Topic: KYC matter? - page 3. (Read 835 times)

That's the trouble, 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. Governments require exchanges to ask for KYC, which means that as an exchange you have to ask for KYC otherwise you are doing something illegal.

If you believe that someone will be doing something illegal for you, and not to you that means that you are gullible. I believe that anyone who is willing to do something so illegal, should realize that you are not going to end up with anything better in the end, and shouldn't really get anything done. It's just that simple and we should be making sure that we deal with a KYC place if we pick an exchange.

If you decide to register on a centralized exchange, you should be prepared for the fact that the exchange can make verification mandatory at any time. And if you are not going to pass KYC initially, you should have the minimum necessary balance on the exchange in order to withdraw it in a timely manner.

You are on point, and to buttress what you said, some will merely maintain a limit on your account without further sanctions. Others will not allow you to make any withdrawal or limit your withdrawal if you refuse to complete the KYC. Above all, I do not see a reason why anyone should not do their KYC when they fully know they are not dealing with a no-KYC exchange. I love to operate my account without any issues or restrictions whatsoever, which is why I make sure that I complete my KYC before performing anything financial therein. I do not see how this is affecting me in any way since I do not have anything to hide.

Frankly, any company/business that preaches no-KYC should be wary of, it might not be immediate, but the risk is higher. They can manipulate your account without any remorse or anyone questioning them, scamming you bit by bit or disappear entirely.

Depends on their KYC policy and when you join them. If an exchange only changes their KYC policy recently, they might give users, old and new users, a little bit time to complete KYC or leave. So if you are still in the window, you can submit withdrawal and leaven their exchange if you don't want to KYC. Some exchanges can block new deposits if a user has yet completed KYC.

Usually exchanges will give each user a default maximum attempts like five attempts. If you fail with KYC after five attempts, you will have to contact them through support and ask for expansion of some more attempts. You will have to wait for their customer support staffs and approval with additional attempts.

If you fail to complete the KYC process on an exchange, it certainly means that you cannot use the exchange to carry out several transactions. Usually, you will not be able to carry out several trading activities, deposits, or most certainly withdrawals. Withdrawals on DEX exchanges will usually always require a KYC process. which of course this must be resolved.

Well, if you fail, sometimes there are exchanges that give you the opportunity to repeat the KYC process and tell you what caused the previous KYC failure. Usually there will be several opportunities. However, there are also exchanges that do not provide that opportunity. So if it fails, it fails and you have to try with another Gmail account. This is what's troublesome.
Moreover, if you already have assets in that account, that means the assets cannot be withdrawn.

Yes, we're free to comply or not whether it's mandatory and changed to that. But the matter changes when we've got stuck money there and that's a different story.

Even we don't want to but if we want to withdraw and move that fund, we have to comply for the KYC. Those that fails to comply kyc, there could be some reasons for it and inaccurate details that they have provided.

That's to expected when we use platforms that we have no control over our funds. When it does and they're affected and customers are also affected, it's either they will reimburse the damages or much worse that they don't.

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.

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.

Yes, there are still exchange platforms on which you could really freely be able to make use without having that need of KYC which example is Kucoin.The only thing that make you do able to comply or have that verification if you are really that someone who do make use of other some common features which it would really be leaving you no choice but to go into further extent for you to be able to make use of that feature but if its not really that something that you could make use then you would really be able still to make use of platforms without needing those kyc its up to your own choice and needs because everyone does have their own choice and preference
when it comes to this matter.

Its not shocking that this community is really that highly frowning upon when it comes to these verifications on which i cant really blame them which even myself is really that itching whenever we do speak about
verification or identification via sending out those documents or really that simply showing your information which it is really that totally contradicting in overall essence on why this
market had been created or simply crypto.

See KYC as a means of privacy invasion because you choose to do crypto, they want to profile who you are, what you are and what you do with the money you bought with crypto and there aren't any repercussions of any form, only that you will not be allowed to deposit in any of the centralized exchange. There are other non-KYC exchanges though, you don't have to use the ones that request KYC by force. The highest they can do to your asset is that you wouldn't be able to trade and can be allowed to take off your purchases from the exchange.

However, if you are a regular trader who wants to use centralised exchange by any means, you can do basic KYC like providing your surname, first name, and email, not necessary that you provide your primary details, provide dummy names and proceed with your regular trading. I believe Kucoin still does this despite the recent spike in KYC requirements but make sure that you live only a small amount on their platform when trading and when you are done, withdraw everything from the exchanges. Centralized exchanges are for trading and not for keeping your coins.

