I am not sure anyone mentioned about this but there are some exchanges that will give access to deposit addresses only after you complete your KYC which is a really good thing in my opinion cause if the user can't able to do KYC then he won't lose any money at all but it's not the same on every exchange where most likely you will be restricted to withdraw as many others said until you complete KYC.
There are very few no KYC exchanges left but even on them you will be restricted from a lot of things like low withdrawal limits, won't be able to deposit fiat, can't access more trading like futures and derivatives.
Topic: KYC matter? - page 2. (Read 756 times)
What are the repercussions of failing to complete KYC on an exchange?
For not doing your KYC verification, you might not be given access to withdrawal, although exchanges differ in handling KYC issues. Some exchange would not allow you withdraw big amount of funds, but they will allow you to withdraw little amount of funds. While some wouldn't even allow you to withdraw at all, until you have completed the KYC verification.When it comes to hacks on the exchange itself, that’s a different story.
Meanwhile, the limiting of withdrawals based on KYC will by some means push you towards having the verification down but, you’ve got to establish good reasons to let any exchange out there have your details and be sure of its safety.
I don't know why many people frown at KYC verification but I think sometimes, it may be as a result of previous experience that is making people to be more conscious about dropping there data on exchange except the exchange has user data protection which will enable individual data to be well kept in a portfolio where no one has access to it even though the exchange get hacked.
You're exposed to a third-party attack should such an exchange or company get hacked as your data/details can be stolen in that event and be used for impersonation and other criminal activities to your person. Etc.
You'll need to go through this thread to get the whole idea of why many people frown at KYC. Why KYC is extremely dangerous – and useless
But protecting personal data today I think is no longer effective when we are also using social networks, online payment applications...most of which require KYC to be able to use.
What are the repercussions of failing to complete KYC on an exchange?
For not doing your KYC verification, you might not be given access to withdrawal, although exchanges differ in handling KYC issues. Some exchange would not allow you withdraw big amount of funds, but they will allow you to withdraw little amount of funds. While some wouldn't even allow you to withdraw at all, until you have completed the KYC verification.When it comes to hacks on the exchange itself, that’s a different story.
Meanwhile, the limiting of withdrawals based on KYC will by some means push you towards having the verification down but, you’ve got to establish good reasons to let any exchange out there have your details and be sure of its safety.
For not doing your KYC verification, you might not be given access to withdrawal, although exchanges differ in handling KYC issues. Some exchange would not allow you withdraw big amount of funds, but they will allow you to withdraw little amount of funds. While some wouldn't even allow you to withdraw at all, until you have completed the KYC verification. There are decentralized exchange too, these exchanges don't do KYC and if you care about your privacy, they are the best. Exanple of fecentralised exchange is bisq and Agora Desk, you can look at it here
The Kyc is based on the various exchanges,Some will do the kyc as an compulsory one.The exchange which ask you to verify the kyc will mostly trusted exchange,some fake exchanges also ask the kyc verification.The fake exchanges will do the sale of kyc which was submitted in the exchange,So they raise some funds from the kyc deal.Even though some exchanges ask you about the Kyc,it’s essential for the trader to check background verification.This help the young people who are fear on trading with the new exchange.
What are the repercussions of failing to complete KYC on an exchange?
For not doing your KYC verification, you might not be given access to withdrawal, although exchanges differ in handling KYC issues. Some exchange would not allow you withdraw big amount of funds, but they will allow you to withdraw little amount of funds. While some wouldn't even allow you to withdraw at all, until you have completed the KYC verification. There are decentralized exchange too, these exchanges don't do KYC and if you care about your privacy, they are the best. Exanple of fecentralised exchange is bisq and Agora Desk, you can look at it here What are the repercussions of failing to complete KYC on an exchange?
If you have yet deposited any cryptocurrency to your account on that exchange, nothing is serious because you won't lose any cryptocurrency there.If you already deposited cryptocurrency into your account, you will lose your cryptocurrency if they reject or you fail to complete KYC with more attempts later.
One more risk, after you submit your documents for KYC, you lose those documents to that exchange or any third-party entity that is responsible for KYC verification.
I agree.
that's why it is important to think first before depositing on a certain trading platform that requires KYC, since you'll be force to submit your KYC to continue using that platform and to save your funds. There are exchanges that doesn't require KYC so you don't have to submit any personal information, but make sure they are reputable enough for you to trust them when it comes to your funds.
I don't know why many people frown at KYC verification but I think sometimes, it may be as a result of previous experience that is making people to be more conscious about dropping there data on exchange except the exchange has user data protection which will enable individual data to be well kept in a portfolio where no one has access to it even though the exchange get hacked.
You're exposed to a third-party attack should such an exchange or company get hacked as your data/details can be stolen in that event and be used for impersonation and other criminal activities to your person. Etc.
