Topic: It seems that KYC will be a must for all CEX users in Future (Read 592 times)

In order to comply with local regulations, CEX must do so on request. With this, CEX will also receive legal protection and especially the issue of user fund safety insurance. Of course this will benefit both the customer and the exchange itself

If that will happen in the future, where most CEXs will require KYC no matter how much you are depositing or withdrawing, then, better submit your KYC docs in a trusted exchange like Binance. We all need to minimize the number of submission as much as possible, because in the end, we don't know where our docs will end up with. But right now, let us enjoy this stage where a lot of reputable exchanges don't require KYC if we are just meeting their min daily withdrawal limit. The KYC submission may not be avoidable once governments are hard with crypto regulations already.

@nightflightcourt ,interestingl....will check it out.  is it on ETH or its own separate blockchain, or its own special thing?

All these pairs are running on a lite wallet with a DEX embedded into it.


This is how fast it is to swap between them. Everything is non-custodial. No accounts, no KYC, no geoblocking.
https://www.youtube.com/watch?v=SU_uareVM4U

https://www.investopedia.com/mnuchins-crypto-wallet-legislation-meets-opposition-5091934

Privacy made bitcoin what it is today.  Few here would have been involved in early years if btc was a simple online bank account.  Unconfiscatablity allowed people around the world to exit failing fiat systems in home countries (MANY MANY - from middle east to latin america to asia and africa)  It is because these fiat refugees were able to save themselves from plunder that people began to 'TRUST' in btc.  If people can no longer trust they can safely use their btc then the same people who made btc strong will have to find another way to keep $$ safe from bad govt's and bad people.  All this love for tighter regulation will result in btc holders loosing everything as govt's control btc like local currency.  BTC taught us to believe in ourselves and leave fiat for people who need a babysitter.  

Everyone who provides kyc docs to exchanges will eventually have their identity stolen.  Its is unavoidable as hackers attack exchanges to get btc.  Welcoming kyc is welcoming identity problems in the future - no way to separate the two.  No bank has survived without being hacked, who believes any exchange will.  KYC is now a commodity like btc - people buy and sell.  Sr. members have mentioned the absurdity of govt's forcing kyc to anonymous companies.  Does anyone remember the last time someone went to jail for 'loosing'/selling users personal info?

Even  Michael Saylor has said btc is valuable because it is "a synthetic bearer asset" - kyc = only synthetic asset.  so according to saylor's words it will likely loose value if it is no longer a bearer asset.

That's pretty accurate I'd say, in next 5-10 years probably 99% of the centralized exchanges will require KYC verification and that will not be optional, even now it's not that easy to find a trusted centralized exchange that doesn't require KYC either at the time of registration or later down the road while you're using the exchange.

That's one of the reasons behind the popularity of DEX specially in this year, I believe not all of these exchange are happy about that either, knowing it can significantly impact the number of their active users and trading volume, but it's part of their jurisdiction policy and they have to comply with their rules if they want to keep operating there, so in some cases it's not really their fault.

imagine handing your passport and bank statement to yobit. they'd probably turn around and sell it on the dark web immediately.

i bet there is massive regulatory pressure on binance.com to implement KYC right now. that's why they finally started geo-blocking americans last month. FINCEN (and possibly others) is all over them. that's who regulators want---the biggest exchanges in the world. tiny exchanges like yobit and livecoin will be the last holdouts.


they're getting worried about tax evasion IMO.

bitcoin---be your own swiss bank account!

Binance already requires KYC docs as far as I know, at least for US-based customers.  And yes, you've obviously realized what I've suspected for a long time now, i.e., that these centralized exchanges are starting to become regulated by the governments of whatever countries they're operating in, and they're all going to require KYC from their customers in the future. 

I'm expecting exchanges like Yobit, Livecoin, and those "instant exchanges" like Changelly and others to start requiring personal info from their customers.  I have no idea when it's going to happen, but there's no way the wild west days of exchanges being anonymous is going to last much longer.  It sucks, but I understand why it's already started happening. 

Governments will say that they're doing this because of money laundering or whatever, but the fact is that they don't want their citizens to have any sort of economic freedom.  So yep, it's going to be a must in the (probably) near future.

Huobi is giving the daily withdrawal of 0.1 BTC for non verified users, you can try it too

Pic related will be the biggest and one of the most critical fights within crypto

I think it's a matter of time.

Although it must be said Binance is uniquely positioned given its lobbying power in countries with lax regulations (e.g. Malta) that will likely allow it to continue offering services at least to some users without any verification. But it's certain that these restrictions will only get tougher.

It's one of the side effects of institutional adoption and greater maturity of markets - you simply can't have both ways. To attract these institutional players that bring about greater liquidity, the ecosystem must be well regulated and certain counterparty risks are eliminated to the greatest extent possible. There is no getting around this tradeoff, unfortunately.

I think there is nothing wrong with it. If someone doesn't like to share their information there is DEX for them. Also, this is good for the platform and the account owner both. Crypto scams and exchange hacks became very common so this will make sure no criminal will walk freely in open. Also, it will be easy for the exchange to retrieve a hacked account.

You mentioned clearly the advantage of KYC, because without it, retrieving hack accounts won't be easy. A friend was able to retrieve her account after 3 weeks on Binance because it was KYC verified. A video verification was made to ensure the rightful owner will be in control of the account, she was asked to hold required documents during the video verification to crosscheck with the ones uploaded in the system. KYC is cool for those who have large amount of funds on centralized exchanges. KYC should never be mandatory for those who trade with smaller funds, say below 1BTC. If KYC becomes a requisite before trading, then more and more people will adopt DEX, since some people won't want to share their ID.

I don’t supported kyc. There are many small exchanges that sell documents to their users. Which loses privacy with a man. Many countries do not support cryptocurrency. As a result, the country failed to trade.

I'm sure that soon almost all centralized exchanges in crypto space won't allow non verified users to trade and withdraw anymore, the more crypto is becoming a big thing the more SEC will grow more power over centralized exchanges, I'm just hoping that DEX will become better before this happens, right now DEX is still a big NO for me, thanks to Uniswap though it's the only best DEX right now

I think this is a good thing, this way people like you who don't want to give their data to an exchange will choose to move to trade on a decentralized exchange, and this gives many decentralized platforms an opportunity to thrive.

Instant P2P cross-chain atomic swaps from non-custodial wallets that require no account or KYC are very much possible!
Check out Stakenet DEX. 

Finding anonymous ways of buying crypto isn't hard today thanks to P2P platforms and DEX exchanges too but I don't have any reason to hide or want to buy crypto anonymously, my assets fund worths only few thousand dollars, I trust top centralized exchanges more though and I don't mind giving up my identity if it becomes a must to trade

That will happen when all countries legalize and the government will revise the regulations to become more stringent, especially for large CEXs where the majority of customers are residents of other countries. CEX will become an alternative bank and KYC cant be avoided in the future, such as opening an account at a bank.

It is BitMEX and the pre-announcement was made months ago. Old customers of BitMEX exchange were given a few months to submit documents and finish KYC on BitMEX or withdraw their crypto before the deadline. And nothing to be serious about this annoucement. If you are old customers and have not finished KYC, you can do it anytime you want and after the verification is done, your account will be back to tradeable. BitMEX does not close your accounts if you don't verify it. Just a temp freeze before verification is done.

People might don't like KYC and switch to other leverage exchanges. With your prediction, I think exchanges will slowly require KYC and the speed will depend on government requirements.

Why KYC is extremely dangerous – and useless