Privacy is important when it comes to Cryptocurrency, so why do exchanges like Bitget require KYC (Know Your Customer) for all users, even those who only want to get airdrops? I thought KYC should be for those transacting many Bitcoins, Is it really necessary for everyone?
Many exchange doesn't allow not have been done your verification with them, the objectives of exchange even some of the gambling platforms to emphasize very much in KYC verification is that they want have your documents and ensure its real because of scam, most especially exchanges need to be proactive in KYC verification so that someone will not commit a scam crime and go Scott free, the major reason while KYC is needed is to know you as a customer from the beginning to end, should Incase if their is a necessary case that requires your documents they can attest that they know you quit well. 
Topic: Why is KYC mandatory in CEX? - page 7. (Read 891 times)
Privacy is important when it comes to Cryptocurrency, so why do exchanges like Bitget require KYC (Know Your Customer) for all users, even those who only want to get airdrops? I thought KYC should be for those transacting many Bitcoins, Is it really necessary for everyone?
You want to get airdrops from Bitget? You need to hold some certain amount of BGB token which is the native token of Bitget exchange. Bitget exchange is a centralized exchange and it has nothing to do with privacy, it's users risk for moving their coins from their crypto wallet and send into any exchanges crypto address, if privacy is very important to you all you need to do is to avoid all the centralized exchanges and find a decentralized exchanges.
I think you need to know the meaning of Centralization, this will clear all your confusion about why centralized exchanges need to ask for KYC from their users, everything that's centralized must go with KYC mandatory, it's important to keep their business neat from the government's wrath.
Most of the centralized exchange are subjected to the government regulations, some of the regulation including preventing money laundering. Some users of the exchange might deposit some money that are gained with illegal activity, and then swapping those 'illegal' money to the clean money that are circulating on the exchange, by using KYC government can track if some illegal money from a certain person are deposited into the CEX.
Every day more and more countries are implementing regulations related to cryptocurrency exchanges they need to adapt to these regulations and comply with anti-money laundering and counter-terrorism financing laws, which require the verification their users' identity, not to mention KYC procedures also prevent ecxhanges from being used for illegal activities such as frauds and scams.
Also implementing hard KYC requirements makes exchanges gain trust to the eyes of regulators and authorities.
Lastly regarding the airdrops purposes : implementing KYC prevents airdrop abusers who creates multiple accounts to get a bigger share of the drop.
Also implementing hard KYC requirements makes exchanges gain trust to the eyes of regulators and authorities.
Lastly regarding the airdrops purposes : implementing KYC prevents airdrop abusers who creates multiple accounts to get a bigger share of the drop.
So exchanges requiring KYC are operating legally. Cool. That's understandable.Talking about airdrop hunters. I bet you're right. Multiple accounts to earn more rewards than normal
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Privacy is important when it comes to Cryptocurrency, so why do exchanges like Bitget require KYC (Know Your Customer) for all users, even those who only want to get airdrops? I thought KYC should be for those transacting many Bitcoins, Is it really necessary for everyone?
Centralized exchanges are registered businesses. So they have to follow a certain level of compliance in order to operate. All over the world, KYC is a mandatory compliance for a business operating in financial field. Also it is very important to comply with the local and international anti-money laundering law. That's why every centralized exchanges have made KYC compulsory.
If you want to avoid KYC, use DEX or swap services. There are multiple options available.
Nope, privacy is pointless in cryptocurrency because most of cryptocurrency are centralized and not open source. Only few cryptocurrency that care with privacy, one of them is Bitcoin. Since not all people are care with privacy too and these big CEX get pressured by government to enable KYC mandatory rule, they have no choice.
Let's imagine you're the founder of a big CEX and SEC force you to enable KYC rule, will you choose to enable KYC rule or shut down your exchange?
Let's imagine you're the founder of a big CEX and SEC force you to enable KYC rule, will you choose to enable KYC rule or shut down your exchange?
