Topic: Exchanges allowing maximum daily transaction without KYC (Read 428 times)
@Darker45. I am quite certain all cryptocoin exchanges would remove KYC to reduce expenses and workload and also to increase users and revenue. Their concern is only being compliant with the regulators. I reckon exchanges do not really care if El Chapo, Borat or Taylor Swift laundered money through them.
@Darker45. This is why I speculate that Kucoin will begin to become stricter on their users and have adviced to avoid it for the time being because users might have a difficult time on withdrawals without warnings or announcements. Also now Huobi.
which is exactly why i'm not thrilled about these pranks---they damage exchange credibility in the eyes of regulators, which can only result in more rigid AML/KYC policies. it's all fun and games for twitter shitposters, but it's not funny at all for unverified users at places like binance and kucoin. we're all just waiting for the hammer to come down at this point.
Or is it that these pranks are only showing the reality of KYC? That it is essentially absurd; that people could actually circumvent it. It seems to me that Borat's pranks are not really damaging the exchange's reputation; they're merely uncovering it. Beneath what seems to be an effective AML/CFT initiative is actually a joke and Borat is showing it in what could perhaps be the most effective of ways.
We will certainly be at the receiving end of this. But the thing is it is either we will continue with all this farce or set it straight once and for all. Or why not remove it altogether? It is either exchanges will continue to comply with this rule even if the launderers and terrorists are actually finding a way around it or do it in a way that prevents those which need to be prevented.
@Darker45. This is why I speculate that Kucoin will begin to become stricter on their users and have adviced to avoid it for the time being because users might have a difficult time on withdrawals without warnings or announcements. Also now Huobi.
which is exactly why i'm not thrilled about these pranks---they damage exchange credibility in the eyes of regulators, which can only result in more rigid AML/KYC policies. it's all fun and games for twitter shitposters, but it's not funny at all for unverified users at places like binance and kucoin. we're all just waiting for the hammer to come down at this point.
kucoin getting hacked a few months ago may actually play in our favor, in the short term. they are still desperate to prevent a mass exit of users after that fiasco, and they are also intent on taking on new customers who are currently leaving bitmex and deribit.
so i'm thinking there may still be some time. by the end of 2021 (if that) though, i'd be really surprised if binance and kucoin are still allowing unverified users.
@Darker45. This is why I speculate that Kucoin will begin to become stricter on their users and have adviced to avoid it for the time being because users might have a difficult time on withdrawals without warnings or announcements. Also now Huobi.
~snip~
Because, in the first place, KYC is a comedy. I bet it is not only KuCoin and Huobi that would fail on this.
I don't know how these companies verify names, addresses, documents, IDs, and so on. Others claim that they have a system that detects fake documents. I highly doubt it. I guess what they have are simply technologies that would only analyze facial attributes and compare that of the video or photo with that of the document. Now, if you have made a fake document based on your made-up face, you would probably pass KYC.
How would they know that the user is using his/her real name? They wouldn't. For as long your fake documents bear your fake name, you're good to go.
Apologies for the off-topic, OP.
@Darker45. This is part 2 on getting another approval with a fake identity on Kucoin. This time this is a very clear fake. He was using Taylor Swift's name and in his pictures he has a beard hehehee!
He also has gotten approval for 1st tier on Huobi. The incompetence of these exchanges is comedy.
Source https://twitter.com/raindropactual/status/1336820474999955461?s=12
He also has gotten approval for 1st tier on Huobi. The incompetence of these exchanges is comedy.
Source https://twitter.com/raindropactual/status/1336820474999955461?s=12
In any case, it might not be to make it easier for the users. KYC verification should be under very high scrutiny or money launderers can verify many accounts for their operations.
Which is still very possible and most probably done until now. Technologies relating to biometrics have definitely advanced a lot with the use of AI, 3D analysis, and so on and yet it seems fake KYC is still easily passed. KYC with the use of fake identities and fake documents is not gone at this point. It is still rampant.
