Topic: So, gate.io needs KYC from me before allowing withdrawals? (Read 173 times)
This appears to be a new thing with gate.io. As others stated this is probably not going to be the end of captive crypto as enchanted implement KYC. The only way to trade if that isn’t an option you would consider might be with decentralized exchanges. This is why dexes have been extremely popular as of late and Uniswap and pancakeswap have been on a tear. If you haven’t familiarized yourself with decentralized exchanges, you should probably start doing so.
at least you are not delivering your documents to an anonymous exchange, gate.io is an exchange that was founded by Lin Han and was acquired by ACADEMI and according to google they are situated in Virginia, USA. I do not agree with KYC, but at least you are not delivering documents to an unknown exchange, although these exchanges do not have government inspections so there is no guarantee that they cannot sell our documents.
I would expect more and more of this in the current environment. If they can even trip up 1 or 2 customers a day that's a decent bonus to their balance sheet. To the public they are just performing a service combating tax dodgers and money launderers. I hope you can get this cleared up soon, especially now 24 hours is a lifetime.
It appears that way. I have tried to withdraw just a few hundreds of BTC and I can't even withdraw because their threshold has to be 0.05BTC. And also submit KYC because its mandatory. It turned out to be good though because I bought Doge with the amount I was supposed to withdraw and profit more money out of it. So ye gate.io sucks but thanks still.
Does gate.io need its users to mandatorily do the KYC before going for the withdrawals?
Especially if you're from the US, afaik in general KYC is pretty much mandatory. It's just that asking for the KYC at the point of withdrawal is definitely not the best way of doing it (in an ethical perspective).
Decentralization is trapped with centralized exchanges.
The problem isn't about the funds to be withdrawn TBH, but it's about the fact that even after full 24 hours of me submitting everything they asked, they've done almost nothing since then and when it's about crypto, they can't give me an excuse of "working days" because crypto works 24/7.
Just wait, friend, when I send what documents gate.io asks for, I send the documents for KYC 2 days waiting and then after that my gate.io account has been verified without notification from email, so I think you often check it and make withdrawals from the gate. io requires KYC and after that withdrawal will be easier only 1-2 minutes after successful withdrawal. 
I'm not from the US and the source of my funds was trading at pancakeswap, so I don't think I was involved in any money laundering or fraud activities, am I? 
I think you're just caught up in their algorithm that monitors all accounts - and it's a well-known fact that crypto exchanges are increasingly entering automatic surveillance systems that of course work more efficiently than humans, but also make a lot more mistakes. Unfortunately, the only way to get your funds is to accept the rules of the game.
The problem isn't about the funds to be withdrawn TBH, but it's about the fact that even after full 24 hours of me submitting everything they asked, they've done almost nothing since then and when it's about crypto, they can't give me an excuse of "working days" because crypto works 24/7.
This is a very unethical business practice as someone has already mentioned, and unfortunately it is used by many crypto exchanges that do not require any verification when registering or depositing cryptocurrencies, but their users are unpleasantly surprised when they want to withdraw. One such example is Binance which theoretically allows up to 2 BTC daily withdrawals without KYC, but users often complain that they are asked for KYC for much smaller amounts.
I think you're just caught up in their algorithm that monitors all accounts - and it's a well-known fact that crypto exchanges are increasingly entering automatic surveillance systems that of course work more efficiently than humans, but also make a lot more mistakes. Unfortunately, the only way to get your funds is to accept the rules of the game.
I'm not from the US and the source of my funds was trading at pancakeswap, so I don't think I was involved in any money laundering or fraud activities, am I?
I think you're just caught up in their algorithm that monitors all accounts - and it's a well-known fact that crypto exchanges are increasingly entering automatic surveillance systems that of course work more efficiently than humans, but also make a lot more mistakes. Unfortunately, the only way to get your funds is to accept the rules of the game.
Does gate.io need its users to mandatorily do the KYC before going for the withdrawals?
Especially if you're from the US, afaik in general KYC is pretty much mandatory. It's just that asking for the KYC at the point of withdrawal is definitely not the best way of doing it (in an ethical perspective).
Exactly, I was asked to go through their KYC procedure just after I requested my first ever withdrawal at their exchange. Lol I never faced such shitty behavior even at ftx or probit exchange.
I'm not from the US and the source of my funds was trading at pancakeswap, so I don't think I was involved in any money laundering or fraud activities, am I?
