Topic: How come some KYC exchanges ask for more info than others? - page 2. (Read 252 times)
OP, some regions around the world are more strict because if the financial crimes by scammers happening in those areas. OR, it could be simply be because of different laws and regulations for each region, forcing you to comply.
what he could mean is that some exchanges are not just asking KYC documents like government IDs such as passport or driver's license but some exchanges are asking viceo calls. Binance will ask you to do this whenever you want to recover your account due to losing your phone. a local exchange also in my country asked for a videocall too. i don't know what other exchanges are also asking but it's true too much if they do this.
Why do some go above and beyond what is even actually required?
Also, which ones ask for the least amount of KYC?
Also, which ones ask for the least amount of KYC?
Have you tried Binance? You can still use it without doing some KYC and also I used tokenomy without hassle. While others just need some of your required ID for verification, others wanted more documents to verify your identity.
Most of them actually just relying with the government's protocol but when one exchange wanted more documents, I refuse to rely and look for other exchange. If they wanted to protect their system, I also wanted to protect my identity.
Why do some go above and beyond what is even actually required?
Also, which ones ask for the least amount of KYC?
sometimes KYC can have both negative and positive sides. There are many issues that arise if KYC only aims to obtain identity data from members and they can trade and sell them. but on the other hand KYC is useful to find out who the real members are and not the members of the crime. so KYC has negative and positive sides, it's just how we perceive it Also, which ones ask for the least amount of KYC?
Why do some go above and beyond what is even actually required?
Also, which ones ask for the least amount of KYC?
Also, which ones ask for the least amount of KYC?
Can you name what exchanges are those? As far as I know, the only and normal way of requirements that we should submit on KYC is an ID that they want and a live selfie where you follow what the app asks like looking up or down. If it goes beyond that I would hesitate to complete the KYC on that exchange. There is this exchange where its KYC verification is very hassle. Except for the ID and selfie, they also want a picture of you holding the ID you submitted and a piece of paper that shows the name of their exchange and the current date. I did not complete it even if I have some bitcoin stuck there which amounts to $1000 now. Based on the experience of some users that attempted to complete it, submitting those doesn't guarantee you to be verified. They would ask for more documents which seem very suspicious.
I do find it odd that they are asking for more, I mean Facebook and Amazon are global companies but they don't ask that much for a KYC, I am sure that they are the 4th one that @mk4 is pertaining too.
Yes, but one is a social media platform, one is an online shopping platform, while cryptocurrency exchanges are finance platforms that involve money; anti-money laundering and all that jazz. Laws and regulations wise, it's just to be expected(unfortunately) that cryptocurrency exchanges and finance and investing platforms in general to be a lot more strict with KYC.
1. Depends on jurisdiction
2. Depends how far the company would go to "play it safe" regulations-wise
3. Some platforms provide more service than others
Bonus point: depends on how 'evil' and sort of disrespectful a company is in terms of privacy
I do find it odd that they are asking for more, I mean Facebook and Amazon are global companies but they don't ask that much for a KYC, I am sure that they are the 4th one that @mk4 is pertaining too. 2. Depends how far the company would go to "play it safe" regulations-wise
3. Some platforms provide more service than others
Bonus point: depends on how 'evil' and sort of disrespectful a company is in terms of privacy
1. Depends on jurisdiction
2. Depends how far the company would go to "play it safe" regulations-wise
3. Some platforms provide more service than others
Bonus point: depends on how 'evil' and sort of disrespectful a company is in terms of privacy
2. Depends how far the company would go to "play it safe" regulations-wise
3. Some platforms provide more service than others
Bonus point: depends on how 'evil' and sort of disrespectful a company is in terms of privacy
Also, Binance or Kucoin doesn't require KYC if you will keep at their daily withdrawal limit of 2 bitcoin. I believe Kucoin has higher limits. So if you think you will not go overboard, better not to submit your KYC docs. Considering that they are already allowing the 2 btc per day without KYC. That's a lot of money already. If I were the OP, I will only submit KYC docs in a reputable exchange like this Binance/Kucoin or let's add Coinbase. That is, if you are transacting with large amount of money.
Your information is partially correct. On Binance, you will have to fully verify to use Binance P2P. See info in [1] and [2]Quote
Now we’ve set you up with your Binance account, let’s purchase some cryptocurrency. Next, you have to complete the Know Your Customer (KYC) process. KYC helps us make sure you are who you claim to be and fulfill our legal requirements.
You’ve got a few options to choose from when purchasing crypto:
1. Credit/debit card: the most straightforward option for new users.
2. Deposit funds into your Fiat and Spot wallet: transfer fiat currency from your bank account and use it on the exchange.
You’ve got a few options to choose from when purchasing crypto:
1. Credit/debit card: the most straightforward option for new users.
2. Deposit funds into your Fiat and Spot wallet: transfer fiat currency from your bank account and use it on the exchange.
[1] https://academy.binance.com/en/articles/binance-beginner-s-guide
[2] https://www.binance.com/en/terms
Kucoin
The limit of daily withdrawal for non-KYC account is 5 BTC [3]. I am not sure Kucoin have updated it yet and reduced the daily limit.
[2] https://support.kucoin.plus/hc/en-us/articles/360015102254-About-KYC-Verification
It depends on the exchange's policy, your jurisdiction and how the exchange is trying to abide by the regulations and financial policies. We do have exchanges that follow regulations provided to the by Governments and financial bodies to the dot like Coinbase, Kraken etc, and then we have other that are a little relaxed when it comes to following regulations as of today like Kucoin, Binance.
It's your duty to always check the terms and conditions before using an exchange.
It's your duty to always check the terms and conditions before using an exchange.
Also, Binance or Kucoin doesn't require KYC if you will keep at their daily withdrawal limit of 2 bitcoin. I believe Kucoin has higher limits. So if you think you will not go overboard, better not to submit your KYC docs. Considering that they are already allowing the 2 btc per day without KYC. That's a lot of money already. If I were the OP, I will only submit KYC docs in a reputable exchange like this Binance/Kucoin or let's add Coinbase. That is, if you are transacting with large amount of money.
It depends on the exchange's policy, your jurisdiction and how the exchange is trying to abide by the regulations and financial policies. We do have exchanges that follow regulations provided to the by Governments and financial bodies to the dot like Coinbase, Kraken etc, and then we have other that are a little relaxed when it comes to following regulations as of today like Kucoin, Binance.
It's your duty to always check the terms and conditions before using an exchange.
It's your duty to always check the terms and conditions before using an exchange.
Why do some go above and beyond what is even actually required?
Also, which ones ask for the least amount of KYC?
I think it's normal, KYC identity is very necessary, not only in crypto, if you create a bank account you will definitely do that. They have the right to ask for it, if you don't want that then just leave. As exchanges there are several KYC stages to increase your withdrawal amount, they will ask for more data for it. I think it's a regulatory effect, they still want to be safe from all the trouble. So if one day it happens they can trace through the KYC data that you have sent. Also, which ones ask for the least amount of KYC?
Why do some go above and beyond what is even actually required?
Also, which ones ask for the least amount of KYC?
This is for the verification process in order to know if you are a human or not. Also, which ones ask for the least amount of KYC?
Some just ask only for basic personal info while the others ask you to submit ID's which is traders and investors won't like to do it. It won't be a hard thing to do but I don't think it is necessary to submit KYC if we wanted to keep anonymous. That is why many will skip those exchangers asking like that and find those who never ask.
Why do some go above and beyond what is even actually required?
Also, which ones ask for the least amount of KYC?
Also, which ones ask for the least amount of KYC?
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