Privacy is important to users, but to centralized exchanges, they are like a company and they need to comply with the law if they want to stay in business. Furthermore, KYC also has advantages such as avoiding fraud, money laundering, hacking...KYC has many benefits. But what people fear is whether our identities are really protected by exchanges or if they are using them illegally. Everything has pros and cons and depending on each person's preference we choose CEX or DEX.
Privacy is important when it comes to Cryptocurrency, so why do exchanges like Bitget require KYC (Know Your Customer) for all users, even those who only want to get airdrops? I thought KYC should be for those transacting many Bitcoins, Is it really necessary for everyone?
Most exchanges require KYC. If an exchange is operating legally, you can expect that they will require you to complete KYC verification when creating your account, regardless of the purpose. Although it's just an airdrop, they want to prevent abuse. It's not entirely free; they give it with the expectation of some return, possibly to attract more exchange users. It's a take-it-or-leave-it situation: either you comply, or you won't get a chance to participate in an airdrop.
To summarize it: most countries' governments require these financial services platforms(exchanges in this case) to demand for AML/KYC — supposedly to have a record of the users to have a trace if ever a scammer/hacker deposits funds to the platform; and if these platforms don't comply, the government shuts them down.
It's just to do with fiat currencies that require permission from governments in order to be transacted by a business, in nearly all cases this is with KYC. There are still plenty of crypto to crypto exchanges that don't require any KYC however. This is why many people prefer to use these exchanges, or P2P services, rather than larger exchanges that deal with dollars, pounds, euros, etc.
Privacy is important when it comes to Cryptocurrency, so why do exchanges like Bitget require KYC (Know Your Customer) for all users, even those who only want to get airdrops? I thought KYC should be for those transacting many Bitcoins, Is it really necessary for everyone?
KYC is not compulsory in all centralized exchanges. MEXC, CoinEx and Bybit still operate as a non KYC exchanges but they have a withdrawal limit. Some of these CEXs operate in a country that has lax crypto laws.In most cases before centralized exchanges are given permission to operate in a particular territory, they are required by the government to have a well structured KYC procedure that all customers must undergo. The KYC is a regulatory compliant measure that most centralized exchanges setup to monitor, track and report any suspected activity to the authorities like scam and money laundering.
KYC can be used to recover lost or forgotten passwords on platforms like Bitget. This is because the information collected during KYC can be used to verify the user's identity and confirm that they are the account's rightful owner.
On the centralized exchanges that I have recovered lost or forgotten password, only your username and email are enough for the recovery. But it can nit help you if you enable 2FA.For 2FA
You will only believe in what they exchanges offer you. On this forum, did you know that you can stake your bitcoin address which can be used to recover you Bitcointalk account if it is hacked. Exchanges can go for something like that, mandating their users to stake a bitcoin address which may not be a funded address, but having access to the private key so that is if 2FA secret code is lost, the person can recover his account back by signing a message with his bitcoin address staked on the exchange. But centralization did not make it work this way.
Privacy is important when it comes to Cryptocurrency, so why do exchanges like Bitget require KYC (Know Your Customer) for all users, even those who only want to get airdrops? I thought KYC should be for those transacting many Bitcoins, Is it really necessary for everyone?
KYC can be used to recover lost or forgotten passwords on platforms like Bitget. This is because the information collected during KYC can be used to verify the user's identity and confirm that they are the account's rightful owner. 
Privacy is important when it comes to Cryptocurrency, so why do exchanges like Bitget require KYC (Know Your Customer) for all users, even those who only want to get airdrops? I thought KYC should be for those transacting many Bitcoins, Is it really necessary for everyone?
Because of regulation.
If they want to target global crowd especially on US or strict countries they need to pass some requirements that can make their business legitimate and it includes KYC to their costumers.
But if the CEX doesn't care much about global markets and target only certain areas where law is not much strict as first world countries have then some of them doesn't require KYC.
Although its good not to submit KYC but you also need to know or consider the risk since its more risky if there's no government regulate those exchange.
You might want to check this thread to see some other non kyc exchanges you can try
Current list of exchanges without KYC
Maybe it can be useful, but Ratimov new thread about centralized no KYC exchanges has been pointed to by BlackBoss_ which contains more exchanges including the one on the old thread which is now locked. It is also worth knowing that they are not just no KYC exchanges, they are centralized no KYC exchanges. Which means the exchanges do not require KYC, but they can force any of their customers to get verified at anytime which can be after the user's coin has been seized. Current list of exchanges without KYC
Privacy is important when it comes to Cryptocurrency, so why do exchanges like Bitget require KYC (Know Your Customer) for all users, even those who only want to get airdrops? I thought KYC should be for those transacting many Bitcoins, Is it really necessary for everyone?
KYC helps prevent money laundering and illegal activities on CEXs like Bitget. It's a regulatory requirement in many countries to ensure compliance.
I can see Bisq as the first, that is excellent because it is a decentralized exchange. But I am wondering why Kucoin is still among the list of no KYC exchanges when it is now mandating KYC.
The site/app is currently been rewritten and only few maintenance will done and the new version is where all changes will take effect on. If you have suggestions you can actually send it out to Pluja the confirmed admin of the kycnot.me here on the forum. He had requested that suggestions on listing, delisting and also update should be sent here https://gitlab.com/kycnot/services/-/issues
The site/App also has its ANN thread already on the forum and I think by the time the new version comes out we will see the likes of KuCoin been removed there
Privacy is important when it comes to Cryptocurrency,
In every move that we make online, not just in cryptos.so why do exchanges like Bitget require KYC (Know Your Customer) for all users, even those who only want to get airdrops? I thought KYC should be for those transacting many Bitcoins, Is it really necessary for everyone?
They're complying to what's imposed by their government and that's not new these days because almost every exchange is asking about it. Anyway, I think that you're with bitget and despite with this discussion, you're getting the exposure that you're trying to get due to the fact that you've started a discussion where many are interested to be part of.
Bitget has been doing such policy changes for sometime now. A few months back, for upto 50k, KYC was not mandatory. Then a few days back they again changed their policy and made KYC mandatory for every user.
I feel they are using KYC as an instrument to get new users. Earlier they had a signature campaign in the forum when they relaxed the KYC norm. I guess as soon as they hit a target of a certain number of users they abruptly closed the campaign and again made KYC mandatory.
CEX as they are centralized are know to use such kind of marketing tricks to gain new users. I remember Bitget relaxed KYC as soon as Kucoin implemented mandatory KYC. It is how churning of users are done by CEX like Bitget. It is better to use a DEX if you are someone who doesn't like going through KYC and please stay away from airdrops. They are a big waste of time after 2019.
I feel they are using KYC as an instrument to get new users. Earlier they had a signature campaign in the forum when they relaxed the KYC norm. I guess as soon as they hit a target of a certain number of users they abruptly closed the campaign and again made KYC mandatory.
CEX as they are centralized are know to use such kind of marketing tricks to gain new users. I remember Bitget relaxed KYC as soon as Kucoin implemented mandatory KYC. It is how churning of users are done by CEX like Bitget. It is better to use a DEX if you are someone who doesn't like going through KYC and please stay away from airdrops. They are a big waste of time after 2019.
Privacy is important when it comes to Cryptocurrency, so why do exchanges like Bitget require KYC (Know Your Customer) for all users, even those who only want to get airdrops? I thought KYC should be for those transacting many Bitcoins, Is it really necessary for everyone?
It depends on the market (regulated or not) and on the country. In all cases, CEXs that impose KYC do so to comply with local regulations and thus protect themselves and their legal right to operate in the sector in question. If not, there are other reasons imaginable: private data is worth money, and CEXs are there purely to make money. For example, Coinbase has been condemned in the past for participating in the resale of their customers' data.
If we follow your question to its logical conclusion, it would be better to ask why governments and regulators are so keen on KYC, than to ask why some CEXs apply laws and regulations.
I recommend you to read GazetaBitcoin's excellent article, which is very instructive : 12 years later and people still don't know to use Bitcoin nor what it's good for
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