Changelly accused of scamming traders because of their KYC policy – Traders are calling for a boycott

Changelly, one of the leading cryptocurrency exchange platforms in the world is being attacked by several users over the allegations that the exchange platform has been stealing and scamming millions of dollars from its users.

The whole controversy began with Changelly’s new KYC procedure. The majority of its users claim they were not aware or notified regarding the new policy. Huge transactions made by users without KYC are not completed as the platform considers the transactions suspicious.

Changelly is currently withholding these transactions on their platform and users are mainly concerned as the transaction is neither completed nor sent back to their accounts even after submitting all the KYC documents.

The exchange platform hasn’t reverted back to the users regarding the matter and some of them have been waiting for days at a stretch for a reply from Changelly. They have been receiving automatic mail responses. This is becoming a growing concern amongst all the users and they have started to believe that Changelly is looting and scamming people of their money.

The problem has been faced by most of the Monero [XRM] users and people are suggesting that Changelly should delist the coin instead of constantly blocking their transactions. In addition, there are allegations that the platform does not notify the users about the need of a KYC before the transaction is done even though they claim that a notification is shown to the users.

Most of the crypto-enthusiast are backing the boycott and say that the whole system is against de-centralization and its anti-crypto.

Changelly gave a statement about the issue on Reddit:

“We know that all this KYC stuff contradicts to the initial idea of anonymity in the crypto world. Frankly, we are not happy with this outcome, as well. Anyway, since we are located in the EU, we are forced to implement this procedure. We really understand your frustration and do believe that these are your entire life savings. Once you prove that, we will exchange your coins immediately, with no hesitation. As of now, we didn’t even receive any info from you. Moreover, we don’t even know your name. So how do we know if your life savings are not obtained from a scammy ICO or something?”

Childishforlife, a Reddit user says:

“Insane how they require KYC to withdraw funds, but not to deposit. If they are illegal funds, why even accept them into your exchange? Such criminals”

Moneroexchange13, a Redditor says:


Aro2220 says:

“This is the main issue that the cryptoverse needs to focus on and solve. Decentralized exchanges sound like an interesting idea. But since your security needs to be in your own hands if you want to keep liberty then you should not be sending Changelly or any exchange your entire life savings all at once.”

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