Is there interested in a no KYC exchange. - page 3.

palle11

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Quote from: Ararbermas on April 07, 2022, 04:25:55 AM

so for sure once someone reported such activities it will be blocked and a lot of users will be locked out as well. "not your key not your coin" so how much more on that service?.

This is the issue with KYC any report results to locking you out but however some trading platform have been getting the trust of traders like binance. To an extent it require KYC which is still against the decentralised and anonymous system but you still see traders going through with because they have no choice but to run away from the "not your key not your coin" I try to keep some assets away from exchange.

noorman0

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Quote from: hugeblack on April 07, 2022, 07:09:18 AM

What you do is contrary to the terms of use^[1] of Binance, as it prevents the use of the account for commercial purposes or allowing others to use your account and the reason for that is KYC is something limited to the user and it will fail if multiple users have the same access to that account.

Unless the OP registers an account for his company (activates a VIP account too), then OP's customers can use to deal with customers internally with their own KYC policy. This applies to Safepal's Binance dapps.

By the way, Op seems to be part of the exchange team which is currently a suspect service.

Questat

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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. 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.

in that case, people will choose Binance rather than choosing your exchanges. People don't mind complying with their KYC as long as they know the legitimacy of the exchange. I'd suggest not to use Binance liquidity, this never gives benefits on your side, it is only for Binance. And, might compromise your account in the future.

From what I can see, your intention doesn't make people give trust your project/exchange. I, therefore, see rejections from the people.

hugeblack

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What you do is contrary to the terms of use^[1] of Binance, as it prevents the use of the account for commercial purposes or allowing others to use your account and the reason for that is KYC is something limited to the user and it will fail if multiple users have the same access to that account.

Therefore, as soon as Binance becomes aware of the company's activity, your account/s will be frozen and all funds in it will be confiscated.

[1] https://www.binance.com/en/terms

Quote

a. Registration

All Users must apply for a Binance Account at ((https://accounts.binance.com/en/register) before using Binance Services. When you register a Binance Account, you must provide your real name, email address and password, and accept these Terms, the Privacy Policy, and other Binance Platform Rules. Binance may refuse, in its discretion, to open a Binance Account for you. You agree to provide complete and accurate information when opening a Binance Account, and agree to timely update any information you provide to Binance to maintain the integrity and accuracy of the information. Only one User can be registered at a time, but each individual User (including any User that is a business or legal entity) may maintain only one main account at any given time. Institutional Users (including Users that are businesses and other legal entities) can open one or more subaccounts under the main account with the consent of Binance.

LastKiss

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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.

If you're live in a country that doesn't need KYC as a mandatory regulation then it's fine but now a lot of countries make a KYC for one of their rules. It's better to build DEX actually if you don't want to build a centralized exchange with KYC, don't forget about the security because many people will consider joining because its security.

Ararbermas

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It still don't make sense even you use binance API in order to get users because at the first place binance is a very secured platform and very stricted when it comes such things, so for sure once someone reported such activities it will be blocked and a lot of users will be locked out as well. "not your key not your coin" so how much more on that service?.

Flexystar

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I bet if you are able to fit in the criteria of centralised exchange along with no KYC then you will get pretty good user base without much efforts. This is due to fact that people Love their privacy and what could be best to trade crypto currencies without any KYC. It’s like ideal exchange for such people. However, for me doing KYC is not a big deal if an exchanger is trusted one and has registration as per government policies. Usually you guys have to explain all these into your ToS so it’s public info. Moreover, I pay taxes on crypto so it’s actually good for person like me.

passwordnow

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Of course everybody would love to get into an exchange that won't ask for KYC and has a no limits for deposits and withdrawals. That's where Binance and other exchanges have started.
But as they grow bigger, that's the start of the eyes of the regulators on them and they have to comply with the regulations that were being placed upon them. So as a start, that's possibly sustainable but as you grow bigger, your exchange might experience the same thing and have to require kyc for the users.

Eternad

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Most popular and proven legit Exchanges requires KYC now, if we wanted to lessen the risk of our investment better go with exchange that already prove that they can solve issues and inquiries whenever it occurs even they have KYC since many government provides it for AML Laws. We can still try other exchanges that requires no KYC but make sure not to put too much money in and monitor it thoroughly to avoid being scammed.

tranthidung

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There are some attractive factors when people are considering about exchanges
- KYC
- Trading volume
- Available trading pairs or trading methods

For KYC: https://kycnot.me/
There are very little exchanges without KYC as you see above. Worse, after you take trading volume and trading pairs/ methods into consideration, there will be very less exchanges left for you to use.

Fivestar4everMVP

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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.

There is an non-kyc exchange that was launched some few months back, there isn't much interest in the exchange yet, but then, it's growing bit by bit.
You can check out the exchanges on www.xeggex.com.

And my advice or rather opinion is that, though a non-kyc exchange might do well in this present time, but the question is, will they do well in the long run?, people might begin using such exchange for illegal businesses and that will in turn attract authorities which will maybe result to the closure of such exchange.

If crypto becomes legal in the world, there must be some rules and laws to go with it, and i don't think this laws will be in favour of non-kyc centralized exchanges.

jrrsparkles

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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.

If its operated from this world then it should comply to the laws and to operate all over the world the government should allow them to do for example Binance has separate exchange for their US customers because where the regulations are more strict so they were forced to create a new exchange for those people to keep their customers.

Oshosondy

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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?

I understood what you mean, but just what to be noticed is that exchanges like Binance have make it mandatory for all users to get verified, but few ones that are also centralized but that do not require for KYC like Kucoin and OKX can request for KYC at anytime which is what you are saying, that is right as they are centralized exchanges and they can have complete control over their customer funds and they can freeze the account of any of their customers at any time.

mk4

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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.

jackg

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

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 doesn't mean they won't block you from using their services - which they could do.

The Indian exchange coindcx used to allow users to trade via kucoin and binance's liquidity - they may still do but this is an example to show it's possible.

I think it'll be hard to compete as a new cex but you might not lose much by trying to test the waters if you already have a script. You could harness liquidity and arbitrage from dexes too and other exchanges which might not yet have been done (as long as you're not shouldering fees for eth<->erc20 transfers for example).

LotusHedel

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

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.

That's indeed one of the big reasons we have not launched the exchange yet. Trust, it's hard to earn.
We use Binance API's to execute the trades on our platform.

TimeTeller

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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

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.

LotusHedel

newbie

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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.

Bitcoin_Arena

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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.

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?

LotusHedel

newbie

Activity: 14

Merit: 6

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.

Topic: Is there interested in a no KYC exchange. - page 3. (Read 611 times)