KYC matter? - page 5. | Bitcointalksearch.org

mvdheuvel1983

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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?

Nobody likes to submit KYC documents knowing how evil it is but then most people would prefer to face the risk than use a decentralized exchange.

The repercussions of failing to complete KYC is just like being locked out of your apartment by the apartment owner for failing provide proof that you have paid some taxes or whatever. In cryptocurrency terms, you can't withdraw your crypto even if want to. This is why it is the first thing you are required to do after signing up on a centralized exchange.

jeraldskie11

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You can't be anonymous if you do KYC, in my opinion. So, if a person engaged in fraudulent activities and scams, they can be identified. In other words, it is designed to prevent fraudulent activity. If there is no KYC in ana exchange, I believe that many bot accounts will be created, which is not healthy for the site. Even if we understand the basic goal of the KYC, we are nonetheless at risk because our identity has been exposed to them. In certain occasions, government officials have accused a person of something he did not do, so be careful.

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?

You won't be having access to use their services
Restriction will be placed on you from performing some certain functions.
Your funds with them will be hooked and you can't make withdrawals
You will be frustrated to leave but can't leave because of your asset
Your account will be frozen and place under restrictions till you're able to perform kyc.

But if you think it's nit worth it all, then try to withdraw your money from them and look for a no kyc exchage, or corperate with their kyc request,

Bananington

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Quote from: Cantsay on September 08, 2023, 02:04:59 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?

KYC on exchanges is not an universally thing, there are exchanges (centralized exchanges) that you can still carry out your trades without undergoing kYC verification but for some you won’t be able to do anything at all.

For most exchanges that are not that restrictive you can still buy coins with your account, and also with draw to your non-custodial wallet but the only issue is that you may have limit to the amount that you can’t withdraw on a daily basis while some you won’t be able to use P2P (for example Binance).

So depending on the exchange you would prefer to use that’s what will determine if you’ll be limited or not.

I do think that KYC verification is quite an integral part to gain the full experience of using the decentralized network. It is beneficial in many ways than one and one thing that stands out is that it is like a trust system. To some point, the reason cryptocurrency has been successful since its launch, is because individual customers have trusted the KYC system for most top exchange to keep their coins safe from hackers and to pair them with unseen persons that would deliver a transaction on time and safely, without financial agencies standing as third party observers for any transactions.

Cantsay

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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 on exchanges is not an universally thing, there are exchanges (centralized exchanges) that you can still carry out your trades without undergoing kYC verification but for some you won’t be able to do anything at all.

For most exchanges that are not that restrictive you can still buy coins with your account, and also with draw to your non-custodial wallet but the only issue is that you may have limit to the amount that you can’t withdraw on a daily basis while some you won’t be able to use P2P (for example Binance).

So depending on the exchange you would prefer to use that’s what will determine if you’ll be limited or not.

milewilda

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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 fail on completely up the KYC on certain exchange then they wont really be forcing you out on doing so but you would definitely be that restricted or really be having that limited kind of features on which you could really be able to make use on which it would really be that giving out no other option or choice but to comply on whats been asked specially if you are really that doing some P2P or making out conversions of your coins into fiat which would really be that so normal that you would really be needing to be verified first. Here's my current situation on using up Binance for some couple of years now, my current or the ID that had been used on verifying my account on Binance is already that expiring on which means that they do sent out some notification that i should really be that needing to resubmit an ID which would really be that up to date and since Binance
exchange is really that totally relevant and useful with my crypto journey and transactions then it would really be leaving no choice on your part on which you wont really be minding about complying on whats been asked
for the benefit that you are really that aiming to get on.

Cryptomultiplier

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The repercussion is dependent on the kind of exchange you have opted to use. Some exchange require KYC verification, while there are some that don't require it at all.
It is advised to use an exchange that requires KYC verification inorder to be safer from hackers, scammers and spy bots that can take advantage of loop holes in the normal password account access lock security and gain control to your funds.
For those who require KYC verification like Binance, Bitget, you can only gain access to its trading features and complete successful transactions upon completion and verification of your KYC.

Hamza2424

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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?

OP here in this crypto space we used to say Your identity is the most important thing, and don't sell it for a few services because the more reliable services are available here at this pace without KYC. taking the most common example of Trading, rather than depositing your funds on a non-custodial wallet for just trading service by the particular platform with a small research about it you can reach out to the Self Custodial System based trading service.

Opting for Know Your Customer (KYC) verification on any platform is a prudent step, but it's equally vital to ensure the platform's authenticity and carefully scrutinize their terms and conditions. Unfortunately, these terms often lean away from the customer's favor, increasing the risk of document and identity theft by unscrupulous platforms.

palle11

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The repercussions are many and not limited to one but the major repercussion that account holders have complained of is that you won't be able to withdraw from that website. Example if it is a casino and you win, if they request KYC you have to do that before you are allowed to withdraw what you have. Some have level 1 verification and you can be limited to perform some other functions but certain winnings require full verification process that you have to upload your documents and picture selfie showing your face.

salad daging

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You will have to repeat yourself and provide the documents you need in full and with clear images that are not blurry.

As Kucoin recently sent an email to users who have not yet done so there is an important note below if you experience problems related to KYC verification you can contact support or representatives of the official channel, this will also be helped by them.

What others are stating, Exchanges that apply KYC and you do not do it all features cannot be used.
KYC is now a required procedure due to their regulations if you oppose you cannot use it fully.

The best solution is to choose an exchange that has not fully implemented KYC.

armanda90

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You not ability for withdrawing fund in your exchange account if not success verifying or KYC, its huge repercussions when your exchange account are failing for completing KYC. But all exchange give many chance for reuploading document and verifying again until success and all document uploaded success to make account full verifying. Be careful with exchange required with KYC for depositing fund, when failing to complete KYC not ability for withdrawing back your fund have been deposited.

