Banks, Exchanges and your Privacy | Bitcointalksearch.org

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Quote from: Taskford on January 27, 2022, 05:18:38 PM

Although Dex gives quite convenient but we know this is more riskier than CEX so I also rather choose this even if they require KYC since I really don't get a damn asking my personal information if the exchange is reputable since I don't have anything to hide nor do any bad from the past so for me its good that an exchange comply with the law if government required this to them since this give us additional layer of security that this exchange will scam their costumers.

It is only a matter of choice. If your fine to give your personal details then go and use cex but if not then go on dex. As simple as that, no need to stress yourself. I have used a couple of dex's on the past like etherdelta and forkdelta but I think they do not exist anymore. Right now, I am not updated if which dexe's are best to use and I think majority of the people right now are sticking with cex.

CEX like binance and kuckoin because this two are the biggest among other cex and users feels confident with them to give their personals. I think cex store's this important details away from their server so that in case of hacks, the details of the costumers are still safe and sound.

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Quote from: michellee on January 27, 2022, 07:18:56 AM

Quote from: perfect999 on January 27, 2022, 03:35:46 AM

Quote from: Dunamisx on January 22, 2022, 08:30:44 AM

Securing one's privacy is one of the major concern of individuals in cryptocurrency, it can be noticed that some exchanges do make use of commercial banks or vise-versal the banks making use of exchanges and this has impose lot of loopholes of security bridge into one's personal life and privacy.

I think the first driving force of Bitcoin and Crypto is its decentralized nature, to take that away will take away its value. This is why it is important to make your research and understand the rules written out by these exchanges in their T&C before you start trading your coins. If want your privacy secured I will implore you to use peer to peer based exchanges to ensure that you are not exposing your identity or anything. These days, there are enough P2P platforms are available everywhere and you you can choose one based on real time reviews by trusted high rank forum members.

But using this way will have a risk, same as the CEX so you need to think about which one you can feel accepted. But I will choose CEX from DEX because CEX can help the member's privacy and we can still use local sellers that can help us be the bridge when we make a transaction. They can send the money without us being involved in the banks and the banks only know that the money comes from someone's account. So before you get involved deeper in crypto, you can search for more info about how to use the exchange for your security and privacy.

Although Dex gives quite convenient but we know this is more riskier than CEX so I also rather choose this even if they require KYC since I really don't get a damn asking my personal information if the exchange is reputable since I don't have anything to hide nor do any bad from the past so for me its good that an exchange comply with the law if government required this to them since this give us additional layer of security that this exchange will scam their costumers.

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Quote from: perfect999 on January 27, 2022, 03:35:46 AM

Quote from: Dunamisx on January 22, 2022, 08:30:44 AM

Securing one's privacy is one of the major concern of individuals in cryptocurrency, it can be noticed that some exchanges do make use of commercial banks or vise-versal the banks making use of exchanges and this has impose lot of loopholes of security bridge into one's personal life and privacy.

I think the first driving force of Bitcoin and Crypto is its decentralized nature, to take that away will take away its value. This is why it is important to make your research and understand the rules written out by these exchanges in their T&C before you start trading your coins. If want your privacy secured I will implore you to use peer to peer based exchanges to ensure that you are not exposing your identity or anything. These days, there are enough P2P platforms are available everywhere and you you can choose one based on real time reviews by trusted high rank forum members.

But using this way will have a risk, same as the CEX so you need to think about which one you can feel accepted. But I will choose CEX from DEX because CEX can help the member's privacy and we can still use local sellers that can help us be the bridge when we make a transaction. They can send the money without us being involved in the banks and the banks only know that the money comes from someone's account. So before you get involved deeper in crypto, you can search for more info about how to use the exchange for your security and privacy.

perfect999

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Quote from: Dunamisx on January 22, 2022, 08:30:44 AM

Securing one's privacy is one of the major concern of individuals in cryptocurrency, it can be noticed that some exchanges do make use of commercial banks or vise-versal the banks making use of exchanges and this has impose lot of loopholes of security bridge into one's personal life and privacy.

I think the first driving force of Bitcoin and Crypto is its decentralized nature, to take that away will take away its value. This is why it is important to make your research and understand the rules written out by these exchanges in their T&C before you start trading your coins. If want your privacy secured I will implore you to use peer to peer based exchanges to ensure that you are not exposing your identity or anything. These days, there are enough P2P platforms are available everywhere and you you can choose one based on real time reviews by trusted high rank forum members.

