KYC matter? - page 6. | Bitcointalksearch.org

Pandu Geddon

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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 fail to do KYC on the exchange, usually they will ask you to complete the missing parts or fail. some exchanges define several stages of KYC, and if you fail at one you can repeat it. and usually the exchange provides a description of the reason for the failure. such as a document photo that is not clear, you can repeat it.

the impact is clear when it comes to withdrawals. If you have already made a deposit, of course you have to complete KYC to be able to make a withdrawal.

goaldigger

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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?

Some exchange will restrict you from trading though you can still withdraw the money.
Just like in Binance, they recently asked for another KYC to update their data and if you will not comply you can trade anymore not until you submit the requested details.
KYC seems to be more big deal now, as many platforms strictly implements this for the protection of the platform and of course the user as well.

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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 think you'd have more idea if you'll read that exchange's specific terms and conditions in regards to a fail KYC. As far as I know they may have similarities but I guess it will differ and vary per your residency I guess something like that.

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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 depends on what kind of exchange you use and why the asked you for KYC

1. Some exchanges ask for users to undergo KYC verification so that they can hold onto their funds. Should you pass the KYC, they may ask for other new requirements from you. Should you fail the KYC, they will lock your account and keep the funds. This behaviour is common with scam exchanges like HitBTC

2. Other exchanges just let you withdraw the money out of your account should you fail their KYC verification. They then lock your account, and you won't be able to use any of their products. This happens at times in exchanges like Binance.

3. Certain circumstances such as suspicious transactions or as requested by law enforcement that your account is frozen and investigated. They may ask for KYC but won't release your funds until you pass KYC verification.

tranthidung

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Quote from: Oshosondy on September 08, 2023, 08:32:37 AM

It is good to point to the fact that people should not leave coins on exchanges because any exchange can be hacked and because the person do not have complete control over his coins.

To the point

Reminder: do not keep your money in online accounts

But as I shared my thinking, you lose more than on just your cryptocurrency when you KYC and that exchange turns to scam. Scam exchanges double scam you by: stealing your cryptocurrency; stealing your KYC document.

Oshosondy

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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?

What I will let you know is that you should not think that because of KYC that you can not be scammed. You can be scammed.

KYC do not let you have privacy. That is the main disadvantage.

Quote from: tranthidung on September 08, 2023, 08:20:04 AM

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.

It is good to point to the fact that people should not leave coins on exchanges because any exchange can be hacked and because the person do not have complete control over his coins.

$crypto$

legendary

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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

tranthidung

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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 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.

Why KYC is extremely dangerous – and useless

The Future

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

Topic: KYC matter? - page 6. (Read 818 times)