Bitkub is asking for KYC again. After logging in KYC is disabled for foreigners....

[advancebooking]

I cant remember how long ago I did KYC with Bitkub but think it was 1 to 2 yrs

 

Another request to do it. Logged in and message is displayed below. Anyone else dealt with this BS exchange? Can you recommend another exchange in Thailand?

thanks

 

Temporarily Unavailable

The identity verification for non-Thai nationals is currently
temporarily closed and will be resumed as soon as possible.
Please stay informed via email and Bitkub Help Center for
further announcements.

[JohnnyBoy777]

I have the same problem. Zipmex seems to be working for me,  but I have been using BitKub for 5 years, and I would like to keep using them, since I trust that they have the millions of baht I am about to take out. Let me know if you find another solution for Thb, fiat withdrawal to a Thai bank account

[JBChiangRai]

Dear Valued Customer,

 

As Bitkub Exchange is undergoing an enhancement of the verification (KYC) system in order to raise the service standard and comply with the related law and guidelines for account verification issued by the Anti-Money Laundering Office of Thailand, the document uploading method has been deactivated since 1 July 2023. As a result, some customers including foreign nationals are unable to submit their verification documents temporarily. 

We are sorry for not being able to tell you the exact closure of the uploading documents method time.
 

In case your account is temporarily suspended from THB deposit, crypto deposit, or crypto buying due to incomplete verification, you can sell or transfer your assets as usual anytime. Storing the assets on your account is also an option.

 

• Foreign nationals are currently unable to submit their verification documents.
• Any account that is due for periodic review (KYC Update) but unable to complete the verification for any reason within the specified period, such an account will be temporarily suspended from THB deposit, crypto deposit, and crypto buying accordingly until the verification is successfully completed. However, an account owner can sell or transfer their assets as usual at any time. They can also store the assets on the account as all assets are secured on our system at all times.

 

If there is any update about new verification methods, we will announce it immediately through our official communication channels. Please stay tuned for further announcements from us.

We sincerely apologize for the inconvenience you may have experienced and will do our best to improve the services. 

 

Should you have any questions or need further assistance, please do not hesitate to contact us anytime. We are here 24/7.

Thank you for your trust and for choosing Bitkub Exchange

[JBChiangRai]

Just now, JBChiangRai said:

Dear Valued Customer,

 

As Bitkub Exchange is undergoing an enhancement of the verification (KYC) system in order to raise the service standard and comply with the related law and guidelines for account verification issued by the Anti-Money Laundering Office of Thailand, the document uploading method has been deactivated since 1 July 2023. As a result, some customers including foreign nationals are unable to submit their verification documents temporarily. 

We are sorry for not being able to tell you the exact closure of the uploading documents method time.
 

In case your account is temporarily suspended from THB deposit, crypto deposit, or crypto buying due to incomplete verification, you can sell or transfer your assets as usual anytime. Storing the assets on your account is also an option.

 

• Foreign nationals are currently unable to submit their verification documents.
• Any account that is due for periodic review (KYC Update) but unable to complete the verification for any reason within the specified period, such an account will be temporarily suspended from THB deposit, crypto deposit, and crypto buying accordingly until the verification is successfully completed. However, an account owner can sell or transfer their assets as usual at any time. They can also store the assets on the account as all assets are secured on our system at all times.

 

If there is any update about new verification methods, we will announce it immediately through our official communication channels. Please stay tuned for further announcements from us.

We sincerely apologize for the inconvenience you may have experienced and will do our best to improve the services. 

 

Should you have any questions or need further assistance, please do not hesitate to contact us anytime. We are here 24/7.

Thank you for your trust and for choosing Bitkub Exchange

 

I have written 2 letters.

 

One to the AMLO asking for a copy of the legal requirements & guidelines for KYC of Foreign Nationals on Cryptocurrency exchanges.

 

Another to Khun Top, the CEO of BitKub expressing my astonishment at his company him removing a system that works before he has another system ready.

 

I will be sending another to the British Council in Thailand expressing surprise that they awarded Khun Top a high accolade when he is discriminating against British in Thailand (and in fact all foreign nationals).

 

I suspect there is something else at play here.  The authorities don't wany Foreigners on Cryptocurrency exchanges at any cost.

[advancebooking]

3 hours ago, JBChiangRai said:

 

I have written 2 letters.

 

One to the AMLO asking for a copy of the legal requirements & guidelines for KYC of Foreign Nationals on Cryptocurrency exchanges.

 

Another to Khun Top, the CEO of BitKub expressing my astonishment at his company him removing a system that works before he has another system ready.

