KYC matter? - page 4. | Bitcointalksearch.org

Aanuoluwatofunmi

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Quote from: The Future on September 08, 2023, 08:15:38 AM

What are the repercussions of failing to complete KYC on an exchange?

Once you're able to comply to the terms and requirements for their KYC on request you will have no problem using them, if you're not providing the required documents then you may loose access to your account with them and making withdrawal can be as though situation to you even though it appears to be the simplest thing to do, i don't think there's anything that will make a user to purposely desire not to provide his information on KYC except he has no money with them and done using their exchange.

benalexis12

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You won't be impacted if the assets you trade are merely a small portion of your total holdings. Because there are two different types of exchanges, centralized and decentralized, there may be a bracket where you can exchange cryptocurrency even if you don't provide KYC. For this reason, there is a limit. When you reach the amount limitation on the withdrawal of the exchange, they will provide you with the requirements for providing KYC. If you have assets but haven't provided KYC yet, they won't allow you to withdraw because you have reached their withdrawal amount limit. However, DEX does not have this requirement.

Awaklara

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Quote from: Captain Corporate on September 10, 2023, 06:12:47 PM

Having that type of question usually means that you should not be trading to begin with.

As far as I remember, Binance also didn't require KYC to be able to trade. even certain withdrawal limits can also be done simply by setting several security procedures before withdrawal. After some time there were changed regulations from Binance which required all its users to carry out KYC.
because my account has been KYC verified, I don't know for new accounts whether I can trade before doing KYC or not. But what is clear is that new accounts that don't have KYC may have restrictions in operating some of the features on the exchange. such as the P2P feature and withdrawals which require KYC verification.

dzungmobile

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Quote from: Captain Corporate on September 10, 2023, 06:12:47 PM

I mean for someone to have a real solid reason to not give their KYC, "I just do not want to share my information with someone else" doesn't make sense when over millions of people do it.

Each person is unique and has own unique need for privacy so if a person cares about privacy and want to protect it, he can refuse to use KYC centralized exchanges and find no KYC centralized exchanges or decentralized exchanges to use. It's personal need and personal research then ending with personal choice. You can not tell him that he must use a KYC centralized exchange because there are thousands or millions of other people use that exchange.

Current list of exchanges without KYC

Captain Corporate

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Having that type of question usually means that you should not be trading to begin with. I mean for someone to have a real solid reason to not give their KYC, "I just do not want to share my information with someone else" doesn't make sense when over millions of people do it. I get that maybe if I asked you to give me your ID then you may reject, that makes sense, but Binance has (globally) millions of users, I am not going to be standing here and tell yo utaht if millions do it, then its a good thing, but I can show the history that millions have done it and nothing happened, which is a proof, if millions did it and there was a problem then yeah you shouldn't, but its obvious that this isn't an issue.

KingsDen

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Quote from: Woodie on September 10, 2023, 05:35:03 PM

Quote from: The Future on September 08, 2023, 08:15:38 AM

What are the repercussions of failing to complete KYC on an exchange?

Unfortunately you only get to feel/know the repercussions of failing KYC on a CEX if you hold funds on the exchange & try to withdraw, and the stupid thing about KYC is these guys will never bother you when depositing funds on their platform not until its time to take money out Roll Eyes

and funny thing is that very few of us choose to go for KYC before the deposit which needs to change !!

If the customer has not deposited any money in the CEX, I think there is no repercussions at all. But if funds is deposited already, that is where you have fell into their trap completely. This also happens in the casinos and that is how the funds of many gamblers go. They will not find it important to complete KYC on registering the account, they will first deposit and start gambling. As you have noted, no one will prevent you from depositing because of inability to complete kyc. They will allow you deposit, but withdrawal will be the problem.

Some exchanges are even dubious such that they will increase the difficulty of the KYC when they notice you have already deposited. This is an attempt to confiscate your fund. So, it is advisable to complete KYC before using an exchange.

Woodie

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Quote from: The Future on September 08, 2023, 08:15:38 AM

What are the repercussions of failing to complete KYC on an exchange?

