I am one of those who disagree with cryptocurrency exchanges to have KYC, because there is a possibility that the exchanges
could sell their user data. I always use exchanges that do not require users to perform KYC procedures, because for me personal
data is important and valuable. The only exchanges that I am willing to do KYC procedures are local exchanges originating from
my country, I did that so I could cashout.
Topic: [Survey]Do we need to provide KYC documents in any cryptocurrency exchanges? - page 2. (Read 616 times)
October 24, 2020, 02:38:51 AM
October 24, 2020, 01:03:55 AM
In my opinion it depends on the size of your deposit or personal trading, and Binance and other trusted exchanges imposing kyc on a certain portion of the asset is very appropriate.
I would not say kyc is a must for traders as long as it is can be avoided no matter how difficult it is (legally) and the slightest chance even though the exchange has their responsibility to the local government regarding the identity of the customer. But if the kyc request is related to personal risks using CEX such as locked accounts, withdrawal limitations, and so on (big risk), I will still do it forced and there is no other way on the condition that their kyc system is up to standard, not corrupted and has been tested. Here is an example of a bad KYC system that I have done my own research.
In so far as I have been trading on CEX, I have only sent kyc once on an exchange where I have exchanged my crypto to fiat. And I have regretted it after I found out that some members of this forum have crypto to fiat exchange services.
I would not say kyc is a must for traders as long as it is can be avoided no matter how difficult it is (legally) and the slightest chance even though the exchange has their responsibility to the local government regarding the identity of the customer. But if the kyc request is related to personal risks using CEX such as locked accounts, withdrawal limitations, and so on (big risk), I will still do it forced and there is no other way on the condition that their kyc system is up to standard, not corrupted and has been tested. Here is an example of a bad KYC system that I have done my own research.
In so far as I have been trading on CEX, I have only sent kyc once on an exchange where I have exchanged my crypto to fiat. And I have regretted it after I found out that some members of this forum have crypto to fiat exchange services.
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October 24, 2020, 12:15:23 AM
Why should those exchanges collect our personal information? Do you think KYC is necessary?
I voted yes as I have done several KYC and will still be open to doing more but here's the catch, my documents used for this verification are all fake including that of Binance and Luno that I use actively for all my transaction including withdraw to fiat. Yes this document has my passport on them but all other details are fake including my names. Now I'm not much of a centralized peer2peer patronizer since I have fallen to scam in my early days in the industry. In a scenario when this document gets rejected which has happened before, I abstain from using that particular platform.
I see no reason why my details are been needed by this platforms, the only reason why they have my passport is because some verification needs additional proof where I'll be required to send a selfie, assuming that wasn't needed, I would had proceed to using these fake documents in accessing all the KYC needed account.
October 23, 2020, 02:09:27 PM
I think it's more personal...
I have no problem doing KYC as long as that on trusted exchanges like Binance, Probit, Bittrex, and others. Trusted exchanges will definitely keep secrets from consumers, in contrast to new exchanges which mostly impose KYC only for their future benefits.
I have no problem doing KYC as long as that on trusted exchanges like Binance, Probit, Bittrex, and others. Trusted exchanges will definitely keep secrets from consumers, in contrast to new exchanges which mostly impose KYC only for their future benefits.
I think most exchanges that require KYC are obeying the rules of the country that they operate. KYC isn't wrong if data is kept as secret from even government but that is not possible since the government is having interest in the KYC.
October 23, 2020, 12:02:13 PM
If there are no other options, I don't think KYC will be a problem when it is a trusted exchange like Binance.
Binance requires its users to verify KYC in order to access many of its new features and make larger withdrawals. Some people are not happy doing KYC, but KYC is very necessary to verify our identity. The platform selected must also be a platform that can truly be trusted to store your personal information. There is nothing wrong with doing KYC, but you have to be careful. Don't submit personal identities to foreign platforms you don't know.
Binance requires its users to verify KYC in order to access many of its new features and make larger withdrawals. Some people are not happy doing KYC, but KYC is very necessary to verify our identity. The platform selected must also be a platform that can truly be trusted to store your personal information. There is nothing wrong with doing KYC, but you have to be careful. Don't submit personal identities to foreign platforms you don't know.
October 23, 2020, 11:03:26 AM
My major problem with the current centralized kyc model is the risk it exposes people to. Your valuable private data could be hacked, abuse, misused, etc by those who have access to them. Imagine the risk you will be exposed to if your home address, your phone number, date of birth and other private information is access by dangerous people.
I think people should trade without kyc, but if kyc become necessary, a decentralized kyc system should be used instead. With this, everyone controls his/her private data, verification is done by the network in a crypto-friendly manner and verified information is hashed and used for authentications.
