Topic: IDEX users are waiting for forced verification (Read 259 times)

This is the end of IDEX. Fuck them! DEX my ass.
Anyone knows when exactly they'll bother us with KYC requirements? Gotta leave before that happens.

I think that KYC in the crypto market can not resist those from Syria, the Crimea, Washington and Cuba. Simply because they can buy KYC from other countries to post on the exchange. This is really a bad idea and as a result the altcoins on the fell more than 20%. We should leave everything natural and do not set the rules in the "decentralized"

That's why government stepped in to start controlling the market and the crypto holders! They know people want to hide their actual net worth and government wants to ensure that no one succeeds in this!


Governments want their share of pie that you have cooked or you have a plan to cook! How can they sit idle when their countrymen are earning well and living a good life without sharing a percentage to the government?? I believe IDEX is just complying with the norms laid out by Exchange and Trade Commission. Either they comply with norms or they will be closed down by the government, as simple as that! They are trying to save their business as well as save the funds of their investors, so acting on the best interest of both!

I always hated these new KYC and AML stuff. I know it must be some way of preventing money laundering and so forth but honestly bitcoin is an decentralized anon money that we do not want to share with the government. We want to keep our bitcoins and possibly even use it. Now that governments wants to know every single person who ever hold bitcoin and get their pictures their ID's their whatever and many more it makes it a lot less appealing to me.

So far, I have always ran away from exchanges that wants my validation, even if an exchange allows me to trade only 2 bitcoins a day with no validation I would prefer that to any exchange that gives me better chances of profit. I do not want to share my info with anyone, is that so hard to grasp? Why the forced verification.

That might be the reason why i can't transfer my funds to the IDEX wallet but i don't belong to the countries restricted to use their platform. This is a good move IMO as to prevent people abusing crypto and used it for fraudulent act. All this time i thought that IDEX is a decentralized exchange but i am wrong.

Not a bad move. Let them do anything possible to fight acts such as money laundering, Crypto has become a very big target for money launderers. The cleaner the crypto sphere, the better

The advantage of IDEX platforms is that you have your funds in your wallet. But it is still a platform with owners, with a company. And, therefore, it must follow the regulations imposed by the governments. I believe we are very far from having a 100% decentralized platform. Something like this would be expensive to trade and difficult to use.

Still, DEx trading platforms have great advantages over traditional platforms where you do not have full control over your wallet.

Don't rule out regulations and the possibility of them facing severe sanctions especially as they have US residents access to the exchange. Nothing wrong in requesting KYC from existing users IMHO.

Customer funds aren’t held in IDEX’s custody, so there shouldn’t be any concern about funds being confiscated. What IDEX is worried about is the CFTC coming after them for servicing the centralized aspects of the exchange. It’s sad to see them caving like this. I wonder if they’re really implementing KYC because of the general statement from the CFTC (like they say), or if they’re being directly pressured by the US government.

Whatever is needed to be done for the IDEX platform to remain stable and serviceable should be done so that customers fund will not get confiscated. We have done KYC in so many platform  doing so for our own bank (IDEX) will not kill anybody. They should be able to do it in a way that it will not disrupt the smooth running of the system which will hamper the confidence of the customers of the exchange. 

In the coming months, users of the cryptocurrency exchange International Distributed Ethereum Exchange (IDEX) will have to undergo forced account verification to comply with AML requirements and sanctions restrictions. This was stated by the Creator of the platform Aurora DAO.

According to him, IDEX will use a multi-step verification system: to work with small amounts of funds, traders need to provide basic information, and for operations with large amounts will have to go through a more complex procedure.

As a reason for the establishment of mandatory KYC procedures, Aurora DAO referred to the statement of Brian Quintens, a member of the commodity futures trading Commission (CFTC), that developers can be held liable for illegal operations carried out by third parties using smart contracts written by them.

"That is, the use of smart contracts will also fall under the requirements of user identification and anti — money laundering (KYC/AML)," he said.

Previously, IDEX contrasted these procedures with its decentralized status, but now the developers admit that they are not DEX in the usual sense of the word.

"The site can best be described as a' non-custodial ' or 'hybrid — decentralized' exchange," they explain.

However, representatives of Aurora DAO stressed that today none of the sites does not meet the criterion of" full decentralization", but the departure from the control of the authorities is fraught with inconvenience for users and will lead to a significant slowdown of the site.

It also became known that due to the tightening of regulation of the cryptocurrency sphere, the IDEX exchange will have to start blocking users from Syria, Crimea, Washington and Cuba.

Since October 25, IDEX has limited functionality for traders from the state of new York, forbidding them to place orders on the exchange. Against the background of this news, the rate of Aurora DAO AURA's own token showed a 20% decrease