Topic: [2019-07-18] IDEX set to begin transition period for KYC and AML compliance - page 2. (Read 466 times)
July 20, 2019, 01:47:04 AM
Sad to see the FBI targeting the decentralized exchanges. They should have left them alone, as they don't do any fiat to crypto or crypto to fiat trading. They are used only for crypto-to-crypto trading. But then, challenging the FBI is not an option, as we have seen what happened to BTC-e after they did so. Anyway, lets hope that there will be a change in the regulations.
July 19, 2019, 10:46:20 PM
@Schirer. Is Etherdelta also decentralized? Why would they pay fines? Who paid the fines?
These centralized DEXs only market themselves as decentralized. They can be fined, shutdown and banned. They are not decentralized.
Also, was Etherdelta an ICO? You do not have to answer that hehehe. We already know what Etherdelta is.
These centralized DEXs only market themselves as decentralized. They can be fined, shutdown and banned. They are not decentralized.
Also, was Etherdelta an ICO? You do not have to answer that hehehe. We already know what Etherdelta is.
July 19, 2019, 05:55:13 PM
-snip-
Actually the reason is very simple why they are doing this, they dont want to pay hundreds of thousands in fines and even risk prison.
Etherdelta paid its fines already!
(https://www.coindesk.com/sec-charges-etherdelta-founder-with-running-unregistered-securities-exchange)
I remember that IDEX has been more careful and has periodically delisted tokens which had a higher chance of being defined as security, but that will not be enough if SEc turns its attention to them.
Their comment on why they need KYC, is just funny and obviously trying the stare the attention away form real reasons.
Thanks for the clarification. I've been basically thinking of the same thing.
I guess the reason why Idex are extra cautious in this issue is because of the fact that they are a hybrid - they are not a true decentralized exchange which can avoid centralized strikes on their site. And given the fact that they are a registered company in Panama, they are more prone to regulatory pressures as opposed to some decentralized exchange site that exists without a clear ownership/management team behind it.
I also read in a medium article today that:
Quote
In addition to IP blocking, IDEX will be implementing KYC/AML policies in order to comply with sanctions and money laundering laws
I'm still not sure how markets will respond to this. IP blocking in itself will drive users away, and KYC/AML even more so. With the lack of liquidity already an issue for decentralized exchanges, this could prove to be difficult.
July 19, 2019, 10:53:06 AM
Can this be the start of the new trend...decentralized exchanges doing what centralized do? In other words, we are just experiencing the reality of doing business and the power of the government to regulate exchanges. Amidst the many idealistic statements as to the power of the government, the thing is that we are still living in the real world and not yet in the ideal one. Dealing with cryptocurrency does not mean we can now do away with the power of the government....sad but true. I am sure that other decentralized exchanges will be following this step made by IDEX. KYC and AML compliance is the way for these exchanges to continue doing business, that is the fact whether we like it or not.
They have taken away their most important advantage over centralized exchanges. What would be next? The ability to freeze their users' funds? Why choose the decentralized roadmap for that? Be centralized.
July 19, 2019, 08:10:07 AM
I don't get the point of this.
If they are trying to go the decentralized route, then why would anyone in their right minds be willing to conduct KYC? Also, having this verification process essentially says that at the end of the day, they are still a centralized entity. That does not paint a very good public image.
Furthermore, why do you need to have KYC in order to take into account people's opinions when you're launching new services? They could already do this with feedback gained through Twitter or even their own support ticket system.
If they ever enforce this on a mandatory basis, they're driving themselves out of business. But I think regulatory pressure comes into play as well, might not even be their own choice.
Actually the reason is very simple why they are doing this, they dont want to pay hundreds of thousands in fines and even risk prison.
Etherdelta paid its fines already!
(https://www.coindesk.com/sec-charges-etherdelta-founder-with-running-unregistered-securities-exchange)
I remember that IDEX has been more careful and has periodically delisted tokens which had a higher chance of being defined as security, but that will not be enough if SEc turns its attention to them.
Their comment on why they need KYC, is just funny and obviously trying the stare the attention away form real reasons.
July 18, 2019, 08:30:02 PM
Can this be the start of the new trend...decentralized exchanges doing what centralized do? In other words, we are just experiencing the reality of doing business and the power of the government to regulate exchanges. Amidst the many idealistic statements as to the power of the government, the thing is that we are still living in the real world and not yet in the ideal one. Dealing with cryptocurrency does not mean we can now do away with the power of the government....sad but true. I am sure that other decentralized exchanges will be following this step made by IDEX. KYC and AML compliance is the way for these exchanges to continue doing business, that is the fact whether we like it or not.
They have taken away their most important advantage over centralized exchanges. What would be next? The ability to freeze their users' funds? Why choose the decentralized roadmap for that? Be centralized.
July 18, 2019, 06:14:35 PM
Quote
IDEX, the popular hybrid decentralized exchange, today made an announcement concerning new and existing users, who will now be able to create Know-Your-Customer (KYC) verified accounts from Wednesday, July 24th, 2019. This is in line with last years statement from the exchange and an announcement in March, which disclosed a collaboration between IDEX and regulatory technology (RegTech) provider, Blockpass.