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Quote from: coupable on January 25, 2022, 06:21:47 PM

Additionally, take the example of someone who get scammed by such an exchange who is regulated

There are those who were scammed by Mt. Gox exchange in 2014 and are going to receive their money back probably this year. That is what it's expected accordingly to the last news and accordingly to the CEO Mark Karpeles. However, as bitcoin became too valuable along the years, these investors aren't going to receive the same amount of bitcoins they had back then. It's really not the perfect ending, but at least they are going to receive more money in fiat than they had invested in bitcoin in 2014. After all investors are going to make some profit anyway...

Not putting all your eggs on the same basket, it's fine to use centralized exchanges.

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Quote from: uneng on January 25, 2022, 01:37:34 PM

Quote from: AmoreJaz on January 22, 2022, 06:01:27 PM

at the end of the day, it depends on the priority of the trader what to use in terms of trading platforms.

I agree with you, because centralized exchanges offer extra features that may be interesting for traders and investors, such as staking and investment programs for altcoins and bitcoin, plus debit/credit cards, completely replacing the function of banks in someone's life. The fact they exist as a regulated business also means an extra security layer for customers, as this business can't just scam everyone without consequences for the managers behind the company. Both kinds of exchanges, centralized and decentralized ones, have positive and negative aspects which should be taken in consideration in a case by case basis. Something good for me, might not be good for you, so individual discernment is a must.

Additionally, take the example of someone who get scammed by such an exchange who is regulated

uneng

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Quote from: AmoreJaz on January 22, 2022, 06:01:27 PM

at the end of the day, it depends on the priority of the trader what to use in terms of trading platforms.

I agree with you, because centralized exchanges offer extra features that may be interesting for traders and investors, such as staking and investment programs for altcoins and bitcoin, plus debit/credit cards, completely replacing the function of banks in someone's life. The fact they exist as a regulated business also means an extra security layer for customers, as this business can't just scam everyone without consequences for the managers behind the company. Both kinds of exchanges, centralized and decentralized ones, have positive and negative aspects which should be taken in consideration in a case by case basis. Something good for me, might not be good for you, so individual discernment is a must.

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Quote from: o_e_l_e_o on January 24, 2022, 03:11:17 AM

Quote from: coupable on January 23, 2022, 06:27:51 PM

All exchanges known to be free to use without KYC have always the possibility to ask for additional verification info at anytime.

All centralized exchanges, but not all exchanges. Exchanges such as Bisq are completely decentralized and involve you running software on your own computer and connecting directly peer-to-peer to other users via Tor, not unlike bitcoin itself. There is no central authority which could possibly collect KYC or stop people running the software if they do not complete KYC, and your coins are only ever deposited to a multi-sig escrow address between you and the seller. Bisq never has the ability to freeze your account or seizure your coins.

Good to know this. I didn't have a good experience in the past while dealing with exchanges claiming to be fully decentraised. Take he example of cryptobridge (if you can remember it) who was trusted and decentralized then start asking for users personal info before leaving as an exit scam. I came accross cryptobridge when i joined a signature campaign managed by the great Lauda for Vivid wallet and this Vivid was listed only in that exchange. You know how you can trust the opinions of a great member like Lauda then the exchange turn to be a scam .

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Quote from: TribalBob on January 23, 2022, 08:55:18 PM

it's too complicated if one exchange doesn't do KYC initially, when we have large enough funds the funds will be frozen until we do KYC, sometimes KYC at the beginning is more supportive for trading in the future

That is the objective of this thread. To discuss P2P platforms that do not require one to submit KYC and not just a case where you are allowed to make xxx amount of transactions without a certain tier level verification. As long as an exchange requires KYC at all, they can demand for it at anytime.

Quote

and so far I don't have any problems with banks and the government in privacy issues even though exchange parties use local banks, here we are required to be smart in conducting bank transactions, do not make flashy transactions and invite the government to check our data on certain exchanges

Even without making a certain type of transaction, the government and banks can still track your data through the exchanges. The exchanges also have custody and can freeze your funds stored on it.

o_e_l_e_o

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Quote from: coupable on January 23, 2022, 06:27:51 PM

All exchanges known to be free to use without KYC have always the possibility to ask for additional verification info at anytime.

All centralized exchanges, but not all exchanges. Exchanges such as Bisq are completely decentralized and involve you running software on your own computer and connecting directly peer-to-peer to other users via Tor, not unlike bitcoin itself. There is no central authority which could possibly collect KYC or stop people running the software if they do not complete KYC, and your coins are only ever deposited to a multi-sig escrow address between you and the seller. Bisq never has the ability to freeze your account or seize your coins.