I think people should trade without kyc, but if kyc become necessary, a decentralized kyc system should be used instead. With this, everyone controls his/her private data, verification is done by the network in a crypto-friendly manner and verified information is hashed and used for authentications.
October 22, 2020, 01:28:38 PM
If we don't have other option then we will be force to submit our KYC just to use a better service of exchange and to lessen the risk that we will end up to those scam exchanges.
But frankly speaking, in my end I really hate KYC but I don't have other option because there is only one local exchange that is available in our country and there is no easier way to cashin and cashout via it.
But frankly speaking, in my end I really hate KYC but I don't have other option because there is only one local exchange that is available in our country and there is no easier way to cashin and cashout via it.
October 22, 2020, 12:32:39 PM
Firstly, I'll choose an exchange who has been used by most people, like binance or OKEx I'll no doubt giving my personal identity to use the exchange. They will responsible for all the bad things that will happen and also they will make high security to protect it and so far I trust them to protect my personal identity. And second, seem like there is no exchange especially those who operate and have legalized in my country who don't ask KYC, all of them will ask a new user to give their personal identity to use the exchange. Besides that, I'll never give my personal identity especially for new exchange or unknown exchange who offer a lot of promotion.
October 22, 2020, 11:45:23 AM
Currently, most of the exchanges (CEX) are KYC required. As we all know, most of the crypto currencies (especially bitcoin) are decentralized and anonymous.
Because these exchanges are centralized they have to give the reports to the authority so while Bitcoins are decentralized the platform we are trading them are centralized and Bitcoins are not meant to be anonymous in my opinion it is just one property of being decentralized currency.This is an important issue. Traders who trade with small amount they do not have to do KYC on most exchanges, they can withdraw 2 BTC per day without KYC. I used a lot of exchanges without KYC, because I traded in those exchanges with small funds so I didn't need to do KYC anymore.
The exchanges will ask you to KYC only when you can make large trades, because there can be illegal activities when funds of large amount are traded. And centralized exchanges sometimes think of themselves as banks, so they confuse traders by adding any kind of rules at any time.
October 22, 2020, 11:29:08 AM
I think it's more personal...
I have no problem doing KYC as long as that on trusted exchanges like Binance, Probit, Bittrex, and others. Trusted exchanges will definitely keep secrets from consumers, in contrast to new exchanges which mostly impose KYC only for their future benefits.
I have no problem doing KYC as long as that on trusted exchanges like Binance, Probit, Bittrex, and others. Trusted exchanges will definitely keep secrets from consumers, in contrast to new exchanges which mostly impose KYC only for their future benefits.
October 22, 2020, 10:53:19 AM
Currently, most of the exchanges (CEX) are KYC required. As we all know, most of the crypto currencies (especially bitcoin) are decentralized and anonymous.
Because these exchanges are centralized they have to give the reports to the authority so while Bitcoins are decentralized the platform we are trading them are centralized and Bitcoins are not meant to be anonymous in my opinion it is just one property of being decentralized currency.Why should those exchanges collect our personal information? Do you think KYC is necessary?
Because like I said they need to pay taxes on the gross income and they have to make sure there are no fraudulent traders and things like stolen funds or money laundering is not going on through their exchange.I think doing KYC actually makes us strong because imagine if the exchange tries to scam we at least have our ID verified and clear from our side to file a claim.
October 22, 2020, 05:20:29 AM
I am not taking your servey but answered on the poll.I fyou ask is this necessary to provide KYC documents for centralized exchanges then I will say yes because for a company to get approval on a country they need to follow certain regulations so they have mo other choice to follow them.
But as a user they can decide whether they want to give documents or going to use decentralized exchanges so they can maintain their anonymity even while trading as well.
But as a user they can decide whether they want to give documents or going to use decentralized exchanges so they can maintain their anonymity even while trading as well.
October 22, 2020, 03:37:27 AM
Currently, most of the exchanges (CEX) are KYC required. As we all know, most of the crypto currencies (especially bitcoin) are decentralized and anonymous.
Why should those exchanges collect our personal information? Do you think KYC is necessary?
It's because exchanges fall on the category of VASP (Virtual Asset Service Providers) and as such as FATFWhy should those exchanges collect our personal information? Do you think KYC is necessary?
exchanges needs it's costumer's KYC to be fully compliant.
So for majority this pose a serious problems because obviously, we don't want our personal data to be subjected to this exchanges are there are also history of leaked KYC in the past.
October 22, 2020, 02:52:15 AM
Why should those exchanges collect our personal information? Do you think KYC is necessary?
