Topic: Bitunix: KYC solution? (Read 135 times)

Well, for the platforms or CEX that imply KYC, it is usually a necessity for them by the government before they can be allowed to operate legally, and like you said, @OP, It can help them detect fraud, but in the aspect of money laundering, I don't fully agree with it because the rate of money laundering with most of these financial institutions cannot even be compared to just some small fraud issues in crypto or bitcoin. From what I have read, KYC is an attack on Bitcoin, and we should just be careful. There are a lot of these laundrings of money going on underground without the use of Bitcoin or crypto, and they are yet to be caught, so why label all that as Bitcoin?

Thank you for your advice...
Truly appreciated, and sorry about the clustered post ... ( My bad  )

Then again about the post, this isn't me trying to advertise Bitunix in any form. I'm just talking about the problems of KYC and a solution ( a possible solution) of which I read in an article ), that's all.
Anyways, thanks once again .. .and I would do well to research properly on it if I decide to use it later in the future

When KYC policies are implemented, that is the loophole. This number is no longer a trigger for services to ask for user identity at any time under the pretext of violations and the like. Exchanges will not be able to maintain consistent KYC policies if they are subject to certain regulations.

Proper guidelines, prepare for KYC on every centralized exchange even if you only want to trade $1.

Read this topic and you will find a thousand reasons why ----> Why KYC is extremely dangerous – and useless
It's the first time I've heard about Bitunix but at a quick glance their trend of trading above $50,000 a day is like they're trying to say, we follow the standards because they're imposed on us but we want you to trade on our platform, so we can't consider this KYC mandatory unless preventing people from trading unless they complete KYC procedures.

Given these data, I do not advise anyone to try it, or at least there are better alternatives.

I'm not sure why they wrote it that way but there are other indicators they have an unverified tier (no mandatory kyc)

1. From their help article: https://support.bitunix.com/hc/en-us/articles/15666657422105-KYC-Tiers-and-Benefits
2. From the test account: -- never tested with B's but it's usually enough to peek at the withdrawal page unless the exchange is shady.



But yeah, they're just like other CEXs that could request KYC anytime. The withdrawal limits are also inflated and - something typically found on an obscure/lesser known exchange as regulators don't even know they exist.

I haven't heard anything about them and I only heard about it just because you've made a thread about it.

Honestly, it is contradicting to what you're claiming that they're a kyc solution if you're pointing out that there's a certain limit and then once you hit that, you're required still to kyc. This exchange is not even different from the usual ones that we're using that haven't required kyc before but then changes their terms to mandatory kyc. While some are still fine for not requiring kyc but that seems to be the consolation that they're doing for having a limit and then kyc is next upon reaching or going more with their threshold. There's no better approach with that because even the know P2P markets, who knows if soon they're going to change their terms as well. They probably as good as no kyc now but we've seen series of these exchanges changed that policy.

What's exactly new here? They are doing doing something that some of the others exchanges are doing too, asking  KYC for larger witthdrawals (at least what's what you said but screenshot are showing something else) so what's exactly their "KYC solution"?


Yep, most likely. According to Coingecko they have more than $500M daily volume but that must be due massive wash trading as no one in their right mind would use this shit exchange with Trust Score 2/10.


Nah, I don't think OP is capable of even owning something like this, looks more like a paid shiller.

Never heard that exchange and other also doesn't know about that exchange so you need to take extra measure if you are planning to provide the KYC ask especially for those new exchange since the possibilities mentioned on your thread might happen since there's a huge risk of anything especially our identity is so flexible and can use on any means.
That's why its important for us to consider the reputation of the exchange before partly take on their KYC process so that we may have some good assurance that this exchange is safe compare to other new exchange in the market.

I haven't heard of this Bitunix exchange before and how it became a solution for KYC. According to the link provided by JeromeTash above, this exchange is asking for KYC meaning you need to submit personal documents before you can able to use their service.

Another thing is about the website whois below it's a 1 year old site updated last March and located in Arizona the bad part about this information under registrant contact seems fake.
Do you think they do have a physical location? For me, it seems fake because that info is common.


