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Topic: What is KYC for crypto exchanges? (Read 476 times)
KYC process is mainly known as the most secure way of verifying the customer's identity. It is used whole over the world for getting secured. In crypto exchange, many of them offered the customer to complete the kyc process for verifying and abide by the country's rules and regulations.
What is the difference between your local shop and an exchange, if they both sell your their services. Why in first case you dont need to pass KYC when you are buying a pack of chips, but in second you need to pass KYC on exchange? While buying a pack of chips, you could be using fiat money obtained from selling drugs and just perform an act of money laundering. No one asks you to show your ID when you buy Lays, then why should you show it when you buy crypto?
"Country rules and regulations" - usually there are restrictions for US citizens, but who forbid them to select "any country except United States" when choosing country from ?
Passing KYC wont help to verify customer at all. This is just basics that can easily be get round.
This reason is the most known as exchange also needs to comply with government rules, implementing KYC to prevent being tag as a tool for money laundering or any illegal activities, exchangers are a force to provide this requirements.
Yes that is what I want to mean. Many rich people and mostly political leaders or unethical persons choose these types of a chance for going outside with all their funds. And they just do it because they can not escape with all their money legally then they have done it securely. In this process, the kyc system isn't friendly to them because it has been created to stop forcibly money laundering, or illegal activities. It is a verification system that can be biased. 
This is a means by which the exchanges have a clue knowledge about their traders. Though many of them are scam becasue after requesting for KYC they will take an exit scam, there are cases when some bad reputable cryptocurrency exchnage collect KYc to take an exit and the disadvantage of this will be that, those KYC will be use for illegal acts which can land KYC owners into trouble.
The risk of providing your personal data after filling the KYC, for the reason that exchange can runaway without any notice after having your details as they can sell it out in the marker and used your file for any illegal transactions.
KYC process is mainly known as the most secure way of verifying the customer's identity. It is used whole over the world for getting secured. In crypto exchange, many of them offered the customer to complete the kyc process for verifying and abide by the country's rules and regulations.
This reason is the most known as exchange also needs to comply with government rules, implementing KYC to prevent being tag as a tool for money laundering or any illegal activities, exchangers are force to provide this requirements.
KYC process is mainly known as the most secure way of verifying the customer's identity. It is used whole over the world for getting secured. In crypto exchange, many of them offered the customer to complete the kyc process for verifying and abide by the country's rules and regulations.
This is a means by which the exchanges have a clue knowledge about their traders. Though many of them are scam becasue after requesting for KYC they will take an exit scam, there are cases when some bad reputable cryptocurrency exchnage collect KYc to take an exit and the disadvantage of this will be that, those KYC will be use for illegal acts which can land KYC owners into trouble.
KYC is necessary but it is also prone to abuse, choosing reputable exchanges and only offering KYC on these exchanges. Many scam bounty campaigns of previous time also required KYC, many people too easily offer it to get their rewards without thinking of the risk.
Those time in bounties were KYC is required is mostly a requirement set by the government during that time crypto were having names as BTC price were increasing and prone to abuse by many users or people who may get money illegally and to avoid anti money laundering, companies were required to do KYC, all we need to do is to check the companies credibility.
Any particular reason why your company doesn't have any kind kyc? Since these types of kyc in the crypto exchanges we have are mostly triggered by the max threshold for AML compliances when it comes to the maximum worth of each transactions happening in the crypto exchange, once you trigger one it makes the company require you to have KYC as a requirement for the AML procedures needed, so I am wondering why your exchange doesn't have one when most of the crypto exchange has a kyc requirement now.
You're right, KYC will do little to differentiate and avoid the bad guys. Although crypto exchanges are aware of this and do not want to implement it because it is too weak or because almost all customers are uncomfortable with KYC, that is the security standard that must be applied where the service is subject to the law. KYC has been around for a long time in financial services and even local banks but it cannot avoid criminal behavior.
Moreover, dishonest bank employees can sell databases, that personal data of customers can be transferred to fraudsters. Nobody is immune from this. That is why no one wants to go through a KYC, no one wants his personal data to be transferred to scammers. I don't think passing KYC will help improve security, or anything else. 
Oshosondy, how can exchange find out something useful by looking on my passport, ID or drivers license?
Yes, this guy, Andrew from UK looks good. His shirt matches his jacket, nice hairstyle - we wont have troubles with him. But look at Sarah from Italy. Glasses, freckles, greasy hair - we would better terminate her account.
I dont have any idea how passing KYC will help exchange to determine who is good or bad. They only can separate users from restricted to use exchange from others. But they can define these people by IP, while these people can use fake KYC and use VPN.
Yes, this guy, Andrew from UK looks good. His shirt matches his jacket, nice hairstyle - we wont have troubles with him. But look at Sarah from Italy. Glasses, freckles, greasy hair - we would better terminate her account.
I dont have any idea how passing KYC will help exchange to determine who is good or bad. They only can separate users from restricted to use exchange from others. But they can define these people by IP, while these people can use fake KYC and use VPN.
You're right, KYC will do little to differentiate and avoid the bad guys. Although crypto exchanges are aware of this and do not want to implement it because it is too weak or because almost all customers are uncomfortable with KYC, that is the security standard that must be applied where the service is subject to the law. KYC has been around for a long time in financial services and even local banks but it cannot avoid criminal behavior.
KYC is necessary but it is also prone to abuse, choosing reputable exchanges and only offering KYC on these exchanges. Many scam bounty campaigns of previous time also required KYC, many people too easily offer it to get their rewards without thinking of the risk.
Sometimes these exchanges are making it difficult by including procedures that are very stressful.
