DAN.COM refuse to send $11k payment by BTC

[Sky2]

Hello,

I sold a domain for $11k and I agreed with the buyer to use DAN because they can pay me by bitcoin payment. I contacted Dan support before the buyer sent the funds to make sure they allow bitcoin payout and they confirmed they can pay me by bitcoin. The buyer sent the funds and I transfered the domain to DAN.

DAN escrow manager Simon told me: it's my first transaction on DAN and I can't get paid by bitcoin. They can only send the money by wire transfer.
I told him this is not acceptable for me, the reason I used dan for Escrow because they allow bitcoin payout.

They told me they can send the payment by bitcoin before the buyer sent the funds and It's not written in their FAQ for first transaction payment by wire only. Now they refuse to pay me by bitcoin.

They have the domain and funds since September 16, 2021.

 

[DAN.COM]

Hi Sky,

We take compliance seriously. No company is allowed to send BTC payouts without performing KYC checks for example. Getting your account verified is easy. Simply follow our instructions and if you send us the requested documents now, before the end of the day you'll likely have your BTC payout secured.

Kind regards,

Dan

 

[frank-germany]

after having send BTC payout many times
DAN today asked me that (screenshot below)
( the "we will pay xxx amount of eur to you BTC adress xxx"
email was send the day before )

why did the BTC payment always go smoothly
but not today?

 

[karmaco]

Just for everyone’s info, I verified with DAN the largest payout you can get by crypto is 50K. Anything above that is a mandatory wire.

 

[poweredbyme]

I advise against doing this.

I advise not to advise without a reason.

 

[poweredbyme]

My advise is not to send any sensible documents to any company unless it's clearly a bank or a financial service. Don't do it at all costs. Once your ID documents are sold by hackers or by the company that you obey their rules just to sell or buy domains or something else, you can never know what will happen to you in the future. It's very very dangerous IMO.

Banking and finance companies have to collect ID document. But they also have to make sure your documents are safe and will never be sold. As other companies do not have to do kyc, they don't have to care about the ID documents that you send them.

 

[TheBaldOne]

I do not understand what the problem is with being paid by wire?

Are Dan.com offering full payment less their commission (i.e. $11k - commission)? If so what is wrong with that? Or is it that you think that the Bitcoin paid has suddenly increased in value since the transaction took place?

As it is, if I were you and I particularly wanted payment in Bitcoin then I would this time accept the wire payment but clarify that in future transactions can be dealt with via Bitcoin. That way you have not lost out and clarified with Dan.com the future trading payment method to be adopted and had it okayed.

EDIT

I see Dan.com have replied immediately beneath this post. Hope that has sorted it for you.

 

[Sky2]

I do not understand what the problem is with being paid by wire?

Are Dan.com offering full payment less their commission (i.e. $11k - commission)? If so what is wrong with that? Or is it that you think that the Bitcoin paid has suddenly increased in value since the transaction took place?

As it is, if I were you and I particularly wanted payment in Bitcoin then I would this time accept the wire payment but clarify that in future transactions can be dealt with via Bitcoin. That way you have not lost out and clarified with Dan.com the future trading payment method to be adopted and had it okayed.

EDIT

I see Dan.com have replied immediately beneath this post. Hope that has sorted it for you.

If they told me from the beginning they can't send bitcoin payout for first sale, I would have used another escrow company. I made it clear from the beginning that I want to get paid by bitcoin and they said YES, we can pay bitcoin. Then they changed what they told me and now their escrow manager Simon want to send thr payment by wire transfer only. Why they didn't say this from the beginning?

 

[ntjedge]

I do not understand what the problem is with being paid by wire?

For certain countries incoming wire charges are huge and sometimes, the recipient banks hold back the deposits to the bank accounts when they are non-local currency. Considering the amount as $11K, the OP might end up losing a lot of it.

 

[ntjedge]

That is not DAN’s issue thats a person’s issue to know how and what happens regarding payment and their chosen bank in their country. Everytime I see a thread like this it screams tax evasion.

Yes, I agree it is not DAN's issue. But the OP clearly enquired with DAN "before" initiating the transaction whether he can withdraw via crypto and DAN confirmed to him that he can. But then DAN refused to do it when the transaction was completed and the domain moved to DAN. That's the issue.

In this case, looks like DAN reverted back to the user for KYC compliance before the crypto payout, which is fine. They should've just mentioned in their FAQ that KYC is required for crypto payouts.