Agreed and my biggest argument on this is incompetence if criminals and all the other dirties can have Borat verified as a real user.
However, the skeptical me is also thinking that many exchanges in the cryptospace allow this for special accounts as part of a global moneylaundering ring very similar to HSBC and others.
Do not expect that just because you stay below a limit they won't hit you with KYC. It's entirely their call. I see lots of whining from people being frozen who said they were below the limits.
If somewhere had this KYC/ non KYC hybrid I wouldn't bother without doing verification. Preempting it is a whole lot less ball ache than having it hit you out of nowhere.
If somewhere had this KYC/ non KYC hybrid I wouldn't bother without doing verification. Preempting it is a whole lot less ball ache than having it hit you out of nowhere.
I would like to mention Nominex Exchange. 3 BTC/day can be withdrawn without requiring KYC. Newly but good customer support and there's a chance you can reduce trading fees upto 50% when using their native NMX token. Indeed holding good reputation but do your own research..
https://nominex.io/en
https://nominex.io/en
whose good reputation? Nominex, more than suspicious. They have 100 years plans
Check here NOMINEX - cheating hunters by delaying payment for THREE years they chose a very bad way to manage this problem
Also, check his trust rating: https://bitcointalksearch.org/user/nominexexchange-2704636
If @op wants to add this exchange to his list for good reason, that's fine considering that 3 BTC is a high value that no other major exchange will offer. So far nominex has had no issues with customers. However, the above case also need to be considered as a sign that they have shown their injustice at the start. Just imagine, they issue KYC requests out of the blue because of the regulatory trend.
@XZERO1. It might be this one.
In any case, it might not be to make it easier for the users. KYC verification should be under very high scrutiny or money launderers can verify many accounts for their operations.
I speculate that this might be incompetence.
In any case, it might not be to make it easier for the users. KYC verification should be under very high scrutiny or money launderers can verify many accounts for their operations.
I speculate that this might be incompetence.
I refuse to believe that they actually looked at that picture and said you know what? he seems legit, I'm going to verify this one.
If that person got verified using that selfie I'd say they definitely did not looked at the selfie photo at all, there's a chance that they do these verifications at least in part using some kind of an automated system so there's no human interaction to recognize things like this, and I agree with you that they are obviously showing incompetence and they probably doing the verification using automated systems so they don't have to pay any extra and hire an actual person to do that.
@sunsilk. I would be careful on Bisq. We do not know where their bitcoins came from and also where their cash came from. Exchanges or the bank can freeze your account for suspicions that your coins came from the darknet or the cash is from a suspicious source.
This has a point but what others are liking about it is that it's decentralized. Well, anyway it's up to them and they could have thought of this scenario. The banks are always suspicious of bitcoin transactions once deposited onto their customer's account.Having that 2 BTC limit and with today's price that's $37,000 per day as a limitation. That's already a good deal and they're honestly doing that.
Yep, but unfortunately all good things come to an end. I'm confident this will be the last bull market cycle where massive exchanges (Binance, Bitfinex, etc.) keep getting away with no KYC. Enjoy it while it lasts!
I just hope we get one solid altcoin season before Binance finally caves in. That's all I ask!
In any case, it might not be to make it easier for the users. KYC verification should be under very high scrutiny or money launderers can verify many accounts for their operations.
Which is still very possible and most probably done until now. Technologies relating to biometrics have definitely advanced a lot with the use of AI, 3D analysis, and so on and yet it seems fake KYC is still easily passed. KYC with the use of fake identities and fake documents is not gone at this point. It is still rampant.
@XZERO1. It might be this one.
In any case, it might not be to make it easier for the users. KYC verification should be under very high scrutiny or money launderers can verify many accounts for their operations.
I speculate that this might be incompetence.
