I have been putting this off for a bit as I've been getting everything else in Australia set up (pffff... which is also a mixed experience of completely easy... through to a big pain in the arse!)... but it is now time to bite the bullet and start migrating accounts with CEXs from a KYC/AML in Netherlands through to the same verification in Australia. Likely, it will probably work just to keep things as they are... until there is a problem. I'm the sort of person that likes to keep things done properly... and so, I would rather that I don't run into interesting unexpected (but predictable) problems, especially if I can avoid it just by doing the things that I'm supposed to do!
So, first on the list to migrate is Crypto.com. It is one of the more regulated exchanges, and I know that it has a proper legal presence in Europe and Australia. Plus, I use their VISA debit card a fair bit, and so it would be nice to be able to fund that properly from an Australian bank account instead of using the Dutch (Euro) account. We will be closing the Europe account within the year anyway... so, there is a definite time limit that I would want to have the migration done by! I know that you can easily fund it through a roundabout route of shunting through other exchanges... and even though the staking of FTT on FTX gives me free on-chain withdrawals/transactions it is still an extra few steps that don't have to be there if I can fund it directly from Australia.
So... what I'm starting to discover, is that CEXs are hindered by the problems that a border agnostic crypto-ecosystem is meant to fix. After contacting Crypto.com support... it turns out the there is NO way to update and migrate my KYC/AML details from Europe to Australia. For legal reasons I assume, Crypto.com Europe is completely different to Crypto.com Australia!
So, it turns out that I will have to set up a new Crypto.com in Australia, do the new KYC/AML verification on the new account... and then manually transfer (in the CEX!... not on chain..) all the digital assets over. Unfortunately, the time-locked stakes CAN'T be transferred until the stake-lock time is complete... but thankfully, the Crypto.com Europe account will remain active. It is a bit of a pain in the arse... manageable... but far from streamlined. It is an unwelcome surprise though.
Even worse, the VISA debit card does NOT transfer either. I will have to order a new card in the Australian system... and drain the Euro one by spending or ATM withdrawals. I really hope I get another metal card though... it is really one of the nice perks of the Crypto.com experience... a nice solid feeling, metal backed VISA card. It is just oozes class!
So, I've just completed the Australian verification after moving the Europe Crypto.com account (app only... that is also another pain in the arse, no web portal) onto my wife's phone so that I can have the Australian one set up on my phone. There is a roughly window of 24 hour wait for verification (but mine went through in about 15 minutes)... the passport/selfie business took two goes to work properly... not sure why. It just didn't go through to the ID verification provider the first time, and it wasn't clear why it failed... but the second time, it progressed quickly.
If I had to gripe... it is the fact that Crypto.com has two seperate entities for KYC/AML purposes in Europe and Australia. That makes it annoying to easily switch when people do normal real life things... like MOVE TO A DIFFERENT COUNTRY! Sure, not everyone does that... but it is weird to have it hard-baked so that it is IMPOSSIBLE to do to!
Oddly enough, the shifting of crypto on the Crypto.com internal ledger is completely seamless (I hope... I guess that I will find out about properly, when the Australian account is verified!). On the other hand, there is the locked staking products that will be unlocked in about 130 days time...
This is a little bit more complicated than it should be.... I'm really hoping that other CEXs will have this a bit more sorted and aren't completely winging it when it comes to changing addresses/country information in the KYC/AML verification. I'm not hopeful... but I think that this is a bit of a middle of the road experience, I expect some to be much worse and others to be better. But the friction is real...
I can also be found cross-posting at:
Hive
Steem
Publish0x
Handy Crypto Tools
Ledger Nano S/X: Keep your crypto safe and offline with the leading hardware wallet provider. Not your keys, not your crypto!
Binance: My first choice of centralised exchange, featuring a wide variety of crypto and savings products.
Kucoin: My second choice in exchanges, many tokens listed here that you can't get on Binance!
FTX: Regulated US-based exchange with some pretty interesting and useful discounts on trading and withdrawal fees for FTT holders. Decent fiat on-ramp as well!
MXC: Listings of lots of interesting tokens that are usually only available on DEXs. Avoid high gas prices!
Huobi: One of the largest exchanges in the world, some very interesting listings and early access sales through Primelist.
Gate.io: If you are after some of the weirdest and strangest tokens, this is one of the easiest off-chain places to get them!
Coinbase: If you need a regulated and safe environment to trade, this is the first exchange for most newcomers!
Crypto.com: Mixed feelings, but they have the BEST looking VISA debit card in existence! Seriously, it is beautiful!
CoinList: Access to early investor and crowdsale of vetted and reserached projects.
Cointracking: Automated or manual tracking of crypto for accounting and taxation reports.
Stoic: A USD maximisation bot trading on Binance using long-term long strategies, powered by the AI/human system of Cindicator.
StakeDAO: Decentralised pooled staking of PoS assets.
Poloniex: One of the older regulated exchanges that has come into new ownership. I used to use it quite a lot, but have since stopped.
Bitfinex: Ahhh... another oldie, but a goodie exchange. Most noted for the close affiliation with USDT and the Basic "no-KYC" tier!
