Topic: Why exchange want to bank details for kyc??? - page 4. (Read 1881 times)
I think they require additional documents because it's not really hard to find id docs of other persons in the dark net and pass KYC using them . So some organisations might want to have a gurantee that your person is properly identified .
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
Because they are being pressed by the governments to ask that kind of information, in my opinion it makes sense that governments want that information if you are exchanging cryptocurrencies to fiat, after all that is their system and they have all the right to do whatever they want, what it bothers me is that they want your information even if you're only trading cryptocurrencies and not fiat. Which exchange are you exactly talking about? I haven't found any exchange as of yet that requires your bank details for opening an account there. Even if it does, I would suggest you to avoid that and look for other exchanges like Huobi, Bittrex that doesn't require such information which you are not comfortable to provide with.
Same here, I haven’t seen any exchange that require bank details for verification. I know about Bittrex asking for bank details recently, but it is if you want to withdraw in fiat.
This helps a lot in detecting money laundry and of course to ensure the data. it could later be used as a crime or not. KYC Actually it's very important for many things. indeed from the other side our data is known to them
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
Because regulators require minimal verification of users, so that they do not avoid paying taxes. This is a normal practice all over the world and there is nothing unusual here. It seems to me that in the near future it will not be possible to register at any exchange without KYC.
I think that KYC is heavily related with the restriction of cryptocurrency in some countries in this world.
This way KYC being used to avoid any restricted citizen from specific country from purchasing token.
This way KYC being used to avoid any restricted citizen from specific country from purchasing token.
Haven't heard about exchange that required bank details for kyc, even the one in my country only requires the bank account to be the same with the id that I uploaded for the kyc. I think if they provide fiat deposit then they have to do that so they won't face any trouble if the tax authorities come knocking their door as they have the required information.
May you told us which exchange require bank details for kyc? I've register some popular exchange and all of them don't required bank details for kyc, I only provide passport/national card/bill statement already passed the kyc verification, maybe bank details is require for Fiat money deposit/withdrawal ?
Never heard of such bank so this must be it. When you try to buy BTC on exchanges that accepts Visa and you choose to buy with fiat they asks for the bank account but that is just it. Its not part of the KYC but if you do that, I guess its on their record already. Paypal should be you best option than it as least this way you don't have to give away bank details.
May you told us which exchange require bank details for kyc? I've register some popular exchange and all of them don't required bank details for kyc, I only provide passport/national card/bill statement already passed the kyc verification, maybe bank details is require for Fiat money deposit/withdrawal ?
Never heard of any exchange that wants your bank account details to complete the Know Your Customer (KYC) form. You probably misunderstood something. They might want your bank A/C details if you try to deposit/withdraw fiat so that your account gets connected to your bank. I see no other reason. Usually a government issues ID is enough for such verification.
That was also in my mind I never heard such as exchange asking a bank account for their costumer most likely they ask a KYC for verification. Government ID or even passport is just enough for you to gather personal information, no need for a bank account when you trade. You can avoid this issue by choosing a good exchange there are so many exchanges that did not ask on that, probably that is risky on us showing our personal information and bank accounts.
I think it is good for your own safety and so that they can verify you if something unexpected things happen to your account. So, no need to worry about this.
Personally i feel irritated when i have to give my KYC information. We should be really careful about providing these information as they are really sensitive and can be misused.
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
Is this KYC related? If it is it shouldn't be that way and yes the acceptable Id's are enough for that or they can go for live interviews. If this is just a way to withdraw your fiat then yes it's ok I think.
Sometimes it is important to provide KYC information. But we should do some research about the projects where we are going to submit the information. It can help us from identity theft.
KYC information are very valuable and sensitive. I think most of the projects or exchanges do not require it for verification. But we need to give the information sometimes in various projects.
I think there is a law already that requires exchange sites to have KYC for the investors since it will also help track criminals to attempt scams or hack cases in cryptocurrency.
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
Having a bank account is actually, telling how legitimate citizen you are.in my country, it requires a lot of Identification for an instance before allowing you to open an account.
regardless on how much you are going to deposit or transact with.
i guess this a basis to some exchange, they might make it a basis for your legitimacy and for further more secured KYC requirement for them.
Rules are there for the betterment of the people and for the market too, as well as for the investors. And thus the exchanges have rules too and we should comply with it, as it will eliminate fraud and will regulate the market too to reduce scams.
Actually this is the rule of the exchanges and the rule is meant for the betterment of the investors as well as market. This is for the security purpose and these documents will help to verify your identification to save the market from being fraud.
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
In a national passport or card, there is a unique identification number for each person who is not the same as each other, and a unique name or number is useful for database systems in place of an exchanger Jump to: