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 100
BTC 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?