KYC is needed on July 24, 2019

[zilzylian]

IDEX KYC Transition Period and Updated Asset Availability for US Markets Set to Begin

July 24 Starts a 30-Day Transition Period
When KYC goes live on Wednesday, July 24, 2019, it will mark the beginning of a 30-day transition period. All wallets accessing IDEX will continue to be able to make unlimited trades and withdrawals of up to $5,000 USD per day without an account and without verification.

During this transition period, we encourage everyone to create an account and get verified as soon as possible, but it won’t be required. This approach is designed to give you as much time as you need to complete our quick and easy verification without impacting your ability to trade or withdraw amounts up to $5,000 USD per day.
The transition period will end on August 23, 2019, at which time trading and withdrawals through IDEX will only be available for those who have created an account and completed Tier 1 or Tier 2 verification.

Verification Tiers and Requirements

Our two-tier verification system is designed to be as simple as possible:
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.




Source

[juv3ntus1]

I undestand why they take this decision to ask KYC for tradind the coins but is a bed idea for them a lot of people will stop using the idex.

[zilzylian]

I undestand why they take this decision to ask KYC for tradind the coins but is a bed idea for them a lot of people will stop using the idex.

Yes, you are right, maybe there will be a new Dex exchange that will have the same trading volume as IDEX.
This situation will make it an opportunity for investors to prefer DEX exchanges that will keep their privacy safe in the control of DEX user

[Fenix]

In many ways, the decision to conduct KYC on the exchange depends on the state in which the cryptocurrency exchange is located, since this may be required by the relevant government authorities. In this case, the exchanges are forced to obey the rules that operate on the territory of the state.
In June 2019, the FATF obliged states to require the passage of KYC for transactions over one thousand euros and it is mandatory for more than 200 states.

[royalfestus]

I undestand why they take this decision to ask KYC for tradind the coins but is a bed idea for them a lot of people will stop using the idex.

That was the last time I went there. I dont understand the hybrid decentralised exchange they call the exchange now. I believe they will have the same struggle like the uniswap with high trading fee more also is that most people wont want to register for the KYC.

[albon]

I undestand why they take this decision to ask KYC for tradind the coins but is a bed idea for them a lot of people will stop using the idex.

Agree with you but kyc can be good in many cases. As can keep your account safe and fund risk free. Actually KYC refers to verifying the identity of the customer to prevent fraud, money laundering and other illegal activities. Users prefer no KYC crypto exchanges because they value their privacy and find submitting personal documents time-consuming and invasive. Moreover a KYC verification process is required before trading. The process involves submitting personal information such as government issued ID and proof of address to comply with anti money laundering regulations. So i think kyc is good but not best for everyone.

[Husires]

I undestand why they take this decision to ask KYC for tradind the coins but is a bed idea for them a lot of people will stop using the idex.

Agree with you but kyc can be good in many cases. As can keep your account safe and fund risk free. Actually KYC refers to verifying the identity of the customer to prevent fraud, money laundering and other illegal activities.

KYC will not keep your account safe or free from financial risk. Providing this information will help track your money and tax you, but it will not enhance the security of your account, as many KYC exchanges have been hacked.
Users did not stop using idex because of KYC, but rather the liquidity and slow execution of orders that led some to lose their money.

[philipma1957]

I undestand why they take this decision to ask KYC for tradind the coins but is a bed idea for them a lot of people will stop using the idex.

Agree with you but kyc can be good in many cases. As can keep your account safe and fund risk free. Actually KYC refers to verifying the identity of the customer to prevent fraud, money laundering and other illegal activities.

KYC will not keep your account safe or free from financial risk. Providing this information will help track your money and tax you, but it will not enhance the security of your account, as many KYC exchanges have been hacked.
Users did not stop using idex because of KYC, but rather the liquidity and slow execution of orders that led some to lose their money.

not a fan of kyc but it is not going away. kyc can help if the entire exchange gets hacked.

you can put in a claim if you have good kyc for that hacked account.

i have had friends get recovery from fully hacked accounts. meaning the exchanged was hacked.