[Survey]Do we need to provide KYC documents in any cryptocurrency exchanges?

Josefjix

sr. member

Activity: 1288

Merit: 305

yes

Quote from: Simakura on October 21, 2020, 04:15:42 AM

Many of the exchanges require KYC, but some don't like binance without kyc already being able to trade. But KYC is very necessary to maintain security For example, when you lose 2FA, KYC accounts will be easy to handle

You're right but you don't need kyc to trade on Binance. It is when you need to withdraw to fiat instead of wallet address you are required to submit your documents for KYC. Or when you are to withdraw a large sum of Bitcoin. But KYC helps most CEXs to trace scam wallets, like the person who hacked Kucoin, if he had user CEX wallet who he/she submitted KYC. It would be easy to be traced and apprehend along the accomplices.

Mahanton

hero member

Activity: 2730

Merit: 632

Quote from: Yatsan on October 25, 2020, 05:17:39 PM

Before, KYC was not actually a requirement on some exchanges. I have first experienced filling up for KYC verification on the times of bounty campaigns where bounty managers as well as the team developers of the project do wanted to ensure that the people they will be paying with is a real person having real identity. At first, that looks strange knowing that we are working anonymously using usernames to work in the forum then this KYC get through initializing a transparency when it comes to identity which the exchanges do adapt in order to secure its customers having a safe place to work with.

Now that because the government of a certain country wanted to ensure its people's welfare not to get into a scam exchange, KYC verification process is now being a requirement to be able to secure that people are really true and for security purposes. If it is not intended, I will not do the KYC process but since it is a requirement nowadays, then there is no choice but just to follow for why worry if you are having a clear intention on doing transactions.

Back in the past where KYC isnt really that too mandated yet crypto isnt really making some noise back then and when the market had become saturated and get involved with
lots of scams and frauds then government had already recognized its existence not only to this matter but also in taxation purpose as well and even on money laundering issue.
Nowadays there are platforms that do offer tx on maximum of 2btc per day which is sufficient but for people who do goes above that limit then there
would be no other options but to abide on whats being asked out.

Yatsan

legendary

Activity: 2576

Merit: 1252

Leading Crypto Sports Betting & Casino Platform

Before, KYC was not actually a requirement on some exchanges. I have first experienced filling up for KYC verification on the times of bounty campaigns where bounty managers as well as the team developers of the project do wanted to ensure that the people they will be paying with is a real person having real identity. At first, that looks strange knowing that we are working anonymously using usernames to work in the forum then this KYC get through initializing a transparency when it comes to identity which the exchanges do adapt in order to secure its customers having a safe place to work with.

Now that because the government of a certain country wanted to ensure its people's welfare not to get into a scam exchange, KYC verification process is now being a requirement to be able to secure that people are really true and for security purposes. If it is not intended, I will not do the KYC process but since it is a requirement nowadays, then there is no choice but just to follow for why worry if you are having a clear intention on doing transactions.

UmerIdrees

hero member

Activity: 2464

Merit: 877

Quote from: FatFork on October 24, 2020, 04:12:17 PM

Quote from: CryptopreneurBrainboss on October 24, 2020, 03:47:18 PM

True and so are VPN yet they're still been used and recommended even after it has been banned by obviously the government that are non friendly to Bitcoin and cryptocurrencies in general.

I had no idea that using VPNs was illegal somewhere. That's really stupid. VPN is just a tool and tools aren't inherently good or evil - it's how we use them that matters.

Now, as I read about it, I see that there are a handful of countries that have actually banned VPNs. For example: Belarus, China, Iraq, North Korea, Oman, Russia ... I am really lucky that I do not live in such countries.

How can any country Ban the VPN ? VPN are avaible on the net and you can use them and no govt. authority will be able to know that you are using VPN. This ban is just like crypto currencies ban which cannot be enforced.

For the KYC in cryptocurrency exchanges, we don't have much options. Either do the KYC or don't trade. Sad

nelson4lov

hero member

Activity: 2310

Merit: 832

🌀 Cosmic Casino

I voted Yes in the pool. I know that KYC/AML is heavily frown at here in crypto due to the fact that it tampers with people's privacies (privacy is one of the reasons people get on board the crypto bandwagon). However, providing KYC still has it own benefit. For one, you can retrieve your exchange account if you lost access to it - like losing your phone, PC crash etc. In such a situation, all you have to do is to provide the same ID docs and if it matches, you'll be given access back into your account. This and other benefits which I won't mention.

