Is there interested in a no KYC exchange.

cryptoconstruct

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Quote from: LotusHedel on April 06, 2022, 06:25:12 PM

Round 2 after huge susses with cripto // debit i wanted to dust off an old plan.

We were building a (centralized) exchange that runs on Binance liquidity which allow user to trade free without any limits and KYC. I would love to get some feedback and ideas. The exchange is already finished. But there are thousands of exchanges to choice from, and I don't know if here is a big interested in this idea. Love to hear your side.

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LUCKMCFLY

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Quote from: Silberman on October 28, 2022, 03:22:57 PM

Quote from: LotusHedel on April 06, 2022, 06:52:35 PM

Quote from: Bitcoin_Arena on April 06, 2022, 06:47:46 PM

One day and exchange like Binance may block a user's funds and will request for KYC verification before releasing the funds. How will you go about this?

We use Binance internally as an "institution" we are fully KYC/AML verified. User won't interact directly with Binance we only use their "api' for trading and liquidity.

Then Binance will simply block you, even if you have passed their verification schemes they will block your account as you are not doing your part on identifying the users that are part of your platform, and even if binance did not do this you can be sure that governments will eventually put attention to you and try to force you to comply, so even if the community has a big interest in exchanges which do not force them through KYC we know that as long as they are centralized they will have to eventually force their users to go through it.

Well, I think we all know that Binance has always knelt to any government, when they need specific data from some suspicious entity or person for them, Binance can grant it, that's what I don't like about Biannce, actually one of the exchanges that I really like a lot and that handle good volume is Kucoin, it is a reliable exchange, it has been there since 2017-2018, I don't remember exactly, but I know that it came out by that date, and well, really, in the way that Kucoin is being handled, I like it, at least governments and/or banks are not kneeling, it is something that everyone wants to take advantage of, because Binance is very good but it has that flaw.

TelolettOm

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Do you mean the decentralized exchange? As long as you can show and prove you are a trusted and reputable n\Non KYC exchange, why not? We also have several non-kYC exchanges as DEX so that we can have more privacy and no need to put any personal data on it. Of course, there will be advantages and disadvantages. But, it may be hard to build a reputation and trust. however, here, a DEX must also have their best strategy to make tehir exchange trusted and worthy to use the platfomr. I am syre that if you have good platform, trusted and reputable, secure, various token or coin listings, easy process of deposit and withdrawal, and alsoother beneficial features, many users will come to you.

ChiNgadOr

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Quote from: LotusHedel on April 06, 2022, 06:25:12 PM

Round 2 after huge susses with cripto // debit i wanted to dust off an old plan.

We were building a (centralized) exchange that runs on Binance liquidity which allow user to trade free without any limits and KYC. I would love to get some feedback and ideas. The exchange is already finished. But there are thousands of exchanges to choice from, and I don't know if here is a big interested in this idea. Love to hear your side.

Running an exchange without KYC cam be complicated because that will be random complains from users about their accounts being compromised which we all know that that is what most scammers are majorly interested in so as to make more money from users by compromising their accounts since there is no way exchange can know the true owner of the account. You can start at the beginning as no KYC exchange but with time, as the exchange becomes more bigger there will be nothing to do than to make it a KYC exchange even though the requirements will be less.

lepbagong

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Quote from: joes021 on October 28, 2022, 06:42:51 AM

KYC is killing whol idea of crypto.

We don't have decentralized blockchain technology for a long time and after KYC came to exchanges we don't have any privacy.

it seems that developments are ongoing and the rules are constantly being updated, but it seems that KYC has become something that must be done and it is difficult to avoid because many require it to be done first before making any transactions.
but will it ever change again? it can always happen and obviously many expect it, as you said that privacy has started to shift with KYC which continues to be implemented.

AmoreJaz

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Quote from: ?? on ??

If its running on Binance liquidity pool then your customers are known which means it is no longer KYC free. Because it will require Binance account to login to your own exchange and almost every trader on Binance has done their KYC verification. KYC and centralised exchanges cannot be separated if not for anyother reason for the sake licensing and regulation

if i am not mistaken, nominex exchange runs on binance liquidity pool. and this exchange doesn't require kyc for their level 1 users. i don't know their limits now. so this idea is not new. the interest will depend on how the exchange is being introduced to the public and how they will earn their credibility thru time. you can't answer this early regarding the interest of users because credibility or reputation is earned thru time. how they will treat their users and if the users are satisfied with their services.

LUCKMCFLY

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Quote from: maydna on October 28, 2022, 11:45:43 AM

I don't know if I should try the exchange he made or stay with Binance, but for sure, I will still use Binance even though Binance requires verification for member accounts. I have no problem with that. Moreover, I verified it a long time ago.

I'll probably wait for judgment from people who've used the exchange, and after that, I'll consider trying it out later. I have no problem verifying on a centralized exchange but on the condition that the exchange can really maintain customer data properly.