Unfortunately you only get to feel/know the repercussions of failing KYC on a CEX if you hold funds on the exchange & try to withdraw, and the stupid thing about KYC is these guys will never bother you when depositing funds on their platform not until its time to take money out Roll Eyes

and funny thing is that very few of us choose to go for KYC before the deposit which needs to change !!

But usually failing KYC means losing the liberty to use your funds as you would if it were in your personal wallet , which is why many pro users would advice on using a DEX or exchange that is not KYC compliant or flexible on this issue...otherwise only way out is to pass it and get your funds out asap!

Yamifoud

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Quote from: The Future on September 08, 2023, 08:15:38 AM

What are the repercussions of failing to complete KYC on an exchange?

If you are in an exchange that requires KYC but you fail to do it, all your deposited money can no longer be withdrawn. That was the worst-case scenario which is why is a must to read their rules before using that particular platform. If you care too much about your personal info, you also must be careful when choosing a platform. In some cases, some exchanges never ask for KYC at first but later on, they will require you to do that.

I will tell you OP that you have to be prepared for that situation because most exchanges are not implementing such rules. Not really a big deal if you are using reputable exchanges but still, you will be careful with the person/site that you are dealing with.

armanda90

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One suggestion for trader who avoid for submitting document ID on exchange account or more private their data better trade all assets in dapp exchange and don't try with CEX Exchange are commonly required with KYC. Actually with verifying CEX exchange and uploaded document ID make us easily for trading and don't have to pay higher fees transaction based on trading in dapp exchange with instant order than CEX have feature with limit buy or sell order. Current CEX exchange available without KYC is Kucoin but last week I received an email notification have to upload or pass KYC if want trader or deposit fund in that CEX exchange.

KYC make us easily with selling fiat to be cash without have to use third party as local exchange for converting to withdraw bank account, right now many top CEX exchange have feature with P2P and directly we can sell our USDT coins without have to convert with local currency pair and withdrawing to bank account.

BIT-BENDER

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KYC which is know your customer, it's a process projects, exchanges makes their prospective users undergo to prove their identity, to know if they are real, for security or for any future events purposes, although this process has its justification it is an infringement to ones privacy many crypto-currency enthusiast who value the anonymous nature of Crypto Space don't agree with this process atleast in some situation.

In terms of exchange it is centralized exchanges that demands this process, many can be strict about it and you have no access to the exchange unless you complete it while others has levels and stages to their verification and to enjoy full service from the exchange you have to complete it, so your question depends on the exchange.

el kaka22

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You do not get to trade, that's it. There are many places that you could trade and if you are right about it then you make a profit and I think it is quite important to realize that you are going to have a hard time that will not be that simple for the time being.

I believe that the best thing to do in this case would be just making sure that you fill out every detail they ask or you do not use that website. I am not saying you are forced to give your KYC, the other option is simply just not using the website that asks you stuff that you do not want to give, if you are uncomfortable with it, then you could very well easily just end up with not doing it all together and just getting out of that website and find somewhere else.

Nrcewker

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Quote from: The Future on September 08, 2023, 08:15:38 AM

What are the repercussions of failing to complete KYC on an exchange?

They will just simply close your account or restrict you from using the exchange. If the exchange is legit and if you have funds there, then they might also ask you to withdraw it in a limited time frame and will tell you to leave the site politely. Many exchanges simply lock your funds also. So if you can’t provide your original documents for KYC, then don’t register in a centralised exchange, go for decentralised exchange and P2P transactions.

rat03gopoh

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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.

yudi09

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Quote from: The Future on September 08, 2023, 08:15:38 AM

What are the repercussions of failing to complete KYC on an exchange?

KYC is important because for exchanges that require KYC for every user, the process of completing KYC successfully is one of the requirements. There is a problem with the resolution process, you can only log in and you will be limited in carrying out activities on the exchange, such as not being able to make deposits and withdrawals.
There are exchanges that do not require KYC to be able to make deposits and withdrawals.

