about exchanges kyc withdraw! - page 5.

Harlot

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Quote from: ranman09 on January 09, 2019, 03:25:43 PM

I really don't get KYC especially those companies that seem never had existed public information and also the fact that some can allow and some cannot.

If you personally doubt the company even after you research them and your gut tells you no then its personally the time to back out for that company. It's your instincts saying that they will use your personal info for other purposes.

Quote from: ranman09 on January 09, 2019, 03:25:43 PM

I know the place where the company is registered makes the difference. But why they need to make it hard to do. Why they can't use only one KYC solution?

You cannot really have a one solution for KYC in which it can be submitted to everything. For one not all companies have the same laws and kyc requirements being followed that is why each exchange have a rather different KYC requirement which vary from each one of them. So a one KYC solution is really not suitable for the current system we have.

carlfebz2

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Quote from: omer-jamal on January 10, 2019, 09:43:07 AM

Quote from: ipanks on January 10, 2019, 03:48:55 AM

which exchange you are talking about because once we complete KYC, we can raise bigger withdraw.

That's true..
for example OKex but after test toady They have levels This is good
But it may ask other documents Some cases (Always prepare for the worst)

These days can not be ignored KYC Laws (Necessary)

and sure if they support country or not - important

Too absurd that you can possibly have a video verification on just having a withdrawal.? It seems they are going too far or just imposing too strict KYC compliance.
Sooner or later as exchange users we wont really have any choice but to comply if majority of them would go to the same process.

omer-jamal

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Quote from: ipanks on January 10, 2019, 03:48:55 AM

which exchange you are talking about because once we complete KYC, we can raise bigger withdraw.

That's true..
for example OKex but after test toady They have levels This is good
But it may ask other documents Some cases (Always prepare for the worst)

These days can not be ignored KYC Laws (Necessary)

and sure if they support country or not - important

ipanks

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

In Binance, you don't have to complete KYC and you could deposit and withdraw your balance but for people who don't complete KYC, they could only make a request withdraw for less than 2 btc. I wonder which exchange you are talking about because once we complete KYC, we can raise bigger withdraw.

But on poloniex and bittrex, you must complete KYC to continue trading and you will also raise your level and you can withdraw bigger balance from your account.

bering

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Most of exchange currently required KYC to get verified accounts and if we want to used them then nothing we can do besides following their policy and before use particular exchange i think you have to find some review from other users regarding term of service from those exchange that they use KYC or not and i think necessary especially if you want to avoid KYC

ranman09

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I really don't get KYC especially those companies that seem never had existed public information and also the fact that some can allow and some cannot. I know the place where the company is registered makes the difference. But why they need to make it hard to do. Why they can't use only one KYC solution?

Kemarit

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Quote from: 1Referee on January 09, 2019, 08:30:53 AM

On the other hand, people should know better by now. At one point every centralized exchange will ask you to verify yourself one way or another, so don't assume your exchange will grant you unverified withdrawals for ever.

And this is want we're seeking right now and I'm sure that it will be the norm in the future. Before it was just simply your name or birth date or just national id. But since some governments pressured exchanges, they will ask you to pass additional info and requiring full KYC because you can withdraw.

One can argue that this whole KYC laws on crypto is a good step towards mass adoption. So we will have to see and just be careful of letting your funds sit on a exchange as you might find it a bit irritating to withdraw huge amount now that they're requiring strict KYC compliance.

1Referee

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Quote from: HeRetiK on January 08, 2019, 12:17:37 PM

I think there are a handful of exchanges that verify your account before money can even enter the exchange, but those seem to be rather the exception.

I'm glad there are more of them nowadays, because these exchanges are the ones that provide a decent level of customer support. The exchanges that don't care and accept deposits right away always end up dealing with a lot of complaints from angry customers spamming their support desks. I'm certain that more than half of the complaints is related to KYC/AML (i.e. people not being able do cash out or frozen accounts).

On the other hand, people should know better by now. At one point every centralized exchange will ask you to verify yourself one way or another, so don't assume your exchange will grant you unverified withdrawals for ever.

HeRetiK

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I guess that's what happens when KYC/AML requirements clash with business requirements.

On the one hand exchanges have to follow KYC/AML procedures, on the other hand they want to on-board their users as fast and easy as possible. Throwing KYC/AML requirements straight into your newly registered user's faces could drive them away and apparently KYC/AML only becomes relevant once money moves out of the exchange. So you keep that complicated, user-unfriendly stuff for later, once you already got the user's business and they have some proper incentive to follow your KYC/AML procedures ie. to get access to their money.

Kinda scummy, likely a dark pattern but whatcha gonna do. I think there are a handful of exchanges that verify your account before money can even enter the exchange, but those seem to be rather the exception.

audaciousbeing

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

That is one issue I have with exchange services because it means they are not dong business with the utmost sincerity. It should be expressly stated that when you deposit, you wont be able to withdraw without meet these certain conditions and anyone who still go ahead would have been aware of what he is entering into but not with the deceit we are having now. The reason is not far fetched though because even in corporate world especially the banks, they would encourage one to open accounts and deposit only to come with series of conditions needed before withdrawal can be allowed.

omer-jamal

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Quote from: TryNinja on January 05, 2019, 01:13:23 PM

Create an account -> Deposit -> Trade; When you have time, do the KYC and withdrawal. Instead of having to wait hours or days to start trading in that exchange (due to being a new account and requiring KYC).

Explicitly this is logical and true Maybe this is actually a reason to Attract users Good point.

Quote from: gentlemand on January 05, 2019, 02:26:15 PM

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True, unfortunately There is no any respect for people the Strong exchanges that Consider their users
may there be better solutions to solve the dilemma

Quote from: Theb on January 06, 2019, 01:47:28 PM

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Quote from: Capt00 on January 06, 2019, 03:20:11 PM

I guess they push to implement that having KYC on withdrawal in every client because of the law by the government or even before deposit your fund you must know which exchange reliable and reputed one that can we trust to pass KYC.

Actually this is true almost Services and exchanges require KYC Even Decentralized Services !
But we hope to find solutions for such people at the same time The mistake also from the users themselves
Because they do not understand the Privacy Policy or Usage Policy
It is incredible They want to trade and Do not know this basic information

Harlot

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From what I know KYC only tracks what is going out of the exchange as this is where the point of money laundering or tax evasion is taking place. The inflow (withdrawal) isn't some kind of requirement in any AML/KYC compliance so I wouldn't be surprised that some exchanges are doing this. For people who knows that KYC is really a requirement they won't be surprised if they were asked later but for people who really wants to avoid KYC they will feel trap in this kind of manner, perhaps you are part of the latter so you are complaining right now.

In the stock exchange at least on where I live our KYC and personal info is updated annually where I have to print, sign, and then scan a lot of documents before I even access my account. Compared to your situation now I think that mine is a way bigger burden as I have to do it every year. I know some laws and requirements look hard but it is for us.

elda34b

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Quote from: Capt00 on January 06, 2019, 03:20:11 PM

I also tried that on Gate.io exchange when I'm come back after having a 1year break from trading and decided to withdraw my balance but it needs KYC.

There are several exchange like this. For example, Bitmart, BiteBTC, and so on. Make sure to not repeat it in the future, as sometimes they limit several countries so whatever you do you won't pass KYC if you're a resident of those countries.

Capt00

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I guess they push to implement that having KYC on withdrawal in every client because of the law by the government or even before deposit your fund you must know which exchange reliable and reputed one that can we trust to pass KYC. I also tried that on Gate.io exchange when I'm come back after having a 1year break from trading and decided to withdraw my balance but it needs KYC.

Theb

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I cannot say that they are the ones to blame here, I mean you do have time to research on your own on how their KYC works in their website. Other than that I know most of us are fully aware that KYC is now a standard requirement to all exchanges that even ShapeShift is requiring now so it comes to no surprise. People who are unaware thinks that this is a KYC trap but I think it is just their business strategy and showing up a KYC requirement early on might discourage a lot of potential customers signing up.

Oceat

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I guess this is how those exchanges make more money by letting people make a deposit but not letting them to withdraw without a KYC approval yet. Somehow this the fault of costumer and owner. We should be wiser to pick an exchange next time because if they have to outsmart us we should be ready to withdraw everything if they started to do that.

gentlemand

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There are many cases of users unknowingly depositing to exchanges that require KYC for withdrawals of any amount. I'm sure it's there somewhere in the terms and conditions but if they had any respect for people they would close deposits until you were verified.

I'll guess they partially depend on the subscription model of enough people forgetting or refusing to verify so they get to keep a nice wee bonus.

TryNinja

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Quote from: omer-jamal on January 05, 2019, 12:57:33 PM

we are talk about exchanges require KYC (withdrawal limit = 0 btc for all users not completed kyc )
However allow deposit everyone Even They did not complete kyc

not users they have Problem With sources of funds (These special cases)

It's not would be better allow deposit only for users completed kyc To avoid the problem In this exchanges ??
Thanks for your interaction

Maybe they allow deposits because you could be in a hurry to do a trade or sell your coins like it's all about not ruining the first experience with the exchange.

Create an account -> Deposit -> Trade; When you have time, do the KYC and withdrawal. Instead of having to wait hours or days to start trading in that exchange (due to being a new account and requiring KYC).

omer-jamal

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Quote from: TryNinja on January 05, 2019, 09:48:45 AM

How would they know if the money is clean or not if the user haven't deposit yet? What I meant is that it's easier to just allow every deposit and control only the withdrawals (which is when they can create a profile of the user or check where the money came from or if it was a suspicious amount). They don't even require KYC to every user. I myself never had to do any verification on my exchanges.

we are talk about exchanges require KYC (withdrawal limit = 0 btc for all users not completed kyc )
However allow deposit everyone Even They did not complete kyc

not users they have Problem With sources of funds (These special cases)

It's not would be better allow deposit only for users completed kyc To avoid the problem In this exchanges ??
Thanks for your interaction

TryNinja

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Quote from: izanagi narukami on January 05, 2019, 12:06:03 PM

4 years ago, I trade on poloniex and bittrex , they are the most trustable exchange I've ever known.
I can withdraw anytime without KYC verification. For some reason , I stop trading over 2 years and I want to withdraw the rest of the balance left, they asking me to give them the KYC.

Maybe the different between you and me is you're still new and still not aware that most exchange nowadays require KYC

Poloniex went completely downhill since 2 years ago. I and all my friends used them because they were the top 1 exchange.

However, now no one I know uses them anymore because they decided to require KYC from every single one of their users. Most exchanges actually don't require KYC for everyone (Binance being the biggest one), and if they do, it's only on a few specific cases. But Poloniex actually made it mandatory for everyone, regardless of the amount being traded or withdrawn.

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