I would prefer an exchange like Kucoin, because it is an exchange that does not kneel before any government, I have seen how Binance gives the data it deems necessary when they need an intervention, then it would be very annoying to have money in an exchange and suddenly ask frozen in an exchange and it cannot be removed because the exchange is simply controlling it at that moment 'by the government of X country because it has suspicions of illicit activities (it is always the same excuse) so I would say that you do not fully trust that exchange despite the fact that it is very good and handles incredible volumes, since it can sell you.

Mahanton

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Quote from: ?? on ??

If its running on Binance liquidity pool then your customers are known which means it is no longer KYC free. Because it will require Binance account to login to your own exchange and almost every trader on Binance has done their KYC verification. KYC and centralised exchanges cannot be separated if not for anyother reason for the sake licensing and regulation

Even in P2P transaction which it would really be ending up on passing some documents for you to get verified but if you are just solely doing up some trades between crypto then it wont really be that necessary yet their
limits is just sufficient enough for small time traders but for bigger ones then expect that you wouldnt really be having any option but to comply with it.One of the things that would convince us is that we do know
that Binance is one of the most popular trading platform which we could tell to ourselves that sending out documents or KYC isnt something that too risky but of course we do know on whats behind
and possible things that might be faced on.DEX is already existing but we know that it cant really touch up fiat-crypto transactions which we can only see on CEX
and that what makes it different and much preferred.

TimeTeller

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Quote from: jostorres on November 01, 2022, 04:31:43 AM

Quote from: maydna on October 28, 2022, 11:45:43 AM

I don't know if I should try the exchange he made or stay with Binance, but for sure, I will still use Binance even though Binance requires verification for member accounts. I have no problem with that. Moreover, I verified it a long time ago.

I'll probably wait for judgment from people who've used the exchange, and after that, I'll consider trying it out later. I have no problem verifying on a centralized exchange but on the condition that the exchange can really maintain customer data properly.

It seems that the op's plan is to bypass the KYC verification in binance but if you are already verified in binance then it makes no sense to use the op's creation. Maybe you are planning to close your Binance account and switch here? But, your KYC data's will still be in the possession of binance.

There is no assurance that they will delete it if a user have close their accounts but binance is a trusted exchange so don't worry about it. They won't mess with it unless only if they got hacked and then hackers take the KYC of the users but the security of binance is also at the highest level, so the chance for them to get hack is only slim.

It is not anymore on the hands of the exchange if in the future they got hacked or will be penetrated by scammers.
But with big exchanges like binance, I am sure they have very tight security protocols because they are holding huge amount of money.
I am more confident getting verified in binance than on a smaller exchange. Do you think it is worth submitting kyc if you only trade small to a certain exchange?
Or use small exchange which are not requiring KYC but the trading volume is small, and would take forever before they filled your order?
At least for example in binance, you are confident that you can easily trade and get out your money without any problem.

jostorres

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Quote from: maydna on October 28, 2022, 11:45:43 AM

I don't know if I should try the exchange he made or stay with Binance, but for sure, I will still use Binance even though Binance requires verification for member accounts. I have no problem with that. Moreover, I verified it a long time ago.

I'll probably wait for judgment from people who've used the exchange, and after that, I'll consider trying it out later. I have no problem verifying on a centralized exchange but on the condition that the exchange can really maintain customer data properly.

It seems that the op's plan is to bypass the KYC verification in binance but if you are already verified in binance then it makes no sense to use the op's creation. Maybe you are planning to close your Binance account and switch here? But, your KYC data's will still be in the possession of binance.

There is no assurance that they will delete it if a user have close their accounts but binance is a trusted exchange so don't worry about it. They won't mess with it unless only if they got hacked and then hackers take the KYC of the users but the security of binance is also at the highest level, so the chance for them to get hack is only slim.

Silberman

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Quote from: LotusHedel on April 06, 2022, 06:52:35 PM

Quote from: Bitcoin_Arena on April 06, 2022, 06:47:46 PM

One day and exchange like Binance may block a user's funds and will request for KYC verification before releasing the funds. How will you go about this?

We use Binance internally as an "institution" we are fully KYC/AML verified. User won't interact directly with Binance we only use their "api' for trading and liquidity.

Then Binance will simply block you, even if you have passed their verification schemes they will block your account as you are not doing your part on identifying the users that are part of your platform, and even if binance did not do this you can be sure that governments will eventually put attention to you and try to force you to comply, so even if the community has a big interest in exchanges which do not force them through KYC we know that as long as they are centralized they will have to eventually force their users to go through it.

maydna

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I don't know if I should try the exchange he made or stay with Binance, but for sure, I will still use Binance even though Binance requires verification for member accounts. I have no problem with that. Moreover, I verified it a long time ago.

I'll probably wait for judgment from people who've used the exchange, and after that, I'll consider trying it out later. I have no problem verifying on a centralized exchange but on the condition that the exchange can really maintain customer data properly.

Bitstar_coin

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Quote from: mk4 on April 06, 2022, 10:05:00 PM

Sounds good in theory but once you get decently big enough you'll end up being forced to require AML/KYC anyway(or shut down if you don't comply). Because honestly if this was viable, it has already been done successfully.

