AML/KYC Explained - page 6. | Bitcointalksearch.org

Godex_io

member

Activity: 97

Merit: 84

Quote from: goldkingcoiner on February 04, 2019, 10:28:18 AM

KYC/AML seems to be a different case in different countries. But some exchanges like Bitstamp go too far in locking up your funds until you pass AML...

Many exchangers get people involved in, allowing them to trade without verification for a while. Once your balance reaches some value, you become a victim of selective KYC. Very simple scheme, which is impossible to find fault legally, and they get a large amount of money from you basically for free. This is one huge conveyor.
This is why we 1. do not store users finds 2. do not require KYC

sclement

newbie

Activity: 3

Merit: 0

Quote from: goldkingcoiner on February 04, 2019, 10:28:18 AM

KYC/AML seems to be a different case in different countries. But some exchanges like Bitstamp go too far in locking up your funds until you pass AML...

I had exactly that experience with Bitstamp. I wonder if they do it on purpose, to put your crypto to work for their benefit while you cannot get it out of their system.

goldkingcoiner

legendary

Activity: 2310

Merit: 2119

A Bitcoiner chooses. A slave obeys.

KYC/AML seems to be a different case in different countries. But some exchanges like Bitstamp go too far in locking up your funds until you pass AML...

TRADE OR HODL

newbie

Activity: 14

Merit: 0

What do you think about IDEX situation, when they say that gonna collect KYC. And I don't wanna give them anything! I want to stay anonymous. What for they need my data? They will simply lose competition to DEX'es like Ethermium, BitShaes, ForkDelta etc.

SmartCams

copper member

Activity: 29

Merit: 0

KYC, in my opinion, is a necessary thing. In the television series "Billions" traders each other reward in cryptocurrency. This is an obvious way to transfer money for not very good purposes. This is the obvious thing.

DaPaaShunting

newbie

Activity: 14

Merit: 1

Is there a way that KYC/AML can evolve in into a more sophisticated but a security check for monitoring progress and process?

Togacity

jr. member

Activity: 112

Merit: 1

To the extent, I saw they ask for client data and allude to KYC amid registration.I ponder, regardless of whether this makes them consistent Free.

Togacity

jr. member

Activity: 112

Merit: 1

Thanks for sharing sir, i can see alot of websites requesting for AML/KYC . Is it a way to authenticate their site's purpose or a way to protect the interest of their clients?

cjie

jr. member

Activity: 252

Merit: 1

For cryptocurrency to be widely accepted in the world today, the place of AML/KYC most not be overemphasis. I can still see some ICO not enforcing KYC for the sales of their ICO. They are not doing the Industry well in term of giving the Industry credibility for mass adoption of crypto. KYC must be a must for the sales of an ICO and trading in the exchanges.

NightMar_1St

jr. member

Activity: 309

Merit: 1

Many, many KYC required KYC after Bounty campaign for bounty hunter
Althought Before They said don't need KYC for bounty hunter
It's made some people in Canada or USA can't get their coin for some month workhard

JosefinaCrane

newbie

Activity: 8

Merit: 0

The term KYC refers to Know Your Customer. This terminology is more prominently used in the finance industry or the finance business. It is an activity to gather information from the clients and to authenticate on various parameters to make sure that the client holds a clean record.

The term AML (Anti-money-laundering refers) to a set of procedures, laws, and regulations designed to stop the practice of generating income through illegal actions.

Most of the cryptocurrency exchanges heavily rely on this two terms and have a strict KYC and AML policy of their own to deal with frauds and protect their funds. Even if you are planning to start your exchange, then you too have to focus on these aspects, but what if you do not have proper knowledge and expertise to tackle such issues. Under such circumstances, you can opt for a white label solution provider like Ibinex who can tackle this problem with ease and will create a full proof crypto exchange for you in a months time.

blitz888

newbie

Activity: 29

Merit: 0

Quote from: RockexBox on October 01, 2018, 10:27:11 AM

I invested in several ICO's this year. With one or two the KYC process was real fast, happened within a few days. With another couple of ICO's it has taken forever. One in particular is now nearly 2 months. How long should it take?

Most ICO's have a third party KYC solutions provider so it's normal for processing times to vary. There are top KYC providers that has AI integrated in their platform so the process is really quick.

RockexBox

newbie

Activity: 1

Merit: 0

I invested in several ICO's this year. With one or two the KYC process was real fast, happened within a few days. With another couple of ICO's it has taken forever. One in particular is now nearly 2 months. How long should it take?

qmclak

jr. member

Activity: 275

Merit: 2

"Trade with profit"

Some KYC very annoying they require and demand passport and utility bill under users name. Well like me Im just live with my parents ,so all bills are listed to their name, In addition some KYC they don't accept Local ID's but insists you to ulpoad passport only.And also KYC is not safe for me.It can be used for some illegal stuff.But in future theres a lot of decentralized exchange,I would prefer ro trade on DEX exchange.

jun yamamo

newbie

Activity: 252

Merit: 0

As in this article, it is inevitable that measures to deal with money laundering and KYC will be strengthened as future encryption currencies are developed
Cryptographic currency must be accepted by governments and businesses in each country

https://news.bitcoin.com/bithumb-coinone-fiat-withdrawals-crypto-traders/

I think that the market further develops when proper regulation is made.

jessica2020

newbie

Activity: 116

Merit: 0

I think KYC is not a safe way but other exchangers and for verification need it. They collect the data from others and I think it is not good, especially you passport details

malcolmv

newbie

Activity: 36

Merit: 0

In other words - government collect your investment data

HURRY UP DECENTRALIzED KYC/AML!!! then I will agree with this thread

freigeist

hero member

Activity: 1116

Merit: 535

Quote from: prihojantsev on September 11, 2018, 02:44:49 PM

Quote from: goldkingcoiner on September 08, 2018, 09:54:54 AM

I highly advise against sending personal info to shady icos. Even less so your coins... We need some kind of reverse KYC. It is not the customers who should be validating themselves but rather the ico itself. Otherwise who are we protecting?

How should I deal with KYC procedure if it was introduced only at the end of ICO but was not relevant in the beginning? Is it a shady ICO?

Yes this is almost scam because not all the rules were disclosed at the beginning. Is like breach of contract.
I think you and anyone else that are not willing to do the kyc should ask and get the full refund
because if you would know that there is a kyc requirement before the ico you probably would not invest any amount in it.

So try to ask for refund if they are not scam they should return the funds.

royalfestus

hero member

Activity: 2464

Merit: 519

Quote from: prihojantsev on September 11, 2018, 02:44:49 PM

Quote from: goldkingcoiner on September 08, 2018, 09:54:54 AM

I highly advise against sending personal info to shady icos. Even less so your coins... We need some kind of reverse KYC. It is not the customers who should be validating themselves but rather the ico itself. Otherwise who are we protecting?

How should I deal with KYC procedure if it was introduced only at the end of ICO but was not relevant in the beginning? Is it a shady ICO?

Do you mean after you have made your payment?

prihojantsev

member

Activity: 200

Merit: 10

Quote from: goldkingcoiner on September 08, 2018, 09:54:54 AM

I highly advise against sending personal info to shady icos. Even less so your coins... We need some kind of reverse KYC. It is not the customers who should be validating themselves but rather the ico itself. Otherwise who are we protecting?

How should I deal with KYC procedure if it was introduced only at the end of ICO but was not relevant in the beginning? Is it a shady ICO?

Topic: AML/KYC Explained - page 6. (Read 509023 times)