about exchanges kyc withdraw! - page 3.

Oilacris

hero member

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Quote from: Bikerbmt47 on May 07, 2019, 12:47:13 PM

Quote from: omer-jamal on January 04, 2019, 05:49:56 PM

I noticed Strange thing Some or most of the exchanges (require KYC to withdraw) - This is no problem

But Allow users to Deposit Even if they are not Complete KYC (in exchange require KYC) - Here the problem

after that exchange do not allow withdraw Their money !!

why this ?!

Why they allow them to deposit before Complete KYC

They say we follow the law Does the law recommend doing so? Something weird!

Often exchanges hide KYC paragraph (in Privacy Policy or Usage Policy) Or users do not know Only when They want withdraw!!

what I think from like this exchanges They want Attract Volume Without regard to the interest of users

I hope the post on the right place if not Please Tell me right place
Sorry if the translation Incorrect !

I use binance exchange, it took me a long time to complete KYC. I think KYC is necessary for the development of exchange.

You don't know on what you are talking about.KYC has nothing to do with the development of an exchange yet these things
are just some sort of verification which exchangers need to comply yet governments do required them to do so that's why they don't have
any option but to comply with the rules but some of them do take this step on shady acts that's why most people don't really like to
submit any kyc.

Bikerbmt47

newbie

Activity: 15

Merit: 0

Quote from: omer-jamal on January 04, 2019, 05:49:56 PM

I noticed Strange thing Some or most of the exchanges (require KYC to withdraw) - This is no problem

But Allow users to Deposit Even if they are not Complete KYC (in exchange require KYC) - Here the problem

after that exchange do not allow withdraw Their money !!

why this ?!

Why they allow them to deposit before Complete KYC

They say we follow the law Does the law recommend doing so? Something weird!

Often exchanges hide KYC paragraph (in Privacy Policy or Usage Policy) Or users do not know Only when They want withdraw!!

what I think from like this exchanges They want Attract Volume Without regard to the interest of users

I hope the post on the right place if not Please Tell me right place
Sorry if the translation Incorrect !

I use binance exchange, it took me a long time to complete KYC. I think KYC is necessary for the development of exchange.

TheKeyLongThumbI

full member

Activity: 448

Merit: 100

Quote from: omer-jamal on January 04, 2019, 05:49:56 PM

I noticed Strange thing Some or most of the exchanges (require KYC to withdraw) - This is no problem

But Allow users to Deposit Even if they are not Complete KYC (in exchange require KYC) - Here the problem

after that exchange do not allow withdraw Their money !!

why this ?!

Why they allow them to deposit before Complete KYC

They say we follow the law Does the law recommend doing so? Something weird!

Often exchanges hide KYC paragraph (in Privacy Policy or Usage Policy) Or users do not know Only when They want withdraw!!

what I think from like this exchanges They want Attract Volume Without regard to the interest of users

I hope the post on the right place if not Please Tell me right place
Sorry if the translation Incorrect !

I believe you got a point but if we rethink the whole case, there is really nothing wrong if the exchange wants to enforce kyc before you can withdraw because they need to strictly implement what the regulations say to avoid money laundering. But there are many good exchanges that has only limit of withdrawal and if you go beyond that then that is the time you really need to undergo their KYC procedure.

Ipwich

hero member

Activity: 1050

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Student Coin

The only solution to this is to read all the terms and condition before joining.
Some exchange does not have the feature to disallow registration if not eligible, it's like a manual thing and they can only do afterwards.
So, to avoid this problem, it's necessary that before we agreed with the terms, we have to ensure that we read it and understands it.

dark1234

full member

Activity: 1134

Merit: 167

in general, kyc is needed for exchanges that use open systems while for neutralized matches this is not needed and for the time being kyc is not something to fear because 85% already use KYC so there is no problem for that ...

BASIS ID

newbie

Activity: 1

Merit: 0

You are correct.
Most of the exchanges want more customers. KYC scares many of them away and conversion rates fall.
I believe that it's unethical not to explicitly mention that KYC is required to withdraw, however, in my opinion, the problem does not lie in the exchange. The problem is that currently most of the KYC providers do not have a user-friendly widget that would make KYC seamless. Exchanges understand that with adding KYC, they have a chance of losing a customer. But they want to be compliant as well so they include a KYC at the withdrawal. Some KYC providers are working hard to ease this problem but what does it take to eliminate the discomfort completely?

Anyway, I think every person, who has been in trading for a while is used to KYC and expects it to appear at some point or am I wrong?

Quote from: senin on April 25, 2019, 01:27:47 PM

Quote from: omer-jamal on January 04, 2019, 05:49:56 PM

I noticed Strange thing Some or most of the exchanges (require KYC to withdraw) - This is no problem

But Allow users to Deposit Even if they are not Complete KYC (in exchange require KYC) - Here the problem

after that exchange do not allow withdraw Their money !!

why this ?!

Why they allow them to deposit before Complete KYC

They say we follow the law Does the law recommend doing so? Something weird!

Often exchanges hide KYC paragraph (in Privacy Policy or Usage Policy) Or users do not know Only when They want withdraw!!

what I think from like this exchanges They want Attract Volume Without regard to the interest of users

I hope the post on the right place if not Please Tell me right place
Sorry if the translation Incorrect !

Exchanges are always interested in a large number of customers. Therefore, their policies are aimed at attracting them as much as possible. But in the withdrawal of funds from the exchange of its administration is not interested. Therefore, it may deliberately search for reasons for making it harder to withdraw a cryptocurrency from the exchange. In addition, if clients fail to pass the KYC check or for other reasons leave the cryptocurrency on the stock exchange, after some time the administration of the stock exchanges will be able to appropriate them.

senin

full member

Activity: 938

Merit: 137

Quote from: omer-jamal on January 04, 2019, 05:49:56 PM

I noticed Strange thing Some or most of the exchanges (require KYC to withdraw) - This is no problem

But Allow users to Deposit Even if they are not Complete KYC (in exchange require KYC) - Here the problem

after that exchange do not allow withdraw Their money !!

why this ?!

Why they allow them to deposit before Complete KYC

They say we follow the law Does the law recommend doing so? Something weird!

Often exchanges hide KYC paragraph (in Privacy Policy or Usage Policy) Or users do not know Only when They want withdraw!!

what I think from like this exchanges They want Attract Volume Without regard to the interest of users

I hope the post on the right place if not Please Tell me right place
Sorry if the translation Incorrect !

Exchanges are always interested in a large number of customers. Therefore, their policies are aimed at attracting them as much as possible. But in the withdrawal of funds from the exchange of its administration is not interested. Therefore, it may deliberately search for reasons for making it harder to withdraw a cryptocurrency from the exchange. In addition, if clients fail to pass the KYC check or for other reasons leave the cryptocurrency on the stock exchange, after some time the administration of the stock exchanges will be able to appropriate them.

Netnox

legendary

Activity: 2044

Merit: 1008

Yeah... this happened to me a few times. And once I had contacted the exchange support team. What they said is that the legal requirements are not applicable when you deposit crypto currency. They are applicable only when you deposit fiat currency, or when you withdraw either fiat or crypto. Now don't ask me whether they were saying the truth or not.

imstillthebest

full member

Activity: 1638

Merit: 122

Quote from: Mahanton on April 23, 2019, 04:29:28 PM

Quote from: jvdp on April 23, 2019, 03:09:53 PM

Quote from: Mahanton on April 23, 2019, 02:51:10 PM

Quote from: cellard on April 21, 2019, 01:04:26 PM

I guess they just couldn't care less about money coming, only coming out. So basically, if you put in $10k in a transaction without reading the KYC requirements stuff, you are now in big trouble as you have $10k trapped in the exchange. The ball is in your court so you have to solve the problem yourself, by delivering all the KYC information needed. If you can't deliver that, then it's your fault because you didn't read the KYC requirements, unfortunately this means that they get to keep the money. I wonder how much money they are banking through this. Basically people putting money in then unable to remove it because they refuse to comply with KYC.

When using up any services online specially with exchanges then its always important to have a look on their terms and conditions even on gambling sites too or any other sites because if you don't much pay attention
to these simply or basic informations need to be read up then you would be definitely fucked up in the end but somehow there are exchangers which doesn't need any KYC on having some big withdrawals on daily basis.Just take a look on Binance where giving out 2btc daily withdrawals for unverified accounts which is great.