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Quote from: coupable on January 23, 2022, 06:27:51 PM

All exchanges known to be free to use without KYC have always the possibility to ask for additional verification info at anytime. Seems like only HodlHodl to be opened for use without the need to provide any kind of personal info but also there no guarantees that it will continue running with the same policy.

Some exchanges are custodial but not kyc exchanges, these are the exchanges that should be avoided because they have the power to override customers, they can demand for kyc at any time in a way the customers will not have option. But some traders can not do without this type of exchanges, they will prefer to use it just to trade frequently. That does not disturb people that need privacy to use fully decentralized exchanges.

Hodlhodl is good, Localcryptos is also good, but bisq is perfect, they are all decentralized exchanges unlike those like Kucoin which can though be appropriate to be used for day trading.

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Is there a centralized exchange that is not affiliated with banks in any way? Does an exchange like Binance, Huobi, Kucoin, Coinbase, Gemini, Kraken, etc not have a bank account?

But you don’t have to include the banks in the discussion in order to talk about privacy among exchanges. Whether an exchange is affiliated with a bank or not does not tell us whether it is respecting its users’ privacy or not. You only have to take a closer look at the exchange, its terms and conditions, to tell whether it is pro-privacy or not.

Those that require KYC clearly do not value privacy. But those that do not impose KYC as a matter of requirement but still include in their terms and conditions the possibility of requiring KYC are still not respecting privacy. This is regardless of whether the exchange offers P2P, spot, futures, etc.

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Quote from: TribalBob on January 23, 2022, 08:55:18 PM

it's too complicated if one exchange doesn't do KYC initially, when we have large enough funds the funds will be frozen until we do KYC, sometimes KYC at the beginning is more supportive for trading in the future, and so far I don't have any problems with banks and the government in privacy issues even though exchange parties use local banks, here we are required to be smart in conducting bank transactions, do not make flashy transactions and invite the government to check our data on certain exchanges

That's true, governments or the banking authorities never make an enquiry if the transactions were quite common as before. If a savings account handling very minimal transaction of around $1000 is credited with an amount of $20000 on a single transaction, this could create a view over by the banking personals. In the past there were easy access for KYC free trade, now everything has changed. Earlier we had meet and trade ans now that has been taken away by service providers for security reasons.

The Cryptovator

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Centralization is the Privacy killer. Whenever you will use any centralized exchange you already revealed your Privecy there whether they ask for KYC or not. We are hopeless in this case. For unknown reason sometimes we need to use centralized exchange. No only bank, a legal authority could ask for your details to an exchange and they are forced to follow local low if they want to run business there. So if you are worried about Privacy during p2p deal. Better move into a decentralized exchange as other users said above. I can't see there are more alternatives to secure your privacy.

Obito

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Quote from: yazher on January 22, 2022, 06:30:47 PM

P2p is just another option for trading in case your local exchanges are not available or you have some reasons to do P2P anyway. The only thing is, they already chose to do that because they are confident of their identity and there's really nothing to hide. because of that, you can actually use some of those features to quickly convert your cryptocurrency into fiat faster but there's always a risk to doing that and it all depends to you how you manage the trading.

P2P sounds good but the only problem is that people there will definitely be more cheapskate and will buy your crypto at a much lower price than usual, especially prevalent in my country and people tolerate it. For those who will think that it's not that bad, I can tell you that I have seen someone offer to do a P2P at almost half the price of the crypto so I don't frequent there as much, I don't know about other countries though, pretty sure yours would be different.

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it's too complicated if one exchange doesn't do KYC initially, when we have large enough funds the funds will be frozen until we do KYC, sometimes KYC at the beginning is more supportive for trading in the future, and so far I don't have any problems with banks and the government in privacy issues even though exchange parties use local banks, here we are required to be smart in conducting bank transactions, do not make flashy transactions and invite the government to check our data on certain exchanges

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Quote from: Oshosondy on January 22, 2022, 09:36:05 AM

Quote from: o_e_l_e_o on January 22, 2022, 09:26:47 AM

If you want a proper list of non-KYC exchanges, then see here: https://kycnot.me/

That is a good list but on the list appeared ChangeNow and Kucoin. What if ChangeNow did not credit me and request for kyc? Kucoin is good to an extent but can it be used because even if it is not a kyc exchange, it is a centralized exchange. Kucoin can decide to ask for kyc at anytime and they have the power to lock your account in a way you can not move your coins out of the exchange. Did you think using these two exchanges can not at a point cause privacy bridge and inconveniences?

