KYC is complying with regulations by Cex exchanges and i don't think it pose any form of risk or intended to put any person in danger. Obviously, if anyone plan to do a legitimate crypto business, I think it is necessary to be compliance to enable Cex exchanges do it's business in every country that regulations are required by the law of these countries.No one has claimed that KYC poses any risk, my friend. It's for people who value privacy, and I consider myself one of them. KYC not only exposes your identity but also jeopardizes your privacy. These risks include not only being exposed to government authorities but also providing scammers with enough data to potentially plan a scam. KYC has long aided governments in easily identifying hackers and crypto thieves. However, it's unclear how exactly it benefits us, the customers. Many decentralized exchanges are now making KYC verification mandatory, and soon there might not be any decentralized exchanges without the KYC option. This shift raises concerns about the balance between privacy and security for users in the cryptocurrency world.
Fees charged by Cex exchanges varies from one exchanges to the others, there are some exchanges that has higher trading/withdrawal fees while some are cheap. I will encourage anyone to, at least, to have three Cex exchanges to compare fees from time to time.
KYC is pain and if you do KYC on a centralized exchange, you lose your identity document, forever.I am interested in one question: how safe are the exchanges on these platforms? I ask not because I distrust you, but because anything new to me is unfamiliar and untested personally. Have you personally conducted exchanges on one of them? I am against verification, which is why I became interested in this topic.
If you are seriously with your privacy, anonymity, you will have need to look for non-KYC exchanges. Then you will have to compare their trading fees.
There are three websites for you to do so.
- https://kycnot.me/
- https://orangefren.com/
- https://coinmarketfees.com. It seems the website is not keen on non-KYC exchanges but you can try.
I am interested in one question: how safe are the exchanges on these platforms? I ask not because I distrust you, but because anything new to me is unfamiliar and untested personally. Have you personally conducted exchanges on one of them? I am against verification, which is why I became interested in this topic.
I am interested in one question: how safe are the exchanges on these platforms? I ask not because I distrust you, but because anything new to me is unfamiliar and untested personally. Have you personally conducted exchanges on one of them? I am against verification, which is why I became interested in this topic.I only shared websites to find non KYC exchanges for people who need it.
Unfortunately, we cant actually find bitcoin on any decentralized exchange except for the wrapped versions which actually, are not real bitcoin.Wrapped Bitcoin tokens are tokens. They are altcoins and not Bitcoin. Don't try to save on chain transaction fees and miss Bitcoin, fall into scam tokens.
I assume you know that no one can give you any guarantees that an exchange service is 100% safe, not even Binance. Even if OP or I have a great experience with one of the exchangers, that doesn't mean that you won't have a problem with them or that they won't go bankrupt after a month, or be hacked.It is very true.
I only shared websites to find non KYC exchanges for people who need it.I understand the responsibility that falls on me. If I make a decision, I will be solely responsible for it. Although I do not trust the crypto exchange, I have no other choice but to use it. Although I do not trust the crypto exchange, I have no other choice but to use it. Therefore, I must take risks.
Don't trust me on it. Don't trust those websites.
Verify information from me, from them, make your decision to use or not.
With those exchanges, and with any exchange you try a first time, try small.
KYC is pain and if you do KYC on a centralized exchange, you lose your identity document, forever.Having the option to trade cryptocurrency without doing any KYC and staying anonymous is very lucrative thing for any crypto enthusiast because of all the risk of hack and theft in crypto. but Honeslty speaking. I would always prefer a reputable and trusted Exchange which require KYC rather than putting my hard earned money in these unknown exchanges which lure people to deposit in them without KYC. it is my personal opinion but I will not trust an unknown exchange just because of the KYC thing. unless that exchange is very reputable.
If you are seriously with your privacy, anonymity, you will have need to look for non-KYC exchanges. Then you will have to compare their trading fees.
There are three websites for you to do so.
- https://kycnot.me/
- https://orangefren.com/
- https://coinmarketfees.com. It seems the website is not keen on non-KYC exchanges but you can try.
https://kycnot.me/
Are you sure?https://kycnot.me/
I am impressed that I couldn't find https://exch.cx/ there.
This is the service I have been using now, and I am completely satisfied. I was exchanging some of my BTC there before fees went crazy. When we are in levels below 40 sat/vbyte I will try again
It looks extremely unattractive and was made in the early 2000s sitting on my knee))))). These are ordinary exchangers, not any exchanges, I would change something there only if I was forced to do it at gunpoint)))).KYC is pain and if you do KYC on a centralized exchange, you lose your identity document, forever.I am interested in one question: how safe are the exchanges on these platforms? I ask not because I distrust you, but because anything new to me is unfamiliar and untested personally. Have you personally conducted exchanges on one of them? I am against verification, which is why I became interested in this topic.
If you are seriously with your privacy, anonymity, you will have need to look for non-KYC exchanges. Then you will have to compare their trading fees.
There are three websites for you to do so.
- https://kycnot.me/
- https://orangefren.com/
- https://coinmarketfees.com. It seems the website is not keen on non-KYC exchanges but you can try.
