IDEX KYC Details

[ZionRTZ]

IDEX already announced before that they will be requiring KYC verification of their user. Yesterday, they already laid out the details in a blog https://medium.com/idex/idex-kyc-transition-period-and-updated-asset-availability-for-us-markets-set-to-begin-d45e945f842d

Tier 1 Verification — After creating an account with a valid email address, you will be asked to provide your name, date of birth and country. Once the information is submitted, verification is instant, and you will be approved for unlimited trades and withdrawals of up to $5,000 USD per day.

Tier 2 Verification — For users who want to withdraw more than $5,000 USD per day, you will be asked to provide your address, a passport (or other approved ID), and a selfie. Once the information is submitted, verification can take as little as 30 seconds, and then you will be approved for unlimited trades and unlimited withdrawals.

I think it is safe to say many people will no longer be using IDEX with these changes.

[Bigpat]

I’ve left from that exchange already two months ago, when first time heard about KYC addition. There was two more reasons:
1. Small trading volumes. I have on *Forkdelta* bigger volumes.
2. KYC. For decentralized exchange this is not needed.

[pelana vreo]

I just traded there and saw information on July 24 IDEX users are required to do KYC procedures, now traders can still trade without having to fill KYC and I am still happy with other DEX exchanges, there will be large volumes going on on another DEX exchange, we'll see what happens in the near future

[bountyecrire]

This seems weird, but also I can understand that they're following the rules. But DEX is decentralized, there always can/will be an exchange that does not require any information at all.

But If Idex keeps listing new ICO tokens, we probably will use it because there is not many options. (Bilaxy etc.maybe, which is centralized) We will see.

[Zed0X]

DEX, nowadays, is reduced to having control of your private keys. The anonymity feature is now gone.

Imagine trading on a "decentralized exchange" but you cannot withdraw because you have to complete the verification first. So much for complete control of funds.