Topic: AML/KYC Explained (Read 508977 times)
Are we allowed to discuss how to avoid KYC?
What is the need or purpose of chosing to buy/sell or trade with cryto-currency instead of fiat.
Assuming that one's funds are already in crypto, then buying services/goods with crypto directly may be cheaper than converting the crypto to fiat and then making the purchase. Essentially you avoid the crypto->fiat conversion fee.
For trading, crypto exchange rates have higher volatility than fiat exchange rates and thus you can make (or lose) money more easily without having to use leverage (and leverage adds additional risk to your trading).
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I dont understand why you think its unsafe to use cryptocurrency. Why would it be unsafe?
Most crypto transactions are actually very safe and secure. Typically, they are more secure than traditional financial transactions. One reason why someone might prefer to use fiat is that you are protected by consumer laws if something goes wrong. But even that is changing as crypto transaction are becoming more regular all over the world .
What is the need or purpose of chosing to buy/sell or trade with cryto-currency instead of fiat. I prefer not not submit all requested doc (kyc)to most cryto currencies website(s) . Better to make these transaction(s) on fiat related website(s).becsuse is unsafe to do this on crytoscurrency platform(s)
Because they wanna trade cryptocurrencies? it could be as simple as that. People could have different trading strategies and/or risk appetite hence the choices.
In addition, there's no guarantee that fiat exchanges are safe either. Any centralized exchanges could suffer from a data breach, after all-- it's a risk we have to bear. Scams could happen, as well of course.
What is the need or purpose of chosing to buy/sell or trade with cryto-currency instead of fiat. I prefer not not submit all requested doc (kyc)to most cryto currencies website(s) . Better to make these transaction(s) on fiat related website(s).becsuse is unsafe to do this on crytoscurrency platform(s)
Regards
Bitseo
Regards
Bitseo
Could you please advise what to do if I received cryptocurrency with a high AML risk? How can I sell it without using mixers?
It only matters if your receiver deemed so.
I say go with privacy oriented, non-custodial and true p2p exchanges because they don't have the invasive kyc/aml policies exchanges like binance, bybit, etc. typically adhere to, see: https://kycnot.me/?t=exchange&q=&fiat=on
but for sure there are legal bounds that if the third party leaks the personal information of a top tier exchange customer or any exchanges for that matter, they will have to pay big sums of money because that is not acceptable.
Yeah there should be. But perhaps there is a gray area? because I've never heard binance or the third party provider they were pointing faults at compensate big sums of money to users whose data were leaked.
Could you please advise what to do if I received cryptocurrency with a high AML risk? How can I sell it without using mixers?
Is there a danger in KYC, in terms of the company you KYC with getting their data stolen? I do not mind KYC, but am concerned about the company having personal data and wallet addresses, or am I over thinking this?
This happens and is a pretty normal thing to worry about. Services like exchanges could also use third party services to process your information so it's safe to say there could be more entities involved.
I suggest at least looking into kycnot.me for exchanges with lax kyc to no-kyc policies. But depending on your planned use cases, you may need to succumb to identity verification for it. IDK what are your planned use-cases but my advise is to weigh things down -- decide for pros you absolutely need and cons that are bearable for you.
I do agree, if you don't what your personal data leaking, then don't submit any or not used centralized exchanges. Instead uses another option, but it not going to be as smooth as a CEX can do as far as experience goes, but at least we have a choice.
Is there a danger in KYC, in terms of the company you KYC with getting their data stolen? I do not mind KYC, but am concerned about the company having personal data and wallet addresses, or am I over thinking this?
This happens and is a pretty normal thing to worry about. Services like exchanges could also use third party services to process your information so it's safe to say there could be more entities involved.
I suggest at least looking into kycnot.me for exchanges with lax kyc to no-kyc policies. But depending on your planned use cases, you may need to succumb to identity verification for it. IDK what are your planned use-cases but my advise is to weigh things down -- decide for pros you absolutely need and cons that are bearable for you.
Is there a danger in KYC, in terms of the company you KYC with getting their data stolen? I do not mind KYC, but am concerned about the company having personal data and wallet addresses, or am I over thinking this?
Anyone who wants to remain anonymous in cryptocurrency and trading or just exchange, I advise you to use the 50.com exchange, which I have been using for more than 5 years, and everything is reliable and safe
that's not even online
Maybe he was thinking about 50x.com ?
good catch
Anyone who wants to remain anonymous in cryptocurrency and trading or just exchange, I advise you to use the 50.com exchange, which I have been using for more than 5 years, and everything is reliable and safe
that's not even online
Maybe he was thinking about 50x.com ?
Anyone who wants to remain anonymous in cryptocurrency and trading or just exchange, I advise you to use the 50.com exchange, which I have been using for more than 5 years, and everything is reliable and safe
that's not even online
Anyone who wants to remain anonymous in cryptocurrency and trading or just exchange, I advise you to use the 50.com exchange, which I have been using for more than 5 years, and everything is reliable and safe
the balance between regulatory compliance and user privacy is without a doubt exposing capital flight(money laundering) excessive and robust solutions should ensure security without compromising the essence of decentralized finance.
KYC (Know Your Customer) is due diligence by financial institutions to understand clients. AML (Anti-Money Laundering) combats illegal income generation. Both involve local regulations. Bitcoin exchanges adopt KYC and AML policies for compliance.
QUESTION 1: What country should I put my location to that pretty much all non-KYC (and even KYC) exchanges will allow?
Folks on another forum said Gibraltar or Cayman, my VPN doesn't have those as options.
Would Spain or Singapore be good countries to use that most exchanges allow?
I often use Singapore as my favorite VPN location to access cryptocurrency exchanges. I haven't encountered any issues.Folks on another forum said Gibraltar or Cayman, my VPN doesn't have those as options.
Would Spain or Singapore be good countries to use that most exchanges allow?
QUESTION 2:[/b] I'm looking for exchanges that are legit, have decent liquidity, and don't require KYC.
I've been told okx, bybit & primexbt are good. Any others?
Go here : https://kycnot.me/?type=exchange I've been told okx, bybit & primexbt are good. Any others?
I think Bisq is suitable for you because it's a comprehensive service and also without KYC. Ann thread for Bisq : https://bitcointalksearch.org/topic/ann-bisq-exchange-decentralized-5230289
Or if you're still unsure about my recommendation, you can visit the link I provided above and choose another one.
QUESTION 1: What country should I put my location to that pretty much all non-KYC (and even KYC) exchanges will allow?
Folks on another forum said Gibraltar or Cayman, my VPN doesn't have those as options.
Would Spain or Singapore be good countries to use that most exchanges allow?
TMI:
[I need to get onto non-KYC exchanges & think using a VPN should be used cuz even non-KYC exchanges often insist you are not from certain countries.
I don't have dedicated isp, or however you phrase it, but have a regular vpn (a good encrypted one), and am hoping that will be good enough even if the exchange(s) detect vpn usage.]
QUESTION 2:[/b] I'm looking for exchanges that are legit, have decent liquidity, and don't require KYC.
I've been told okx, bybit & primexbt are good. Any others?
TMI:
[I haven't ventured to dexes yet. Got kicked off binance, now kicked out of kucoin, so I'm tired of kyc b.s. cuz I wanna trade smaller coins & do margin. Is that so wrong? Argh!]
If anyone answers, I'd appreciate a link to your source if it's from a well known, reputable site. Only if it's not too much trouble...if you don't have link, I still appreciate answers, as that will give me something to research further. [I've spent hours trying to figure this out but get inundated w/info overload--know what I mean?]
Thx in advance! Mwah!
Folks on another forum said Gibraltar or Cayman, my VPN doesn't have those as options.
Would Spain or Singapore be good countries to use that most exchanges allow?
TMI:
[I need to get onto non-KYC exchanges & think using a VPN should be used cuz even non-KYC exchanges often insist you are not from certain countries.
I don't have dedicated isp, or however you phrase it, but have a regular vpn (a good encrypted one), and am hoping that will be good enough even if the exchange(s) detect vpn usage.]
QUESTION 2:[/b] I'm looking for exchanges that are legit, have decent liquidity, and don't require KYC.
I've been told okx, bybit & primexbt are good. Any others?
TMI:
[I haven't ventured to dexes yet. Got kicked off binance, now kicked out of kucoin, so I'm tired of kyc b.s. cuz I wanna trade smaller coins & do margin. Is that so wrong? Argh!]
If anyone answers, I'd appreciate a link to your source if it's from a well known, reputable site. Only if it's not too much trouble...if you don't have link, I still appreciate answers, as that will give me something to research further. [I've spent hours trying to figure this out but get inundated w/info overload--know what I mean?]
Thx in advance! Mwah!
What should I do if an exchange rejects my KYC without explanation (I'm a real person)
If you explain little more then it will be easy for us to answer you accurately. by the way if you KYC application rejected then you can see the rejection note on kyc place or you will receive email with rejection note. Most probably reason may be light problem, wear sun glasses or camera problem.
Now you have to contact customer support for this problem and online chat admin will guide you for fast KYC approve tip . Send him KYC image to check for any problem. my friends kyc was rejected in Bybit and then he contacted customer support and they fixed it in 5 minutes.
What should I do if an exchange rejects my KYC without explanation (I'm a real person)
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