Terms does not play here in your exchange account you could check what is the minimum withdrawal for non KYC verified account. Even on Binance there are similar rules and trade limit also there for such account.
When you go to verify the account also you can find personal and corporate account which have the big limits for the bigger account.

Yes, I'm fully aware on that one where upgrades would really require that KYC stuff but the good thing where it is optional and hence 2 btc daily limit withdrawal is just sufficient with most traders I believe unless if your a whale or big time trader then these limits wont really be enough.Therefore, you would end up on complying those KYC stuff.

yes . 2btc is huge and even 1 btc is also big enough . i dont get the point of withdrawing large amount funds but besides you can still use other exchange and withdrew big funds as long as you dont exceed with thier limits or why cant you just create another account so that you can buy/withdrew again ? isnt that more simplier than doing a kyc ? but if your a whale then doing kyc is not really a problem to you since you will always be buying in large volumes .

Mahanton

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Activity: 2730

Merit: 632

Quote from: jvdp on April 23, 2019, 03:09:53 PM

Quote from: Mahanton on April 23, 2019, 02:51:10 PM

Quote from: cellard on April 21, 2019, 01:04:26 PM

I guess they just couldn't care less about money coming, only coming out. So basically, if you put in $10k in a transaction without reading the KYC requirements stuff, you are now in big trouble as you have $10k trapped in the exchange. The ball is in your court so you have to solve the problem yourself, by delivering all the KYC information needed. If you can't deliver that, then it's your fault because you didn't read the KYC requirements, unfortunately this means that they get to keep the money. I wonder how much money they are banking through this. Basically people putting money in then unable to remove it because they refuse to comply with KYC.

When using up any services online specially with exchanges then its always important to have a look on their terms and conditions even on gambling sites too or any other sites because if you don't much pay attention
to these simply or basic informations need to be read up then you would be definitely fucked up in the end but somehow there are exchangers which doesn't need any KYC on having some big withdrawals on daily basis.Just take a look on Binance where giving out 2btc daily withdrawals for unverified accounts which is great.

Terms does not play here in your exchange account you could check what is the minimum withdrawal for non KYC verified account. Even on Binance there are similar rules and trade limit also there for such account.
When you go to verify the account also you can find personal and corporate account which have the big limits for the bigger account.

Yes, I'm fully aware on that one where upgrades would really require that KYC stuff but the good thing where it is optional and hence 2 btc daily limit withdrawal is just sufficient with most traders I believe unless if your a whale or big time trader then these limits wont really be enough.Therefore, you would end up on complying those KYC stuff.

jvdp

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Activity: 1148

Merit: 523

CryptoTalk.Org - Get Paid for every Post!

Quote from: Mahanton on April 23, 2019, 02:51:10 PM

Quote from: cellard on April 21, 2019, 01:04:26 PM

I guess they just couldn't care less about money coming, only coming out. So basically, if you put in $10k in a transaction without reading the KYC requirements stuff, you are now in big trouble as you have $10k trapped in the exchange. The ball is in your court so you have to solve the problem yourself, by delivering all the KYC information needed. If you can't deliver that, then it's your fault because you didn't read the KYC requirements, unfortunately this means that they get to keep the money. I wonder how much money they are banking through this. Basically people putting money in then unable to remove it because they refuse to comply with KYC.

When using up any services online specially with exchanges then its always important to have a look on their terms and conditions even on gambling sites too or any other sites because if you don't much pay attention
to these simply or basic informations need to be read up then you would be definitely fucked up in the end but somehow there are exchangers which doesn't need any KYC on having some big withdrawals on daily basis.Just take a look on Binance where giving out 2btc daily withdrawals for unverified accounts which is great.

Terms does not play here in your exchange account you could check what is the minimum withdrawal for non KYC verified account. Even on Binance there are similar rules and trade limit also there for such account.
When you go to verify the account also you can find personal and corporate account which have the big limits for the bigger account.

Mahanton

hero member

Activity: 2730

Merit: 632

Quote from: cellard on April 21, 2019, 01:04:26 PM

I guess they just couldn't care less about money coming, only coming out. So basically, if you put in $10k in a transaction without reading the KYC requirements stuff, you are now in big trouble as you have $10k trapped in the exchange. The ball is in your court so you have to solve the problem yourself, by delivering all the KYC information needed. If you can't deliver that, then it's your fault because you didn't read the KYC requirements, unfortunately this means that they get to keep the money. I wonder how much money they are banking through this. Basically people putting money in then unable to remove it because they refuse to comply with KYC.

When using up any services online specially with exchanges then its always important to have a look on their terms and conditions even on gambling sites too or any other sites because if you don't much pay attention
to these simply or basic informations need to be read up then you would be definitely fucked up in the end but somehow there are exchangers which doesn't need any KYC on having some big withdrawals on daily basis.Just take a look on Binance where giving out 2btc daily withdrawals for unverified accounts which is great.

coin-investor

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Activity: 2856

Merit: 578

Leading Crypto Sports Betting & Casino Platform

Quote from: omer-jamal on January 04, 2019, 05:49:56 PM

I noticed Strange thing Some or most of the exchanges (require KYC to withdraw) - This is no problem

But Allow users to Deposit Even if they are not Complete KYC (in exchange require KYC) - Here the problem

after that exchange do not allow withdraw Their money !!

why this ?!

Why they allow them to deposit before Complete KYC

They say we follow the law Does the law recommend doing so? Something weird!

Often exchanges hide KYC paragraph (in Privacy Policy or Usage Policy) Or users do not know Only when They want withdraw!!

what I think from like this exchanges They want Attract Volume Without regard to the interest of users

I hope the post on the right place if not Please Tell me right place
Sorry if the translation Incorrect !

This is really disadvantageous for traders, you are allowed to deposit but will give you a hard time to withdraw, this is for them to compel you to do KYC, also I have seen a lot of exchange that do not put KYC in their FAQ you will just get suprised to find out wehn they asked for KYC.

cellard

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Activity: 1372

Merit: 1250

I guess they just couldn't care less about money coming, only coming out. So basically, if you put in $10k in a transaction without reading the KYC requirements stuff, you are now in big trouble as you have $10k trapped in the exchange. The ball is in your court so you have to solve the problem yourself, by delivering all the KYC information needed. If you can't deliver that, then it's your fault because you didn't read the KYC requirements, unfortunately this means that they get to keep the money. I wonder how much money they are banking through this. Basically people putting money in then unable to remove it because they refuse to comply with KYC.

aioc

hero member

Activity: 2898

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Quote from: omer-jamal on January 04, 2019, 05:49:56 PM

I noticed Strange thing Some or most of the exchanges (require KYC to withdraw) - This is no problem

But Allow users to Deposit Even if they are not Complete KYC (in exchange require KYC) - Here the problem

after that exchange do not allow withdraw Their money !!

why this ?!

Why they allow them to deposit before Complete KYC

They say we follow the law Does the law recommend doing so? Something weird!

Often exchanges hide KYC paragraph (in Privacy Policy or Usage Policy) Or users do not know Only when They want withdraw!!

what I think from like this exchanges They want Attract Volume Without regard to the interest of users

I hope the post on the right place if not Please Tell me right place
Sorry if the translation Incorrect !

Majority of exchanges are doing that, so expect to do KYC even if you are not going to withdraw your funds I deposit on one exchange I will not name it, there was no mention of KYC if you are going to deposit and trade, I'm ok with it, but surprised that when I tried to withdraw a small amount like $20 they ask for a KYC I deposit $500 it's ok with them and they will accept it, seems they want to make it hard for people who want to get their money out, however small.

jrrsparkles

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Eloncoin.org - Mars, here we come!

Quote from: jakezyrus on February 05, 2019, 08:37:30 PM

Quote from: jrrsparkles on February 02, 2019, 02:08:42 PM

Quote from: elda34b on February 02, 2019, 12:32:19 AM

Quote from: Spider A4 on February 01, 2019, 11:00:12 AM

Big volume exchange binance you can deposit and withdraw without KYC (withdrawal limitation) very interesting experience.

In other words, you can launder your money (2 BTC) for free Cheesy

It's a common practice on several exchanges, maybe do to regulation and stuff, but yeah it's very annoying when you don't know that withdrawal require KYC, and weirdly there is no information about it when you want to deposit. I know they have terms that we can read but somehow it looks like they deliberately leave it like that so some people will fall for this 'trap'.

