It seems that KYC will be a must for all CEX users in Future - page 3.

adzino

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Quote from: Winscosinally on December 04, 2020, 10:23:41 AM

Today December 4th 2020 Bitmax exchange have announced to stop providing services to non verified users, no more withdrawal limit for not verified users, I'm guessing if every other crypto exchanges will follow this, binance for example, I use this exchange with out KYC verifications, for someone like myself who don't want to give any centralized platforms my ID i may have no choice let, what do you think?

https://blog.bitmex.com/deadline-passes-for-bitmex-accelerated-user-verification-programme/

This is bound to happen eventually. The KYC process is inevitable and slowly every other exchange will have to ask their users for ID verification if they want to operate legally. The regulatory bodies are catching up. All government around the world wants to regulate each and every exchange and other business that are crypto based so that people don't evade taxes, launder money or do anything illegal. But lets not forget how the government likes to control everything. Even if some crypto currencies are decentralized, the government are putting regulations that help them control it!

Slow death

legendary

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The problem with this KYC for the cryptocurrency market is that there are many exchanges that have anonymous owners and it doesn’t make sense to do KYC in an exchange where the owner of the exchange is someone anonymous. then there is another issue that is related to the security of people's documents, as we all know this is a market that is not regulated, so how can guarantee that exchanges will not sell documents from people who do KYC? I think governments shouldn't ask exchanges to sin their KYC customers before they make laws to make exchanges work more ethically and securely and to be continuously supervised to ensure they don't sell customer documents

acdc

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I don't like KYC
I like cryptocurrency because it's anonymous and decentralized, if I can avoid KYC I will definitely avoid it.
People should only do KYC on large exchanges, not KYC with small exchanges, most likely they'll sell your information to scammers.

FireBallex

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Quote from: Winscosinally on December 04, 2020, 10:23:41 AM

Today December 4th 2020 Bitmax exchange have announced to stop providing services to non verified users, no more withdrawal limit for not verified users, I'm guessing if every other crypto exchanges will follow this, binance for example, I use this exchange with out KYC verifications, for someone like myself who don't want to give any centralized platforms my ID i may have no choice let, what do you think?

https://blog.bitmex.com/deadline-passes-for-bitmex-accelerated-user-verification-programme/

It's a must for me to participate in binance IEO launchpads so I have already pass the KYC verification on binance, if it's a must to pass KYC I suggest it should be through top exchanges only, top centralized exchanges are still reliable than other exchanges so I have no worries going through KYC verifications

Argoo

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Quote from: Paycoinzzz on December 04, 2020, 11:26:37 AM

Quote from: Winscosinally on December 04, 2020, 10:23:41 AM

Today December 4th 2020 Bitmax exchange have announced to stop providing services to non verified users, no more withdrawal limit for not verified users, I'm guessing if every other crypto exchanges will follow this, binance for example, I use this exchange with out KYC verifications, for someone like myself who don't want to give any centralized platforms my ID i may have no choice let, what do you think?

https://blog.bitmex.com/deadline-passes-for-bitmex-accelerated-user-verification-programme/

I don't think this will happen on all exchanges on the Crypto market. The reason this happened is because Bitmex was once caught by the SEC and they are starting to make it difficult for Bitmex because the manipulation in Bitmex was too big. So to be safe, everyone must provide KYC so that the SEC can more easily control.
So don't worry, there will never be KYC required on exchanges. Because this is something that any user really hate and they are willing to give up that exchange to use another exchange service.

I also think so. Even the FATF has established that only transactions worth over one thousand euros are subject to KYC verification. The minimum amount that can be sent without identification must be established. Small amounts of transactions will simply clutter up the possible reporting of exchanges. Therefore, it should not take root, even if officials want to establish such requirements. On the other hand, there will always be exchanges in offshore zones that will not be subject to such strict rules.

TGD

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If you really don't want to provide your KYC to any exchange then Centralized Exchange is not for you even though Binance is not requiring KYC for a certain limit, They will still ask it for you if you encounter any problem on your account, Actually KYC can be helpful in case you loss your account and you want to recover. It will be your best proof to claim it.

There's always a Decentralized exchange and P2P exchange as an alternative in case all CEX decided to mandatory ask for KYC and its really possible in the future especially if all exchange are already regulated.

You can't open open an account in bank without providing your details, It's same scenario on Centralized exchange because they are both Centralized and needs to be regulate.

Paycoinzzz

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Quote from: Winscosinally on December 04, 2020, 10:23:41 AM

Today December 4th 2020 Bitmax exchange have announced to stop providing services to non verified users, no more withdrawal limit for not verified users, I'm guessing if every other crypto exchanges will follow this, binance for example, I use this exchange with out KYC verifications, for someone like myself who don't want to give any centralized platforms my ID i may have no choice let, what do you think?

https://blog.bitmex.com/deadline-passes-for-bitmex-accelerated-user-verification-programme/

I don't think this will happen on all exchanges on the Crypto market. The reason this happened is because Bitmex was once caught by the SEC and they are starting to make it difficult for Bitmex because the manipulation in Bitmex was too big. So to be safe, everyone must provide KYC so that the SEC can more easily control.
So don't worry, there will never be KYC required on exchanges. Because this is something that any user really hate and they are willing to give up that exchange to use another exchange service.

sujon5

jr. member

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It becomes harder to buy crypto anonymously from day to day. The solution - switch to DEX. As I usually buy coins on Bitfinex via Ownr, I'm not afraid of KYC.

bitkanu

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I have been participating in some IEOs and i have verified my identity on the site that I wanna participate in. KYC will be mandatory for all of the users but this is not the point. Some exchange sites were still giving the daily WD limit for the new accounts. It's not too much but I thought that if that's enough to make people will be able to send up to 50k in a day.

covfefe_

full member

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I'm not against a KYC as centralized exchange would require them to keep their business but they (and the CIA) should change how the KYC is collected. Gathering users passport and bank statement is a disaster as they are always leaked and their identity sold on black market. They should rather go for a video verification with any sort of ID so that no other could easily fake the identity. Even fingerprint verification could be easily achieved when almost every of the people have that sensor in their phone.

Winscosinally

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Today December 4th 2020 Bitmax exchange have announced to stop providing services to non verified users, no more withdrawal limit for not verified users, I'm guessing if every other crypto exchanges will follow this, binance for example, I use this exchange with out KYC verifications, for someone like myself who don't want to give any centralized platforms my ID i may have no choice let, what do you think?

https://blog.bitmex.com/deadline-passes-for-bitmex-accelerated-user-verification-programme/

Topic: It seems that KYC will be a must for all CEX users in Future - page 3. (Read 580 times)