For the records, I'm not a fan of KYCs either but I participate in the exercise when it becomes a necessity.

DoublerHunter

hero member

Activity: 2590

Merit: 644

Quote from: StephenJH on October 24, 2020, 04:24:03 PM

For prohibiting money laundering, asking the personal documents, and proving the ownership is required because of the age limit. It is the same in the gambling world, the suspicious activity on exchange and price manipulation will be easier if there was no KYC. Well-known exchanges have the right to request KYC and I will not hesitate to send it in order to continue using the crypto exchange. Maybe multi-accounting or using the same IP address due to VPN-proxy services can cause this but having a verified account is always the best choice.

^ We have nothing to do just to accept the fact.
KYC now is a part of a licensed exchange that everyone would know about it through your post. But I like the move of Binance, having their own rules that implemented and the none KYC verification. Nevertheless, just follow what they mentioned above, it's quite useless.

Myleschetty

member

Activity: 1191

Merit: 78

Quote from: kashiwagiyuki on October 20, 2020, 10:38:47 PM

Currently, most of the exchanges (CEX) are KYC required. As we all know, most of the crypto currencies (especially bitcoin) are decentralized and anonymous.

Every CEX exchange are expected to implement KYC/AML but Bitcoin is only decentralized and not anonymous cause it was pseudonymous.

Quote from: kashiwagiyuki on October 20, 2020, 10:38:47 PM

Why should those exchanges collect our personal information?

That's because they operate under the rules and regulations giving to them by SEC or their license provider.

Quote from: kashiwagiyuki on October 20, 2020, 10:38:47 PM

Do you think KYC is necessary?

If you want to make use of CEX exchange site? Yes, KYC is necessary.

StephenJH

hero member

Activity: 1470

Merit: 521

No more Rekt and Bust

For prohibiting money laundering, asking the personal documents, and proving the ownership is required because of the age limit. It is the same in the gambling world, the suspicious activity on exchange and price manipulation will be easier if there was no KYC. Well-known exchanges have the right to request KYC and I will not hesitate to send it in order to continue using the crypto exchange. Maybe multi-accounting or using the same IP address due to VPN-proxy services can cause this but having a verified account is always the best choice.

MCobian

full member

Activity: 1190

Merit: 117

In fact, many exchanges have implemented KYC procedures because they are forced to follow government regulations. If exchanges
does not enforce KYC, the exchanges will not legalize, and after all, they will enforce KYC in order to convert crypto to fiat. Actually
I have no problem doing KYC by providing the personal data that I have as long as the exchanges are trusted. After all, all of us who are
accustomed to transactions using banks must also do KYC. So now when using exchanges to do KYC there should be no problem.

FatFork

legendary

Activity: 1820

Merit: 2700

Crypto Swap Exchange

Quote from: CryptopreneurBrainboss on October 24, 2020, 03:47:18 PM

True and so are VPN yet they're still been used and recommended even after it has been banned by obviously the government that are non friendly to Bitcoin and cryptocurrencies in general.

I had no idea that using VPNs was illegal somewhere. That's really stupid. VPN is just a tool and tools aren't inherently good or evil - it's how we use them that matters.

Now, as I read about it, I see that there are a handful of countries that have actually banned VPNs. For example: Belarus, China, Iraq, North Korea, Oman, Russia ... I am really lucky that I do not live in such countries.

CryptopreneurBrainboss

legendary

Activity: 2478

Merit: 4341

eXch.cx - Automatic crypto Swap Exchange.

Quote from: FatFork on October 24, 2020, 03:23:53 PM

Forgery of government issued documents is a serious offense, punishable as a felony in most (if not all) countries in the world. This is not something I would brag about on the forum, especially if it potentially encourages others to commit a similar criminal offense.

True and so are VPN yet they're still been used and recommended even after it has been banned by obviously the government that are non friendly to Bitcoin and cryptocurrencies in general. What I illustrated above isn't something I am proud of but it just had to be done and I'll redo them if I was to start all over especially as the exchange services this days aren't concerned about our privacy and take advantage of any opportunities they have to get hold of our personal/sensitive information and auction them to the highest bidder or pass them down to the authority.

I didn't think I'll ever trust any service provider to the extent of sending them my personal details as far the industry is concern so your statement becomes absolute, and I won't advice any individual to do the same (and if I might have mistakenly pass the impression of supporting such in the past, disregard that statement).

