Topic: Exchangers and new regulations. (Read 560 times)

This is not new pal. I did this on bittrex and binance has this kind of KYC but it is just not enforced. And of course it should be your real name because none of us would want to get in trouble or else they will keep all our funds away from us if they found out.

That's my concern too.
Besides, the "kidnap" has not been resolved yet. I don't know if it is legal to change your policies and make the users unable to say "Ey, I don't agree, so I prefer to withdraw my funds and leave the service". Nop. They restrict your funds' access as long as you don't give them the information they seek due to their change, but it is even legal? When I agree with a service term and then they change them, I am supposed to agree again, don't I? Even if I have some funds on my Paypal account I should be able to withdraw them if they change their policies...
Sad. This is sad.

It may be plus point. Government is planning to make a new rule and regulations about cryptocurrency. It means, Government wants to declare cryptocurrency legally in the world simultaneously.

Still, I suppose that some of the regulations are really must-have.

When crypto exchange come on this world , most of their activity consider as risky investment /activity so that's why their government want to take serious act about exchange's policy.
My local exchange also do the same so it's also protect their exchange from scammer attempt !

I actually don't know also, well if its a valid ID they are asking then it is already shown. Dual verification maybe?

So in the future may come where you will need to verify your self to use an exchange. Sort of like fiat money. Then bitcoin will be like fiat money with added fast features. More of like upgraded paypal?

I sense which country you are talking about, yes in that country before you make a wallet for cryptocurrency you need first to fill up their kyc form. Stating above are those requirements need just to have on that wallet and mostly used in people there.
Just like the same now on many exchange site they are requiring personal information which is we can't hide like being anonymous person.
Time to time, whether we like it or not the world of cryptocurrency is being centralized by our own government or us as a users.

Its like the well known app here in my country which is the one who generates my bitcoin address. Before you have given your oen address, you must first enter your name, address, birthday, a photo of your face and one valid ID. It will undergo in a process then after few days, you can now enjoy investing on BTC and ETH. Bitcoin is decentralized, but when your country becomes the third party, it eill.be centralized. Im happy for their service so far.

If all the exchanges are like these then stay away from the crypto tradin if you still don't want to reveal your personal information,there is no other option other than accepting their terms but there were lots of exchanges and only few have these kind of regulations as far now so we can pick other exchanges to continue our trades.

This is a very good question. I think once the US and Russian have spoken and asked exchanges to ask for personal data to their users, one by one, decentralized are going to be forced to ask their users as well.
The most concerning part, under my point of view, is about the control. Exchanges are not only about selling your crypto into cash (dollar, euro, whatever) but about buying/selling alts. Crypto was made with the intention of avoiding and giving an alternative to the banking system, by being decentralized, so the legitimacy resides in the people, the users, the miners. But, if the use of the crypto is regulated, then, every transaction will need to be approved by the government, for the tool, meaning the exchange, is under its control, though.
So, I 'm afraid maybe the time with no alternative will come soon, and many crypto users are going to be obligated to share their personal data. Regarding the face-photo, I can't fully understand why are they asking for that. There's no online bank asking for this kind of images, or at least, I can recall none. They ask for your ID and your place of residence, as well as for a phone number, but I 've never been asked for a face-pick before.
That's concerning to me. Maybe I've just read too many times Orwell's 1984, but, still, I can't see the point of the need of knowing with such a detail the shape of your face...

It can be as for protection as for counting of coming necessary taxes to the government's chest from crypto profit, like that everyone will be pushed to pay. And yes if we do not like new terms we are free to not use such exchangers, but what if all exchangers are going to be like that? What is your suggestion in that case?

So we have to stay away from those kind of exchanges because if we want to use that exchange then we have to accept all their terms.But I don't think it will be used for criminal activites,I hope these are just to save our funds from hackers who are the big threats to the crypto currency exchanges and adding more security feature will add the more security to our funds.

Such changes are very doubtful to me, not cause of I'm a cheater or something and afraid to become recovered, no. I am not sure in the security of all those exchangers and my private information can be stolen and used for who knows what. In the such case it's going to be hard to prove that I didn't do anything illegal, but my private info was used for something criminal.

Yeah you're right the government will not be able to control the cryptocurrency directly, then they try another way by giving the rules on the exchange. they know that without a exchange users will get a difficulty to perform financial transactions, then government requires the exchange site to oblige their customers to verify data such as ID cards, and self-image. surely it will make decentralization on crypto missing right? btw it has already happened in the local exchange in my country..

I agree that some of them are urgently needed but I'm also afraid that many of them will become an issue.

Never been fair yet they are still trying to take control or do make transactions to be more harder due to such regulations. Government would really like to trace up on income and outgoing funds of an individula by means of exchangers. Decentralized is all we do like but how we would able to move if exchangers are the ones being used for us users to be traced on regarding on our transactions.?

I think this is somehow fair enough since everyone are using a fiat currency after trading to any crypto currency and the banks are having a problem of tracing the money where it goes and where it came from, that's why they have to make a regulation because are still concern of the "money" and not the crypto currency itself.

Are decentralized exchanges included? I mean how are they to manage decentralized exchanges? The maintenance devs?

I could not have agreed more than what you have said and the only explanation is that government will continue to have its way no matter how we pretend not to acknowledge it and that is why they go after the major exchange sites. This approach is what is called Indirect Rule whereby since they cannot control crypto directly after several attempts and they cannot also ban it successfully because of the benefit that accrue from that source, then the option of focusing only the various intermediaries that makes the market flourish and those are the exchange sites, the web wallet services and gambling sites. Have these three in your pocket any form of anonymity is unravel to a large extent. I can say its a strategy that is working because there is an incentive attached to like the gains from trade, winnings from gambling, real time access to funds by the web services and that is what is needed.

so far the stricter the regulation in every exchangers not just poloniex almost other exchange also give the same regulation maybe this to know the identity and reduce crime also fraud.