The impact can be very different from each exchange because there are also exchanges that do not have to carry out KYC but can be used as usual without any obstacles. For example, some exchanges do not have to carry out KYC but can be used comfortably by everyone, please see this topic mate No-KYC Exchange Encyclopedia

But for exchanges that require KYC for each of their users, the very real impact felt by the user is not being able to make a deposit when he fails to verify his KYC. I saw this on the Kucoin exchange, which currently requires KYC to be able to make deposits into the exchange, so if you have also failed the KYC verification, please try again if this is required for the exchange you are using.

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.

Most centralized exchanges that require KYC will ask for it first before you can enter your account and use their service. In cases like that, you can always move on to something else or create a new account if you fail to get verified. But when they don't ask you for KYC at first and you can access their services like deposit and withdraw, they can ask for it anytime. So if you can withdraw in that situation, then you need to withdraw first in order to not get restricted for multiple failed actions. That is what I was talking about.

I just don't get it. Why would anyone forge on to deposit money into a kyc required exchange or a casino with him summiting his documents and made sure to have the account completely verified before putting money. Like why the f*ck the haste to deposit? That's beyond carelessness it stupid cause you're just gambling your money.

Some of these exchanges particularly online KYC casinos they are dubious and diffident in their operations that by any slight mistake you make in deviance to company's policy they jump on the opportunity to seize your asset. 

So to be on safe side  it's either you patiently wait to complete KYC, or you make use of a no KYC exchanges or casinos. People shouldn't shovel yourself into a shit that's ain't worth it.

If they do not ask for KYC when depositing, then they are scammers. All services that request KYC do not deal with the user financially without knowing or confirming his data, and cannot deposit without that.

what happens is exchanges do not ask for KYC because there is not a global regulation and when the became big they change terms of use change, so all Whoever deposits using old addresses that he used will fall into this problem, and sometimes even after this happens, good platforms provide the option to withdraw without being able to perform any other action like trading. I repeat, if they do not ask for identity verification when depositing, they are scammers.

I beg to differ, crypto exchanges are not like gambling casinos where fund are completely seized and account locked  as a result of not completing kyc.

Crypto exchanges operates differently, atleast, I've been using cryptocurrency exchanges and still using them, several of them I've not kyced on, and non have ever locked my account or restricted me from withdrawing , the only thing they do is place a limit on the amount of money you can withdraw per day(24 hours ), most exchanges allow non kyced users to withdraw from $1 to $1000  every 24 hours, if the user has a lot of money and wants to withdraw more at once, then the user will have to pass kyc verifications, else, the user will have to resort to withdrawing the limit he or she is allowed to withdraw per day .

KYC doesn't make selling of our coins easier, you can use instant exchange that don't need KYC to sell your cryptocurency to other cryptocurency or your peer to peer exchange to sell your Bitcoin to others without using centralized exchange. KYC only matters to centralized exchange because they have be instructed to make all their customers to verify their identify and this is because the government are trying to reduced the rate of crime been committed on those exchanges.

If you're using those centralized exchange, that's when you'll be required to complete the KYC process to get access to all the features of the exchange and also to withdraw from the exchange. If you don't want to give out your KYC information then don't use cex exchanges.

KYC-lives matter.

If you fail to complete your KYC process, the exchange will seize your funds, lock your account and you will never be able to withdraw your coins. The big question is, how much you got on the exchange and can you afford to lose that money? Is your account balance worth of sharing your personal details with an entity you don't know anything about? The answer changes for every person. Some people will share their personal details for 50 bucks. Some other will not share it even if it will cost them thousands of dollars.

You won't be able to continue the service, but a fair exchange should allow you to withdraw your funds. They cannot confiscate your balance as they don't own it. However, there might be exchanges that would do so. It's better to be safe than sorry; just comply if you can. If not, consider trading on a Decentralized Exchange.

Cex without KYC is high risky because anytime when exchange feel any suspicious action , cex will ask for KYC to withdraw your fund. Most of the time these issue happens when you deposit large fund then cex will ask different proof such as documents, source of getting fund and many more. I don't know OP just want general information or he has intention of trading in  kyc exchange without kyc. I think for low fund risk is also low and if fund is large than using cex is stupid option.

I used Cointiger exchange and at the same device my brother also open an account. Technical team banned boths our account and seized fund even my brother passed kyc fund not released so we should also keeps this in mind before going to Cex.

It depends on the platform because others you can still continue using their site but there are constant pop-ups to do KYC while you are using their platform and most of the time you can't withdraw your funds if you need to. There are also times that there are set limits like when you can only transact within the limit and over it you'll need to do KYC and lastly you are forced to do it after signing up because that is their regulation.

Right now most of the platforms require KYC so it is better to do it before doing some transactions on their platform so that we can prevent issues because this is mostly where the issues start.

As a rule, if the exchange decides to introduce full verification, it always allocates enough time for those who do not want to go through KYC so that you can withdraw your coins from the exchange without hindrance. If KYC is mandatory, then you will not be able to trade on such an exchange.