KUcoin forcing KYC for every users - page 4.

Tyronthegreat

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Quote from: Nalbo on May 11, 2018, 08:19:44 AM

KUCoin has decided to force KYC for every of it's users.

Quote

In an attempt to remain as one of the most trustworthy and transparent exchanges in operation, KuCoin will start enforcing KYC checks on users. This measure is to ensure KuCoin remains compliant with the developing regulations in the crypto industry.

Forcing KYC was the one of the reason for once number one exchange Bitrex to move down to 7th position at current time.
KUCoin is not even in top 30. What will be the effect of such move be on the exchange and cryptocurrency overall?

https://news.kucoin.com/en/kucoin-will-enforce-kyc-for-users/

Yeah. KYC in exchange is actually too scary, everytime I heard about kyc and it is applied to some bounty campaign and when I go to crypto exchange to try and tour myself to become an educated in crypto currency and as my personal info by providing my passport I usually leave the site and find the other. So if this kucoin exchange will add this regulation to the their community, it can be the cause of their low rating because AJ poof Us don't like kyc.

el kaka22

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Quote from: sister1001 on May 11, 2018, 08:32:42 AM

It does not make sense really, I hope they re-think this situation as many users join just to sell a few tokens and a a KYC procedure is going to drive them away from the exchange.

I still wonder why a lot of you worry yourself with KYC like you are trying to hide something or like you stand a chance to lose a lot with it. It is funny though that so many people who are here complaining either do not have a means of identification or you feel your identification will be used for some sort of illegal stuff.

Kindly explain your plight to me please! KYC has never been a problem for real investors who want to make use of exchanges to trade as long as they get what they need, so if KUCOIN is dancing to the tune of regulation based on their location, then whoever does not like it can switch.

Procopiogamscrypto

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Quote from: Nalbo on May 11, 2018, 08:19:44 AM

KUCoin has decided to force KYC for every of it's users.

Quote

In an attempt to remain as one of the most trustworthy and transparent exchanges in operation, KuCoin will start enforcing KYC checks on users. This measure is to ensure KuCoin remains compliant with the developing regulations in the crypto industry.

Forcing KYC was the one of the reason for once number one exchange Bitrex to move down to 7th position at current time.
KUCoin is not even in top 30. What will be the effect of such move be on the exchange and cryptocurrency overall?

https://news.kucoin.com/en/kucoin-will-enforce-kyc-for-users/

Regulation may be the one reason why some exchanges forcing its users to submit KYC because of most countries asking to do so upon getting permission to operate in a certain area or country, no choice for them but to impose, even though it contradicts the essence of the anonymity of the holder. But for me, I don't think it gonna be a big issue .

donadoni212

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this is a step forward to secure our account, as it is known at this time when we ask to reset 2FA or forget the security question then we are asked to provide our personal data to be able to reset our account. if that's a good impact, I think it's a step to keep our Kucoin account to the next level.
KYC is used to maintain the security of our account, Kucoin is under the top 10 exchanges at this time but I think this is a step forward that will make Kucoin more reliable and safe.

Pechalka

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Quote from: Tipstar on May 11, 2018, 08:31:05 AM

That's a bad decision early for the exchange. Binance the leader is not asking for KYC upto 2BTC daily trading.
The move would increase the dependence of Binance.
KYC with it's recent misuses have led negative image of it on every investors and traders.

I think soon or later Binance also will force us to pass KYC. Nowadays this is a bad trend. Everything has to be under the control. The life is like this now, unfortunately

hrunya102

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Quote from: Tondya on May 11, 2018, 09:47:41 AM

I don't understand why many people say that its bad news for exchange, scam and etc. ) I have no problems to pass through KYC and see nothing it this requirements, soon many exchanges will require KYC.

simply exchanges will provide this information to your government, I am ready to pay a tax on profit, but when I decide for myself, not when I am ordered, for this I am in crypto.

Tondya

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I don't understand why many people say that its bad news for exchange, scam and etc. ) I have no problems to pass through KYC and see nothing it this requirements, soon many exchanges will require KYC.

nl247

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Most people in this forum are over looking what comes with regulation generally. Left for the exchanges, I am sure KYC would not really be an issue but they are bound by regulations of where they are located and whether they are low on the table or not, it is one thing they have to just stick to, or probably relocate but for now, I feel most users should have started getting used to this idea of KYC because a time may come that in all exchanges, it is something that no one will definitely be escaping with the way things are going.

RajaCripto

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I think this is bad news. It should not require KYC, it would be very difficult if the person does not have a passport. I strongly disagree if kucoin requires KYC

steplaza

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I'm also annoyed by that, but have to agree that this will be the trend for future exchanges..eventually most or all of the will ask for KYC I suppose...

Crasengover

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I think that sooner or later all exchanges will have to force KYC for their users, due to legal regulations. So the only way to keep anonymity for traders is to use DEXs. But most of them don't have enough volume to satisfy big investors.

zpopdream

newbie

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That's actually quite predictable. I mean KYC is introduced by everyone now - projects, exchanges and etc.
Well, we can understand their postion: the exchange wants to operate fairly and safely for themselves - nothing wrong

tsaroz

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We are clearly heading towards a controlled and uncontrolled cryptocurrency market. They would make it difficult to convert the crypto from uncontrolled market to fiat but with the nature of crypto, there would be a plenty of loopholes to venture.

superscommessebitcoin

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Quote from: sister1001 on May 11, 2018, 08:32:42 AM

It does not make sense really, I hope they re-think this situation as many users join just to sell a few tokens and a a KYC procedure is going to drive them away from the exchange.

Nobody is going to cancel the KYC. I honestly do not understand why Kucoin decided to verify its users, but perhaps in the near future KYC will introduce other exchanges.

duchaitp

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If a user does not accept KYC, is there a limit to withdraw coins from Kucoin? I do not want to have to go through KYC.

entemeister

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The problem is not that the exchanges carry out the kYC verification, the problem is to know if the exchanges are going to store that information correctly and to know if they are going to guarantee the security of that information. Considering that exchanges are often hacked to steal coins, I don't want to imagine what can happen if the hackers start stealing personal documents of users.

Yudhisthir

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I'm eagerly waiting for the decentralised exchange proposed by binance. Which will use BNB as a base currency.
And I wonder where the value of KCS would reach. I just bought them a couple of days ago and they are already crashing.

EugeneReigns

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I think it is OK. It will become an inevitable procedure in the nearest future. Sooner or later. Especially if the cryptocurrency will become regulated by the international community and local governments. They will definitely require traders to undergo KYC procedure.

meldrio1

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Kucoin forcing KYC? maybe that's bad news for kucoin users, I hope that binance will not follow their step to force KYC for users.

Script3d

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its inevitable for all of the exchanges out there the government is the one forcing them to collect information about their users otherwise they cant operate their exchange. you should not worry about it if your not laundering money. there are some useful purpose of KYC in order to eliminate those people who use their exchange or crypto to launder money.

Quote from: Tipstar on May 11, 2018, 08:31:05 AM

That's a bad decision early for the exchange. Binance the leader is not asking for KYC upto 2BTC daily trading.
The move would increase the dependence of Binance.
KYC with it's recent misuses have led negative image of it on every investors and traders.

Binance would have KYC if they didnt move out in china they moved their headquarters and servers on japan because of the crypto ban on china before.

Quote from: sister1001 on May 11, 2018, 08:32:42 AM

It does not make sense really, I hope they re-think this situation as many users join just to sell a few tokens and a a KYC procedure is going to drive them away from the exchange.

there are alot of exchanges out there why pick the ones who needs kyc?

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