Topic: AML/KYC Explained (Read 493464 times)
I've just got my report from amlbot.com and it says I have high risk. what can I do ?
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)
Anyone know whether Bitfinex uses AML and if so, under which agency or jurisdiction?
Sure, if you look through their terms and policies, yes to perform KYC verification and have an AML policy in place.Under their privacy policy
for AML, they use a company called AU10TIX Ltd (https://www.au10tix.com/privacy-notice) that they claim is located in Isreal but as per the website of the company, they say their postal address in Cyprus
Quote
Full name of legal entity: Au10tix Ltd.
Email address: [email protected]
Postal address: 32 Spyrou Kyprianou Ave., 2nd Floor, CY-1075 Nicosia, Cyprus
Email address: [email protected]
Postal address: 32 Spyrou Kyprianou Ave., 2nd Floor, CY-1075 Nicosia, Cyprus
At this point, I am not sure who's correct and who's wrong.
Anyone know whether Bitfinex uses AML and if so, under which agency or jurisdiction?
I don’t think it’s bad idea to perform the KYC on trusted sites and apps. It’s the way it is if you want added security. I’m not sure why people are afraid to do KYC on legit sites at all? The KYC is there because that’s part of real world regulation and it could best life saver if anything goes wrong let’s say someone hacked account, stole any money etc. You can complaint to the authorities with all your information and have your assets back. Otherwise its very hard to recognise the accounts with only usernames and email ID. Consider it extra layer of security for the future.
Cryptocurrencies were originally created by people who valued their anonymity and privacy.
Bitcoin is a quasi-anonymous cryptocurrency.
However, when Satoshi Nakamoto first created the first cryptocurrency, its level of anonymity and privacy was quite acceptable for its time. By going through KYC and AML procedures on centralized cryptocurrency exchanges, you deanonymize not only yourself, but also your counterparties.
In my opinion, this reduces the overall value of the Bitcoin network.
I don't feel comfortable providing my personal data to some online services. At the same time, DeFi doesn't offer a good solution for cases a user gets hacked. Looks like there's nothing in between...
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