All exchanges known to be free to use without KYC have always the possibility to ask for additional verification info at anytime. Seems like only HodlHodl to be opened for use without the need to provide any kind of personal info but also there no guarantees that it will continue running with the same policy. If one of the suspicious transactions related to the exchange, then expect legal forces like SEC will ask for more info about its users. Sometimes it's just a matter of time .

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Quote from: AmoreJaz on January 22, 2022, 06:01:27 PM

but you can minimize disclosing your vital info by using exchanges that don't require kyc like kucoin.

As we've just said above, centralized exchanges which don't require KYC such as KuCoin can and frequently do freeze accounts and seize coins with the demand of KYC. If you don't complete KYC, then wave goodbye to your coins. The only way to avoid KYC is to use exchanges which never require KYC, and centralized non-KYC exchanges are on their last legs anyway. Soon enough they will be unable to offer such a service at all, as more governments clamp down on this sort of behavior.

Quote from: AmoreJaz on January 22, 2022, 06:01:27 PM

but as i said, there are pairs that you can't find it in those exchanges.

If you want to throw away your money on some shitcoin that is only listed on a single exchange then completing KYC for the one scammy exchange which lists it is a truly awful idea. I can think of no faster way to end up with your documents on the black market.

Jawhead999

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It's also worth to mention you should really care with your privacy on social media and your activities with your phones. I don't see any reason why should someone publish his balance to let anyone know how much he have Bitcoin, this just make people want to attack you. Don't click random links, installing random apps, using same email and password, that just make you don't have any privacy.

The other thing you may need to use Bitcoin mixer if you want to have 100% privacy.

yazher

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P2p is just another option for trading in case your local exchanges are not available or you have some reasons to do P2P anyway. The only thing is, they already chose to do that because they are confident of their identity and there's really nothing to hide. because of that, you can actually use some of those features to quickly convert your cryptocurrency into fiat faster but there's always a risk to doing that and it all depends to you how you manage the trading.

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Quote from: o_e_l_e_o on January 22, 2022, 11:38:18 AM

Quote from: Oshosondy on January 22, 2022, 09:36:05 AM

What if ChangeNow did not credit me and request for kyc? Kucoin is good to an extent but can it be used because even if it is not a kyc exchange, it is a centralized exchange. Kucoin can decide to ask for kyc at anytime and they have the power to lock your account in a way you can not move your coins out of the exchange.

Absolutely. Which is why both of these exchanges are rated poorly on this site (last and fourth last). If you click on the two sites on kycnot.me, it gives you description and explains why they are rated poorly, including explaining exactly the point you have brought up here:

Quote from: https://kycnot.me/exchange/changenow

The exchange may request KYC. Although KYC is not mandatory, the exchange reserves the right to require KYC for a certain user at a certain moment and may block funds. May be that a transaction is detected as suspicious or any other reason.

Quote from: https://kycnot.me/exchange/kucoin

KYC is mandatory in order to use some features. Also, a non-KYCed user can be asked to verify their identity at any time or any moment for any reason.

I pretty much exclusively use Bisq or LocalCryptos at present, neither of which require KYC or can lock your funds pending KYC.

at the end of the day, it depends on the priority of the trader what to use in terms of trading platforms. if you have coins that you want to exchange and can only be traded with CEX, then you have no choice but use a CEX platform. but you can minimize disclosing your vital info by using exchanges that don't require kyc like kucoin. so you just need to get in and get out your funds fast.
it is not all the time that you can trade your coin in DEX, sometimes you have no choice but to use a cex because they are the only ones offering the trading pair of your coin.
but if you can use p2p why not? but as i said, there are pairs that you can't find it in those exchanges.

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Quote from: Oshosondy on January 22, 2022, 09:36:05 AM

What if ChangeNow did not credit me and request for kyc? Kucoin is good to an extent but can it be used because even if it is not a kyc exchange, it is a centralized exchange. Kucoin can decide to ask for kyc at anytime and they have the power to lock your account in a way you can not move your coins out of the exchange.

Absolutely. Which is why both of these exchanges are rated poorly on this site (last and fourth last). If you click on the two sites on kycnot.me, it gives you description and explains why they are rated poorly, including explaining exactly the point you have brought up here:

Quote from: https://kycnot.me/exchange/changenow

The exchange may request KYC. Although KYC is not mandatory, the exchange reserves the right to require KYC for a certain user at a certain moment and may block funds. May be that a transaction is detected as suspicious or any other reason.