By providing KYC when registering on an exchange that requires it, you are ready to hand over all your personal data to them.

adaseb

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You need to becareful keeping any funds on any exchange that you do not plan on KYC in the future.

Generally the good exchanges will warn you ahead of time, its time to KYC and even after the deadline they will always let you withdraw.

However there were certain exchanges in the past like Poloniex, Bittrex which basically gave no warning what so ever. And your funds were stuck. Many KYC'd but there was errors and their funds were stuck for months.

So if you want to avoid this headache, just don't use the exchange at all.

tjtonmoy

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Quote from: The Future on September 08, 2023, 08:15:38 AM

What are the repercussions of failing to complete KYC on an exchange?

I don't think there should be any problem if you fail it one time. You will be asked to re-submit the documents. If you have deposited in that exchange, be sure to withdraw before re-submitting. Because they don't restrict your withdrawal right away after 1-time fail. You should try again after withdrawing.

Now let's talk about multiple failed attempts. Your account will be restricted. You won't be able to withdraw or deposit anymore. Your device and IP could be blocked in order to prevent further account creation. In this case, if your documents are correct and you haven't done anything wrong with them, then you can ask the support and talk with them. You may have to provide live proof and other documents in order to get verified. But if you don't have any assets in that exchange, then forget about it and move on to something different. Some other platform perhaps. It's not worth the hassle IMO.

leonair

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Quote from: The Future on September 08, 2023, 08:15:38 AM

What are the repercussions of failing to complete KYC on an exchange?

if you do not complete kyc on exchange but that exchange ask kyc then you will fail to use that exchange. for example if you want to use Binance Exchange then you must have to done KYC. Here is what you can't do without kyc

1. Cannot deposit
2. Cannot Withdraw
3. Cannot use P2P Service
4. Cannot transfer fund by pay id (Binance to Binance)
5. Cannot continue spot trade
6. Cannot continue future trade
Etc....
But many exchangers still allow everything without kyc you can use those exchangers without kyc like Gate.io, MEXC, Bitmart, etc...

Dr.Bitcoin_Strange

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It's simply that you cannot explore all the features on the exchange if KYC has not yet been passed, and there are some exchanges that don't allow you to withdraw unless you have successfully passed KYC. For some exchanges, like p2pb2p, you will need to pass KYC first before you can deposit, but if it's an exchange that allows you to deposit before KYC, you need to be very careful because the repercussions will be that you cannot withdraw your coin again unless you fulfill the KYC requirement. If you are avoiding KYC exchanges, then visit this thread.

harizen

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Quote from: The Future on September 08, 2023, 08:15:38 AM

What are the repercussions of failing to complete KYC on an exchange?

If you primarily use their service, you have no choice but to comply with it.

As part of the regulation, these exchanges have no choice but to follow. Before when centralization wasn't an issue on all crypto exchanges, everyone could transact freely there even without KYC but that's now changed. Don't worry about undergoing KYC on exchange if you really take advantage of their service and it's beneficial to you.

But if you really stand on the no-KYC policy and do have doubts about your privacy, you have no choice but to find a platform that suits your needs.

Issa56

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Quote from: The Future on September 08, 2023, 08:15:38 AM

What are the repercussions of failing to complete KYC on an exchange?

Different exchanges have different rules, but the best thing is just to avoid exchanges that request KYC. Because some exchanges do require KYC before you can perform any activity on the exchange, you won’t be able to make a withdrawal if you don’t complete your KYC. Some exchanges will allow withdrawals, but when you are about to withdraw a specific amount of money, they will ask you to complete your KYC first before your withdrawal will be successful. So just as I said earlier, it’s better to avoid exchanges with KYC if you can because there are lots of risks associated with submitting your KYC to exchange. The exchange can be hacked, and the hackers will steal your identity and use it for illegal activities. Maybe the exchange staff will decide to leak their customers information to scammers, and it can be used for illegal activities. That’s why it’s just better to avoid submitting your identity anyhow.

Topic: KYC matter? - page 4. (Read 835 times)