- Added Coss
- Added more basic information
Changelog 06-07-2018
- Binance & Bittrex & Huobi approved!
Changelog 06-06-2018
- Added Binance & Huobi
- Updated OP with basic information
- Added links to respective FAQ's
Topic: [TESTED!] KYC on exchanges - page 2. (Read 435 times)
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One single case does not represent the population.
While you may have gotten verified on Poloniex in 15 minutes, this does not mean that others were verified this quickly as well. If you wanted to do an actual test, you would need a larger sample size that accurately reflects the entire population.
While you may have gotten verified on Poloniex in 15 minutes, this does not mean that others were verified this quickly as well. If you wanted to do an actual test, you would need a larger sample size that accurately reflects the entire population.
Thanks for your contribution.
It's absolutely clear that this isn't a empirical survey. It can only give a hint on how long it may take.
Still, i am pretty sure most KYC's fail either because of wrong / bad quality documents or missing support capacities by exchanges. In example: Why should take it Poloniex minutes to approve my account, but months for another one if the user did nothing wrong? Just a food for thought.
I hope i can collect some useful information here, that's all.
One single case does not represent the population.
While you may have gotten verified on Poloniex in 15 minutes, this does not mean that others were verified this quickly as well. If you wanted to do an actual test, you would need a larger sample size that accurately reflects the entire population.
While you may have gotten verified on Poloniex in 15 minutes, this does not mean that others were verified this quickly as well. If you wanted to do an actual test, you would need a larger sample size that accurately reflects the entire population.
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This might be the normal case but I've definitely seen some people waiting weeks, If not months.
Me too! I really hope that some of the approvals will take that long so i can "confirm" those issues.
With this topic, i don't want to protect exchange sites but create an overview about possible circumstances and reputation.
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I've never passed any KYC before and I'm not willing to simply because I don't like the idea of giving my personal information. So yeah, the complains are probably not because of the wait time but with the fact that people are not comfortable with sharing their ID.
That is absolutely understandable!
Though, from exchanges' point of view it is intelligible to integrate KYC. Facing money laundering and suspicious activities as well as the pressure through regulation & governments, there definitely is a need to know who your customer is.
Additionally, everyone registering on a centralized service should be aware of revealing his personal information - you wouldn't give someone a bank account without solid proof, right?
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I'm fine with an exchange asking users KYC from the beginning. That way, I can decide whether I want to make an account or not but If you take Bittrex for example, they locked accounts (impossible to withdraw) without prior notice (unfair) and forced everyone to pass a verification. I never did and I still have my funds locked.
This actually is a point I can't confirm.
I'm having a non-verified Bittrex account for about a year now and my funds never have been locked, i always was able to withdraw until the publication of GDPR.
Since this is some kind of "force majeure" i don't really want to blame any third party like exchangers for this.
-snip-
I am really getting tired of messages like these:
"My legacy Poloniex account was frozen & i cannot access my funds..."
"Bittrex is a total scam, they locked my funds because i didn't do the KYC..."
-snip-
I am really getting tired of messages like these:
"My legacy Poloniex account was frozen & i cannot access my funds..."
"Bittrex is a total scam, they locked my funds because i didn't do the KYC..."
-snip-
This might be the normal case but I've definitely seen some people waiting weeks, If not months.
I've never passed any KYC before and I'm not willing to simply because I don't like the idea of giving my personal information. So yeah, the complains are probably not because of the wait time but with the fact that people are not comfortable with sharing their ID.
I'm fine with an exchange asking users KYC from the beginning. That way, I can decide whether I want to make an account or not but If you take Bittrex for example, they locked accounts (impossible to withdraw) without prior notice (unfair) and forced everyone to pass a verification. I never did and I still have my funds locked.
KYC approval test
How long will it take to get my account approved on various exchange sites?
How long will it take to get my account approved on various exchange sites?
There have been several reports claiming the verification process of exchanges take a huge amount of time.
Despite that, some users even say they never get any reply even after contacting the support.
Since i have accounts on multiple platforms and never did a single KYC procedure, i decided to open this thread and create a helpful overview about how long it took to get approved.
What is KYC?
Code:
Know your customer (alternatively know your client or 'KYC') is the process of a business verifying the identity of its clients and assessing potential risks of illegal intentions for the business relationship.
What are public records?
Code:
Public records are documents or pieces of information that are not considered confidential and generally pertain to the conduct of government.
The table below is well-ordered by timeframe, ascending.
1. Poloniex
Required: ID / passport / driver's license & selfie
KYC submitted: 06-03-2018 13:46 p.m.
KYC approval: 06-03-2018 14:01 p.m.
Approval timeframe: approx. 15 minutes
Support: https://poloniex.freshdesk.com/support/solutions/folders/1000210912
2. Binance
Required: ID / passport / driver's license & selfie with note
KYC submitted: 06-06-2018 15:59 p.m.
KYC approval: 06-06-2018 21:43 p.m
Approval timeframe: approx. 5 hours, 45 minutes
Support: https://support.binance.com/hc/en-us/categories/115000056052-FAQ
3. Kucoin
Required: ID / passport / driver's license & selfie with signature
KYC submitted: 06-03-2018 15:21 p.m.
KYC approval: 06-04-2018 05:12 a.m.
Approval timeframe: approx. 14 hours
Support: https://news.kucoin.com/en/category/faq/
4. Huobi
Required: ID / passport / driver's license (only frontpage)
KYC submitted: 06-06-2018 17:21 p.m.
KYC approval: 06-07-2018 19:28 p.m
Approval timeframe: approx. 1 day, 2 hours
Support: https://huobiglobal.zendesk.com/hc/en-us/categories/360000007652-FAQ
5. Bittrex
Required: ID / passport / driver's license & selfie
KYC submitted: 06-03-2018 15:33 p.m.
KYC approval: 06-06-2018 17:31 p.m.
Approval timeframe: approx. 3 days, 2 hours
Support: https://support.bittrex.com/hc/en-us/categories/200049234-FAQ-Frequently-Asked-Questions
6. Coss
Required: ID / passport / driver's license & proof of residence
KYC submitted: Coming up next!
Support: https://medium.com/@coss.io/kyc-guide-coss-io-52410d0a706d
I will do the KYC on some more platforms like Binance, Bithump & Kraken.
If you want me to test other exchanges, feel free to ask in the comments.
I am going to update this topic regulary.
If you need help with your KYC or have questions regarding the correct form, you can ask me as well.
Happy verifiying!
If you want me to test other exchanges, feel free to ask in the comments.
I am going to update this topic regulary.
If you need help with your KYC or have questions regarding the correct form, you can ask me as well.
Happy verifiying!
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