Topic: Why exchange want to bank details for kyc??? - page 5. (Read 1914 times)
I don't know why people are bent on using some of these exchanges asking for more information than necessary, I think it is very wrong for exchanges to be asking for ones bank details, I still believe there are alot of P2p exchanges than one can use that are more flexible all you need to do is to convert your money to BTC and move it out
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.
Most exchanges don't ask for bank details as they don't deal in fiat. However, if you want to buy crypto with fiat and also withdraw money in fiat then some exchanges might ask for bank details.
I know what you are talking about,that so called exchange is the ones that help convert cryptocurrency to fiat ,via withdrawal to your bank account ,if that it is then its normal
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
can you specify an exchange which requires their users any bank account details? because as far as I know, there is no bank account details needed to verify your kyc and security in any exchange.
It would be better if you could specify the exchanges that uses the bank details. Many exchange uses the bank details to verify the user account and support you in every phases of transactions.
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 and driver's license is enough asking for bank statement is too much but if you really trust the ICO that you are investing then go ahead but they should show compliant to the government where they are located, in my opinion, you will only give your bank statement to a government license company,
I am not sure about your thought. Bitoin is decentralized, No power of nation or central bank of any nation on it. This is fully open source, and peer to peer network. Full anonimity has been established. SO as your thoughts, if one needs bank account to veryfy, then it is breaking all the rules of Crypto currency models.;
Maybe bank details is for address verification, because they need verification from other parties, if its just an ID card does not guarantee the address given is genuine,
because someone could gave their old id card
because someone could gave their old id card
I don't know the validity of this information. Because it should not be. Bitcoin is a open source and peer to peer networks. One of the main features of Bitcoin is anonimity. If in varifications time one needs bank detailes, anonimity lost that breaks the rules of Bitcoin. Im prety sure that this news is not right.
I dont know wheather this news is either tru or false. In decentralised and anonymous systems, wanting personal information like bank detailes is inappropriate.There are other features to verify one's personal trasaction, one should better choise to chose.
Both comments reflect similar sentiment. So replying to both, any exchange that supports crypto-to-fiat and vice versa transactions require KYC since the fiat will be deposited or withdrawn with a bank account/card. This is needed to avoid money laundering. The guy who allegedly moved a ton of BTC to an exchange recently will have trouble to cash out if he is trying to hide his identity.
Use decentralised exchanges, crypto-to-crypto trades and P2P transactions if you don't want to reveal personal info.
I dont know wheather this news is either tru or false. In decentralised and anonymous systems, wanting personal information like bank detailes is inappropriate.There are other features to verify one's personal trasaction, one should better choise to chose.
I don't know the validity of this information. Because it should not be. Bitcoin is a open source and peer to peer networks. One of the main features of Bitcoin is anonimity. If in varifications time one needs bank detailes, anonimity lost that breaks the rules of Bitcoin. Im prety sure that this news is not right.
If you are concerned about not doing KYC for verification, then you should go for decentralized exchanges. They usually don't have such issues. And centralized exchanges like Binance (biggest exchange as of now) don't need KYC till a certain amount of daily withdrawal. So certainly, there are many choices for trading without KYC.
But yes, if you want to do fiat-crypto trading or withdraw fiat, then KYC is needed. It is both to respect local laws and also to make sure that real user receives the fiat payment and not some hacker.
But yes, if you want to do fiat-crypto trading or withdraw fiat, then KYC is needed. It is both to respect local laws and also to make sure that real user receives the fiat payment and not some hacker.
To be safe in cryptocurrency, you must be a little careful. You said that the need of bank account details but I think it is not in all cases of KYC. So you can know a little better then decide.
It is not necessary for the exchange of bank accounts details for KYC. If you are in confusion then you can contact with your team then try. I hope you will get the solution very soon.
Generally we check the exchange account through national ID card or passport, but since you have verified bank account details here for exchenge, so please know better before deciding on this matter.
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 I think KYC is needed to collect data and prevent fake account transactions. But I see KYC requirements usually if you trade above 1BTC. If below 1 BTC is still free without KYC, almost all exchanges.
bank details make an exchange more legal for crypto market and kyc. in this way an exchange get more profit.
Ita quite fishy if an exchange would require bank details for their KYC, as all transactions would not require it and the basic details like address, goverment ID and phone number re sufficient enough for it. Unless an exchange will have a direct transfer of assets in banks for withdrawal purposes(which would not likely to happen right now) then getting or linking your bank details is a sign of questionable requirements.
bank details makes it more trustable, in this way people will trust more on an exchange company and get interest about it.
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