Topic: Why exchange want to bank details for kyc??? - page 3. (Read 1914 times)
Never heard about the exchange asking for your bank details buy I think this is too much and should not be ask for. I don’t know the main reason why they are asking for that but hopefully they will really use that information for good things and also I hope that exchanges will secure all of our personal details.
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
some exchangers requires their user for kyc, you just have to upload any information about yourself, your identity is the important factor of it, but this is the first time that I heard about a certain exchange which requires for bank account details. 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
this is especially common in some large exchanges, real exchange does the same thing in terms of verification. there are many factors, but the most logical factor is to avoid any theft or money laundering.
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
Most exchanger need KYC document from their customer because they want to comply with government regulation. For certain amount withdrawal, exchanger need our identity document because government afraid exchanger use for money laundry
Just my thoughts,
Some exchange platform wants to have bank account information to secure the deposit form exchange to bank accounts.
why is this needed? remember that we can easily do withdrawals and transfer it to any addresses or accounts.
This will lprotect the account owners. why they want to protect the bank account owners?
You can send transfer to anyone account as long as you know the account number.
What if this will be use to a malicious transfer and a file case in the near future?
this will only allow you to withdraw and transfer on your own account.
Some exchange platform wants to have bank account information to secure the deposit form exchange to bank accounts.
why is this needed? remember that we can easily do withdrawals and transfer it to any addresses or accounts.
This will lprotect the account owners. why they want to protect the bank account owners?
You can send transfer to anyone account as long as you know the account number.
What if this will be use to a malicious transfer and a file case in the near future?
this will only allow you to withdraw and transfer on your own account.
With kyc getting more and more complicated, I think it's just too frustrating with how it is. Even exchange are making it almost mandatory for users to use their platform. Imagine even after these same set of people have gone through this kyc issues even while participating in respective ICO.
A bank statement helps the project verify that you are a participant because it contains your name, age, address and most importantly is "real time", which does not exist with your passport or country ID.
Banks and other financial instituions require these documents in accordance with KYC and AML polices which are standard among such organizationsw
No major financial institution wants to communicate with the shadow turnover of criminal money. And without the procedure, the KYC from this can not be insured in any way.
AML regulators requirements
The exchange needs to verify who you are to avoid violating the rules of the water. For example, ICOs generally prohibit US and Chinese citizens because laws in those two countries prohibit ICO activity. Also, people need to know who you are and where you are going to avoid trouble, so KYC is needed
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 are using bank transaction to fund your account in an exchange I think it is acceptable because the government are very strict in money laundering activities. But if you are only using Bitcoin and altcoin to fund your account I think it is not necessary.
I think i have sometimes read about issue like this, where the exchange was also asking for bank account details. I believe there are lots of exchanges that do not for things like that So if you have another choice of a better exchange, do not hesitate to use it. If known, you can still use DEX, if you do not mind.
Government is interested in the flow of money, anti-money laundry, tax evasion, illicit trades etc, but since cryptos are kind of censorship resistant, the only way they can keep a tab on it is to monitor entry and exit pointof cryptos against fiats and that take place on exchanges, so they require kyc to know who is the final destination of the cash
If these kind of kyc collecting work not done by exchange people can create multiple accounts with same name and same addresses.
They can't remember in KYC verification and these users need to verify its identity through use the photos. that could be a difficult thing to see the guy try to create multiple accounts. The bank id required when you are wanna withdraw your money through the dollar or fiat value directly, this has done by some exchange sites just like kraken, finex and many more.
Due to International Laws for money laundering and fraudulent activities this is compulsory for all accounts .
It’s for the safety of transaction. To verify and to provide solid service bank use this method. And if there is any problem or mishap happens bank use this to track down and solve the problem. But it may be troublesome for those who is totally unknown to the bank.
Completely false, exchanges do not need that information and we know they do not need it because for a lot of time they did not require that information from their users, they decided that they liked the idea of making money a lot more than closing their business and following the mission of cryptocurrencies, so I will recommend that you avoid any exchange that ask for personal information to allow you to trade.
It’s for the safety of transaction. To verify and to provide solid service bank use this method. And if there is any problem or mishap happens bank use this to track down and solve the problem. But it may be troublesome for those who is totally unknown to the bank.
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
Passport as well as license is sufficient requesting financial institution declaration is actually an excessive amount of however should you truly believe in the actual ICO that you're trading after that proceed however they ought to display compliant towards the federal government exactly where they're situated, for me, you'll just provide your own financial institution declaration to some federal government permit organization,
Which exchange ask for bank detail for KYC? Could it be necessary to verify your address? In any case, you could trade with Binance which doesn’t require your bank detail for verification.
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