I am currently using the allowed exchangers. So far, there have been no issues with them. However, if they are shut down (and there is already talk about it), we will need to find an alternative. These sites may be a viable option. I do not see any other choice, as almost all centralised exchanges require verification.It looks extremely unattractive and was made in the early 2000s sitting on my knee))))). These are ordinary exchangers, not any exchanges, I would change something there only if I was forced to do it at gunpoint)))).KYC is pain and if you do KYC on a centralized exchange, you lose your identity document, forever.I am interested in one question: how safe are the exchanges on these platforms? I ask not because I distrust you, but because anything new to me is unfamiliar and untested personally. Have you personally conducted exchanges on one of them? I am against verification, which is why I became interested in this topic.
If you are seriously with your privacy, anonymity, you will have need to look for non-KYC exchanges. Then you will have to compare their trading fees.
There are three websites for you to do so.
- https://kycnot.me/
- https://orangefren.com/
- https://coinmarketfees.com. It seems the website is not keen on non-KYC exchanges but you can try.
IMO, it depends to users.I agree 100%:) Indeed, some people are so afraid of having their data made public that they look for 10 ways just to get around it.
Some users does not have any issue by passing KYC. In other hand some are so concern about their identity maybe they are inline in politics, showbiz, sports, and so on.
This thread is perfect for people that are looking for privacy and anonymity.
Centralized or decentralized, use exchanges with caution and beneficial.
I wouldn't advise anyone to use services like ChangeNow which are recommended despite their long history of scams.
I read some accusations about them and it's a good prevention to not use their products.Wow, I did not know that these services were related. They are selective scammers. I used Changelly several times in 2019/2020 and did not face a problem with it, but there are dozens of problems that users faced, especially with large amounts, in addition to what happened with atomicwallet. They all make using their services bad and you may end up with losing your money.
There are a lot of such exchangers on the Internet and the main thing is to understand how much you are willing to risk hiding your verification, it's one thing if you just want to buy and sell not a large amount of money but big money I would not trust them, as even the visual part says about them that they do not want to spend money on the image that says about them that they are greedy and with such better not to go near and do not trust.I am currently using the allowed exchangers. So far, there have been no issues with them. However, if they are shut down (and there is already talk about it), we will need to find an alternative. These sites may be a viable option. I do not see any other choice, as almost all centralised exchanges require verification.It looks extremely unattractive and was made in the early 2000s sitting on my knee))))). These are ordinary exchangers, not any exchanges, I would change something there only if I was forced to do it at gunpoint)))).KYC is pain and if you do KYC on a centralized exchange, you lose your identity document, forever.I am interested in one question: how safe are the exchanges on these platforms? I ask not because I distrust you, but because anything new to me is unfamiliar and untested personally. Have you personally conducted exchanges on one of them? I am against verification, which is why I became interested in this topic.
If you are seriously with your privacy, anonymity, you will have need to look for non-KYC exchanges. Then you will have to compare their trading fees.
There are three websites for you to do so.
- https://kycnot.me/
- https://orangefren.com/
- https://coinmarketfees.com. It seems the website is not keen on non-KYC exchanges but you can try.
There are a lot of such exchangers on the Internet and the main thing is to understand how much you are willing to risk hiding your verification, it's one thing if you just want to buy and sell not a large amount of money but big money I would not trust them, as even the visual part says about them that they do not want to spend money on the image that says about them that they are greedy and with such better not to go near and do not trust.I don't know, maybe they're greedy, or maybe they're emphasising just the functionality of the site. I have not dealt with them, so I can't judge whether he works honestly or not. Usually, if I encounter something new, I first make an exchange of a small amount, and only then enter the rest.
There are a lot of such exchangers on the Internet and the main thing is to understand how much you are willing to risk hiding your verification, it's one thing if you just want to buy and sell not a large amount of money but big money I would not trust them, as even the visual part says about them that they do not want to spend money on the image that says about them that they are greedy and with such better not to go near and do not trust.I don't know, maybe they're greedy, or maybe they're emphasising just the functionality of the site. I have not dealt with them, so I can't judge whether he works honestly or not. Usually, if I encounter something new, I first make an exchange of a small amount, and only then enter the rest.
IMO, it depends to users.
Some users does not have any issue by passing KYC. In other hand some are so concern about their identity maybe they are inline in politics, showbiz, sports, and so on.
This thread is perfect for people that are looking for privacy and anonymity.
Centralized or decentralized, use exchanges with caution and beneficial.
This is the most correct decision, I have recently been using p2p exchanges exchanges and there is not much headache, I certainly studied the risks associated with scammers and know what they do but it is not so terrible when you know all the habits of the enemy))))There are a lot of such exchangers on the Internet and the main thing is to understand how much you are willing to risk hiding your verification, it's one thing if you just want to buy and sell not a large amount of money but big money I would not trust them, as even the visual part says about them that they do not want to spend money on the image that says about them that they are greedy and with such better not to go near and do not trust.I don't know, maybe they're greedy, or maybe they're emphasising just the functionality of the site. I have not dealt with them, so I can't judge whether he works honestly or not. Usually, if I encounter something new, I first make an exchange of a small amount, and only then enter the rest.
if in a way that you don't want to reveal your Identity then p2p from this forum or any other forum can actually helped out and that should be when those people are reputable and trusted members of that forum before you could involved any trade with them.Peer to Peer trading is risky and to be safe, you must have Escrow for the trade between you and trade partner.