FatFork

legendary

Activity: 1820

Merit: 2700

Crypto Swap Exchange

Quote from: CryptopreneurBrainboss on October 24, 2020, 12:15:23 AM

...I would had proceed to using these fake documents in accessing all the KYC needed account.

Forgery of government issued documents is a serious offense, punishable as a felony in most (if not all) countries in the world. This is not something I would brag about on the forum, especially if it potentially encourages others to commit a similar criminal offense.

True, sending your actual IDs can be risky and dangerous, but if you don't trust a particular service or organization, the only thing I can recommend is - don't use them.

pawanjain

hero member

Activity: 2702

Merit: 716

Nothing lasts forever

I would try my best not to give KYC details to any exchange and I would rather find alternative ways to do the exchange.
But if there is no other way around to perform the particular transaction then I will not hesitate to give the KYC details.
This is because of 2 main reasons

1. I am not doing anything wrong and so I would not be afraid to do any transaction
2. I would be using the best reputable and safest platform to whom I would be giving the KYC details.

Despite these reasons if there's something unfortunate that happens then I will be prepared for it.

buwaytress

legendary

Activity: 3010

Merit: 3724

Join the world-leading crypto sportsbook NOW!

Always a matter of principle mixed with practicality for me. If I lived alone and only had myself, I'd be doing P2P all the way, and little to no KYC.

As it stands, I actually don't live alone, and have many many co-dependants, and because of my current residency situation, I would very much like to set my affairs in place so as to make it easy for living conditions and all that. Hence, my decision to KYC at a couple of exchanges. A necessary evil, but it makes things just so much easier and predictable.

Dorodha

member

Activity: 252

Merit: 11

Crypto has many exchange sites but not all exchange sites need to provide KYC documents later. These are new techniques to scam sites that ask you to kyc trying to hack ID by stealing our personal information. cryptocurrency is better not to use kyc exchange sites for your own protection as there is no possibility of leaking our personal information. I can exchange KYC very securely on other sites.

XCANA

full member

Activity: 1470

Merit: 148

Though, the world of cryptocurrency is full of individuals with different motives which involve their ways of handling their respective personal data. Some have their privacy important with them why others don't, so, back to your question: the choice is yours if you want to give out KYC or not. Personally, i don't give out my personal information for any reason becasue my dignity depends on my privacy online and offline.

gabbie2010

sr. member

Activity: 2842

Merit: 326

20BET - Premium Casino & Sportsbook

Some government need some stringent rules to guide against shady deals like money laundry by some Exchanges both centralized or decentralized ones in order to trace or track such fraudulent transaction KYC is mandated for some customers that usually transacts with huge amount of coins, transferring huge funds can be well suspicious thus requires proper monitoring to know maybe it will fall into the wrong hands particularly terrorist organizations terrorist are looking for various avenues to fund for their nefarious activities therefore there is a need to checkmate these exchanges.

lovesmayfamilis

legendary

Activity: 2072

Merit: 4265

✿♥‿♥✿

Today, many major cryptocurrency exchanges are introducing appropriate measures to implement KYC policies. This is an established policy, thus the exchanges reject all suspicions from the government authorities. On the other hand, exchanges that do not require KYC from customers are subject to risks and all sorts of legal claims. The presence of verification serves as a kind of guarantee that the exchange does not engage in dark machinations.
As for the clients themselves, this is their choice. There are many options for registering on exchanges today. Providing personal information on reputable exchanges is quite normal.
Moreover, as much as we care about the confidentiality of our data, today, unfortunately, it becomes increasingly difficult to achieve this. The only thing that depends on us is to more carefully choose the places where we leave information about ourselves.

GreatArkansas

legendary

Activity: 2562

Merit: 1399

I already made a mistake before, when I have funds trapped in an exchange. Because before, when I started to sign up on that exchange, there were no KYC things at all, but after few months, they updated their Terms of Services and their new update is to submit KYC before you can withdraw your funds, so I have no choice, that's why I submitted KYC documents. Even I don't want to, I don't have choice.

Janation

hero member

Activity: 1722

Merit: 528

I don't want to provide, TBH.

There are a lot of decentralized exchanges, proven and tested. It is just that, I am using an exchange that requires KYC because it is more efficient since I could make that exchange as a middleman to some transactions that I wanted to. It is a mobile exchange so I could pay some bills, buy load or buy some in-game currencies if I wanted to.

Topic: [Survey]Do we need to provide KYC documents in any cryptocurrency exchanges? (Read 616 times)