 

I will be sending another to the British Council in Thailand expressing surprise that they awarded Khun Top a high accolade when he is discriminating against British in Thailand (and in fact all foreign nationals).

 

I suspect there is something else at play here.  The authorities don't wany Foreigners on Cryptocurrency exchanges at any cost.

 I just made several complaints to bitkub itself. I think its ridiculous also. Hard to live in this country....

 

Can you recommend another exchange. I would like to close my account actually. But is there anything better?

 

Please provide me with the correct full name of the CEO and address. I think I would like to also write a letter. 

[JBChiangRai]

1 minute ago, advancebooking said:

 I just made several complaints to bitkub itself. I think its ridiculous also. Hard to live in this country....

 

Can you recommend another exchange. I would like to close my account actually. But is there anything better?

 

Please provide me with the correct full name of the CEO and address. I think I would like to also write a letter. 

 

His email is [email protected] and his personal webpage is everything after @ sign.

 

 

[JBChiangRai]

You will find his personal webpage by searching for Topp Jirayut with google, you'll recognise his page, his email is on the contact page.

[Celsius]

Why do people bother with this Thai crap. Opened account with coinbase yesterday in less than 2 hours. Yes, I know it is coinbase, but at least they have a functioning app and it works great.

[JBChiangRai]

1 minute ago, Celsius said:

Why do people bother with this Thai crap. Opened account with coinbase yesterday in less than 2 hours. Yes, I know it is coinbase, but at least they have a functioning app and it works great.

 

And can you sell crypto for thai baht with the funds going into your thai bank account?

[Celsius]

8 minutes ago, JBChiangRai said:

 

And can you sell crypto for thai baht with the funds going into your thai bank account?

 

You can deposit into paypal.

[JBChiangRai]

27 minutes ago, Celsius said:

 

You can deposit into paypal.

there is no off ramp from PayPal to a thai bank

 

That is why people use BitKub

[Celsius]

3 minutes ago, JBChiangRai said:

there is no off ramp from PayPal to a thai bank

 

That is why people use BitKub

 

But you could deposit your paypal balance into Wise and then from Wise to Thai bank.

[JBChiangRai]

17 minutes ago, Celsius said:

 

But you could deposit your paypal balance into Wise and then from Wise to Thai bank.

Not very convenient, or reliable.

[ukrules]

4 hours ago, JBChiangRai said:

 

I have written 2 letters.

 

One to the AMLO asking for a copy of the legal requirements & guidelines for KYC of Foreign Nationals on Cryptocurrency exchanges.

 

Another to Khun Top, the CEO of BitKub expressing my astonishment at his company him removing a system that works before he has another system ready.

 

I will be sending another to the British Council in Thailand expressing surprise that they awarded Khun Top a high accolade when he is discriminating against British in Thailand (and in fact all foreign nationals).

 

I suspect there is something else at play here.  The authorities don't wany Foreigners on Cryptocurrency exchanges at any cost.

 

Admirable work. I don't use Bitkub as I heard there were many issues with verification.

 

But I do occasionally use UpBit Thailand and I am fully verified there, it's a Korean exchange which operates in various South East Asian countries, including Thailand.

 

I received an email from them over the weekend about this new enhanced verification requirement and they specifically stated that foreigners can do this 'DIP Chip' thing using a modern day passport which contains whatever chip it is that is used - presumably it's the NFC 'chip' in the passports.

 

I have until some time in December to complete this.

 

Based on what UpBit have said it appears that there is a way to process foreigners ID confirmation with some app and their passports and it's done at 7/11 in a similar manner to how a Thai would do it using their national ID card at 7/11.

 

I haven't done it yet though, but they say it is possible.

 

They also mentioned that if it doesn't work, which I guess is possible for some passports then there are other documents that can be uploaded to complete the verification process - the webpage didn't list what these documents are.

[Celsius]

52 minutes ago, JBChiangRai said:

Not very convenient, or reliable.

 

So, being at the mercy of Thai exchange where they can lock your account while asking for yet another KYC is more convenient and reliable?

[JBChiangRai]

A direct off ramp into your Thai bank is mandatory.

 

I also use Binance but there is no way to get my crypto sold and the money put in my Thai bank.

[JBChiangRai]

Tell me, how with your other exchanges would you repatriate several million baht from your Thai bank into your overseas bank account?

 

Perhaps now you begin to understand why the Thai authorities don’t want foreigners using Bitkub.

[ukrules]

10 minutes ago, JBChiangRai said:

Perhaps now you begin to understand why the Thai authorities don’t want foreigners using Bitkub.