Honestly I'm the one among them who value their indentity and don't like to public that. Authority could sell our information to another company and that might be used in many ways. So i usually trying to avoid those exchange that ask kyc. But i have done my kyc for binance the most popular and number 1 exchange at this moment. Otherwise i didn't have options. Main reason is, other platform doesn't have such liquidity like binance. Although now I'm descovrring many platforms where no need kyc verificationI'm assuming you utilize Binance's P2P feature as it allows you to trade crypto to fiat and it will be deposited directly to your bank account. Unless you are 100% on crypto, it's just tough to avoid any centralized exchange that would ask KYC. Choosing one or two that you trust when you want to convert to local fiat currency might be the option left.
I'm assuming you utilize Binance's P2P feature as it allows you to trade crypto to fiat and it will be deposited directly to your bank account. Unless you are 100% on crypto, it's just tough to avoid any centralized exchange that would ask KYC. Choosing one or two that you trust when you want to convert to local fiat currency might be the option left.Big centralized exchanges usually have mandatory KYC policies and you have to complete KYC to use their exchanges with full features. Of course there are different levels of KYC and depends on your need as well as how much you care about privacy, you can finish from a basic to advanced KYC levels.
By the way, being number 1 doesn't guarantee 100% data security. Binance customer data was once leaked.
IMO, it depends to users.Yeah, I'm just a normal user and have no problem with KYC, I'm willing to do KYC to be able to trade crypto with fiat. Of course, I only use the most reputable CEXs to avoid personal data being misused for bad purposes.
Some users does not have any issue by passing KYC. In other hand some are so concern about their identity maybe they are inline in politics, showbiz, sports, and so on.
This thread is perfect for people that are looking for privacy and anonymity.
Centralized or decentralized, use exchanges with caution and beneficial.
Yeah, I'm just a normal user and have no problem with KYC, I'm willing to do KYC to be able to trade crypto with fiat. Of course, I only use the most reputable CEXs to avoid personal data being misused for bad purposes.Almost all CEX exchanges require their users to KYC because that has become their new rule for every user, in terms of CEX exchange trading more than DEX, I also always use CEK for trading crypto to USDT or disbursed in fiat because this is simpler.
These websites also require users's Card data for fiat-to-crypto trades, which means we will not be completely anonymous when trading crypto. So, CEX is still my choice based on the criteria of legitimacy, simplicity and good liquidity.
Almost all CEX exchanges require their users to KYC because that has become their new rule for every user, in terms of CEX exchange trading more than DEX, I also always use CEK for trading crypto to USDT or disbursed in fiat because this is simpler.
So that's the most important thing, choose a CEX exchange that is already popular. Maybe we here already understand how to choose CEX because basically Binance is the exchange that is most widely used and has high liquidity.
CEX is not completely anonymous because there is data that must be submitted to them, if they want to be anonymous then they can use DEX but I am the same as you and prefer CEX even though it is not anonymous.
All centralized exchanges require KYC as a matter of obligation to comply with the current regulations of each country. It is normal for users to be reluctant about KYC. Plus the more obvious reasons, there is also the possibility (although many people do not know it) that private data ends up for sale on the dark web, in some hacker forum. The number of private data thefts that occur every day is alarming and can cause serious problems for users.So true. Exchanges come and go, we just don't know when they go away (not about scam exchange close their business), how do they treat KYC documents from their data base.
I liked the first site because it has good search filters so that you can get the best results you want according to your needs, so I will add it to my favorites.Note that they are a little bit slowly with update so make sure you double check with exchange official websites. Get basic information from kycnot.me and find potential exchanges to use, then double check.
I only shared websites to find non KYC exchanges for people who need it.I understand the responsibility that falls on me. If I make a decision, I will be solely responsible for it. Although I do not trust the crypto exchange, I have no other choice but to use it. Although I do not trust the crypto exchange, I have no other choice but to use it. Therefore, I must take risks.
Don't trust me on it. Don't trust those websites.
Verify information from me, from them, make your decision to use or not.
With those exchanges, and with any exchange you try a first time, try small.
KYC is pain and if you do KYC on a centralized exchange, you lose your identity document, forever.
If you are seriously with your privacy, anonymity, you will have need to look for non-KYC exchanges. Then you will have to compare their trading fees.
There are three websites for you to do so.
- https://kycnot.me/
- https://orangefren.com/
- https://coinmarketfees.com. It seems the website is not keen on non-KYC exchanges but you can try.
Yeah, I'm just a normal user and have no problem with KYC, I'm willing to do KYC to be able to trade crypto with fiat. Of course, I only use the most reputable CEXs to avoid personal data being misused for bad purposes.Yes, for now it is like that. CEX will usually require KYC verification, especially if you are going to transfer to a bank or fiat account, or make a deposit from a bank account, or use a P2P trading system. I don't know what the KYC is like, starting from the simplest or complete with personal data. However, there are some that don't require KYC. So this will automatically become our choice and our goal in using the CEX. If we don't want to do KYC, then DEX is one of the most appropriate choices. Or use a P2P system which is definitely trustworthy, not fake ones found in certain groups/channels/social media. Make sure that the P2P is truly trustworthy and has a reliable reputation.
As a matter of fact, all centralised exchange now comply with their local laws which requires them to conduct due diligence on their clients as to no know who they are and their locality coupled with other necessary information that will be required of them if the need be.That's right. Any of the exchanges (where there is kyc) on one request from the authorities, will provide from transactions/to your last login to the exchange. No decentralization + privacy is out of the question. Absolutely and no matter what anyone says.
There is no centralised exchange trading Bitcoin that does not conduct KYC be it a p2p platform, they do conduct KYC as well but what people are just after is the safety protection of their information because as it is with the exchange, nobody knows what they use it for but are trusted to secure our information without any leakage.
It's intriguing that you recognize the dangers and problems with trust associated with utilizing a cryptocurrency exchange. Using a platform you're not quite comfortable with requires a lot of guts and commitment, but it sounds like you believe the advantages transcend the drawbacks. Do you believe the risks are worthwhile, or do you occasionally find utilizing cryptocurrency exchanges unsettling?
KYC is pain and if you do KYC on a centralized exchange, you lose your identity document, forever.Likely I don't familiar with all your non exchange recommended and its first time for me heard with that exchange, my choose for non exchange right now with dapp and less trade with CEX exchange. But if your exchange recommended still new for me not bad ideas try with small transaction firstly and waiting how this exchange reputation about deposit and withdrawal fund.
If you are seriously with your privacy, anonymity, you will have need to look for non-KYC exchanges. Then you will have to compare their trading fees.
There are three websites for you to do so.
- https://kycnot.me/
- https://orangefren.com/
- https://coinmarketfees.com. It seems the website is not keen on non-KYC exchanges but you can try.
I don't see anything wrong with undergoing KYC on top exchanges like CEX. I don't think the average crypto enthusiast with small trading volumes would have issues with regulators or the government in case of data leaks. Nevertheless, I prefer using DEX exchanges – they're simpler, more convenient, and faster.If you are a small time trader, its questionable do you even need a centralized exchange as a good DEX should have enough volume for all your needs. And problem is not only the data leak, but the fact that centralized exchanges will sent your data to your tax service whether you want it or not (andf at least in my country people tend not to report their crypto gains).
If you are a small time trader, its questionable do you even need a centralized exchange as a good DEX should have enough volume for all your needs. And problem is not only the data leak, but the fact that centralized exchanges will sent your data to your tax service whether you want it or not (andf at least in my country people tend not to report their crypto gains).With small traders, using non KYC DEX is perfect option because they don't need big trading volume.
But if your exchange recommended still new for me not bad ideas try with small transaction firstly and waiting how this exchange reputation about deposit and withdrawal fund.You can try it when you need to trade a small one, to get experience for yourself and to avoid any loss because of your unfamiliar with their trading scheme and lack of experience or because of their scam (if they actually are scam). I mean the site actually has its own review as well as feedback from community but even reviews are not biased, one good exchange can turn to scam one anytime.
If you are a small time trader, its questionable do you even need a centralized exchange as a good DEX should have enough volume for all your needs. And problem is not only the data leak, but the fact that centralized exchanges will sent your data to your tax service whether you want it or not (andf at least in my country people tend not to report their crypto gains).Most of the small traders don't need to use centralized exchanges and do kyc verification, but they still do it, and they think Binance exchange is their ''wallet' ::)
Most of the small traders don't need to use centralized exchanges and do kyc verification, but they still do it, and they think Binance exchange is their ''wallet' ::)Generally speaking, it is common on centralized exchanges, not only Binance. Please feel it a right way, I am not defending Binance.
Another down side of using this exchanges is risk of coins confiscation, account getting frozen, higher fees for withdrawal, and risk of hacks and leaks.
Most of the small traders don't need to use centralized exchanges and do kyc verification, but they still do it, and they think Binance exchange is their ''wallet' ::)In fact, investors participate in crypto market to seek profits. Safety and convenience are both things that investors need and they will balance them during the investment process.
Another down side of using this exchanges is risk of coins confiscation, account getting frozen, higher fees for withdrawal, and risk of hacks and leaks.
Most of the small traders don't need to use centralized exchanges and do kyc verification, but they still do it, and they think Binance exchange is their ''wallet' ::)
Another down side of using this exchanges is risk of coins confiscation, account getting frozen, higher fees for withdrawal, and risk of hacks and leaks.
There are three websites for you to do so.Have these three websites been tested for security?
- https://kycnot.me/
- https://orangefren.com/
- https://coinmarketfees.com. It seems the website is not keen on non-KYC exchanges but you can try.
KYC is pain and if you do KYC on a centralized exchange, you lose your identity document, forever.
