Topic: Can an exchange that requires KYC call itself as DEX? - page 2. (Read 567 times)
If a DEX required KYC then it is a scam, stay away from it and use something else like BISQ. Not sure what the binance DEX is going to require, but if they start saying upload photos and driving licenses, i'll say goodbye to it
Recently, I've encountered a Korean exchange that requires KYC before you can start trading. Their website says its a DEX.
I got used to the idea that decentralized exchanges like Etherdelta, Forkdelta, DDEX should not require any personal information from traders. Just connect the wallet and that it.
EDIT: For those who are asking for the exchange name, it is Allbit. Based on the replies, it seems that this case is only in S. Korea. Let's hope this does not spread.
A decentralized exchange simply implies that you have full control and anonymity of your account. If a decentralized exchange requests something as important as KYC, then it is obviously a centralized exchange by such act. You need to be careful with your tokens in that case. I got used to the idea that decentralized exchanges like Etherdelta, Forkdelta, DDEX should not require any personal information from traders. Just connect the wallet and that it.
EDIT: For those who are asking for the exchange name, it is Allbit. Based on the replies, it seems that this case is only in S. Korea. Let's hope this does not spread.
Hell no, a decentralized exchange doesn't need any KYC. if it requires KYC, then it's not decentralized because it's deviating from the original purpose. Decentralized exchange account should be fully controlled by the user.
Recently, I've encountered a Korean exchange that requires KYC before you can start trading. Their website says its a DEX.
I got used to the idea that decentralized exchanges like Etherdelta, Forkdelta, DDEX should not require any personal information from traders. Just connect the wallet and that it.
EDIT: For those who are asking for the exchange name, it is Allbit. Based on the replies, it seems that this case is only in S. Korea. Let's hope this does not spread.
exchanges asking about the KYC verification will always be not convenient for me to do and that trust the exchanges in most of the time because this new implementation will made lot of difficulties for making the exchanges more difficult so I don't have confident about kyc verification. I got used to the idea that decentralized exchanges like Etherdelta, Forkdelta, DDEX should not require any personal information from traders. Just connect the wallet and that it.
EDIT: For those who are asking for the exchange name, it is Allbit. Based on the replies, it seems that this case is only in S. Korea. Let's hope this does not spread.
So they lie to you. Because the dex verification is not required, everyone knows this. If you need to use this exchange, you will be required to undergo this procedure.
LOL. This is the first time I heard about a DEX requires KYC. LOL. I don't know why the owner of this exchange still think it's a DEX while requires KYC of traders whom wanna trade on this exchange 
. I think you should stay away from this exchange, maybe they wanna steal information of users to sell or something like that.
. I think you should stay away from this exchange, maybe they wanna steal information of users to sell or something like that. 
If They ask for KYC then consider them as NOT DEX for sure, this is something final no matter what they claim.
I'm not against KYC, but claiming to be DEX while asking for it is stupid enough to claim it's DEX.
Exchanges will obey the monetary global system sooner or later, crypto won't survive without doing so.
I'm not against KYC, but claiming to be DEX while asking for it is stupid enough to claim it's DEX.
Exchanges will obey the monetary global system sooner or later, crypto won't survive without doing so.
the goal might be good so money laundering can be minimized but I think there will be many people who don't like it for reasons of privacy and not simple
I don't really mind if I have to give my data but I don't like a process that takes longer than usual so I prefer simple exchangers rather than exchangers that need KYC for reasons of convenience
I don't really mind if I have to give my data but I don't like a process that takes longer than usual so I prefer simple exchangers rather than exchangers that need KYC for reasons of convenience
The easiest way to minimize money laundering is to exclude fiat from the exchange and work on crypto pairs. I don't know why but some exchanges that used to not require KYC like poloniex because there was no fiat there changed their rules and asked people to verify. How would you explain asking people to verify if you don't trade in fiat so there can be no money laundering?
This is the first time I hear about KYC at a Dex. Any particular reason from exchange about why it need KYC? Hopefully other Dex won’t follow this practice.
True, why must be called DEX if they still make any rules. Maybe they called themself DEX only from system. But maybe people will know if exchanger that make rules like that is not DEX and aware before use it.
This is the first time I hear about KYC at a Dex. Any particular reason from exchange about why it need KYC? Hopefully other Dex won’t follow this practice.
True, why must be called DEX if they still make any rules. Maybe they called themself DEX only from system. But maybe people will know if exchanger that make rules like that is not DEX and aware before use it. 
in my opinion it could be called dex because understanding dex in my opinion is only limited to the market specifically on certain platforms such as ethereum which has etherdelta or waves that have a platform wave client, but of course without kyc it is a good choice for market dex
This is the first time I hear about KYC at a Dex. Any particular reason from exchange about why it need KYC? Hopefully other Dex won’t follow this practice.
~snip~
I don't think you understand the meaning of DEX. A decentralized exchange can't ask us for a KYC. If it is already automatic, it is not DEX.
i don't think you clearly understood my post.
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Thanks for the replies. I've edited my post to include the name of the exchange. Check it yourself.
If you need to verify your account to be able to trade so it's not a DEX. As I know we no need to do anything to be able to trade on DEX even creating a new account, we just need to create an wallet only ). But I don't know if the crypto exchange you mentioned about is really a DEX or not or maybe it's own rule of Korea government for crypto exchange.
). But I don't know if the crypto exchange you mentioned about is really a DEX or not or maybe it's own rule of Korea government for crypto exchange.
No, a decentralized exchange shouldn’t be asking the users to do KYC. This defeat the purpose of being decentralized. If I were you, I will not trade there.
No way. Decentralised exchanges cannot require a KYC process, because they do not have any access to your funds. You always have control over your funds and I would stay away from such exchanges that require KYC.
I guess this could happen due to local regulations though basicly dex and kyc are two opposite things which cleary define the decentralized and centralized exchange mechanism.
As a rule, it is better to bypass such exchanges, decentralization should remain decentralization, and therefore there can be no de-anonymization. However, there are exceptions when required by the laws of the country.
Recently, I've encountered a Korean exchange that requires KYC before you can start trading. Their website says its a DEX.
I got used to the idea that decentralized exchanges like Etherdelta, Forkdelta, DDEX should not require any personal information from traders. Just connect the wallet and that it.
I got used to the idea that decentralized exchanges like Etherdelta, Forkdelta, DDEX should not require any personal information from traders. Just connect the wallet and that it.
From my understanding, kyc registration is not required for Dex exchanges and usually can't be held in Dex exchanges except a third party is involved and that usually involves special cases where members of some countries are not legally allowed to participate in cryptocurency trades
KYC and DEX is basically against each other terms. If a place needs to be decentralized they need to have no central governing factor whatsoever, they need to have no owner no worker and no boss, which means that there will not be a central operation system that needs to respond to a higher authority like SEC or IRS or whatever.
That means if they require you to give your KYC information like passport data or whatever and provide that to a government branch then there is someone who takes your info and shares it with someone, if there is "someone" that does that even automatically then it can't be considered decentralized.
Basically, they are not things that can coexist in the same place, if one exists then other can't and that is why KYC can't be asked in a DEX place.
That means if they require you to give your KYC information like passport data or whatever and provide that to a government branch then there is someone who takes your info and shares it with someone, if there is "someone" that does that even automatically then it can't be considered decentralized.
Basically, they are not things that can coexist in the same place, if one exists then other can't and that is why KYC can't be asked in a DEX place.
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