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Topic: Why exchange want to bank details for kyc??? - page 2. (Read 1914 times)

hero member
Activity: 2968
Merit: 640
September 21, 2018, 05:27:46 AM
#89
Hello every one please post your valuable suggest, why an exchange required  bank account details to complicate their user verifying, are is it legal for crypto market , generally we give passports, or national I’d card to verify exchange account . I see some one exchange require bank details to verifying their user account. Please everyone give suggestion about this.  Thanks everyone
Which exchanger are you talking about, because each one of them is likely to have a different reason for requesting for users bank details. But I think the only time you should ask for your bank details is when you want to withdraw your money from the exchanger.

By the way you need to be very careful on the information your give out these days because it’s very risky, they can steal your information and sell it on the dark web.
legendary
Activity: 2114
Merit: 1150
https://bitcoincleanup.com/
September 19, 2018, 09:52:22 AM
#88
Hello every one please post your valuable suggest, why an exchange required  bank account details to complicate their user verifying, are is it legal for crypto market , generally we give passports, or national I’d card to verify exchange account . I see some one exchange require bank details to verifying their user account. Please everyone give suggestion about this.  Thanks everyone

That's too dangerous in my opinion if they really require bank details. I do not know of any exchange that require you to submit bank details. Only government issued id's and utility bills.
full member
Activity: 532
Merit: 100
September 19, 2018, 08:27:10 AM
#87
Hello every one please post your valuable suggest, why an exchange required  bank account details to complicate their user verifying, are is it legal for crypto market , generally we give passports, or national I’d card to verify exchange account . I see some one exchange require bank details to verifying their user account. Please everyone give suggestion about this.  Thanks everyone

Many people are repelled by the KYC procedure, including me. I do not want to give my data to anyone. The only solution to this problem is the use of decentralized exchanges
sr. member
Activity: 658
Merit: 250
September 19, 2018, 08:25:46 AM
#86
Which exchange is that? Please share so we are aware to trade there bank details is not necessary to do KYC, identification card is the most common
full member
Activity: 348
Merit: 100
September 19, 2018, 08:21:34 AM
#85
It is just for safe transactions, if you withdraw or deposit your funds direct in banks then this is an urgent requirement otherwise for general dealing there is no need of KYC, actually it is only a verification by the customer for his account.
Well, all of that is only for official account statements. like a bank that needs all our data in full, I think the exchange will also ask for such kyc. there is nothing to worry about, everything will be fine, so far there is no crime that uses the personal data we use to fill kyc.
hero member
Activity: 1904
Merit: 510
September 19, 2018, 08:18:29 AM
#84
Hello every one please post your valuable suggest, why an exchange required  bank account details to complicate their user verifying, are is it legal for crypto market , generally we give passports, or national I’d card to verify exchange account . I see some one exchange require bank details to verifying their user account. Please everyone give suggestion about this.  Thanks everyone


actually you can read it in exchange why it requires to fill in the data on ownership. there are various factors that cause this to happen. one of them is to prevent money laundering. I suggest that if you want to know about crypto and bitcoin, you can search reading sources before asking questions.
member
Activity: 336
Merit: 10
September 19, 2018, 08:12:16 AM
#83
It is just for safe transactions, if you withdraw or deposit your funds direct in banks then this is an urgent requirement otherwise for general dealing there is no need of KYC, actually it is only a verification by the customer for his account.
member
Activity: 322
Merit: 20
Donating 10% to charity
September 19, 2018, 07:06:49 AM
#82
They are probably trying to make sure people is verified correctly, instead of just people who buy ID scans - Passports scans online.

I'm not sure how effective this is going to be since they could pay someone to do that for them also. It would be more annoying but still is possible to bypass that one. Especially if are paying people to do it.