Quote from: https://kycnot.me/exchange/kucoin

KYC is mandatory in order to use some features. Also, a non-KYCed user can be asked to verify their identity at any time or any moment for any reason.

I pretty much exclusively use Bisq or LocalCryptos at present, neither of which require KYC or can lock your funds pending KYC.

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Quote from: o_e_l_e_o on January 22, 2022, 09:26:47 AM

If you want a proper list of non-KYC exchanges, then see here: https://kycnot.me/

That is a good list but on the list appeared ChangeNow and Kucoin. What if ChangeNow did not credit me and request for kyc? Kucoin is good to an extent but can it be used because even if it is not a kyc exchange, it is a centralized exchange. Kucoin can decide to ask for kyc at anytime and they have the power to lock your account in a way you can not move your coins out of the exchange. Did you think using these two exchanges can not at a point cause privacy bridge and inconveniences?

o_e_l_e_o

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Quote from: Dunamisx on January 22, 2022, 08:30:44 AM

like Remitano, Wazirx, Binance p2p, Paxful, local coinswap and Hodl Hodl which are globally recognized and reliable p2p.

Listing anything owned by Binance in any list of anything privacy orientated is laughable. Binance invade the privacy of their customers as much as possible and leak and sell that data to anyone who is interested. Their P2P platform requires full KYC. They are a terrible choice.
WazirX is owned by Binance.
Remitano requires KYC.
Paxul requires KYC.

Hodl Hodl is the only one you have listed which actually respects privacy and which I would use.

If you want a proper list of non-KYC exchanges, then see here: https://kycnot.me/

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Quote from: Dunamisx on January 22, 2022, 08:30:44 AM

The idea here now is that there are exchanges that are strictly Peer 2 Peer like Remitano, Wazirx, Binance p2p, Paxful, local coinswap and Hodl Hodl which are globally recognized and reliable p2p.

When you talk about peer to peer tradings, you are responsible for your trades. Platforms can give you some layers of protection but in the end you are the one will have very last clicks to finish your trades. Crypto transactions are irreversible so if you click and release your Bitcoin, complete your trade, it's done and you can not reverse transactions. Exchanges can not reverse transactions for you.

So if you are scammed, you will have extremely chance to get your money back. Exchanges can only ask your trade partners to resolve such trades. But it is not a guarantee that trade partners will resolve it. You know they are scammers and will withdraw money so fast after they successfully scam you.

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Quote from: Dunamisx on January 22, 2022, 08:30:44 AM

The idea here now is that there are exchanges that are strictly Peer 2 Peer like Remitano, Wazirx, Binance p2p, Paxful, local coinswap and Hodl Hodl which are globally recognized and reliable p2p. The reason for this is to get users aware of zero privacy in dealing with banks or their corresponding affiliated exchanges and also bringing to reality the mindset of Satoshi one of which state and i quote "creating new technological alternatives, instead of just complaining about things not in our control".

Only hodlhold is still better, you can use localcryptos or bisq also, these are the best decentralized exchanges. All the ones you mentioned require know your customer (kyc), I will not advice anyone that want privacy to use the exchanges. Not all P2P exchanges are private.

These are the best few exchanges that can help your privacy:
https://localcryptos.com/
https://bisq.network/
https://hodlhodl.com/

Know that if you give out your identity which is through kyc, you do not have privacy with anything you do with the exchange or wallet that request for your identity details.

Dunamisx

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Banks, Exchanges and your Privacy

Securing one's privacy is one of the major concern of individuals in cryptocurrency, it can be noticed that some exchanges do make use of commercial banks or vise-versal the banks making use of exchanges and this has impose lot of loopholes of security bridge into one's personal life and privacy.

Before going further in this i will employ us to ensure not to make use of exchanges affiliated with banks. Case scenario recently, Russian government issues a request for the details of all customers making use of cryptocurrency transactions using banks for monitoring in a bid to curtail fraud among other financial vices, while they made mention of some exchanges in operation under some of their banks and banks which are connected to them.

The idea here now is that there are exchanges that are strictly Peer 2 Peer like Remitano, Wazirx, Binance p2p, Paxful, local coinswap and Hodl Hodl which are globally recognized and reliable p2p. The reason for this is to get users aware of zero privacy in dealing with banks or their corresponding affiliated exchanges and also bringing to reality the mindset of Satoshi one of which state and i quote "creating new technological alternatives, instead of just complaining about things not in our control".

Topic: Banks, Exchanges and your Privacy (Read 308 times)