If you are seriously with your privacy, anonymity, you will have need to look for non-KYC exchanges. Then you will have to compare their trading fees.
There are three websites for you to do so.
- https://kycnot.me/
- https://orangefren.com/
- https://coinmarketfees.com. It seems the website is not keen on non-KYC exchanges but you can try.
~Crypto is not anonymous unless its Monero.
Good info, But I personally prefer used KYC in reputable exchange.
I know crypto is anonymous, but I just do daily trading at finance, kucoin and Huobi.
I think those are reputable coin that won't share our privacy date.
No worries about them and team.
Maybe almost all crypto enthusiasm know what is binance, Kucoin and Huobi
Crypto is not anonymous unless its Monero.I'll tell you more, those exchanges where I went through verification, (2-3 years ago) repeatedly want me to do it again. Or they do not allow me to withdraw funds. And this is normal, you should be ready for such rules. We store funds on their platforms = they can do what they want and no one forbids them. 8)
Do not ever think that the centralized exchanges you claim as reputable will not share your personal information and trading history one day. There is a big reason why they ask you to pass KYC verification and that is to save it in their database then submit to authorities if there's a legitimate order to do so.
Another reason why you should be worried about submitting your IDs is the risk that it could land into a hacker's hand and then sold.
Most of the small traders don't need to use centralized exchanges and do kyc verification, but they still do it, and they think Binance exchange is their ''wallet' ::)People will always prefer what is more convenient for them and vast majorify of those that are into crypto don't really care about "being your own bank" and everything else that Bitcoin stands for so its not a surprise that people tend to use centralized exchanges as banks and I don't see it changing in the near future.
Check out our local board in this forum, maybe it's time to revive it[/size] ;)Yeah I checked it out a little bit, hopefully more of us come here so we can revive the local. I'll deff try to be active there as well.
Yeah, I'm just a normal user and have no problem with KYC, I'm willing to do KYC to be able to trade crypto with fiat. Of course, I only use the most reputable CEXs to avoid personal data being misused for bad purposes.Yes, for now it is like that. CEX will usually require KYC verification, especially if you are going to transfer to a bank or fiat account, or make a deposit from a bank account, or use a P2P trading system. I don't know what the KYC is like, starting from the simplest or complete with personal data. However, there are some that don't require KYC. So this will automatically become our choice and our goal in using the CEX. If we don't want to do KYC, then DEX is one of the most appropriate choices. Or use a P2P system which is definitely trustworthy, not fake ones found in certain groups/channels/social media. Make sure that the P2P is truly trustworthy and has a reliable reputation.
Good info, But I personally prefer used KYC in reputable exchange.That's the point. People have something to hide and if you have such need, you will look for non-KYC exchanges but of course if you don't have such needs, big KYC exchanges will be your choices.
I know crypto is anonymous, but I just do daily trading at finance, kucoin and Huobi.You are missing a point here.
I think those are reputable coin that won't share our privacy date.
No worries about them and team.
Maybe almost all crypto enthusiasm know what is binance, Kucoin and Huobi
People will always prefer what is more convenient for them and vast majorify of those that are into crypto don't really care about "being your own bank" and everything else that Bitcoin stands for so its not a surprise that people tend to use centralized exchanges as banks and I don't see it changing in the near future.[/size]
[/size]Zombieland Rising - new movie 8)
Yeah I checked it out a little bit, hopefully more of us come here so we can revive the local. I'll deff try to be active there as well.
In today's world we know most people go to Bitcoin and other platforms without KYC just to keep their identity private. It is very necessary and important that they exchange in non KYC exchanges and there their identity remains hidden. When a person's identity is not hidden but people know him and how much money he invests, if this news is revealed, then that person must wear many kinds of victims. If all these exchanges provide enough security and anonymity in trading then surely people will invest a lot here.Unfortunately, even though they promise city data security during verification, there is no guarantee that our data is truly safe. Cyber crimes are very strong and the slightest weakness can be an opening for them to destroy the security of the platform. And indeed this is our risk when carrying out KYC with our identity, especially our ID data. And indeed, non-KYC exchange is usually an alternative for those who don't want to do it. But unfortunately, regulations in our country sometimes force us to do it on CEX so we can withdraw to fiat easily.
I'll tell you more, those exchanges where I went through verification, (2-3 years ago) repeatedly want me to do it again. Or they do not allow me to withdraw funds. And this is normal, you should be ready for such rules. We store funds on their platforms = they can do what they want and no one forbids them. 8)
It seems like that's because when he did KYC, it was still standard KYC, namely just filling in data as usual. Meanwhile, several years ago, Binance made the latest regulations regarding KYC, namely by using our ID verification in the form of an ID card, passport, driver lessons or something else that is recognized by our country. So if we haven't done that, we will be asked to repeat it and we won't be able to withdraw our assets on Binance. However, when we first register on Binance and the regulations are in effect, namely directly KYC using the official document, that is enough as long as there is a verified sign on our account.I'll tell you more, those exchanges where I went through verification, (2-3 years ago) repeatedly want me to do it again. Or they do not allow me to withdraw funds. And this is normal, you should be ready for such rules. We store funds on their platforms = they can do what they want and no one forbids them. 8)
This is new to me, I have completed kyc verification for both binance and kucoin and all the time that I have used them I’ve never received a notice from them for me to rerun my verification process again. .