You'll need to go through this thread to get the whole idea of why many people frown at KYC. Why KYC is extremely dangerous – and useless
I'm not afraid of exchanges being hacked and my personal data being stolen. What I think is even more worrying is that the exchange staff deliberately stole our information to sell it to third parties and they used it for things without our knowledge. It can be said that personal data is a very valuable commodity and is purchased by advertisers at very high prices, so it is difficult to guarantee that exchanges will be strict in protecting their personal data.
But protecting personal data today I think is no longer effective when we are also using social networks, online payment applications...most of which require KYC to be able to use.
I don't know why many people frown at KYC verification but I think sometimes, it may be as a result of previous experience that is making people to be more conscious about dropping there data on exchange except the exchange has user data protection which will enable individual data to be well kept in a portfolio where no one has access to it even though the exchange get hacked.
You're exposed to a third-party attack should such an exchange or company get hacked as your data/details can be stolen in that event and be used for impersonation and other criminal activities to your person. Etc.
You'll need to go through this thread to get the whole idea of why many people frown at KYC. Why KYC is extremely dangerous – and useless
if you fail to carry out KYC verification, of course the thing that you will definitely experience is withdrawal failure, so it is important to do research first on the exchange that you will use, if they require KYC, then it is your choice to continue using or not to use that exchange.
the thread created by Ratimov is really helpful for people who want to make transactions on the exchange without having to do KYC.
It is obvious that there are some exchange that don't disclose that to the customers unless people that are using the exchange tell you that the exchange requires KYC.You will not be able to withdraw the balance there or any other features. There are some exchanges that before depositing the balance must complete KYC verification but some are not but at the end when withdrawing KYC it is very mandatory to verify.
I think there are still No-KYC exchanges and from some exchanges you can use. No-KYC Exchange Encyclopedia
I think there are still No-KYC exchanges and from some exchanges you can use. No-KYC Exchange Encyclopedia
the thread created by Ratimov is really helpful for people who want to make transactions on the exchange without having to do KYC.
I don't know why many people frown at KYC verification but I think sometimes, it may be as a result of previous experience that is making people to be more conscious about dropping there data on exchange except the exchange has user data protection which will enable individual data to be well kept in a portfolio where no one has access to it even though the exchange get hacked.
There may be some careless exchange that would always requires KYC verification for users just to keep it to themselves and it can be sold out if things get worse.
if you fail to carry out KYC verification, of course the thing that you will definitely experience is withdrawal failure, so it is important to do research first on the exchange that you will use, if they require KYC, then it is your choice to continue using or not to use that exchange.
the thread created by Ratimov is really helpful for people who want to make transactions on the exchange without having to do KYC.
You will not be able to withdraw the balance there or any other features. There are some exchanges that before depositing the balance must complete KYC verification but some are not but at the end when withdrawing KYC it is very mandatory to verify.
I think there are still No-KYC exchanges and from some exchanges you can use. No-KYC Exchange Encyclopedia
I think there are still No-KYC exchanges and from some exchanges you can use. No-KYC Exchange Encyclopedia
the thread created by Ratimov is really helpful for people who want to make transactions on the exchange without having to do KYC.
It depends on your status at that time, for example you're just starting out with the exchange. One obvious risk is that every identity you send has been leaked whether you want to repeat it or not.
The consequences aren't yet clear, but I'm sure that at some point they'll be able to use your identity for other benefits, not just in the form of crime.
That is if he complete the KYC but the OP said if he failed to complete it. KYC is optional, I mean even if it's mandatory we still have the rights to ignore it. As long as there are no money yet stuck in the platform there are no consequences about it. A trusted platform won't just use our KYC without our permission but they can get hacked and that is the time that our data's can get leaked and misused.The consequences aren't yet clear, but I'm sure that at some point they'll be able to use your identity for other benefits, not just in the form of crime.
It's scary because we can get in trouble one day for the actions that we didn't commit. I think we are lucky that many of us didn't experienced it, because we haven't got any complaints yet or bad records when we get a certain document or when we apply for something.
Any non compliance to the KYC request by a casino will always lead to a penalty the trader will not like to have, there's nothing like partial KYC, if you're providing the required documents then make them in full and don't make any omission because it will lead to penalty, am sure such trader that failed to provide the remaining required documents for the KYC verification would have got stucked along the way without having what to present, in this case who to blame.
The risk of freezing funds is very small when KYC fails and it also depends on the regulations of each exchange. Like Binance, even though it doesn't do KYC, there are withdrawal limits given to Non-KYC users, freezing funds only occurs on problematic accounts. Currently, all exchanges require KYC to be able to enjoy the full features or if you want to place a P2P order you need KYC and a bank account.
You saying that kyc fail is not problem but Its not true. when any non kyc ask for KYC this is clear sign that technical team gas found any more issue with your account something like double account or suspicious source of deposit. failing in KYC most times cause fund freezing. Binance will not let you deposit any coins until you do KYC succefully so talking about freezing fund in Binance is just useless. The real problem with these exchanges which allow to ise some feature without kyc but sometimes the exchange freeze fund for further information and ask for KYC.