Actually, it depends on the exchange because some of the exchange does not require you to input your personal information, even me I don't want KYC because there are a lot of fake websites that really looks so real and when you input your personal information then something bad may happen on you. your account may be hacked or they may use your personal information for their personal purposes but sad to say we need KYC before we login into specific website, we cant do things about it because they are just following the governments. 
October 22, 2020, 02:43:13 AM
I'm not particularly a heavy trader, so I've never really needed to provide KYC whenever I trade, I mostly do my trades in Binance and so far no prompts about needing KYC were required for me to do so. Still, If I were prompted to give KYC to every single site I would need to use, I'd rather not to. I mean, who wouldn't prioritize not giving their personal info to others right? But if rightfully needed, I suppose I wouldn't have qualms about it. I personally don't want to, but if it's a requirement, I'm down for it.
Why should those exchanges collect our personal information? Do you think KYC is necessary?
The Law. A requirement of sorts, is it necessary? In my eyes probably no, but they look at the perspective of anything that could happen kind of thing. An exchange may host hacked coins so having KYC for users could easily help in pinpointing that. Iirc, the recent twitter scam was traced due to the scammers sending coins towards exchanges then withdrawing them without even going through mixers. Might not be the entire story, but I'm pretty sure it's close. 
October 21, 2020, 10:16:24 PM
Can you be more specific about your thought here. I want to be enlightened. Why and how are they centralized?
1. Ethereum has far less nodes compared to Bitcoin simply due to the multi-terrabyte space required to run an Ethereum node.
2. Ethereum in it's entirety is pretty much just Vitalik Buterin + Consensys. There's a reason why Satoshi Nakamoto left the project early on, and that's to spread out the development and to remove biases from him.
3. The reversal of the Ethereum DAO hack. That itself is a red flag.
4. Don't even get me started on other altcoins as they're FAR worse. Pretty much just single teams having control over the entire networks.
October 21, 2020, 11:40:59 AM
As we all know, most of the crypto currencies (especially bitcoin) are decentralized and anonymous.
That's where you're wrong buddy. It's actually the reverse. Pretty much all cryptocurrencies(yes, even Ethereum) besides bitcoin is centralized, and probably 99% or more of cryptocurrencies are only pseudonymous.Why should those exchanges collect our personal information? Do you think KYC is necessary?
Well, opening an exchange is not as easy has you thought. You need to follow strictly the regulations. Otherwise, you will be banned from operating your business in your locale. Therefore, providing KYC is obligatory. However, there are still exchange that are decentralized and P2P. You can try them if you want to avoid giving your identity October 21, 2020, 09:01:48 AM
Lol, you are right. I made a mistake. Only BTC isn't under the ctrl of someone like the founder Nakamoto Satoshi, and no one knows who is him.
Yeap. Even though chances are that Satoshi has a crap ton of bitcoin, not even Satoshi Nakamoto himself has control over the Bitcoin network. No sole entity has; and that's what Bitcoin has over every single altcoin in existence.
October 21, 2020, 08:49:40 AM
When cryptocurrencies was just in the start of their way and wasn't quite as popular almost all of the exchanges did not require KYC but now almost all of the centralized exchanges require KYC at some point, maybe if you are trading in smaller amount you wouldn't need to do KYC but for bigger amounts you definitely need to complete KYC verification, that is the main reason behind the increasing popularity of Uniswap and other platforms like that.
Some of them need KYC information because of their government requirements and otherwise they wouldn't be able to continue working there and some other exchanges need users to pass KYC so that they simply can sell those information on black market, those information that people provide them with aren't cheap either since I believe there is a good demand for such information.
Why should those exchanges collect our personal information? Do you think KYC is necessary?
Some of them need KYC information because of their government requirements and otherwise they wouldn't be able to continue working there and some other exchanges need users to pass KYC so that they simply can sell those information on black market, those information that people provide them with aren't cheap either since I believe there is a good demand for such information.
October 21, 2020, 08:47:08 AM
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Lol, you are right. I made a mistake. Only BTC isn't under the ctrl of someone like the founder Nakamoto Satoshi, and no one knows who is him.
that is only a very small part of it not all. the real reason why bitcoin is considered decentralized (while many others aren't) is 100k+ full nodes coming from all around the world, lots of miners that also come from all around the world, the algorithm being PoW that provides more decentralization specially with this high difficulty and spread of miners compared to something else like PoS, no premine, no fundraising scam such as ICO, forks (aka upgrades) that have always gone through only after reaching supermajority support, decentralized development from lots of contributors, ... Lol, you are right. I made a mistake. Only BTC isn't under the ctrl of someone like the founder Nakamoto Satoshi, and no one knows who is him.
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