Topic: AML/KYC Explained - page 3. (Read 510930 times)

i think KYC/AML is okay .now almost every crypto  exchange or wallet is doing kyc. i think which country is allowing to trade crypto they dont need to do it .its must be necessary for those countries they dont permittion to crypto
what do you think

Thanks for sharing,

This looks good; "Your ID, source of funds, or any private information are not required, and FIAT services aren't provided. Hence, your ID copies will never be made available to the public - because we do not have them. The interaction with 50X.com is the same as with the blockchain - the existence of a private key is enough." And Kingstown.
A caveat: centralized, still. I wouldn't say then that my interaction, as a user, with the exchange would be the same as with the blockchain, the blockchain isn't custodial ad hoc.
RD

it's a good explanation but it still defeafs the full purpose of crypto and decentralization if exchanges now have the profike details of its traders which can be easily fed to yeh government. What did satoshi think when he founded biycoin in 2019

Essential or Destructive?
Digital banks are capable of tracing fraudulent activities by customers via the use of the Know Your Customer (KYC) verification process and with the integration into crypto exchanges, there is a makeover in the exchange platforms (https://fintechzoom.com/crypto-exchange-no-kyc/). The activities and transactions of clients on crypto exchanges can likewise be monitored.

The crypto market needs this service? or it´s the beginning of Gov Regulation?

AML System is not protected our infront KYC leak. Moreover, I see many exchange AML KYC system to check KYC from user, but many people use KYC fake and they still pass KYC.

To UPDATE this thread.

After possible using every exchange made since 2013. I can say with certainty that Kraken is now one of the least intrusive  and one of the easiest places to Buy and Sell $BTC (and some alts). Cash in bank often with 24hrs.

Certainly avoid the likes of Bitstamp who are really terrible at wanting to know EVERYTHING.

So anyone here looking for a Safe, trusted and easy exchange, Kraken is your best bet.

Wanted to ask regarding the same question for website like http://www.bonofe.com  any response will be ideal. Thanks

The AML/KYC is the best way to make the world of cryptocurrencies look safe, but many don't deceive us.

However the explanation is perfect!

So everyone who is against KYC is simply obliged to start trading on exchanges where there is none of this. The most technologically advanced exchange without KYC is 50x exchange.

Just look at my signature

I understand the reasoning behind it however the question i want to ask is Why?

Most people, dare i say 90%+ are using crypto due to its anonymity so why ask for all these documents? Doesn't that defeat the purpose of crypto.

I get a bit interested in security levels on exchanges, AML , KYC so on so on, read some articles about Coinfirm you mentioned and found interesting interview with co-founder I think. If you haven't seen yet I could recommend it, maybe you will find out sth new: https://www.youtube.com/watch?v=83JnxuUUJ5o

The regulation does not protect everyone in the space as it ought to, the organization that took it upon itself to collect date recently should be scrutinized very well. No one can be trusted even the Government with personal data, we have bridge with personal interest even by the president of United state but there is nothing we can do about it now. Decline in decentralized exchanges, exchanges closing unverified accounts and ICO requesting for KYC

I think that often those projects that host KYC are still correct in their business and thanks to this confirm the identity of everyone.

Nobody. That's why you should only perform KYC if you trust the other party. This is still a risk though because even if the company never intended to use your data for malicious purposes, some bad hackers might breach their data anyway. Even a big company with the best tech talents like Facebook still prone to data breach. So forget KYC for ICO/IEO. You're stupid for sending sensitive, personal data to shady "developers" team on the internet.

These two are really an integral part of financial institution and all other financial base platforms. We all need to input our information for security purposes and on the part of the institution who accepts financial transactions. In the case of bitcoin and cryptocurrency who had been somehow a private platform may somehow cannot fully adopt these regulations since by nature it decentralized and noone is really controlling it. In the future these maybe use as part of the process but most likely not the whole idea of it.

There has never been a question about the providence of the KYC procedure. Many sites accept my data without any problems. Especially when using Airdrop.

If someone do not want make KYC process, just registerind in the exchatnes without KYC and all!

Especially in US, but even right now AML5 is making huge difference in Europe too by forcing every member country to implement it (and still some of them aren't ready for January 2020 - i've read somewhere an article about many UK companies which aren't ready and even though they are leaving EU, it's still in force for them i think). Cryptocurrencies are going to be more regulated than ever and those changes aren't made for you guys, because you already know how to protect yourself, you are vets. It's for the newcomers, for the people who will join cryptocommunity very soon, with projects like Libra which are going to adapt it more than ever. The funny thing is that if we look at the "stealing crypto" problem from the global perspective, we'll see that it's really difficult to introduce other solution on this scale different from forcing everyone to register themselves and look at their hands 24/7. Furthermore, the market is heavily fragmented and there are various different standards across the world, even around the European Union. There is a huge demand for AML services and this trend will continue to grow vastly. Other thing is how cryptocurrencies has changed the crime sector as a whole - money laundnering for the last couple years has never been easier and it's time to do something more. However, it becomes really serious topic and many associations wants to fight. There are special methods and companies who deal with such issue. For instance Coinfirm, which is a partner with Binance, is analyzing cryptocurrency transactions to see if they went through the mixers and rate their risk level for AML compliance reasons. They just released their new Standard AML Risk Reports, you can see a sample of hack-related transaction on their blog, it's worth to know how such reports looks like. Hope next year will bring a lot of changes, especially now when there is a huge demand for AML services and this trend will continue to grow vastly.

But on the other hand, a company in the crypto industry right now without having a proper KYC will often not be able to accept any sort of payment, as banks/card providers would refuse to provide services to them.

I think people have lost confidence in KYC because the information was sold by different people and advertising and the like targeted them. That's the way the world could be.