Does gate.io need its users to mandatorily do the KYC before going for the withdrawals?
Especially if you're from the US, afaik in general KYC is pretty much mandatory. It's just that asking for the KYC at the point of withdrawal is definitely not the best way of doing it (in an ethical perspective).
I don't think so. KYC may be suddenly asked from anybody but it is not mandatory to every withdrawal.
As far as their new daily withdrawal limit is concerned, those who haven't passed the first level of KYC will have a limit of $100,000 USDT. This was implemented starting just a couple of months ago.[1]
However, under About Identity Verification KYC Procedures, specifically under question number 2:[2]
This is because your transaction may be flagged as suspicious. In which case, you would be marked “KYC Required” and won't be allowed to withdraw until KYC is passed.[3]
[1] https://www.gate.io/en/help/annlist/19696/Gate.io-Will-Introduce-a-New-Daily-Withdrawal-From-Next-Week
[2] https://www.gate.io/en/help/guide/account/17399/About-Identity-Verification-KYC-Procedures
[3] https://www.gate.io/en/help/guide/deposit_withdrawa/17393/KYC-Required-in-withdrawal-what-does-it-mean
As far as their new daily withdrawal limit is concerned, those who haven't passed the first level of KYC will have a limit of $100,000 USDT. This was implemented starting just a couple of months ago.[1]
Quote
1) New accounts will have an initial withdrawal limit of $100,000 USDT
2) Accounts that have passed KYC1 check will have a 2,000,000 USDT withdrawal limit.
3) Accounts that have passed KYC2 check will have a 5,000,000 USDT withdrawal limit
4) Withdrawals and Push transfers are both included in the total withdrawal limit.
2) Accounts that have passed KYC1 check will have a 2,000,000 USDT withdrawal limit.
3) Accounts that have passed KYC2 check will have a 5,000,000 USDT withdrawal limit
4) Withdrawals and Push transfers are both included in the total withdrawal limit.
However, under About Identity Verification KYC Procedures, specifically under question number 2:[2]
Quote
2. Is Identity Verification (KYC) mandatory for deposit ?
You can deposit while preparing for Identity verification, but please make sure you have finished it before withdrawing.
You can deposit while preparing for Identity verification, but please make sure you have finished it before withdrawing.
This is because your transaction may be flagged as suspicious. In which case, you would be marked “KYC Required” and won't be allowed to withdraw until KYC is passed.[3]
[1] https://www.gate.io/en/help/annlist/19696/Gate.io-Will-Introduce-a-New-Daily-Withdrawal-From-Next-Week
[2] https://www.gate.io/en/help/guide/account/17399/About-Identity-Verification-KYC-Procedures
[3] https://www.gate.io/en/help/guide/deposit_withdrawa/17393/KYC-Required-in-withdrawal-what-does-it-mean
So there is only one way to find out. Through withdrawal.
https://www.gate.io/id/help/guide/17393/KYC-Required-in-withdrawal-what-does-it-mean
On their support page, it also saying we can increase our withdrawal limit after we completed KYC, so it's mean we can withdraw our money without KYC on Gate.io
They may or may not ask for verification. I have seen a couple of scam accusations against Gate.io involving verification but not as bad as HitBTC.
This is what their terms and conditions say;
So there is only one way to find out. Through withdrawal.
This is what their terms and conditions say;
Quote
Gate.io may, in its discretion, require you going through identity verification and other screening procedures to protect itself from involvement in any money laundering or other criminal activities. You may be required to provide certain personal information, including but not limited to, your name, address, phone number, photographic proof
of your identity, and information regarding the source of funds. You agree and authorize Gate.io to require information from you directly or through a third party, and you understand and agree Gate.io has the right to not permit any deposits, trades and withdrawals until proof satisfactory to Gate.io in its sole discretion is received and reviewed.
of your identity, and information regarding the source of funds. You agree and authorize Gate.io to require information from you directly or through a third party, and you understand and agree Gate.io has the right to not permit any deposits, trades and withdrawals until proof satisfactory to Gate.io in its sole discretion is received and reviewed.
So there is only one way to find out. Through withdrawal.
I tried to withdraw some funds I sent there to trade some startup based coins and got some good profit. Now when I'm trying to withdraw my coins from there and even ready to pay their hefty fees they're charging on even the cheapest coins (5 trx, yes it's big for me compared to others who take just 1). Does gate.io need its users to mandatorily do the KYC before going for the withdrawals?
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