Is there interested in a no KYC exchange.

cryptoconstruct

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Quote from: LotusHedel on April 06, 2022, 07:25:12 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, 04:22:57 PM

Quote from: LotusHedel on April 06, 2022, 07:52:35 PM

Quote from: Bitcoin_Arena on April 06, 2022, 07:47:46 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, 07:25:12 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, 07:42:51 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, 12:45:43 PM

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, 05:31:43 AM

Quote from: maydna on October 28, 2022, 12:45:43 PM

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, 12:45:43 PM

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, 07:52:35 PM

Quote from: Bitcoin_Arena on April 06, 2022, 07:47:46 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, 11:05:00 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, 04:10:22 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, 07:59:24 PM

Quote from: LotusHedel on April 06, 2022, 07:52:35 PM

Quote from: Bitcoin_Arena on April 06, 2022, 07:47:46 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, 07:47:46 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, 05:46:07 AM

Quote from: LotusHedel on April 06, 2022, 07:25:12 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, 04:10:22 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, 05:20:15 AM

Quote from: LotusHedel on April 06, 2022, 07:25:12 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.

Iadegbola34

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Quote from: Bitcoin_Arena on April 06, 2022, 07:47:46 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.

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?

This may seem all viable and cool until there's wide adoption of the exchange. Authorities of different countries from which your users come from might set policies and regulations that would enforce the exchange to use KYC/AML.

stepwilli

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Quote from: JayTrain on April 09, 2022, 02:21:21 PM

I am sure that this is for a while, sooner or later regulators will force users to do kyc, if binance recently announced a mandatory kyc check, then other centralized exchanges or brokers are a matter of time, it's better to think about the dex exchange, it's easier there.

Many exchanges on the past also started with no kyc until one day they mandate it but that is because cryptos are now getting popular and now in the mainstream but for some new platforms, I think they can start without a kyc and they will never get questioned. Who knows? why can't we just be positive for this one.

We have a decentralized exchange and we are sure that they will never get kyc's but they are not good as the centralized one, this is why centralized exchanges are more in demand than the decentralized one. The op's project seems promising, I like the concept and it is my first time to hear such concept. This could be the next big thing.

tvplus006

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Quote from: LotusHedel on April 06, 2022, 07:25:12 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.

JayTrain

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I am sure that this is for a while, sooner or later regulators will force users to do kyc, if binance recently announced a mandatory kyc check, then other centralized exchanges or brokers are a matter of time, it's better to think about the dex exchange, it's easier there.

taufik123

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exchanges without KYC may be suitable for people who are very concerned about their privacy and do not want to provide their personal data on the exchange to be used.
but is exchange without KYC safe or not?
Because I never used it. So far I use Binance, Kucoin and several local exchanges with KYC and of course there will be guarantees and security on assets and identities.
Don't want to take the risk of using an exchange without KYC or with the latest dual security.

I also use Decentralized Exchanges Like Pancakeswap and some other DEX's and this is also more secure as long as the Private key remains in our control.

iv4n

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Quote from: LotusHedel on April 06, 2022, 07:25:12 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.

You didn't provide a lot of info, but I believe you are thinking something like biswap is? Decentralized/NoKYC exchange built on Binance chain, for every action on the site you need to have BNB in order to complete the action! And except exchange they have a lot of other features like NFTs, staking coins, alts, NFTs, farming or pool staking, really a lot of features!

Well, I like this Biswap project and it's running well for now, so I guess any other similar project can be successful but the competition is hard already!

SaveOurSea

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Many centralized exchanges are currently using KYC as their security and minimize the risk of money laundering,
I have no problem with KYC, in 2017-208 KYC was not important, but as a result many centralized exchanges closed and scam, very sad,
Binance, Coinbase even Kucoin also now have to KYC for users.

Johnyz

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Quote from: LotusHedel on April 06, 2022, 07:25:12 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.

This mean you already have partnership with Binance that allows you to use a platform to trade free and without KYC?
I wonder how you guys can earn profit if there's no trading fee and there's no limit?

If its already finished then its better to start to market the exchange, many traders want a platform that will not ask for any KYC but of course we still need to confirm if the project is legit, and if the exchange is worth to try before putting big money, you must first gain the trust of the public.

DoublerHunter

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Quote from: tvplus006 on April 09, 2022, 05:20:15 AM

Quote from: LotusHedel on April 06, 2022, 07:25:12 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.

^ Additionally, since Binance is a centralized exchange it is expected that those who will be tied up with them will also require to comply with a KYC compliance which you will need to enforce if you did not want to stop. This is unrealistic and impossible to happen, which is I believe if Binance is decentralized then also your platform can do the same. Nevertheless, just try out your business, and who knows it will have success soon despite with this possible insight. Good luck with your business anyway.

tvplus006

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Quote from: LotusHedel on April 06, 2022, 07:25:12 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.

AmoreJaz

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Quote from: lalabotax on April 08, 2022, 07:13:35 PM

nowadays, there are many new DEX in which they need no KYC for all transaction. DEX is always interesting.
but the most important is not on this case,but in your own case. we have many choices of such kind of DEX and they are more reputable than yours. so your homework is to ensure us that you deserve much better, more reputable and also offer more interesting things, such as lower fees, speedier transaction, and other features. and it is also very important to build TRUST
there are so many competitors in this case, so just be ready to join the circle.

building the credibility is not an overnight task. so if they are sincere in putting up an exchange, even if it is a no-kyc one, people still go to reputable ones even with kyc. so they need to think on how to entice these traders to try out their trading platform without worries of losing their funds. competition is already tough. so they need to think outside the box what feature will give them early credibility. maybe collaborating with known company or personality in this crypto industry will give them added trust.

lalabotax

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nowadays, there are many new DEX in which they need no KYC for all transaction. DEX is always interesting.
but the most important is not on this case,but in your own case. we have many choices of such kind of DEX and they are more reputable than yours. so your homework is to ensure us that you deserve much better, more reputable and also offer more interesting things, such as lower fees, speedier transaction, and other features. and it is also very important to build TRUST
there are so many competitors in this case, so just be ready to join the circle.

