Why LBC and similar exchanges want to control your money

Sean M

Posted on February 10, 2019 6:20 PM

In the recent spate of news, it seems that one of the major OTC Bitcoin exchange announced that due to EU regulations it will be instituting trading limits, wallet withdrawal limits and more invasive KYC for it's users. Basically, from being free and open, it's going to put you and your money in a jail.

This is no different from Banks telling you that you can't withdraw the money you put in them without jumping through hoops. In short, it is against everything Cryptocurrency was designed for and used. MoonTrade will never do this.

This shows that the people who run LBC and other exchanges that virtue signal about "AML and KYC is to keep you safe blah blah", are in reality just out to make a quick buck on your hard work. They've made millions of $ and have used and abused traders and buyers as long as they could. And now, for the very first time, they were put under legal pressure, websites like LBC etc fold like cheap tents. 

The reason is that in their eyes, making a profit is more important than protecting your privacy. What we have is an example of the thought-policing and invasion of finance that cryptocurrency was designed to avoid. Now these exchanges are trying to do exactly that, track what you own, who you are and where you are spending that money.

If cryptocurrency was designed to give you more control over your own money and then these people tell you that we're going back to the old system, would you really trust them? It's like launching a spaceship to Mars and then telling people they can only use a horse and buggy to travel. Sounds unfair doesn't it?

Most of the exchanges like LBC use the excuse of government regulations etc etc to justify ever restrictive trading practices, well, there are other exchanges, MoonTrade being one of them, which understand that you can be profitable and support the Cryptocurrency Community by moving elsewhere, it's not like these exchanges have a huge amount of capital invested in operations compared to their profits e.g. an average exchange probably spends less than 1% of it's monthly earning on operations. And exchanges like LBC with their ridiculous deposit fee, withdraw fee, this fee, that fee are just penalizing you for using them. And now, they are going to make your life even harder.
Is it that these people got lucky and swindled the Cryptocurrency Community for a few years before showing their true colors? Sure looks like it.

At MoonTrade, we were founded by traders who were sick of the over regulation and control by the old usual banking and thuggish suspects supported by exchanges like LBC, so we opened a new exchange, spent over an year developing it to give you a straightforward and simple place to trade not just Bitcoin but Ethereum and Ripple as well. we have believed in individual liberty and the hope that you can be responsible for your own money without us nosing around in your business. 

If you still choose to do business with proven cheaters that cheat and change the rules to suit them and sure you over, sure, keep using them. If you really want to maximize your wealth and truly be a Cryptocurrency Power Trader and Investor, join movements like ours.

Join MoonTrade, we believe in your freedom more than your bank's and bureaucrats freedom unlike LBC.

At MoonTrade, we believe the business between two consenting parties is their business, not ours. 

Happy Trading!

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So this wont go on the similar path with LBC? It would take such time for reaching such state.