KYC is complying with regulations by Cex exchanges and i don't think it pose any form of risk or intended to put any person in danger. Obviously, if anyone plan to do a legitimate crypto business, I think it is necessary to be compliance to enable Cex exchanges do it's business in every country that regulations are required by the law of these countries.
I won't play dumb to some of the advantages of KYC as it is used to checkmate crimes like money laundering, arms smuggling, sex trafficking etc. However, The risks it poses outweigh the benefits.You will not have to worry about scammers if you use a CEX for Spot trading. No need to trade Peer to Peer and be scammed by scammers. To be frankly about CEX, they have some advantages for users.
The CEX or third party could sell your data on the dark web, the CEX could be hacked and users data could be stolen and sold on the dark web. Some persons are languishing in jail for crimes they did not commit because a scammer stole their identity and used it to carry out fraud.But KYC has more risk than benefit because of many things you don't know about companies force users to do KYC. They have your documents and only they know what they will do with those documents.
I'd suggest you read this article so that you'd know why KYC is extremely dangerous (https://bitcointalk.org/index.php?topic=5221497.0).
I agree with your statement about KYC, but basically, now that you have a very large amount of money to make transactions on an exchange, you have to do KYC.So currently we are forced to do KYC, and of course, I am sure the company also has regulations not to leak data, and when a data leak occurs, they will be subject to very heavy sanctions.KYC is complying with regulations by Cex exchanges and i don't think it pose any form of risk or intended to put any person in danger. Obviously, if anyone plan to do a legitimate crypto business, I think it is necessary to be compliance to enable Cex exchanges do it's business in every country that regulations are required by the law of these countries.
I won't play dumb to some of the advantages of KYC as it is used to checkmate crimes like money laundering, arms smuggling, sex trafficking etc. However, The risks it poses outweigh the benefits. The CEX or third party could sell your data on the dark web, the CEX could be hacked and users data could be stolen and sold on the dark web. Some persons are languishing in jail for crimes they did not commit because a scammer stole their identity and used it to carry out fraud.
I'd suggest you read this article so that you'd know why KYC is extremely dangerous (https://bitcointalk.org/index.php?topic=5221497.0).
But KYC has more risk than benefit because of many things you don't know about companies force users to do KYC. They have your documents and only they know what they will do with those documents.
You can not trust them that their platforms have good security layers to keep your documents safely.
Thank you mate, that's exactly the way I feel also in trying out new stuff because I don't know what is involved so I like to ask around before trying anything and moreover I don't want to have any feeling of regrets although am used to using CEX that requires KYC like binance but recently thought I should try out a new exchange especially the one that doesn't require me sending out all my all info. I have heard about these exchanges but am having doubt believing that they don't require any data from you and am also skeptical in testing it out since it involved me funding it.KYC is pain and if you do KYC on a centralized exchange, you lose your identity document, forever.I am interested in one question: how safe are the exchanges on these platforms? I ask not because I distrust you, but because anything new to me is unfamiliar and untested personally. Have you personally conducted exchanges on one of them? I am against verification, which is why I became interested in this topic.
If you are seriously with your privacy, anonymity, you will have need to look for non-KYC exchanges. Then you will have to compare their trading fees.
There are three websites for you to do so.
- https://kycnot.me/
- https://orangefren.com/
- https://coinmarketfees.com. It seems the website is not keen on non-KYC exchanges but you can try.
~I agree with your statement about KYC, but basically, now that you have a very large amount of money to make transactions on an exchange, you have to do KYC.So currently we are forced to do KYC, and of course, I am sure the company also has regulations not to leak data, and when a data leak occurs, they will be subject to very heavy sanctions.
KYC is pain and if you do KYC on a centralized exchange, you lose your identity document, forever.There are disadvantage and advantage of using centralized exchange but indeed that most of us are not willing to expose our identity here in crypto investments so we tend to use Decentralized exchange.
If you are seriously with your privacy, anonymity, you will have need to look for non-KYC exchanges. Then you will have to compare their trading fees.
There are three websites for you to do so.
- https://kycnot.me/
- https://orangefren.com/
- https://coinmarketfees.com. It seems the website is not keen on non-KYC exchanges but you can try.
Do KYC at reputable exchange such as binance , No doubt about it. I never do KYC at new exchange.Do not trust any platform that you submitted your KYC document already, thinking your data can not be leaked. Once you have submitted it, the platform can do anything with your KYC documents. It can be given to third parties and also there can be data breach by hackers.
and I will not do KYC on exchanges where I am not sure of the security of my personal data. So far, I still trust Binance, because I feel my data is still safe.