Its a big trap tho Cheesy

I really don't deposit any money directly into exchanges before reading their terms and conditions but lot others do that in a hurry and end up losing their money by failing to do what they were asking for verification.Being a big money holder always risky.

terms and conditions are long . that's the reason why people skip them because they are too lazy to read the whole text . meanwhile , kyc's are not a trap whatsoever because kyc's are an important rule that needs to be implemented by an exchange to avoid further violations . this is beneficial for both parties . so stop complaining guys . if you dont want kyc then hunt for other exchange that does not have that feature .

If you failed to care about your money because of your laziness then you have no right to balme anyone when you lost the funds.

But it is the fact,the terms of exchange may be couple of pages but before depoiting huge amount then it is worth to read and it should be for different level like in Binance when people don't want KYC they need to have minimum daily limit for trading.

Oilacris

hero member

Activity: 2996

Merit: 609

I've been victimized on such scenario.I recently registered on https://p2pb2b.io since I do tend to sell out my altcoin holdings which is only being traded up on here.
I tried to search if they do require KYC but i cant find it on their ToS and later on when im already done to exchange and tried to withdraw it do requires me some documentation.
Saying to myself, WTF?

cellard

legendary

Activity: 1372

Merit: 1250

I noticed this too. The way I say it is that they don't automatically check for deposits, so anyone can deposit any amount of crypto there (im not sure if it's the same with fiat).

Then basically, if someone is stupid enough to put money without reading withdraw limits first, a % of these funds may be abandoned by some people that value their privacy above the money they deposited, specially if they are of criminal-ish origin, they would rather give up on that money.

If the exchange allows for withdraws of small amounts for free, they may get whatever they can in smaller transactions.

Quote from: iMark on February 08, 2019, 07:36:36 AM

Quote from: jrrsparkles on February 02, 2019, 02:08:42 PM

Quote from: elda34b on February 02, 2019, 12:32:19 AM

Quote from: Spider A4 on February 01, 2019, 11:00:12 AM

Big volume exchange binance you can deposit and withdraw without KYC (withdrawal limitation) very interesting experience.

In other words, you can launder your money (2 BTC) for free Cheesy

It's a common practice on several exchanges, maybe do to regulation and stuff, but yeah it's very annoying when you don't know that withdrawal require KYC, and weirdly there is no information about it when you want to deposit. I know they have terms that we can read but somehow it looks like they deliberately leave it like that so some people will fall for this 'trap'.

Its a big trap tho Cheesy

I really don't deposit any money directly into exchanges before reading their terms and conditions but lot others do that in a hurry and end up losing their money by failing to do what they were asking for verification.Being a big money holder always risky.

This is still become a polemic, some users have no problem with that and I have verified data in poloniex and binance. but if you disagree with that. You can still trade and withdraw with certain limits, and moreover there are still many exchanges that don't apply KYC

Didn't Poloniex add KYC now for everything? at least phone number verification.

iMark

sr. member

Activity: 1162

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Quote from: jrrsparkles on February 02, 2019, 02:08:42 PM

Quote from: elda34b on February 02, 2019, 12:32:19 AM

Quote from: Spider A4 on February 01, 2019, 11:00:12 AM

Big volume exchange binance you can deposit and withdraw without KYC (withdrawal limitation) very interesting experience.

In other words, you can launder your money (2 BTC) for free Cheesy

It's a common practice on several exchanges, maybe do to regulation and stuff, but yeah it's very annoying when you don't know that withdrawal require KYC, and weirdly there is no information about it when you want to deposit. I know they have terms that we can read but somehow it looks like they deliberately leave it like that so some people will fall for this 'trap'.

Its a big trap tho Cheesy

I really don't deposit any money directly into exchanges before reading their terms and conditions but lot others do that in a hurry and end up losing their money by failing to do what they were asking for verification.Being a big money holder always risky.

This is still become a polemic, some users have no problem with that and I have verified data in poloniex and binance. but if you disagree with that. You can still trade and withdraw with certain limits, and moreover there are still many exchanges that don't apply KYC

marcbitcoins

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Activity: 854

Merit: 108

About your questions i think you should ask this directly to their chat group but maybe you did not read well their policies and conditions that you just directly agree to their terms during application but if a certain exchange is really not trust worthy like this one then maybe this exchange are not belong to the exchanges with high reputation so before depositing or joining an exchange make sure that you understood their terms carefully.

Topic: about exchanges kyc withdraw! - page 3. (Read 1294 times)