Bitcoin_Arena

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Quote from: LotusHedel on April 06, 2022, 07:52:35 PM

Quote from: Bitcoin_Arena on April 06, 2022, 07:47:46 PM

One day an 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.

I am looking at it this way. Some shady users realize using your platform does not require KYC. They send in funds from suspicious sources in hope of receiving "clean" funds. Authorities that have been trailing the funds ask binance to block the funds and ask you to prove source of funds (another KYC verification)

1. How are you going to verify the source of funds from unverified users because trust me binance will freeze funds from suspicious transaction if asked by law enforcement authorities?
2. How will you refund the users, since you already claimed to them that they don't need verification to use your platform?

Potato Chips

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Are you talking about binance's broker partner program? If so, how do you satisfy this prerequisite when you have not started yet?

Quote from: https://www.binance.com/en/support/announcement/360034152351

Eligibility:

Brokers partners should be an institution with no less than 20,000 users, including but not limited to cryptocurrency aggregation trading platforms, bond dealers or securities brokers, stock trading platforms etc;

Cookdata

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Quote from: LotusHedel on April 06, 2022, 07:25:12 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.

Did you plan right before the implementation of the exchange? There is no way a user can generate a unique API on Binance exchange without undergoing their mandatory verification exercise, you cannot tap into their liquidity except you are recognized by them.
As an alternative means to achieve this, you may want to check out centralized exchanges like Kucoin and FTX that don't require KYC to some limit but if that become possible, how do you intend to handle law enforcement, some countries are very strict with KYC since some users used that as a route to evade tax.

Dollar_Hunter

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Quote from: nhaila on April 07, 2022, 07:24:51 PM

Quote from: LotusHedel on April 06, 2022, 07:25:12 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.

Of course KYC ( know your Customers) the best process where an exchange would more trusted. But decentralized exchanges have no kyc process because decentralized exchanges a userbased exchange. I always support kyc based centralized exchanges.

I agree with that and to be honest with the existence of KYC it is much more reliable indeed,
although on the other hand the content of KYC is our personal data which will be at risk if someone hacks
but I'm sure that the exchange has a good security system that can protect our personal data

GreatArkansas

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Decentralized Exchange is the key here if you know guys, there are already a lot of Decentralized Exchange (DEX) are now available, especially in another chain (non-Ethereum) so will also get cheap transactions fees.

What I also observed lately is most centralized exchanges (CEX) are starting to implement KYC for every customer, for sure this is also because the government starting to become strict.

viananda2525

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Axioma Holding - Axioma Pay Crypto Card

Quote from: nhaila on April 07, 2022, 07:24:51 PM

Quote from: LotusHedel on April 06, 2022, 07:25:12 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.

Of course KYC ( know your Customers) the best process where an exchange would more trusted. But decentralized exchanges have no kyc process because decentralized exchanges a userbased exchange. I always support kyc based centralized exchanges.

passing kyc request at centralized exchanges will help our account recovery if someday we face problem. its will prove ownership to assets in our account, if compare with non KYC account, there is differences in withdrawl limit. as verified account has bigger limit, so when our assets growth alot we have no problem here. decentralized exchanges actually correlated with decentralized exchange when we want to withdrawl our crypto into fiat. so far no decentralized facilitate this feature.

nhaila

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Moonbet.io

Quote from: LotusHedel on April 06, 2022, 07:25:12 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.

Of course KYC ( know your Customers) the best process where an exchange would more trusted. But decentralized exchanges have no kyc process because decentralized exchanges a userbased exchange. I always support kyc based centralized exchanges.

ice18

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Quote from: LotusHedel on April 06, 2022, 07:25:12 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.

If you are just using the liquidity of another CEX exchange then your not fully a cex exchange you are just a liquidity aggregator and I dont think Binance will let you use their exchange service with no fees, api I know have some user limitations.

palle11

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Quote from: Ararbermas on April 07, 2022, 05:25:55 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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[Nope]No hype delivers more than hope

Quote from: hugeblack on April 07, 2022, 08:09:18 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, 07:25:12 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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Binance #Smart World Global Token

Quote from: LotusHedel on April 06, 2022, 07:25:12 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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Farewell o_e_l_e_o

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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Leading Crypto Sports Betting & Casino Platform

Quote from: LotusHedel on April 06, 2022, 07:25:12 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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Hire Bitcointalk Camp. Manager @ r7promotions.com

Quote from: LotusHedel on April 06, 2022, 07:25:12 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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Gamble responsibly

Quote from: Bitcoin_Arena on April 06, 2022, 07:47:46 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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Paldo.io 🤖

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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https://bit.ly/387FXHi lightning theory

Quote from: LotusHedel on April 06, 2022, 07:52:35 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, 07:59:24 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, 07:52:35 PM

Quote from: Bitcoin_Arena on April 06, 2022, 07:47:46 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, 07:47:46 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

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Activity: 14

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Quote from: Bitcoin_Arena on April 06, 2022, 07:47:46 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, 07:47:46 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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฿itcoin for all, All for ฿itcoin.

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. (Read 599 times)