Dexs are best way to protect privacy but it is not for day traders. Ethereum network fee is very high and day traders will never accept to pay high fee for trading coin there while cex allow fast trading and low fee but only issue is privacy which most of the users doesn't want to reveal and that's why they hesitate to complete kyc otherwise once KYC approved then chance of any issue are almost zero
What are the repercussions of failing to complete KYC on an exchange?
You risk losing your funds and I believe those are private exchanges and there are alot decentralized exchanges that doesn't require you to complete any kyc at any point but for most of the exchanges I know, you'll definitely have to do kyc on registration or when you want to do withdrawals and most times we fall for all these traos because we fail to read the terms and conditions of a service before jumping on them for usage which is very wrong.To alot of people, kyc is very important and I do agree with them but I have no issues giving out my kyc to a platform I trust be it gambling or just an exchange.
people who care more about privacy have another option with decentralized exchanges. Of course, each with its own considerations. because some traders don't like decentralized exchanges regarding fees. or something else.
However, those who don't have problems with KYC data can get many centralized exchange options for their trading activities.
One of the possible things could happen is freezing your funds, but of course, there's some such reason why you need to submit a KYC and not just what they just want, better to read their terms and condition and also agreement with the cases like this, most of the platform doesn't mandatory the KYC but still its ideal to use to support your account for verification, recovery and other layer of security. But of course there's a difference like withdrawal if you are not verified account.
The risk of freezing funds is very small when KYC fails and it also depends on the regulations of each exchange. Like Binance, even though it doesn't do KYC, there are withdrawal limits given to Non-KYC users, freezing funds only occurs on problematic accounts. Currently, all exchanges require KYC to be able to enjoy the full features or if you want to place a P2P order you need KYC and a bank account. 
What are the repercussions of failing to complete KYC on an exchange?
You risk losing your funds and I believe those are private exchanges and there are alot decentralized exchanges that doesn't require you to complete any kyc at any point but for most of the exchanges I know, you'll definitely have to do kyc on registration or when you want to do withdrawals and most times we fall for all these traos because we fail to read the terms and conditions of a service before jumping on them for usage which is very wrong.To alot of people, kyc is very important and I do agree with them but I have no issues giving out my kyc to a platform I trust be it gambling or just an exchange.
What are the repercussions of failing to complete KYC on an exchange?
One of the possible things could happen is freezing your funds, but of course, there's some such reason why you need to submit a KYC and not just what they just want, better to read their terms and condition and also agreement with the cases like this, most of the platform doesn't mandatory the KYC but still its ideal to use to support your account for verification, recovery and other layer of security. But of course there's a difference like withdrawal if you are not verified account.
~snip
I think you are not familiar with this kind of activity. There are some events when many exchanges give you an opportunity to earn by simply doing some tasks. You get the amount deposited in your account but in order to withdraw it, you need to deposit first. Or in case of some that require a minimum limit which you were unable to earn from tasks. Let's just say you got $18 from the tasks and you need $2 more in order to withdraw because the minimum limit is $20. In many cases, people tend to deposit first. The minimum that you can deposit is $10. In a situation like this, people deposit first before realizing that they need to complete KYC first. And if you fail, your account will be restricted. So you can resubmit it or ask the live support for help.
But it's different for when a gambler independently create an account and made a deposit into the account without completing kyc, that's what I mean by carelessness in my first comment. And a lot of gamblers still do this most of the times, so how do you describe that if it's not an act of carelessness.
...if they are not asking for KYC they are clearly stating that they do not care about governments and their laws, that's the most important part.
Sorry, I don't see it that way. What I see boldly written, though succinctly, on such action is the underlying selfishness of these exchanges to psychologically sap their customers by making them think they're not KYCing upon registration. They tell them that they want to safeguard their privacy that's why they aren't asking for it. That's not true. What these exchanges do is trick their customers in and later reveal to them that they've to do a KYC to upgrade their status to enjoy certain privileges on the site. These privileges will include, among other things, withdrawal limit extension. For me, I won't choose an exchange based on whether it demands a KYC or not. I check other vitals.Well, some lower tier exchanges exchanges offer a certain limit of withdrawals or trading volume for unverified users and it usually works fine until someone deposits dirty coins (or trigger any other security alert). This is the best what CEX can do for unverified user. People are too naïve if they expect more and getting "sapped".
Anyway, most of top tier exchanges are now working with KYC and this leaves no choice.
...if they are not asking for KYC they are clearly stating that they do not care about governments and their laws, that's the most important part.
Sorry, I don't see it that way. What I see boldly written, though succinctly, on such action is the underlying selfishness of these exchanges to psychologically sap their customers by making them think they're not KYCing upon registration. They tell them that they want to safeguard their privacy that's why they aren't asking for it. That's not true. What these exchanges do is trick their customers in and later reveal to them that they've to do a KYC to upgrade their status to enjoy certain privileges on the site. These privileges will include, among other things, withdrawal limit extension. For me, I won't choose an exchange based on whether it demands a KYC or not. I check other vitals. Jump to: