Topic: (KYC on Vindax) This proof further convinced me that KYC is really not important (Read 757 times)

Just because basic KYC verification is seamless (in this case unusually so ) doesn't mean there won't be any trouble when actually using the site and withdrawing more than a bitcoin or two.

This is not good if this account approved then anyone can easily created an account to launder huge amount of btc. Also the information you used are also in danger of being used in case the account was hacked. Too bad for the owner cause he can be alleged of fraud. Normally if you asked on telegram, about inquiry scammers are the one will contact you instead so better to direct to their own support email but as you mentioned no one bothering to response on you, then this is one worst characteristic of iressponsible exchange. Support is important to give care on their users.

And one which may not be sufficiently addressed.

I can, for example, create a name out of thin air, pay a dollar or two for an equally fake ID or water/electric bill, pay another dollar or two for a random individual picked up from the street to pose for a few seconds in front of a camera, buy a sim card which is less than a dollar, create an email solely for it, and so on. And you will have your KYC ready to go and most probably approved.

I even doubt if they have special staff to handle different cases. Since 4 days ago I have been trying to contact the team via telegram to delete this account, unfortunately no admin has responded to my chat. Instead, I encountered several scammers who PM me. This exchange has the worst service in my opinion.

If they actually verify a kyc made from random id and info from the Internet, it means this submitted documents are not manually reviewed by the staffs, rather they allow auto verification which is not going yield any accuracy, then what is the process of going through kyc, collecting personal information from users that could fall in the hands of bad guys,
Such a big flaws on kyc process.

this cryptocurrency market has some things that are very difficult for a small brain as I understand it. I still don't understand why we have to do KYC when we know that the exchange asking for KYC is an anonymous exchange? that makes sense?

does anyone know the owner of vindax.com?

If nobody knows who is the owner of vindax.com why do we have to deliver our sensitive documents to an internet stranger?

I am very shocked by all this, to make matters worse and that we are talking about an exchange that has no physical offices and no license, that is to say who supervises these exchanges to ensure that our documents are safe?

Calm down friend, as I mentioned in the OP, I signed up just for fun. I do not use this exchange. I do not know whether Vindax has seen this thread so far, I can still access this account. Moreover, I no longer have access to that temp-mail, so it is not possible to make data changes. Even if they block this account, no problem.
Btw, if you want to try opening it, I can give you this account password before vindax completely blocks it.


I don't know how strongly TOR has hidden my location. When I became a maliciuos person, the things you mentioned were the first things I should pay attention to.

Vindax is a proved scam exchange, they have pretty high bad reviews on the web, I'm not surprised that they don't have a real KYC verification system, I will never trade good coins on this exchange unless the token and coin I want to sell are only available for buyers on vindax

All you found is proof that exchanges do not have a good verification system for KYC. But if the authorities start tracking and ask them to file reports you can be sure that they will get in trouble. And then you will realize, oh damn, kyc is important. BTW you just committed a crime of stealing an identity and impersonating someone else.

I believe the failure of KYC is general and not just on Vindax.

Anybody who's planning to do some shady stuff using an exchange would easily let anybody else comply with KYC on his behalf, or use fake identities and documents, or use a reliable service which provides complete KYC details.

Well, in the first place, these exchanges are only implementing it for compliance's sake.  

You're right, but I am not sure this only works in small services if I look at the ranking on the CMC exchange list. Vindax is at 95 based on web traffic.
If I were a maliciuos person, I would love to take my actions on small sites so that they would not be aware of my activities. Knowing this weakness, it opens up 2 of my opportunities to:

• facilitate others to do money laundering or other crimes.
• start to create as many accounts as possible and sell them.

It differs if the site wants to impose KYC to verify the identity of customers and conduct sales and purchases related to banks and some legal procedures and a site that imposes it to obtain more profits because of the sale of those identities in the black market.
This trick will work in small sites because it does not strictly verify identity and does not cooperate with platforms to ensure that everything is subject to legal compliance.

Stay away from these sites as they do not have enough budget to develop these programs.

Nice catch, maybe we can also upload some DOGE Memes and it will pass. 

I can imagine a main reason is to save costs here.
It's very understandable especially for small services because reviewing KYC has to be done by some staff. Or even more pricy a third party KYC verification service like IDnow etc.. At least reviewing KYC is an extra cost for evey business which has also to be covered.

And now imagine they already need every penny, it's quite possible that they are also selling such personal data to make more money. I wouldn't trust centralized services as far as I can throw them. Storing funds as little as possible on their platform and providing data as little as possible for them is essential to avoid any bad surprises.

I remembered that EOSEX exchange which it did really turn out to be a scam after few months, unluckily i do have some Eosex tokens locked up inside.

Talking about Vindax then there are really scam accusations towards this exchange which isnt surprising for non so popular platforms.In the case of OP, well it seems that their KYC

verification department doesnt care too much if those docs are valid or not. I presume out that their mindset is that when someone tries to verify their account they do think of that

it might be a big or whale user since 100BTC limit a day will really sound pretty sweet to them.

First of all Vindax are proven scammers. They have all sorts of scam accusations from locking up people's money in the name of KYC to listing scam IEOs. All they care about is money

I remember EOSex.com (which is now an exit scam). One day they were asking me to verify my account to 100 BTC limit, the next couple of days my account started showing verified even when i didn't upload any document.

The website would then shutdown sudden after a few months. It turned out it was an exit scam. Luckily i had no EOS in the exchange but some people lost money.

Sometimes it's just a trick to steal people's KYC documents.

I can well imagine the crappier exchanges like this one, never heard of it, pretend to do KYC in case a government comes knocking some day.

It's a user's choice as to whether they play along in an equally daffy manner but I wouldn't be anything other than straight up with a place I was putting proper money through. If it was some piece of shit place like this and I wanted rid of some shitcoin and had no choice then I'd happily photoshop George Bush as long as I could get out quick enough.

Not surprised by this since they have a history of listing scam/fake projects in their platform ^{[e.g. This and this]}.
^{- Looks like their security department (if they have one) doesn't do their work properly.}

Some services enforce KYC by force (because almost all crypto communities do not want it) to comply with the applicable law in which the service was established. Or also, KYC is a powerful reason for scammers after successfully doing the action to avoid accusation of victims. I only did KYC when I was new in the crypto space which I thought was safe. As I learn more from this forum, especially the opinions of the members in a recent 1miau post about the dangers of KYC.

Two days ago I tried to register for the Vindax exchange (just for fun). I registered with a temporary email and it crossed my mind to do a KYC to find out how the process is in this exchange. I clicked on the "unverified" button and was taken to the "domicile" page. I filled it in with the address of a restaurant in Kuala lumpur Malaysia, then a form appeared to apply KYC. I uploaded a random ID card that I found on FB (Indonesian nationality) for the front side, and downloaded it on google for the back side. The model that holds a piece of paper that says "Vindax - today's date" is downloaded randomly on Pinterest.

More than 24 hours this account has the status of "waiting for approval" and at first I thought it would fail because the data I provided clearly had no connection. Recently I tried to open it aaand ...
bingo ...

I am verified and now I can launder up to 100BTC in one day for 1 account. Incredible and ironic ...

Some case reports (not about Vindax) that I found in this forum about the failure to withdraw assets and KYC were rejected due to some unreasonable reasons even though the data provided by the customer is actually valid. From now on, you must be a paranoid about KYC and this method you can do to test the security system in terms of verification. If this method works, then most likely they will suspect you one day and you will not be able to withdraw your assets in the future. Leave the service! Based on this case, KYC is considered important only for customers, and not important for services itself(any service). It doesn't matter if we send even the alien identity to them. I also want to know how Vindax complies with laws and regulations. If this is not a problem for them, I think Vindax has a KYC system that does not meet the standards.

Please share your experience with your proof here if you find services with this kind of weak KYC system.
[Silly question and does not need to be answered] If you think this is a serious bug, how many BTC do I deserve to have found this problem from Vindax?