 

If other exchanges can do it then so can Bitkub - so far they have chosen not to do it.

 

[Conno]

I've been with BITKUB since the excellent BX exchange closed down several years ago. At first they didn't appear to be that bad, but as the months and years passed they have deteriorated to such an extent that they are completely incompetent and a joke of an exchange today.  Their customer service staff seem to be clueless to what other departments are doing. The last KYC re-verification I did, with all the same documents as when I originally opened the account, were rejected several times. Eventually I managed to jump through all of the hoops, including receiving those infuriating banal scripted replies 'We hope to serve you better in the future. Thank you for being the best part of Bitkub'.

 

I eventually received the your verification has been approved, we have awarded you 100 baht email..........but wait for it...... 48 hours later I get another email telling me my verification and documents have been rejected. Once again on the phone combined with return emails asking what on earth are they doing? I then get another email 24 hours later saying 'Please ignore the last email, Thank you for being the best part of Bitkub.' Absolutely infuriating outfit and I'm also looking for a workable alternative.

 

https://www.trustpilot.com/review/bitkub.com  This tells you all you need to know.

 

I posted this on the Satang Pro thread in reply to jonnyboy777 but will post here again. I spoke to Binance's help desk a few days ago after I learned about their new Gulf Binance subsidiary receiving Thailand SEC approval in May 2023. They informed me that Gulf Binance should become live sometime in Q4 2023. It can't come fast enough for this CryptoKnight. 

 

https://www.kitco.com/news/2023-05-26/Binance-secures-operating-license-in-Thailand-its-first-in-Southeast-Asia.html      Fingers crossed.

 

 

[ukrules]

I have active and verified accounts with Kraken, Bitstamp and Binance - all accepted my Kasikorn bank statement with English address as a proof of address.

 

I went to the branch to get this statement printed for the verification - living in Thailand and using a Thai address is not a problem for any of them, at least it wasn't when I opened them.

 

Kraken is my preferred international exchange and they service a massive list of countries worldwide.

 

[Conno]

50 minutes ago, ukrules said:

I have active and verified accounts with Kraken, Bitstamp and Binance - all accepted my Kasikorn bank statement with English address as a proof of address.

 

I went to the branch to get this statement printed for the verification - living in Thailand and using a Thai address is not a problem for any of them, at least it wasn't when I opened them.

 

Kraken is my preferred international exchange and they service a massive list of countries worldwide.

 

I spoke with Binance help desk asking them about Thai baht deposit/withdrawals etc not so long ago. They said currently it isn't an available currency option, so have you actually used Binance for Baht transactions recently or are you using them with GBP or another currency?  When you say English address I'm assuming you mean your Thai address in English right. You know these things change like the wind, due to the state of flux that crypto regulation is currently in. Can you confirm if Thai Baht is an available currency with Kraken and Bitstamp?  

 

Edit : Sorry just reread your post above, Thai address on your Kasikorn bank statement. Word blindness.

[advancebooking]

1 hour ago, ukrules said:

I have active and verified accounts with Kraken, Bitstamp and Binance - all accepted my Kasikorn bank statement with English address as a proof of address.

 

I went to the branch to get this statement printed for the verification - living in Thailand and using a Thai address is not a problem for any of them, at least it wasn't when I opened them.

 

Kraken is my preferred international exchange and they service a massive list of countries worldwide.

 

May I ask if you can 1. Wire money from a thai account to your Kraken exchange wallet? 2. Can you sell your crypto on Kraken and the fund the money back to a Thai bank account? 

 

If yes to either question can you help me do it by explaining how.... especially number 2

thanks

[ukrules]

1 hour ago, Conno said:

I spoke with Binance help desk asking them about Thai baht deposit/withdrawals etc not so long ago. They said currently it isn't an available currency option, so have you actually used Binance for Baht transactions recently or are you using them with GBP or another currency?  When you say English address I'm assuming you mean your Thai address in English right. You know these things change like the wind, due to the state of flux that crypto regulation is currently in. Can you confirm if Thai Baht is an available currency with Kraken and Bitstamp?  

 

These accounts are not for trading Baht, if you already have crypto then they're great and like I mentioned they accept Thai addresses if proven via bank statement.
 

So, no, I've never sent or received any Baht from these accounts but I have purchased some BTC from inside Thailand and sent it on to the Binance and Kraken accounts.

 

I only opened them as it was a requirement for a bankruptcy I have a claim in and they insist on making payments via crypto exchange instead of direct to my wallet and Kraken was my exchange of choice. So while I had the current paperwork from the bank I went on an exchange account opening 'spree' and opened a few more just in case they become useful in the future. Binance has a lot of altcoins which is why I use that one.