Don't mind all those BS they tell you that your information are safe with them. There's a greater tendency that small exchanges might sell your data but reputable ones like Binance and the likes won't do this but that doesn't mean they cannot be hacked and your data cannot be compromised.What have to worry when submitting KYC with most trusted and have good reputation exchange such as Binance? don't blame Binance have been popular and their operation for longer time there are not place with your document ID avoid by them, personally CEXs is the best option for trading and there are easily to put buy and sell order as limit than with Dapp exchange not get choose except trade with instant way.
No one is forcing you to use CEXs, you always have a choice. To avoid them, trade on NO KYC exchanges such as bisq.network, Agoradesk.com, eXch.cx, Changelly, SimpleSwap etc.
It seems like that's because when he did KYC, it was still standard KYC, namely just filling in data as usual. Meanwhile, several years ago, Binance made the latest regulations regarding KYC, namely by using our ID verification in the form of an ID card, passport, driver lessons or something else that is recognized by our country. So if we haven't done that, we will be asked to repeat it and we won't be able to withdraw our assets on Binance. However, when we first register on Binance and the regulations are in effect, namely directly KYC using the official document, that is enough as long as there is a verified sign on our account.Well, I used my passport. It was +/- (a year ago) - in principle, the system of passing has not changed. Understand correctly, several exchanges (KuCoin, Mex, Gate.io) started demanding me to pass again. This is a confirmation that funds on the exchange = not your funds. Who has not yet realized this, it's time to understand + stick to security.
~What have to worry when submitting KYC with most trusted and have good reputation exchange such as Binance? don't blame Binance have been popular and their operation for longer time there are not place with your document ID avoid by them, personally CEXs is the best option for trading and there are easily to put buy and sell order as limit than with Dapp exchange not get choose except trade with instant way.
I don't see Binance have problem with user document KYC as far their operation without much problem for selling user document or use for any thing else.
Do KYC at reputable exchange such as binance , No doubt about it. I never do KYC at new exchange.Do not trust any platform that you submitted your KYC document already, thinking your data can not be leaked. Once you have submitted it, the platform can do anything with your KYC documents. It can be given to third parties and also there can be data breach by hackers.
and I will not do KYC on exchanges where I am not sure of the security of my personal data. So far, I still trust Binance, because I feel my data is still safe.
I'll tell you more, those exchanges where I went through verification, (2-3 years ago) repeatedly want me to do it again. Or they do not allow me to withdraw funds. And this is normal, you should be ready for such rules. We store funds on their platforms = they can do what they want and no one forbids them. 8)
This is new to me, I have completed kyc verification for both binance and kucoin and all the time that I have used them I’ve never received a notice from them for me to rerun my verification process again.
Those two exchanges I listed above are the only once I can remember submitting my documents to, I did it before I knew the danger of kyc and the possibility of my details being compromised.
I am using binance and Kucoin and as I remembered more than 3 years but still not asked for KYC second time but 2 days ago I experience problem with OKX which ask me to do KYC again and unfortunately I lost my ID card in my home and I don't remembered it. In my country we have to wait for one month to get new card.I think each of (the exchanges we use) will require re-verification. This is not normal, I think. You can pass verification not through your passport, but through your driver's license.
(https://i.ibb.co/K0qdFZ8/Screenshot-143.jpg)
KYC is no doubt taking a very high risk even in binance but for P2P and other features such as joining launchpad, launchpool KYC is must. We are forced to do kyc even if we don't like it.
I think each of (the exchanges we use) will require re-verification. This is not normal, I think. You can pass verification not through your passport, but through your driver's license.
Below is an example of how one of the exchanges, requires again to pass verification. I'll tell you in advance, I passed it, a year ago. How many more times do you think they'll ask for my personal information? That doesn't sound normal to me anymore.
P.S. What happens when regulation is stronger than it is now? I'm afraid to imagine. :D
Today OKX exchange temporarily freeze my account and I cannot deposit, trade or withdraw any asset. Account is now just watch only mode and I have to complete verification to re-access all function. This is not good as we have to give personal information again and again.
My fund is low but how people believe on CEX with holding big amount. They can anytime freeze your account and will ask for any verification which sometimes we don't want to share it.
I don't see Binance have problem with user document KYC as far their operation without much problem for selling user document or use for any thing else.
I can say that no information with a centralized exchange is safe. The self acclaimed sophisticated centralized exchanges have all suffered hack in the past making them to lose millions of investors and customers assets and funds to hackers. Binance that many are defending here have suffered hack years back when her members details and information were all stolen. One thing you should know is that once you give a consent by engaging in the KYC, you already tell them you agree with whatever they want to do with it and whatever the result maybe you will have nothing to hold against them and that has been the game of the exchange or third party till date. I believe everything works with time and a gradually process.
I am using binance and Kucoin and as I remembered more than 3 years but still not asked for KYC second time but 2 days ago I experience problem with OKX which ask me to do KYC again and unfortunately I lost my ID card in my home and I don't remembered it. In my country we have to wait for one month to get new card.Centralized exchanges and similarly gambling sites can ask you to resubmit KYC documents to verify your identity again.