Another thing is this exchange is never mentioned here and the software or CMS used on this website is Zendesk I never heard of any exchange that used Zendesk. So, there is a big possibility that this exchange is a scam.

Do you own this exchange?

Maybe you missed out something

What does this page say about KYC?


1. https://www.bitunix.com/cms/aml

LOL @KYC solution. There is no KYC solution here. Maybe you are just trying so hard to shill your new-found exchange.

It can be a band-aid solution for some use-cases -- though I would pick a more known exchange than bitunix

Bitunix, like every other custodial exchanges with no-mandatory KYC can always request their users to do indentity verification and they typically do this while witholding user funds -- it's the risk we have to bear. Furthermore, in most cases, it's only a matter of time before a CEX implement mandatory KYC because once they get popular, they'll be on regulators radar.

Well you have done well to share something very important here, and I will want to also let you to give space after paragraph it enables reader to pick much interest to continue reading. Presently you can see how others are writing it makes it very easier and interesting to read.

However, the exchange you mentioned could be another strategies to attract much customers to their exchange site since they knew people don't always wanting to reveal their identities and they sees it as a good chances to explode over the space, just take a look at $500k is very huge over here and people could likely want to use them but the question is that how trusted and reliable are they?

Do you think your funds are safe with them because they do capitalized on people's mistakes and take advantages over what people are trying to avoid, so to me you must do your research carefully before starting to use them.

Most money involved in money laundering are in banks. Bitcoin and other cryptocurrencies have not been created before money laundering and terrorism have been existing. All these are still existing on KYC exchanges, but they are hidden. There are still fraud on KYC exchanges.

If this is about an exchange called Bitunix, you can move this to exchange board.

Personally I see KYC as something at parallel with the very essence of Bitcoin. KYC eliminates the privacy and anonymity that Bitcoin establishes and this is the reason we have BTC mixers. The major security challenges faced in Bitcoin are unconnected to KYC. For instance, KYC was not able to stop MtGox hack and FTX scams. I am yet to see how KYC was able to make much impact in fighting money laundering or reducing terrorism financing... maybe it does and I can be wrong, but I have not seen any report pointing to that direction.

In the world of cryptocurrency, KYC has become an increasingly discussed and debated topic.
KYC policy also known as Know Your Customer is a set of rules and procedures that financial institutions and other regulated entities follow to verify the identity of their customers and assess the potential risks of illegal activities. KYC policy aims to prevent and detect money laundering, terrorism financing, fraud, and other financial crimes.
KYC policy emerged in crypto due to the increase in crime-related activities associated with the exchange of cryptocurrencies, and  It is important for financial institutions because it helps them comply with international and national regulations that aim to combat financial crime and protect the integrity of the financial system. KYC policy also helps financial institutions avoid legal penalties, reputational damage, and operational losses that may result from non-compliance or involvement in illicit activities.
The KYC policy, in as much as it is very important, is also very tedious, hence leading to a disadvantage which includes many others. First of all, the requirements needed before transactions are sometimes extremely long. Though, it depends on the type of account and the level of risk involved. Some requirements include a phone number, passport/ photograph, ID card, address, source of funding, reference letter, and many more. This leads to a lack of privacy as such detailed information about a person is on the internet, prone to risks like Identity theft, data breaches, malware and viruses, phishing and scam emails, and many others.
Another thing about KYC Is the disparity in regulatory approaches. This creates a complex space between crypto traders and exchanges as KYC requirements adopted in some countries are stringent, and then lenient in other countries.
In response to the increasing need for privacy, non-KYC exchanges like Bitunix have emerged. It serves as an alternative for users who prioritize facelessness and wish to bypass the traditional KYC process.  Although the exchange allows traders to avoid KYC requirements for transactions of over 500,000 USDT, for larger transactions, it acknowledges the need for heightened security and KYC becomes necessary.
Now, after spelling out the importance and the problems of KYC, do you see Bitunix's new trading option as its solution, or do you think there may be a better approach to solving the problems of KYC? Also, it's possible you don't see KYC as a problem at all because of how crucial it is , just state whatever your thoughts on the KYC policy are.
Thank you