dan, sure would have been nice of you to provide advance notice of this change, rather than spring it on us all of the sudden like this.

So much for disruptive technology. New name: acquiescence to demand. I thought Blocktrades was registered in Cayman Islands or some foreign jurisdiction not under the thumb of US hegemony.

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I don't really see what the difference would be in advance notice in this case. And really, it's not like we had much notice about it either, we literally put these changes in place in a matter of days to comply to the new requirements as soon as possible.

We are registered in Cayman Islands, but we do have US customers, and the US enforces its regulations against foreign companies that deal with US customers.

I agree this seems like a very questionable practice, but it is what it is, and you can see how these things play out now with the actions by NY regulators and previously the CFTC against Bitfinex.

Anyways, I don't really think our service itself is "disruptive": it's just a service to make it easier to trade crypto without as much risk. I think that the term "disruptive"should be reserved for blockchain technology itself and other related possible things we may see in the future from the crypto community. We plan to remain heavily involved in the technology area: our web site is only one part of our overall business.

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So these changes would not be necessary if you did not serve US customers? Do you expect other jurisdictions to require such changes?

Thanks!

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Yes, that's correct, it wouldn't be necessary now if we didn't also serve US customers. So one long term option might be to split into two different companies.

But a recent report published by ESMA (European Securities and Markets Authority) suggests they are considering somewhat similar requirements in 2020. It's hard to say how these things will go.

Hey @blocktraders I've an account on your website but every day I need to sign In on your website maybe its a bug or what ever it is I don't know but It's a humble request

Please repair it.

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That's by design currently, but we're working on changing our login process soon, and I think the new one will allow the option to remain logged in.

Thanks for the notice. I have had an account for some time.

Posted using Partiko Android

Done Mr.Blocktrades. thanks you so much.

so having an account is mandatory. OK
and is authorization after having an account also mandatory?

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No, only if you want to trade more than $1750 USD worth of crypto in a day.

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okay
thank you

@blocktrades, great development you have here and I really pray it works well. I know that what really matter is where your customers are located.... Community is involved. Great initiative.

Posted using Partiko Android

Ow,That's a good contribute.
Creating a @blocktrades id is very easy,I am very much fortunate that I have an id

Posted using Partiko Android

I have realized the benefits having an account in the blocktrades. actually I have a blocktrades account but did not mostly sing in to my account while making some transactions. in such situations I miss transaction data or recodes I made, which is not advisable in the crypto market. therefore, I found this post important and it is support my personal lesson

So do we need to supply KYC details to make an account?

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No, KYC is only required if you want to make more than $1750 USD in transactions in single day.

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Cheers, thanks for the reply.

I my opining there that should not be problem of anyone. Creating a account is super easy @blocktrades
Even I first transection was after creating a account only.
And I live the flawless & super fast speed of transection.

Posted using Partiko Android

Thank You @blocktrades for the Services that you provide. I actually sent some Litecoin over to buy some STEEM so I could Pay for an Item in the @ssg-community .........Everything is Always Smooth with Blocktrades and I am Grateful.............

@blocktrades change my mind and i opeaning a account .

qjrE4yyfw5pEPvDbJDzhdNXM7mjt1tbr2kM3X28F6SraZgsjTKzarRUPgMcNH2zLHsK5JH4XPtSpNf1qpnC4osGCBZE8KyhVT71PnHnv3PDqpNmGExWbtq6E.jpg

Congratulations @blocktrades!
Your post was mentioned in the Steem Hit Parade in the following category:

  • Pending payout - Ranked 9 with $ 107,26

Oh good thing I already made an acct last year. Hehe. It's easy to make an acct anyway. 😊

But wait, there are people who can trade up to $1750 per day? Whoa.

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There's quite a lot of people who've made their fortunes trading in crypto :-) Of course, some have lost a lot too.

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I wonder if those who made a fortune invest their money in real estate too. 😅 That amount is almost good as a reservation fee for a luxury condo here in the capital of the PH. 😄

@blocktrades You have received a 100% upvote from @intro.bot because this post did not use any bidbots and you have not used bidbots in the last 30 days!

Upvoting this comment will help keep this service running.

Thanks for the notification.

Posted using Partiko iOS

Great news my friend

Posted using Partiko Android

Great thing I have created and using already @blocktrades.
I have participated in introduce Dtube contest, but not sure whether you have checked my entry or not.

Greetings @blocktrades!

I have reviewed your blog and I find this brilliant publication! :)

I think that the regulations are made for security reasons that will guarantee the success of the operations and the strength of the client's cryptocurrency.

When you create an account in a certain platform now your data will be displayed from your interface, your name and in a personalized way;
leaving stored in your user account all the record of your transactions which would be completely auditable ...

What good news, @blocktrades!

I will start right now, by opening my BLOCKTRADES account for future negotiations!

Thanks, see you next time! :)

#blocktrades

. Therefore we must always think positively on others so that our minds are calm and make life healthy.@blocktrades has superior customer service and an easy to use interface on their website. Makes it easy for me to trust that my money is passing through safe and secure hands.

Oh, Uncle wants his piece of my pie!! How about I serve him up some humble pie?

Okay, good to let us know and why. Thanks!

Posted using Partiko Android

Since more than one day MY money is blocked!
No response from @blocktrades per mail and Steem Chat. That's really cool.

Transaction State
User's deposit exceeded transaction amount limit, requires admin approval.
The transaction exceeded the user's transaction limit for automated processing and is pending approval by administrative personnel.
Time (local)
2019‑05‑18 11:13:45

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We only have one transaction blocked from 5/18 and it was steem sent from a different account (not prinzvalium). That user has contacted us via email and we replied to him with further information. If that user is you, maybe you didn't receive our email? If so, please resend your email request and we'll attempt a reply from a different email address (maybe our reply was blocked by a spam blocker).

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Ok, thank you. Your support mail was in the spam folder. I didn't look into this folder, because I marked the blocktrade registration mail as not spam. Strange. I sent an answer. Thank you.

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Ah, nvm, it looks like your transaction was already processed.

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The first transaction was ok, the second has been blocked because of the daily limit. Strange that I got no warning, that the amount is to high. Afterwards it is to late.

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The warning comes in the form of the "Deposit Limit" above the input estimate edit box. This value shows the remaining amount you can transact with us for the day at your current allowed daily transaction volume.

If you put in an estimated amount above this value, the deposit limit will turn red to indicate the amount you're planning to send would exceed your daily limit. For example, in the screenshot below the user is asking for an estimate for 7 ETH which exceeds his remaining daily limit of 6.887 ETH).

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Also, it's best to avoid pushing too close to your limit as the USD value of the input can fluctuate.

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Ah ok. It does not block if the amount is to high. The user can send the money even it is to high. If this happens, it is pending and an admin must look at it.

Isn't it possible to disable the send button if the amount is to high?

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The sending isn't done from our site, so we can't block it. In general, there's no way to block someone from sending cryptocurrency to you.

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Ok, thanks for your efforts!

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Your web site says the transfer is pending and at the receiver site nothing has been received.

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Also, what name are you using on steem.chat and did you send to blocktrades or blocktrades-help? I monitor blocktrades while our support staff monitor blocktrades-help.

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People who complain could always set up an offshore exchange with no rules. Blocktrades is bound by the laws of the area they are in. Bittrex makes you do KYC with ID to trade any amount.

it's an very bad changes. today I tried to register . It said that it has send me an activation link but In my email I found no link.