The surprising part is that they don't even have to offer too much money and they normally have a lot of people begging to do it.
member
Activity: 100
Merit: 24
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September 19, 2018, 06:43:49 AM
#81
I also think that giving the identity and attaching a service invoice with our name and address would have to be sufficient if we only exchanged cryptocurrencies. If the exchange proposes to change with Fiat money in that case for those who want it, it is essential to have to verify your bank account if you intend to pass funds from fiat to crypto or from crypto to fiat. In any case it has to be an option and not an obligation according to my point of view because if you intend to pass to fiat, you will have to provide your bank details anyway.
jr. member
Activity: 336
Merit: 3
September 19, 2018, 06:21:40 AM
#80
It is not a standard practice, I guess the only reason they sometimes request for such is to get the resistantial address correctly as banks already conducted such for their customers. On the other hand, bank details are highly confidential and I would not release mine without masking the account details, or better still, opt for alternative means to verify my residence, which typically will be receipts for the payment of utility bills
full member
Activity: 378
Merit: 100
September 19, 2018, 06:14:41 AM
#79
I've heard about terminals around the world where you can make Fiat and buy crypt, but with the exception of these local points, you do not have to confirm your identity anymore. Even on exchanges, for small trading operations (for example, Binance), does not require KYC.
member
Activity: 126
Merit: 10
Global loyalty & rewards
September 19, 2018, 06:08:50 AM
#78
Usually obemena demand documents for increase to you a limit on input-output of cryptocurrency and Fiat. I do not know why they do it. I have not such big turnover of money and cryptocurrency, on it I do not undergo additional verification.
full member
Activity: 434
Merit: 100
September 19, 2018, 12:51:39 AM
#77
KYC is actually a regulation required by banks to any ICOs to prevent investor/s from money laundering. With your personal information being exposed, it's all up to you whether you (as investor) will continue whatever shady activity you would like to do but take note that it's already easy for them to identify you once you do.
hero member
Activity: 752
Merit: 501
September 19, 2018, 12:33:55 AM
#76
It is not necessary but if you do not put the bank details then how do you intend to withdraw your money from the exchanges. It is inevitable unless you don't have any intentions of turning your cryptos into fiat. You can do the kyc on the exchanges and not use any bank account on it, they don't ask you for it. Kyc only involves a form of identification like IDs
member
Activity: 686
Merit: 13
September 18, 2018, 09:04:17 AM
#75
I feel that they require it only if you want to add or withdraw funds to your bank as I have an account in my exchanges but never asked for my bank details. General KYC does not require your bank details but it is mandatory for bank deposits and withdrawals.
sr. member
Activity: 840
Merit: 266
September 17, 2018, 04:40:07 PM
#74
I do not know of which exchange you are talking about I am fully verified in Kraken, Bittrex, and Binance and no one of them asked me for my bank details and I have  USD enabled on the 3 of them. Maybe be more specific on what is the name of the exchange that is asking you about your bank details, because until this moment I didn't run into any KYC or verification that require your bank details excluding of course Ebanks like PayPal, Payoneer etc.
member
Activity: 280
Merit: 10
September 17, 2018, 04:28:59 PM
#73
For cryptocurrency a wound usual laws do not work. I know that at the simex exchange before recharging any tokens or fiat money it is necessary to undergo verification and to provide the data from bank. Why it is necessary for the exchange not clear.
sr. member
Activity: 1036
Merit: 332
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September 11, 2018, 03:06:46 PM
#72
They are complying with regulations aiming to stop the laundering of money in and out of the country, I don't really think that performing KYC achieves much to this effect, but I guess it is a deterrent to some.
full member
Activity: 448
Merit: 100
The Protocol for the Audience Economy
September 11, 2018, 03:04:33 PM
#71
The time has come to finally accept that without a KYC, there is no more life in the crypto world. Regulation is the trend of this year.
full member
Activity: 560
Merit: 100
September 10, 2018, 09:04:19 AM
#70
Hello every one please post your valuable suggest, why an exchange required  bank account details to complicate their user verifying, are is it legal for crypto market , generally we give passports, or national I’d card to verify exchange account . I see some one exchange require bank details to verifying their user account. Please everyone give suggestion about this.  Thanks everyone


if you want to try to withdraw in large quantities, of course, every exchange policy does the same thing for every verification of your personal data. there are many factors that can cause so I think friends here have explained in detail for you. You should read a lot directly on several exchange sites because there is always a notification of each question.
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