It doesn't seem crazy to me to think that exchanges, from time to time, require users to re-verify their accounts by submitting their personal documents. If we think about it coldly, they may be forced by law to request documentation again to avoid false documents, changes of address or telephone numbers. As users we know that CEX are subject to the regulations of each country, but we have not read the drafts of those laws, so we do not know 100% what is written.This is just the beginning of regulation. I'm not surprised at all. The fact that they again require verification is quite normal. But I'm not gonna do it. I don't see the point, I'd rather go use another exchange. There are quite a few of them.
Every day there are more cases of users having to resend their documents, and every day more users use DEX to avoid problems.
It doesn't seem crazy to me to think that exchanges, from time to time, require users to re-verify their accounts by submitting their personal documents. If we think about it coldly, they may be forced by law to request documentation again to avoid false documents, changes of address or telephone numbers. As users we know that CEX are subject to the regulations of each country, but we have not read the drafts of those laws, so we do not know 100% what is written.This is just the beginning of regulation. I'm not surprised at all. The fact that they again require verification is quite normal. But I'm not gonna do it. I don't see the point, I'd rather go use another exchange. There are quite a few of them.
Every day there are more cases of users having to resend their documents, and every day more users use DEX to avoid problems.
Exchanges are exchanges, there is no guarantee that tomorrow funds will not be frozen and they will not again demand to provide some kind of paperwork about the origin of the funds.
P.S. Don't forget for hot/cold wallets - if you store it - only there. Or look for alternatives on your own. There's plenty to choose from. 8)
I don't see Binance have problem with user document KYC as far their operation without much problem for selling user document or use for any thing else.
Absolutely yes, I don't heard the problem of binance about KYC.
I believe binance will keep our private data.
Maybe I don't believe in new exchange, but binance is reputable exchange.
I know it's third parties, but as long as there is no news about their mistakes in storing our data,
I still believe it...
Let me burst your bubbles, Binance has been hacked before and they can be hacked again. Once your data is stolen you can never undo it, so be careful of how you give it out.Someone is going to make good money on selling personal data in that quantity. Nowadays, you can get decent money for an account with photo verification with a passport in hand. If you drain all this base at minimum prices, you will get quite a decent amount of money, which will be enough for a long time. That is why they try to steal or get this information about customers.
"Binance, the world's largest cryptocurrency exchange by trading volume, said it's investigating the alleged leak of its customers' verification information. The leak could affect up to 60,000 individual users who sent KYC information to the company in 2018 and 2019."
Binance Customer Data Leak: What We Know and What We Don't (https://www.google.com/amp/s/www.coindesk.com/markets/2019/08/07/binance-customer-data-has-leaked-what-we-know-and-what-we-dont/amp/)
Someone is going to make good money on selling personal data in that quantity. Nowadays, you can get decent money for an account with photo verification with a passport in hand. If you drain all this base at minimum prices, you will get quite a decent amount of money, which will be enough for a long time. That is why they try to steal or get this information about customers.
KYC is pain and if you do KYC on a centralized exchange, you lose your identity document, forever.Sad reality but we are left no choice as local and international CEX that are and will operate here in my country will undergo regulation and they are required to do KYC. Exchanges that are not compliant with the SEC is now facing 3 months grace period before getting the total banning.
With the way CEXs are forcing KYC on users, the data resell business may even become more valuable and lucrative in the future. According to the information below, stolen data can also be sold in packages on the darkweb.That's what I wrote about. How predictable everything in our world is. This is the reason why I never go through verification, because I understand perfectly well that sooner or later, but the data will "leak" into the public domain or into the hands in which it should not. It is a pity that many people have not realized this yet. Well, it's their choice. They have the right to do what they want. I've made my position clear.
"The data is seemingly for sale for $10 per 100 documents or more, with discounts applying for those who buy in bulk, all the way up to $1 per 1,000 for an order of over 25,000. CCN.com was able to independently verify the ad on the dark web, which is still online."
https://www.ccn.com/hacked-customer-data-from-world-leading-cryptocurrency-exchanges-for-sale-on-the-dark-web/
That's what I wrote about. How predictable everything in our world is. This is the reason why I never go through verification, because I understand perfectly well that sooner or later, but the data will "leak" into the public domain or into the hands in which it should not. It is a pity that many people have not realized this yet. Well, it's their choice. They have the right to do what they want. I've made my position clear.
KYC is pain and if you do KYC on a centralized exchange, you lose your identity document, forever.
If you are seriously with your privacy, anonymity, you will have need to look for non-KYC exchanges. Then you will have to compare their trading fees.
There are three websites for you to do so.
- https://kycnot.me/
- https://orangefren.com/
- https://coinmarketfees.com. It seems the website is not keen on non-KYC exchanges but you can try.
Yeah, If we don't want to share private ID, better to choose other exchange.
I didn't believe my private data will safe, because we all know about misuse private data at several companies.
So be careful.
But I suggest if they are reputable exchange, I think we can do
If there is non KYC, why we must do choose exchange which ask KYC as mandatory. We can several exchange which free, bit It will be limited when withdraw. If we use small money, I think we can use it.
but If yo want do trading, you need the exchange that have big volume, it's reputable exchange. Ask KYC.