You can check on other board about exchange are required with KYC or not to protect with fund keep safety although your account are failing to complete KYC.

ZAINmalik75

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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?

In some exchanges KYC matter while in some it does not matter. like in centralized exchange i.e. Binance, Coinbase etc. you have to provide KYC and after getting approval you could use all the features and you can see the amount of deposit, withdrawals will be increased too. Many exchanges provide the option of P2P with KYC and if you would provide KYC then you will be able to use all those features plus there might be more features based on the platform one is using.

Short answer to your short query is, if you do not provide KYC then you have to face no repercussions instead you might not be able to use the features about which I just talked about.

If you are new to crypto sphere then it is best for you to avoid providing KYC because there many other options available to sell, buy etc. the BTC. I am saying it because once you linked your personal life with your crypto life the. It will become difficult for you to unsee it all. I hope my answer might of some help to you. 4

michellee

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The repercussion of failing to complete KYC on the exchange is that you must repeat it until successful. You can ask for help from the support service to help you until the process is successful.

If you delay completing KYC, you cannot use all the features on the exchange because it requires KYC verification. Usually, you are only allowed to deposit assets without being able to be traded. And you should not do that because you have not done KYC.

Regarding your question of whether KYC is important or not, I think it depends on you. If you want to trade on an exchange, you must comply with its regulations. But you can also use decentralized exchanges where you don't need to do KYC. But you need to find the decentralized exchange you want.

terrific

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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?

Not that much because you'll have to go through the process again. Unless you've got an unjustifiable amount on them and you're asked to comply, you'll have hard time if you fail so.
Because if you have provided them already with your kyc and then you are not truthful to it, that's going to make them more doubtful to your identity and could lead to the freezing of your funds until you're all clear to them.

Faisal2202

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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 will not complete the KYC then you can not use the full features of those exchanges. For example, most of the exchanges ask for KYC if you need to use P2P trading. But few ask for it. The point is that if you do not provide KYC, you will not be tagged as a spammer or something like that because you can still use the platform or exchange with no restrictions.

By restriction, I mean that you can wander here and there but might not use the features. Besides these, there are no legal investigations that will take place against you if you do not do KYC. It is optional, but as you have asked this question, Many will suggest you not perform KYC, and I will also suggest the same.

Because by doing KYC you are handing over all of your documents to these exchanges and who knows what they will do with these details and another thing is you will lose the anonymity factor. So, the following thread by Ratimov is the best thread for you to read out to understand the importance of KYC, and after reading that thread, you will learn whether KYC is important or not.
https://bitcointalksearch.org/topic/m.62398807

Yamane_Keto

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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?

Your access to some services will be restricted, or your account may be restricted and deleted after several weeks to months according to what is stated in the terms of service, but in most cases there are certain restrictions on deposits and withdrawals and restrictions on conducting trading, and sometimes you cannot do anything without KYC.

All central exchanges are KYC by default, but the nature of the restrictions varies. Some allow you to do everything within 10 Bitcoin per day, and some restrict your access to everything.

AnonBitCoiner

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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?

You have asked general question and did not mentioned any specific exchange so there are three type of exchanges as far as i know. The first one that requires kyc for any function you want to use like Deposit/trade/withdraw. If you fail to complete KYC then you can just overview exchange and you cannot do any operation like Binance/probit and many other exchanges

some exchange will let you use the exchange without KYC and you can deposit/trade and withdraw but there will be some limitations like daily withdrawal limits, fee and also you will not be able to use P2P and participating in new token sales/staking. Bitget, bybit and some other non kyc exchange have these feature. These exchanges can anytime ask for KYC if technical team found any fraud or abnormal funding.

Third type of exchange where you can deposit without kyc and also trade but for withdraw your fund you have to pass kyc otherwise you will loss your funds like bitmart exchange.

aylabadia05

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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?

Cannot make transactions because to be able to transact at Exchange must complete KYC correctly.
No need to panic if you fail to finish KYC in the exchange that you want to use because there is still an exchange that does not need KYC for their users.

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

Re: KYC matter?

KYC is useful as a principle to get to know users because it involves personal identity as its definition. For individuals who do not want personal identity to be scattered with fear of abuse, then KYC is very important not to be given.
Enthusiastic KYC, for me it is very important not to be shared carelessly.

Consider.

Fivestar4everMVP

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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?

From my own personal experience so far, I do not see any repercussions aside the fact that you don't get to enjoy the freedom that comes with being able to withdraw significant amount of money on daily basis.

There are some exchanges that allow withdrawal up to $1000 per day maximum for non verified users, while verified users can withdraw up to $50,000 to $100,000 dollars or even more..

If you are a money bag trading on the high side, then it's advisable to verify your account to enjoy high limit.

And let me not forget to mention that there are even some exchanges where they won't allow you to make a deposit without verifications, and some also allow you to deposit, but won't allow you to withdraw without verifications..

Most exchanges won't also allow you to trade in the futures/margin market without kyc verification, and if you are a p2p trader, some big exchanges won't also allow you to trade p2p with other users without passing kyc verification.

Beparanf

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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?

It matters because KYC is the only documents required to regulate users by the law. Without it, An exchange can’t get their license to operate on most countries or they might breaking the law since most country is now regulating crypto exchange unlike before that government doesn’t cares about crypto trading.

Repercussion is you might not recover your funds without undergoing KYC. Read the terms of exchange always.

Topic: KYC matter? - page 5. (Read 818 times)