 

They do come in useful for trading coins into and out of USD and to keep it outside of Thailand.

 

[ukrules]

27 minutes ago, advancebooking said:

May I ask if you can 1. Wire money from a thai account to your Kraken exchange wallet? 2. Can you sell your crypto on Kraken and the fund the money back to a Thai bank account? 

 

If yes to either question can you help me do it by explaining how.... especially number 2

thanks

 

I've never tried it

[Conno]

Thx ukrules.

 

Not really what I am looking for but thx for sharing all the same. Personally I'm a Hodler, buy with fiat [Baht] and hold for the long term, waiting for the day prices potentially skyrocket [I have my price targets and can wait] Obviously Thailand have outlawed the use of crypto in Kingdom to pay for goods and services directly. So unless that changes one of these days it is going to be essential to have an approved Thai exchange for converting back into Baht so as to be able cash out, spend and enjoy it. This is what I find very worrisome when looking at the way Bitkub and Satang Pro have been treating long term expats in the country recently. The Gov are always banging on about wanting to attract foreign investment but then give the impression they don't actually mean it by making it so difficult to comply. It's a foolish approach and will just drive the profits offshore. I mean if we can't retain our Thai crypto exchange accounts what are we supposed to do?  Just like these proposed new rules they are threatening us with and the taxing of foreign income remitted into the country. Sometimes Thai logic blows my brains. 

 

Suppose will just have to hope this Gulf Binance operation launches in the near future and it doesn't also get bogged down with the same mind boggling contradictions.  

 

PS Advancebooking - Looks as if we are going to be a bit stuck for the time being. The PayPal Wise solution doesn't look very safe or viable to me, especially if one day we are talking large amounts. 

[ukrules]

11 minutes ago, Conno said:

I mean if we can't retain our Thai crypto exchange accounts what are we supposed to do?

 

UpBit Thailand tell me you can 'dip chip' register using the passport but I haven't tried that yet - I have until December to do it - will probably give it a go in a few weeks time.

 

If that works then it is a viable option for Baht to Crypto and back

 

Edit : In fact that's not quite accurate about the dip chip thing, this is what the email title says :

 

"Existing foreign Users Must Complete Identify Re-verification via Passport NFC Verification"

 

It then goes on to speak about dip chip verification for Thais but doesn't mention the NFC Verification at all.

 

Edit more :

 

I went to UpBit to clarify this and this popped up - it's an app to verify the passport - but whether it's only for existing customers or new customers I don't know :

 

 

 

[Conno]

ukrules - My Bitkub account is still active currently as I only completed the re-verification palaver just before it all changed. Keep us all updated on how things go for you if you don't mind. Thailand being Thailand I just know the problem is eventually going to hit me too. 

[ukrules]

Just now, Conno said:

ukrules - My Bitkub account is still active currently as I only completed the re-verification palaver just before it all changed. Keep us all updated on how things go for you if you don't mind. Thailand being Thailand I just know the problem is eventually going to hit me too. 

 

Will do, I'm pretty sure I'll be ok as it's just a re-verification which they seem to have planned using the chip built into modern passports and some app that you run on your phone.

 

As for opening new accounts though - that's anyones guess!

 

[Conno]

Do you get the impression crypto worries the powers that shouldn't be lol. No coiners may think I'm a nut job but I can see BTC hitting what some would call unrealistic high prices. Just ask Michael Saylor what he thinks the price may be around the 2028 time frame ;-) Micro Strategy hold over 150,000 BTC I believe these days and he is still buying.  I can wait but I will need an approved local exchange to cash out with when we get there. Unless moving to Dubai for a few years becomes a viable alternative. I'm joking but if they continue to discriminate non Thai crypto holders like they appear to be doing right now, it might be the only solution left if and when we moon. Lets see how things unfold. 

[ukrules]

2 hours ago, Conno said:

No coiners may think I'm a nut job but I can see BTC hitting what some would call unrealistic high prices.

 

I've been at this game a very long time, I never once thought a Bitcoin would trade for $1000 when I purchased my first one for about $12. Of course I would have spent every penny I had on them and guarded them well had I known what was to come.

 

Anyway, I am reminded of this meme about 'cashing out' :

 

 

One day you will be able to spend them, you won't need to cash them out, it's just a matter of time....

 

Compared to those early days it's already crossed the threshold of unrealisticly high prices and then came back down, now going back up by the looks of it.