 

[Future Sensors]

DAN will have less difficulty making the estimate for domestic customers than for customers and clients from other countries. Every customer, every transaction, every country plays a role in KYC and it happens especially in the Netherlands that companies have to do the estimation while the government should actually do this. For example, the major banks in the Netherlands have hired thousands of people to analyze all our transactions (q=WFT, q=WOT). Partly because this is required by law, but also partly because they would rather be too careful than get a fine. Just so you know.

 

[poweredbyme]

Any examples?

openbazaar is one of the best known decentralized marketplaces. There are more, just search on duckduckgo or startpage.

I use openbazaar for selling/buying domains for several years. It may be bit complicated for newbies. it's a software and needs running on your device 24/7 in order the potential buyers to see your listing. It's like ebay, its decentralized version. As there is no centralized server to keep your listing online, you need to host it on your own. Everything is sold there. It has escrow as well. Just download and run. You will not have to obey unfair rules of centralized marketplaces.

 

[frank-germany]

what you don't realize is that my coinbase account is fully verified and taxed
so there is no need at all to give away sensible private data to DAN
just to receive money at coinbase from DAN

 

[poweredbyme]

what you don't realize is that my coinbase account is fully verified and taxed
so there is no need at all to give away sensible private data to DAN
just to receive money at coinbase from DAN

When you convert crypto to fiat yes all exchanges requires kyc. But if you don't need fiat or if you can exchange crypto for fiat via p2p decentralized exchanges, you can bypass kyc. So that's the reason of why some centralized marketplaces require kyc. In fact only financial companies have to collect ID documents after 9/11 attacks and patriot act of the USA.. But some places abuse it. They are potentially forcing their customers in order to steal and sell their identities. So I don't trust and will never go under kyc process unless it's a financial service which provides bank accounts, debit/credit cards, loans, time deposits, etc. Only banking and finance companies have to require kyc. Domain marketplaces are not operating in finance and banking industry, so they can't collect ID's of their customers.

 

[boker]

If they told me from the beginning they can't send bitcoin payout for first sale, I would have used another escrow company. I made it clear from the beginning that I want to get paid by bitcoin and they said YES, we can pay bitcoin. Then they changed what they told me and now their escrow manager Simon want to send thr payment by wire transfer only. Why they didn't say this from the beginning?

Probably because the customer service guy didn't knew that it will be your first transaction with them, didn't knew the country of the seller and buyer, didn't knew the ip's and other things.

 

[Jurgen Wolf]

I do not understand what the problem is with being paid by wire?

With some countries it doesn't work.
At least.

 

[frank-germany]

who doesn’t know about KYC? Its been in effect for a very long time. The greater question is why isn’t someone willing to comply? Thats a red flag.

I have never heard about KYC.
I thought it was fast food.

why does BTC payout work on oct 18th but not oct 20th?????


maybe because BTC is at all time high?

 

[Future Sensors]

I have never heard about KYC.
I thought it was fast food.

Or a black box.

You may want to read this:

https://www.theblockcrypto.com/linked/105530/dutch-central-bank-crypto-withdrawals

q = kyc btc threshold dnb

 

[Future Sensors]

thank you

that still doesn't answer the question
why I got smooth BTC payment on 18th
but not on 20th of the current month

It may be because of an accumulation per time period. Just having too much sales, frankly

 

[iDat]

@DAN.COM Please confirm if holding ID/passport with written date is mandatory for payout via bank/PayPal ?

 

[Jurgen Wolf]

@DAN.COM Please confirm if holding ID/passport with written date is mandatory for payout via bank/PayPal ?

From their LiveChat:

Bank payouts usually don't require any ID documents, but depending on the decision of our compliance team, these documents may also be requested for high-valued bank payouts.

 

[poweredbyme]

I mean it's your choice. If you choose centralized marketplaces, you have to obey their rules. If you don't like their rules stop working with them. It's a very simple choice. They need you. You don't need them.

 

[sircc]

Prefer decentralized marketplaces

Any examples?

 

[Sky2]

Hi Sky,

We take compliance seriously. No company is allowed to send BTC payouts without performing KYC checks for example. Getting your account verified is easy. Simply follow our instructions and if you send us the requested documents now, before the end of the day you'll likely have your BTC payout secured.

Kind regards,

Dan

I sent you the requested documents on Sept 17.

 

[jhm]

Talk it out with DAN. If they have both the funds and the domain ...don't worry