Topic: AML/KYC Explained - page 4. (Read 509023 times)
Thank you for the article. KYC can be tough. Of course sometimes it's necessary for security etc etc... but then what is the sense of cryptocurrency? Crypto means underground... That makes me think if there still are services that don't use KYC. I know the exchange Cripto intercambio doesn't use it for example, but I'd want to learn about bigger and more known services
I think KYC and AML is totally against the spirit of cryptocurrency and blockchain. I mean, all our community as about being anonymous and decentralized. And KYC & AML are killing it, imho. I cherish the exchanges, that don’t require them and actually stand for anonymity. Like Basefex, I recently found about them and their pledge looks kinda promising. Gonna look after them from now on.
Nowadays, there are people think that there should be a better way to verify user not KYC. KYC some how made it complicated for user.
How do you guys think?
How do you guys think?
There are some pretty damn cool digital identity solutions out there right now using blockchain to let you verify your identity w/PI documents (passport, birth certificate, etc) without having to actually let another company store your documents on their servers. They're all stored encrypted so you don't have to worry about anyone being able to access them unless you grant them access. I was at CIS LA a month ago and saw a couple companies pitch their ideas to the city of Los Angeles and the city's representatives were pretty receptive to it. I look forward to where these types of solutions go in the next decade.
Oh no one protects KYC. This kind of monopoly. How can I trust my identity to an unknown person?
Oh - if you go totally dark, nobody can and will protect you. Only big criminal fishes want such and will Profit most of.
If entire money paths would be tracable. many crime and corruption was not possible.
Bitcoin can do that, small clean fishes should vote for IMHO
But who will protect me if my data will be stollen and come to the hackers. There are a lot of cases when hackers steal the data.
Sure - in the old world where u don't reall own ur data that is an issue
New world is ID / kyc via blockchain / token application like twohop / Pixel wallet tries to do together with Refinitiv KYC solution
Here u own ur data and only send out things / sign for check P2P and ur Provider does not need to store it (like showing ur passport visually)
Oh no one protects KYC. This kind of monopoly. How can I trust my identity to an unknown person?
Oh - if you go totally dark, nobody can and will protect you. Only big criminal fishes want such and will Profit most of.
If entire money paths would be tracable. many crime and corruption was not possible.
Bitcoin can do that, small clean fishes should vote for IMHO
But who will protect me if my data will be stollen and come to the hackers. There are a lot of cases when hackers steal the data.
Nowadays, there are people think that there should be a better way to verify user not KYC. KYC some how made it complicated for user.
How do you guys think?
How do you guys think?
Oh no one protects KYC. This kind of monopoly. How can I trust my identity to an unknown person?
Oh - if you go totally dark, nobody can and will protect you. Only big criminal fishes want such and will Profit most of.
If entire money paths would be tracable. many crime and corruption was not possible.
Bitcoin can do that, small clean fishes should vote for IMHO
Oh no one protects KYC. This kind of monopoly. How can I trust my identity to an unknown person?
LocalBitcoin (p2p based, limited KYC?)
LocalBitcoin (p2p based, limited or no AML?)
If you're referring to LocalBitcoins.com then you can update OP as the new verification system is much stricter now.
Quote
Limit: 1000 EUR/yr >> Real Name + Country of Residence + Email Address + Phone Number
And that's the lowest tier available now, T0.
For anything above that you need ID Verification, Physical Address Verification & more.
Reference Links:
https://localbitcoins.com/blog/id-verification-update/
https://localbitcoins.com/blog/tier-verification-deadline-extended/
Note: I understand the post is old but it's pinned, so it must be important and still relevant.
Maybe it is funni for today, but on exchange 50x no any KYC.
Kyc is needed for every exchanger, it's for secure financial. Is there any exchanger no need kyc now?
I guess some of the information provided here are already outdated and some dead links need to be updated. I think KYC policies change over time. In my recent experience with Bitfinex and if you scan through their Help center, you will find that they do not require KYC during sign-up, during deposit (up to a certain amount I guess) and trade of most cryptocurrencies. KYC is required if you want to deposit/withdraw fiat, stable tokens/coins and some other selected tokens/coins.
Kyc is needed for every exchanger, it's for secure financial. Is there any exchanger no need kyc now?
https://www.pwc.com/gx/en/financial-services/publications/assets/pwc-anti-money-laundering-2016.pdf
This is an extensive document by PwC that lists every country individually, KYC laws and limits.
Exchanging over certain values can trigger mandatory AML reporting. It is worthwhile understanding and knowing the KYC and AML laws.
It prevents unnecessary issue over locked account. It appears to be something that is happening a lot now.
It is a little bit dated being from 2016 but it is a good start.
This is an extensive document by PwC that lists every country individually, KYC laws and limits.
Exchanging over certain values can trigger mandatory AML reporting. It is worthwhile understanding and knowing the KYC and AML laws.
It prevents unnecessary issue over locked account. It appears to be something that is happening a lot now.
It is a little bit dated being from 2016 but it is a good start.
Some exchanges don't ask for KYC for depositing bitcoin or other cryptocurrencies.but they require KYC when they feel u are about withdrawing your funds from the exchange.I had a very tough experience with hitbtc.Not going back there anytime soon
And also a lot of exchange does not require KYC but without verifying KYC you can withdraw/deposit a small amount of money for example you may see bittrex or binance. They give higher limit for verifying KYC.yeah hitbtc is fishy, all that minimums to withdraw and so on.. also moved from there
How do you feel about the fact that some exchanges sell personal customer`s data into the Dark Web due to the users must pass a KYC. KYC is the personal data that an exchange actually receives and there are no guarantees of security, only trust
If any exchange use our data or sell our data we cant do anything if we cant proof either they sold our document or not. If we can proof and they break any terms of service then we may try to make dispute. But better to use trusted exchanges those who will never use or sell their customers data.There is no fully regulated and trusted exchange yet. I wonder if SIX Group's SDX , SCX or bakkt will be that?
How do you feel about the fact that some exchanges sell personal customer`s data into the Dark Web due to the users must pass a KYC. KYC is the personal data that an exchange actually receives and there are no guarantees of security, only trust
If any exchange use our data or sell our data we cant do anything if we cant proof either they sold our document or not. If we can proof and they break any terms of service then we may try to make dispute. But better to use trusted exchanges those who will never use or sell their customers data.
How do you feel about the fact that some exchanges sell personal customer`s data into the Dark Web due to the users must pass a KYC. KYC is the personal data that an exchange actually receives and there are no guarantees of security, only trust
Choose a No KYC Crypto Exchange if you are confused about KYC.
It's not just cash deposits/withdrawals. Any combination of transactions reaching or exceeding 10.000 USD within 48 hours can/will be reported. This includes the EURO zone (SEPA) where a copy of each bank transaction is send to the US for analyses. So details of a bank transfer from Italy to Spain, or even within the same city between your family members is send over to the US. It depends on your risk profile if you get into trouble or not.
Also single person business owners (non-limited companies) also fall under that rule.
Also single person business owners (non-limited companies) also fall under that rule.
Where is this rule? 48 hours or 24 hours? I ask because I thought it was 24 hours.
With 48 hours it implies it accumulates, 2 10k deals in two days would be reported.
Some exchanges don't ask for KYC for depositing bitcoin or other cryptocurrencies.but they require KYC when they feel u are about withdrawing your funds from the exchange.I had a very tough experience with hitbtc.Not going back there anytime soon
And also a lot of exchange does not require KYC but without verifying KYC you can withdraw/deposit a small amount of money for example you may see bittrex or binance. They give higher limit for verifying KYC. Jump to: