Can an exchange that requires KYC call itself as DEX? - page 4.

Classica35

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Quote from: rosezionjohn on February 22, 2019, 11:44:11 AM

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 need Jo one to tell me it's no DEX. Well, it must be seen to fulfill some of the criteria of a DEX, but my expectation and based on what I have read, is that DEXes do not require KYC.
Another thing that I discover with some decentralized exchanges, is that, some of them are considering blocking some countries, such as US from probably withdrawing or trading.

livingfree

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Can you disclose what that exchange is? there's no need for a DEX to ask their traders to comply for a KYC requirement. It's the reason why everyone wants to trade with it because there's no need for us to take that kind of verification.

If an exchange calls themselves as DEX but they are requiring such KYC.

They aren't really a DEX, they can claim it but they will never be a DEX if they have that.

kickdapa

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Quote from: mrdeposit on February 22, 2019, 04:34:50 PM

Quote from: rosezionjohn on February 22, 2019, 11:44:11 AM

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.

Yes DEX means decentralized exchange. Actually, it should not be required KYC. There must be a mistake, maybe you misunderstood. Today, even on centralized exchanges, although limited, you are allowed to trade without passing KYC. Huh

No, he is not misunderstood. At this moment I am in Allbit Decentralized exchange's KYC submission page! Even without verification KYC, I am not able to deposit here! Can you think about it? Allbit is a Korean decentralized exchange, for Koran users, they don't ask KYC! But for the outsider of Korea, people have to go through KYC with a clear selfie by holding the ID card!

lobo13hf

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Quote from: rosezionjohn on February 22, 2019, 11:44:11 AM

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.

It can't, that means if the decentralized just used to be a marketing gimmick only dude. The DEX will not require any personal information from the users and if that needs and then it's still controlled by the developers.

TheAndy500

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Quote from: rosezionjohn on February 22, 2019, 11:44:11 AM

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.

Decentralized exchange - that is DEX, should not ask you to pass KYC verification.
The only reason why DEX can ask someone to pass such a verification is if someone wants their token to be listed on exchange and thus want to give more credibility of the project. But about this should be asked only developer, not ordinary traders.

kickdapa

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Quote from: beeelzebub on February 22, 2019, 01:26:07 PM

They can call themselves anything but if they ask a kyc and calling themselves a dex i would call them clowns.

But the reality is different now, Many decentralized exchanges are asking KYC for verification their real users. I don't know why they call them a DEX platform. Even, right now, I signed up in Allbit exchange and they are asking a KYC verification with a selfie by holding my ID card! But I have to go through it because VANTA token only listed there and I have to trade in Allbit exchange to get VANTA bounty rewards. What a shady step is this!

mrdeposit

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Quote from: rosezionjohn on February 22, 2019, 11:44:11 AM

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.

Yes DEX means decentralized exchange. Actually, it should not be required KYC. There must be a mistake, maybe you misunderstood. Today, even on centralized exchanges, although limited, you are allowed to trade without passing KYC. Huh

Awesomus Maximus

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The whole thing is really simple. By definition, decentralized exchanges have no central entity that runs the exchange. Because of that fact, there is nobody to ask for KYC. If they ask for KYC, they are not a decentralized exchange, they can't be called a DEX. They can't be a DEX and ask for KYC at the same time. Case closed.

beeelzebub

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They can call themselves anything but if they ask a kyc and calling themselves a dex i would call them clowns.

kingzpro

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DIFX - Digital Finacial Exchange

It can be possible or it must be a requirement from the local regulators so the scenario can be that the exchange is fully decentralized and operated on smart contracts but at the same time it is asking kyc from each wallet based account to comply with the regulatory agencies but to be secure you should check from multiple sources before trading there.

jacafbiz

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Quote from: rosezionjohn on February 22, 2019, 11:44:11 AM

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.

You know this is the joke of the day, I don't understand why people in this space are bent on abusing buzz words. Why in the word do they think a DEX need users identification, what I think they can do is to ban IP from countries where they don't want the citizens to use their platform. I know some exchanges are doing this now

BitcoinTurk

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Quote from: rosezionjohn on February 22, 2019, 11:44:11 AM

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 do not need to ask for information about KYC verification or other customer details in such systems. I've lived on the Aphelion Dex where I tried to process the problem in the last month. I want to invest in token ICO is much lower than the price of course, of course, this verification is completed in a short period of time, but as I said, normally they should not want these documents. The main objective here is to prevent ICO-style projects from buying and selling token because in some countries there is a ban on investing in ICO projects. In fact, I can share the data I received over Binance as additional information. According to the data provided by the Binance market, citizens of the following countries cannot participate in ICO projects;

Afghanistan,Albania,Belarus,Bosnia & Herzegovina,Burundi,Central African Republic,Cote dIvoire,Cuba,Democratic Republic of the Congo,Ethiopia,Guinea,Guinea-Bissau,Iran,Iraq,Lebanon,Liberia,Libya,Mainland China,Malaysia,Myanmar (Burma),North Korea,Republic of Macedonia (FYROM),Serbia,Somalia,South Sudan,Sri Lanka,Sudan,Syria,Thailand,Trinidad & Tobago,Tunisia,Uganda,Ukraine,United States of America (USA),Venezuela,Yemen,Zimbabwe

As I mentioned in the message, it is highly likely that such an application is made to prevent the participation of citizens of this country in such projects.

rosezionjohn

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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.

Topic: Can an exchange that requires KYC call itself as DEX? - page 4. (Read 579 times)