The IDEX team not only pursues compliance, but is also eager to start this new phase, so customers are somewhat closer to the exchange. This will make it easier to share news and product updates as well as listen to the community and use feedback to create more features.
“As an added bonus, the launch of accounts means we will finally get to know our customers – i.e., you – better. We’ll more easily be able to launch requested features, and we’ll finally be able to get in touch to share product notifications, asset updates, and essential alerts to help you stay on top of your trading.”
The IDEX team not only pursues compliance, but is also eager to start this new phase, so customers are somewhat closer to the exchange. This will make it easier to share news and product updates as well as listen to the community and use feedback to create more features.
“As an added bonus, the launch of accounts means we will finally get to know our customers – i.e., you – better. We’ll more easily be able to launch requested features, and we’ll finally be able to get in touch to share product notifications, asset updates, and essential alerts to help you stay on top of your trading.”
I don't get the point of this.
If they are trying to go the decentralized route, then why would anyone in their right minds be willing to conduct KYC? Also, having this verification process essentially says that at the end of the day, they are still a centralized entity. That does not paint a very good public image.
Furthermore, why do you need to have KYC in order to take into account people's opinions when you're launching new services? They could already do this with feedback gained through Twitter or even their own support ticket system.
If they ever enforce this on a mandatory basis, they're driving themselves out of business. But I think regulatory pressure comes into play as well, might not even be their own choice.
July 18, 2019, 07:48:57 AM
Better to comply with KYC and AML requirements now then be temporarily closed by the authorities for non-compliance. For the people who are sad on what has happened don't be because this is an inevitable thing to happen once the government starts to “care” for our industry. They know that our industry is a billion dollar industry now and they don't want to miss the opportunity from earning a little bit more tax from their citizens or at least make sure that they are getting all the tax obligations they have.
July 18, 2019, 07:05:05 AM
This shows that those exchanges which will remain completely decentralized will be own completely anonymously , most likely will have shit interface and most liekly will be shady. Otherwise they will risk to have regulators punish them.
There is Bisq though.
Probably the only way to keep trading without having to reveal your identities is via OTC deals in this forum with trusted escrow. But if the day were government request any website that has trade activity even for a little to also do KYC comes, I'll probably stick with my peers if I wanted to trade.
July 18, 2019, 04:40:34 AM
This is surprising and a bit sad. I was certain that they are and will remain decentralized in all the ways. This shows that those exchanges which will remain completely decentralized will be own completely anonymously , most likely will have shit interface and most liekly will be shady. Otherwise they will risk to have regulators punish them.
July 18, 2019, 12:04:01 AM
Can this be the start of the new trend...decentralized exchanges doing what centralized do? In other words, we are just experiencing the reality of doing business and the power of the government to regulate exchanges. Amidst the many idealistic statements as to the power of the government, the thing is that we are still living in the real world and not yet in the ideal one. Dealing with cryptocurrency does not mean we can now do away with the power of the government....sad but true. I am sure that other decentralized exchanges will be following this step made by IDEX. KYC and AML compliance is the way for these exchanges to continue doing business, that is the fact whether we like it or not.
July 17, 2019, 09:23:09 PM
I reckon they should also announce their transition period for the change in name from IDEX to ICEX hehehe. Also, look at their announcement's added bonus. Who are these scammers trying to scam?
IDEX, the popular hybrid decentralized exchange, today made an announcement concerning new and existing users, who will now be able to create Know-Your-Customer (KYC) verified accounts from Wednesday, July 24th, 2019. This is in line with last years statement from the exchange and an announcement in March, which disclosed a collaboration between IDEX and regulatory technology (RegTech) provider, Blockpass.
The IDEX team not only pursues compliance, but is also eager to start this new phase, so customers are somewhat closer to the exchange. This will make it easier to share news and product updates as well as listen to the community and use feedback to create more features.
“As an added bonus, the launch of accounts means we will finally get to know our customers – i.e., you – better. We’ll more easily be able to launch requested features, and we’ll finally be able to get in touch to share product notifications, asset updates, and essential alerts to help you stay on top of your trading.”
– IDEX Team
Read in full https://www.cryptoninjas.net/2019/07/17/crypto-exchange-idex-set-to-begin-transition-period-for-kyc-and-aml-compliance/
IDEX, the popular hybrid decentralized exchange, today made an announcement concerning new and existing users, who will now be able to create Know-Your-Customer (KYC) verified accounts from Wednesday, July 24th, 2019. This is in line with last years statement from the exchange and an announcement in March, which disclosed a collaboration between IDEX and regulatory technology (RegTech) provider, Blockpass.
The IDEX team not only pursues compliance, but is also eager to start this new phase, so customers are somewhat closer to the exchange. This will make it easier to share news and product updates as well as listen to the community and use feedback to create more features.
“As an added bonus, the launch of accounts means we will finally get to know our customers – i.e., you – better. We’ll more easily be able to launch requested features, and we’ll finally be able to get in touch to share product notifications, asset updates, and essential alerts to help you stay on top of your trading.”
– IDEX Team
Read in full https://www.cryptoninjas.net/2019/07/17/crypto-exchange-idex-set-to-begin-transition-period-for-kyc-and-aml-compliance/
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