Coingate may be about to implode

InceptionHosting

Hi Folks,

Just a heads up to anyone using coingate, I was nudged by someone else in the industry today and confirmed that have been holding payments since the 28th October, multiple hosts are getting the same "soon" response.

After going through an account confirmation process that required more validation than a mortgage this is taking the P a bit.

Probably lost around €500 so not the end of the world, the BTC big hike and big dip recently may have finished them off as it all ties in together.

So as a PSA I would suggest people stop suing coingate entirely until they have resolved this or more is known, they are being obviously evasive when challenged it seems.

Something about needing to find a new SEPA partner, the fact the last one dropped them is worrying, the fact that is is already the 3rd is double worrying the fact that it has been 6+ weeks since they paid anyone... little bit more than worrying.

Chievo

@AnthonySmith said:
Hi Folks,

Just a heads up to anyone using coingate, I was nudged by someone else in the industry today and confirmed that have been holding payments since the 28th October, multiple hosts are getting the same "soon" response.

After going through an account confirmation process that required more validation than a mortgage this is taking the P a bit.

Probably lost around €500 so not the end of the world, the BTC big hike and big dip recently may have finished them off as it all ties in together.

So as a PSA I would suggest people stop suing coingate entirely until they have resolved this or more is known, they are being obviously evasive when challenged it seems.

Something about needing to find a new SEPA partner, the fact the last one dropped them is worrying, the fact that is is already the 3rd is double worrying the fact that it has been 6+ weeks since they paid anyone... little bit more than worrying.

Hopefully you and the rest of people would recover their money before ........... Like @deank days the end is nigh.

mikho

I’ve written to them at least once every other week after the horrendous dance routine they pulled to get ”verified”.

Time to step up the game and contact them every day now.

mikho

Someone is reading, got emails that my three pending withdrawels are on its way.

Takes 1-3 days to complete. Hope all is well.

poisson

Better safe than sorry. Take defensive measures now.

InceptionHosting

@mikho said:
Someone is reading, got emails that my three pending withdrawels are on its way.

Takes 1-3 days to complete. Hope all is well.

Keep us updated.

mikho

@AnthonySmith said:

@mikho said:
Someone is reading, got emails that my three pending withdrawels are on its way.

Takes 1-3 days to complete. Hope all is well.

Keep us updated.

Strange things happen .....

got this reply to my ticket today:

Hello,

We are truly sorry for putting you in this uncomfortable position. I can assure you that we will resume the SEPA withdrawals as soon as the issues with our banking providers are dealt with, which shouldn't take too long.

Sadly, I cannot provide an exact timeline for it, but please remain patient as we’re getting closer.

Best,
CoinGate

InceptionHosting

I got this:

We’re sorry to let you know that the SEPA payment option is temporarily disabled due to the transition period between changing our banking service providers.

I think they are dead.

mikho

@AnthonySmith said:
I got this:

We’re sorry to let you know that the SEPA payment option is temporarily disabled due to the transition period between changing our banking service providers.

I think they are dead.

That was the first reply I got, 3 months ago.

I've temporarily disabled the coingate payment gateway.

mikho

Checked my bank statement and behold, there was a payout from coingate.

InceptionHosting

@mikho, what did it take to get that?

mikho

@AnthonySmith said:
@mikho, what did it take to get that?

6-8 tickets over a period of three months.
A tweet and this thread.
Last ticket was a bit passive aggresive.
Letting them know that this could spin out if more customers got wind from this.

InceptionHosting

is that all?

lol

MichaelCee

Was there a difference in the source of the payment vs any withdrawals beforehand?

mikho

@SmallWeb said:
Was there a difference in the source of the payment vs any withdrawals beforehand?

Nope.
This has been the same setup as of day one.
First payment were on hold due to ”verification of the company”.

It was really low priority from my side.
When I finally sent in the papers, they were in the middle of changing SEPA payout gateway.

Looks like they found one now.