[Survey]Do we need to provide KYC documents in any cryptocurrency exchanges? - page 3.

davis196

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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.

Why should those exchanges collect our personal information? Do you think KYC is necessary?

I'm doing a research, and made a survey, so can anyone be interested in this topic share your opinion? Thanks.

Here is the survey link: https://forms.gle/rMeMZf7S1jo8bMwt5

The exchanges collect our information because KYC policies are required by the authorities,so all the crypto trading platforms and their customers have to abide by the law.
I think that KYC policies are helping for fighting money laundering and illegal financial activities.KYC policies aren't perfect,but if there was no KYC,the cases of money laundering,financial crimes and scams would be way more.I'm not talking only about the crypto industry.I'm talking about the fiat financial system as well.

avikz

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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.

Why should those exchanges collect our personal information? Do you think KYC is necessary?

I'm doing a research, and made a survey, so can anyone be interested in this topic share your opinion? Thanks.

Here is the survey link: https://forms.gle/rMeMZf7S1jo8bMwt5

Who said all cryptocurrencies are anonymous and decentralized? Get your facts right!

Exchanges will require the KYC details because they are legal business entity. They have a base of operation and they have to abide the law of that country. KYC details is an integral part of any financial service you want to take around the world. So these exchanges have no choice other than asking for your KYC details.

Bitcoin and other cryptocurrencies are just a financial instrument for these exchanges. But the exchanges are mostly governed by the regulatory agencies!

kashiwagiyuki

newbie

Activity: 2

Merit: 0

Quote from: mk4 on October 20, 2020, 10:51:41 PM

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

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.

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

Why should those exchanges collect our personal information? Do you think KYC is necessary?

If you ask me, of course I wouldn't want to submit KYC. But the fact is, most governments of these countries that these exchanges operate on requires KYC. It's not like most of them require KYC just because they want to; most of them are just following the government requirements.

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.

NeuroticFish

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

Why should those exchanges collect our personal information? Do you think KYC is necessary?

It depends a lot by the exchange's profile.
If the exchange works with fiat, the legislation asks it to collect KYC info. If it doesn't it's an illegal business.
If the exchange doesn't work with fiat, I think that it can work without KYC in many countries (?).

Many point to Binance as example. I think that they've somehow avoided the law by using 3rd party operators (afaik) for their fiat operations. It's a solution, but I don't know how long it'll work. Binance also asks for KYC if people want their debit cards or big transfers.

The real problem is that there are so many exchanges (and other businesses!) asking for KYC although they can live without it (and some "businesses" only exist as long as they can get KYC details they can sell!).
Another real problem is that many people give out their KYC without thinking much, sometimes only to get a few dollars (or cents!) worth of tokens. Or enroll to all (big or small) exchanges (with KYC) without thinking twice. At some point one will be sloppy (or with bad intentions) and problems will happen.

Simakura

jr. member

Activity: 56

Merit: 1

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

crwth

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I had already answered your survey, and some questions should've had a middle question, not just yes or no. For example, the question "will you trade on the platform if KYC is required?" it depends on the exchange's reputation, etc. Your data that will have gathered will have more flexibility and a realistic approach. It should have an "Other" option then remarks on it.

pooya87

legendary

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it depends on the type of the exchange.
i have no issue with submitting KYC with a fiat related exchange where you deposit your fiat to buy bitcoin for example. because that is a fiat related issue that has to also affect bitcoin exchange too.
but if it is an altcoin exchange where you trade altcoins versus bitcoin then there simply is no reason to ask for KYC at all.

there is also the issue with weak security of exchanges and their shadiness that adds a certain risk level with submitting your personal information that can easily leak or be sold on darknet!

ralle14

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Some exchanges didn't require any KYC from the start but like mk4 said the rules have changed now that the exchanges are monitored by the government. As much as I hate KYC it's becoming a necessary at this point since it's a matter of having a better trading experience or your money getting released if the exchange just updated their rules. It's always better to avoid KYC but it's impossible when most of them forces you to provide KYC right away.

Salauddin1994

member

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I agree with you that you do not need to kyc on trusted sites to exchange crypto those who use anonymous sites and introduce kyc in case of scams there is not much need to provide kyc documents in cryptocurrency exchanges. It is better to stay away from the sites that make kyc compulsory they try to hack into personal information the number of scams has increased due to the growing demand for crypto so most traders do not trust kyc exchange sites..

mk4

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

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.

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

Why should those exchanges collect our personal information? Do you think KYC is necessary?

If you ask me, of course I wouldn't want to submit KYC. But the fact is, most governments of these countries that these exchanges operate on requires KYC. It's not like most of them require KYC just because they want to; most of them are just following the government requirements.

kashiwagiyuki

newbie

Activity: 2

Merit: 0

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?

I'm doing a research, and made a survey, so can anyone be interested in this topic share your opinion? Thanks.

Here is the survey link: https://forms.gle/rMeMZf7S1jo8bMwt5

Topic: [Survey]Do we need to provide KYC documents in any cryptocurrency exchanges? - page 3. (Read 616 times)