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Topic: AML Compliance for Crypto Exchanges! (Read 213 times)
i am against kyc procedures, bitcoin and altcoins are born as anonymous, i don't see why i should supply my data to an unknown (or even known) exchange, fortunately, there are still so many choices there are dex and exchanges that (for now ) do not ask for documents / kyc...
I think there is no problem for the exchanges if they want to use AML. And for people who don't want to reveal their identity, they don't have to use binance as in out there, and I am sure that many other exchanges which don't use that. So if we want to use their exchange, we need to follow their rule if they promise they can protect their customer from the hack or the attackers.
I believe that there is no way to forcing us to follow their regulations. Traders will have two option which will follow their rule or searches the other exchanges.
I believe that there is no way to forcing us to follow their regulations. Traders will have two option which will follow their rule or searches the other exchanges.
that has always been one of the terrible things that the exchanges could ever do because it has zero benefits for their users while it adds lots of problems for them:
- you have to be able to trust that exchange with your most personal documents and know that they are not going to leak it intentionally or unintentionally on the dark market (selling it for example!)
- you also will face lots of issues when they don't accept it and have to resubmit and waste a lot of time waiting for confirmation if they ever do it.
- then there is the issue of them getting hacked. implementing AML or any other kind of regulation will still not prevent them from getting hacked or even worse from scamming you themselves.
so what is the benefit of AML for users? absolutely nothing.
- you have to be able to trust that exchange with your most personal documents and know that they are not going to leak it intentionally or unintentionally on the dark market (selling it for example!)
- you also will face lots of issues when they don't accept it and have to resubmit and waste a lot of time waiting for confirmation if they ever do it.
- then there is the issue of them getting hacked. implementing AML or any other kind of regulation will still not prevent them from getting hacked or even worse from scamming you themselves.
so what is the benefit of AML for users? absolutely nothing.
Its a great news for us especially for me. I am a trader and mostly use Binance to trade my coins. Its a mostly trusted website with secured services.I am to much excited to watch the new feature of binance with blockchain technology. If you want to trade with getting scam then binance is the only place
So Binance is the place for scammers
Pretty sure it's a typo so no offense here. But if you don't want to do KYC, maybe you should look for other options as it seems Binance will sooner or later implement stricter KYC if they want to really comply with AML/KYC directives.
Its a great news for us especially for me. I am a trader and mostly use Binance to trade my coins. Its a mostly trusted website with secured services.I am to much excited to watch the new feature of binance with blockchain technology. If you want to trade with getting scam then binance is the only place
the more they push for centralization and imposing these types of laws on this decentralized world the more WE should push back for more decentralization and freedom if we truly understand what bitcoin is and want to use bitcoin not just fill our pockets with "fiat".
and it is time that we start slowly migrating to decentralized exchanges and leave all these centralized ones specially those that have become so big (like Binance) that are starting to think they define the market.
and it is time that we start slowly migrating to decentralized exchanges and leave all these centralized ones specially those that have become so big (like Binance) that are starting to think they define the market.
One of the reasons why binance is most trusted by traders, users and developers is their non-stop aim to provide better and more secured service to their users and developers who are using their platform as a tool for them to trade cryptocurrency. As time goes by, exchanges should do the same, as to avoid scam and being attacked by hackers which we know targets exchange with low-security system.
To avoid being attacked by hackers they need to have a secure system, check and secure their ports and avoid any sort of injection attacks and make sure the files uploaded even for verification is carefully scrutinized for any back doors, expect AML compliance to be strictly implemented in all the sites to avoid unwanted attraction from the authorities, but all these implementation must not bring any hurdle for the common user and that is the important thing every business should consider. 
That idea is great. This is for our security. I think we need to start in giving our personal information using to provide a KYC form or online registration for KYC. Because when we have KYC people who are planning to do scam or other online crime will surelly detech easily. But I think this will possible when centralization comes.
it's a great partnership imo. I think we will see more like this in the future
Doube edged sword:
- Helps Binance improve their security standards which are pretty damn great already making it an even more reliable exchange to trade in.
- AML compliance forces people to disclose their identities which goes against the entire point of cryptocurrencies in the first place.
There would be always a corresponding disadvantage if you do tend to seek out for more things.For those people who do mean or concern about security then- Helps Binance improve their security standards which are pretty damn great already making it an even more reliable exchange to trade in.
- AML compliance forces people to disclose their identities which goes against the entire point of cryptocurrencies in the first place.
this add up wont really be a bother but for those who give importance into their identity then will surely lost interest to this. We know on how AML do imposes.
That's why Binance is one of the best exchanges, they always try to improve their protection system
I guess currently many people might be using binance even crypto is banned in their country. I do not think these people will like to submit KYC and use binance in future.
I believe Ciphertrace is the only firm that works strictly with crypto forensics which I think is needed with all the shady stuff that's been happening. Quadriga, monero kidnapping and other scams
Binance has partnered with blockchain analytics CipherTrace to help with on-chain securities and help define a world-class AML compliance program. There is a rising demand for blockchain security as global expansion takes place and compliance is needed more than ever.
https://www.theblockcrypto.com/tiny/binance-teams-up-with-ciphertrace-to-up-the-exchanges-compliance-procedures/
https://www.theblockcrypto.com/tiny/binance-teams-up-with-ciphertrace-to-up-the-exchanges-compliance-procedures/
What the binance does by stepping in to increase confidence in its exchange helps crypto in general
I think binance will be one of the reasons for adoption if it continues in this way.
Nothing much exciting. Binance is just looking to protect itself from current and future regulations and laws, which is quite understandable. The laws differ from one country to another, not to mention unions, it changes fast too. Binance surrounds themselves with people qualified.
For the users, it doesn't bring much, if a site closes they go elsewhere. It could even become an obstacle to using Binance for some if the country is a cryptophobe.
For the users, it doesn't bring much, if a site closes they go elsewhere. It could even become an obstacle to using Binance for some if the country is a cryptophobe.
Binance has partnered with blockchain analytics CipherTrace to help with on-chain securities and help define a world-class AML compliance program. There is a rising demand for blockchain security as global expansion takes place and compliance is needed more than ever.
https://www.theblockcrypto.com/tiny/binance-teams-up-with-ciphertrace-to-up-the-exchanges-compliance-procedures/
Binance is really on fire 🔥. https://www.theblockcrypto.com/tiny/binance-teams-up-with-ciphertrace-to-up-the-exchanges-compliance-procedures/
They are just firing up every single day trying to stay ahead of the curve in all areas.
Anyways am happy for them and for similar platforms likes Darb & others that's are striving to go global and at the same time remain compliant to the government.
Binance has partnered with blockchain analytics CipherTrace to help with on-chain securities and help define a world-class AML compliance program. There is a rising demand for blockchain security as global expansion takes place and compliance is needed more than ever.
https://www.theblockcrypto.com/tiny/binance-teams-up-with-ciphertrace-to-up-the-exchanges-compliance-procedures/
Those things may be called something secure only from the side of the government. Because AML stuff is only needed to the government because people on exchanges don't really care whom they are talking with and where did the other person is getting money. The only thing about people care for is trade volume. Maybe it provides security only from the legal point of view but nothing else. https://www.theblockcrypto.com/tiny/binance-teams-up-with-ciphertrace-to-up-the-exchanges-compliance-procedures/
Doube edged sword:
- Helps Binance improve their security standards which are pretty damn great already making it an even more reliable exchange to trade in.
- AML compliance forces people to disclose their identities which goes against the entire point of cryptocurrencies in the first place.
- Helps Binance improve their security standards which are pretty damn great already making it an even more reliable exchange to trade in.
- AML compliance forces people to disclose their identities which goes against the entire point of cryptocurrencies in the first place.
Binance has partnered with blockchain analytics CipherTrace to help with on-chain securities and help define a world-class AML compliance program. There is a rising demand for blockchain security as global expansion takes place and compliance is needed more than ever.
https://www.theblockcrypto.com/tiny/binance-teams-up-with-ciphertrace-to-up-the-exchanges-compliance-procedures/
Why does blockchain needs security when it is itself considered as a most secured platform ? https://www.theblockcrypto.com/tiny/binance-teams-up-with-ciphertrace-to-up-the-exchanges-compliance-procedures/
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