Some of them will tell you to send a photo of your ID card and then a short video of you, like doing all these things can be stressful. I can remember going through the long process for the stupid exchange to tell me that they are not yet available in my country, like I was so pissed that if was there I would have slapped some faces.
Well, if not that they are doing it for some good reasons. Some people don’t like the idea of KYC that’s why so many have opted for DEX.
If the KYC procedure is done properly, I don't think it will stress you out. and never KYC on a stupid exchange that is clearly not reputable. KYC is required for popular and trustworthy Exchange platforms such as Binance and other major exchang platforms. they will be safer. Like it or not, the KYC idea is your right. DEX exchanges are without KYC, but they are not necessarily safer than exchanges that need KYC verification.Some of them will tell you to send a photo of your ID card and then a short video of you, like doing all these things can be stressful. I can remember going through the long process for the stupid exchange to tell me that they are not yet available in my country, like I was so pissed that if was there I would have slapped some faces.
Well, if not that they are doing it for some good reasons. Some people don’t like the idea of KYC that’s why so many have opted for DEX.
Most of the KYC on exchanges are only intended to increase the number of withdrawals...
for some reason I think KYC is bad, especially in new exchanges, it's possible that in the future your data will be traded. but KYC has a good function, which is to prevent criminal acts such as money laundering or transactions.
for some reason I think KYC is bad, especially in new exchanges, it's possible that in the future your data will be traded. but KYC has a good function, which is to prevent criminal acts such as money laundering or transactions.
Know Your Customer or KYC process is obliged by different crypto exchanges when you have large amount of money to be withdrawn in their exchange. It is intended for anti-money laundering and other criminals that might compromise the exchange. It is good for the security of exchange and people but it has also its disadvantages in the part of users.
It might lead your life in danger. It is really harmful when you don`t know where will your identity goes on. Even they kept on saying that the data of the customers will be secured to the site, there are still a chance that you will be harmed when you present your identity through online. It might also steal your identity by someone else and use it as a front for the crimes that they will do. There are a lot of reason why KYC is extremely dangerous and it was dictated in this thread made by 1miau.
https://bitcointalksearch.org/topic/m.53726647
It might lead your life in danger. It is really harmful when you don`t know where will your identity goes on. Even they kept on saying that the data of the customers will be secured to the site, there are still a chance that you will be harmed when you present your identity through online. It might also steal your identity by someone else and use it as a front for the crimes that they will do. There are a lot of reason why KYC is extremely dangerous and it was dictated in this thread made by 1miau.
https://bitcointalksearch.org/topic/m.53726647
The presence of a KYC when registering on an exchange - I perceive this fact in two ways. On the one hand, this means that the exchange is legal and complies with the laws, it can also help improve the security of my account.
On the other hand, if my data leaks into the network due to hacking of the exchange by hackers, then later it can turn into the fact that anyone will use my documents. And potentially this can lead to the fact that I will become a participant in some illegal financial manipulations as a result of which the authorities may have claims against me.
For this reason, if there is an alternative, then I prefer decentralized exchanges, for registration on which I do not need to provide my documents.
On the other hand, if my data leaks into the network due to hacking of the exchange by hackers, then later it can turn into the fact that anyone will use my documents. And potentially this can lead to the fact that I will become a participant in some illegal financial manipulations as a result of which the authorities may have claims against me.
For this reason, if there is an alternative, then I prefer decentralized exchanges, for registration on which I do not need to provide my documents.
There was an interesting article in Coindesk today - Money Reimagined: ‘They Starve’: The Ugly Side of the US’ KYC-AML Obsession. It explains in great detail why KYC laws exist and how they are actually counterproductive because they don't prevent crime and negatively affect marginalized communities. There is also a podcast episode that goes along with the article that is worth listening to.
Kinda looks like you are advertising for your platform. Make proper announcement thread.
It seems. I see some members created topics and they come from that site.About KYC and its risks, 1miau has a topic Why KYC is extremely dangerous – and useless. It is a good topic to read and get knowledge on the risk of KYC that is dangerous, useless for exchange users.
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how can exchange find out something useful by looking on my passport, ID or drivers license?
Basing my reply on your question and not in any way in support of the sensitive information taken from us in the name of KYC verification as I feel the Industry can do without these regulations. We seek for government approval that's why we got pushed to the wall and now have to compile with all their requirements. Best we can do in keeping that reputation of a decentralized system is keeping the government out of our business by not seeking for their approval.
This information we give are matched to each other and been used against us especially in the advertising industry. All major big firms are guilty of this crime. Since there are information like your age and other information that can be used in determining where you might have interest in, it can be used in selecting best ads to bring your way that must likely will interest you.
KYC stand for Know Your Customer have the function how to increase your daily withdrawing limit, without pass KYC you only have 2 btc withdraw every day in Binance and not available for withdrawing at the exchange like Bittrex, Huobi and Gate io without success pass your KYC. So what for have to pass KYC on exchange market account, will our document uploaded keep safety or not? I think this the rule how to make an exchange keep security and they know if some one get fraud with their account, almost an exchange always check detail how your document uploaded and never approved if you use fake document and I think always safety with our identity uploaded. I have success KYC on Binance, Bittrex and I think is not have to worry because both exchange are trusted and most safety.
There are reasons why most exchanges asking for KYC and actually, this is not a problem anyway if the the intent is good but because some exchanges have evil purposes makes people to hate it and never trust any. The exist of scam exchanges and scammershave brought something into troublesome. Hence, we also do KYC if we know that this site is legit as required especially when we do a transafer with huge amount. We made our choice and it is our call if we do it, no one is forcing us. Because if that is a need or a must, we have to follow it, there is no problem with that provided that we know that it is in good hands.
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