In any case, it might not be to make it easier for the users. KYC verification should be under very high scrutiny or money launderers can verify many accounts for their operations.
I speculate that this might be incompetence.
Everyone should avoid Kucoin for the time being. According to this source, he had an account approved by using fake identification and photoshopped images. I speculate Kucoin might become stricter in their KYC policies on verified and unverified users.
Don't you have to take a selfie holding your ID too?, did the person also photoshop that and sent it to Kucoin?, because if really there's no requirement for taking a selfie while holding your ID it would be just too easy to verify using fake info.
But to be fair just because they're taking it easy for their users for KYC verification or they just simply clueless and don't recognize fake documents and photos, it doesn't necessarily mean they are untrustworthy, these rules comes from the jurisdiction in which they are located and they probably just want to show them they're following their rules and because of that they just don't pay too much attention to details when they receive these KYC documents.
You can never go wrong with Binance.
Famous last words.
Having that 2 BTC limit and with today's price that's $37,000 per day as a limitation. That's already a good deal and they're honestly doing that.
Yep, but unfortunately all good things come to an end. I'm confident this will be the last bull market cycle where massive exchanges (Binance, Bitfinex, etc.) keep getting away with no KYC. Enjoy it while it lasts!
I just hope we get one solid altcoin season before Binance finally caves in. That's all I ask!
@sunsilk. I would be careful on Bisq. We do not know where their bitcoins came from and also where their cash came from. Exchanges or the bank can freeze your account for suspicions that your coins came from the darknet or the cash is from a suspicious source.
You can never go wrong with Binance. Having that 2 BTC limit and with today's price that's $37,000 per day as a limitation. That's already a good deal and they're honestly doing that.
How about this?
https://bisq.network/
How about this?
https://bisq.network/
I would like to mention Nominex Exchange. 3 BTC/day can be withdrawn without requiring KYC. Newly but good customer support and there's a chance you can reduce trading fees upto 50% when using their native NMX token. Indeed holding good reputation but do your own research..
https://nominex.io/en
https://nominex.io/en
whose good reputation? Nominex, more than suspicious. They have 100 years plans
Check here NOMINEX - cheating hunters by delaying payment for THREE years they chose a very bad way to manage this problem
Also, check his trust rating: https://bitcointalksearch.org/user/nominexexchange-2704636
I know about Binance and Kucoin, both of the exchanges allow a maximum of 2 BTC transaction or equivalent per day for the NON-KYC users. Any other exchange with such limit of 2 BTC or more? Please don't suggest exchanges who are very new or with so poor reputation.
Go with Binance. Split up your trades over a few days if necessary.
There is no point shooting yourself in the foot by going with an unregulated exchange that may offer a higher limit or no limit at all for non-KYC users. Things will look fine and dandy until they aren't - take a look at HitBTC, Yobit, etc.
These exchanges will ask you to KYC eventually without warning, citing their ToS. But what they're really looking to do is to appropriate your funds and to hold it indefinitely.
Stick with Binance for now. And as others said, even Kucoin may not be the greatest choice atm with their fake ID debacle.
HitBTC.com is big scam.
they say they allow 1 btc per day, 5 per month for non-verified users.
but i used it only for 0.25 btc (below daily limit) and the locked my account and asked for KYC.
after i provided all documents (passport, driving license, selfy, proof of address,..etc), they asked for source of funds, they asked for documents for person who sent me bitcoin. this was crazy impossible request to cover their scam action.
here are more details about my case :
https://bitcointalksearch.org/topic/--5290702
they say they allow 1 btc per day, 5 per month for non-verified users.
but i used it only for 0.25 btc (below daily limit) and the locked my account and asked for KYC.
after i provided all documents (passport, driving license, selfy, proof of address,..etc), they asked for source of funds, they asked for documents for person who sent me bitcoin. this was crazy impossible request to cover their scam action.
here are more details about my case :
https://bitcointalksearch.org/topic/--5290702
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