This is very correct, i don't think binance being a centralize exchange will allow such exchange to operate for long knowing they are in compliance with AML/KYC and some other exchange is using their liquidity to provide a none kyc service to the crypto community. The moment they realize people now prefer to use such exchange to avoid doing kyc, it becomes a target of the AML authority.

Mr. Magkaisa

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Quote from: jeha2015 on April 11, 2022, 03:10:22 AM

actually i have big question here about KYC, why we should avoid it meanwhile investing in crypto market will let everyone know our assets. and also alot beneift by passing KYC process in decentralized exchanges, beside higher withdrawl limit we will also get another benefits. for example binance user, recently give NFT to verified users and also give another key feature which is limited for unverified account.

- In that respect, you have a point, and I don't think most people here in the cryptocurrency industry have understood that.
It may be necessary to make them understand one by one.

Maybe all they see is the privacy issue but not the good effect of it when you give sensitive personal information. And we know that it is mainly kept by centralized platforms for the sake of private information that their traders or clients have.

joes021

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KYC is killing whol idea of crypto.

We don't have decentralized blockchain technology for a long time and after KYC came to exchanges we don't have any privacy.

AicecreaME

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Quote from: TimeTeller on April 06, 2022, 06:59:24 PM

Quote from: LotusHedel on April 06, 2022, 06:52:35 PM

Quote from: Bitcoin_Arena on April 06, 2022, 06:47:46 PM

How are you going to run the centralized exchange minus KYC/AML compliance policy. It may look easy to you, but eventually law enforcement authorities are going to catch up with you.

Correct no KYC/AML just free crypto trading. You must see our service as a platform that can be hosted from anywhere in the world, so it's operated from everywhere in the world.

Quote from: Bitcoin_Arena on April 06, 2022, 06:47:46 PM

One day and exchange like Binance may block a user's funds and will request for KYC verification before releasing the funds. How will you go about this?

We use Binance internally as an "institution" we are fully KYC/AML verified. User won't interact directly with Binance we only use their "api' for trading and liquidity.

That means, you are a verified organization to use Binance?
Sorry, but don't understand how it goes using binance as your trading platform.
The traders will think, why not use binance itself for security purposes?
What is your assurance that people won't get screwed using your services.
I believe that's one major factor how you can gain the trust from traders.

I agree.

I'm just going to use Binance instead of using their platform which provides almost the same as Binance. In order to gain trust from traders, they have to offer something else that Binance doesn't have, it's a business, you can't make it big if you're just copying someone's else's business. People will of course choose Binance because it's reputable and well-known already, that's for sure.

BitRaven

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Quote from: tvplus006 on April 10, 2022, 04:46:07 AM

Quote from: LotusHedel on April 06, 2022, 06:25:12 PM

...We were building a (centralized) exchange that runs on Binance liquidity which allow user to trade free without any limits and KYC...

What is the reason that you have not published the web address of your new exchange? It would be interesting to see what you can provide to your users other than the absence of KYC. Now there are enough cryptocurrency exchanges that also do not require verification, but already have a good reputation among traders.

disappointed to see that fiat 2 crypto on kucoin requires kyc atm. whats ur go2 non kyc fiat 2 btc xchg with good rep?

nurilham

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Sounds good, i've come across this too that is non-kyc exchange but i think it's not going well. Personally, I don't have a problem with kyc because for me security is much more important, after all, the kyc process is also easy to understand and of course more secure if there is kyc. the theory of non kyc exchange is already good, but have you thought about what to plan for the future? if there is no kyc then people can more easily access or misuse people's data. although maybe this has been thought out carefully so that no one concedes, but we know that scammers are always looking for loopholes to take advantage or become victims.

tvplus006

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Quote from: jeha2015 on April 11, 2022, 03:10:22 AM

actually i have big question here about KYC, why we should avoid it meanwhile investing in crypto market will let everyone know our assets. and also alot beneift by passing KYC process in decentralized exchanges, beside higher withdrawl limit we will also get another benefits. for example binance user, recently give NFT to verified users and also give another key feature which is limited for unverified account.

The reluctance to undergo KYC is primarily due to the fact that users want to maintain their anonymity, since in this case there will be no information about the owner of the wallet and the transactions they make. In addition, the lack of verification allows you to evade taxes.

jeha2015

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Quote from: tvplus006 on April 09, 2022, 04:20:15 AM

Quote from: LotusHedel on April 06, 2022, 06:25:12 PM

...Love to hear your side.

I think everyone is interested in an exchange without KYC, but the problem is not in our desires, but in reality. The need for verification is associated with additional functions that are not available without KYC. Obviously, you can only offer trading on the spot market at the moment.

actually i have big question here about KYC, why we should avoid it meanwhile investing in crypto market will let everyone know our assets. and also alot beneift by passing KYC process in decentralized exchanges, beside higher withdrawl limit we will also get another benefits. for example binance user, recently give NFT to verified users and also give another key feature which is limited for unverified account.

Topic: Is there interested in a no KYC exchange. (Read 614 times)