Do you believe that KYC verification is a necessary step that all exchanges should employ?

[BrolySSJ]

There are many cryptocurrency exchanges that are out there at the moment and many more that are being released. Some of these exchanges have extreme verification processes, whereas the others do not, and you can use it immediately after signing up with just an email address. Which is very good for some users. However, do you feel that KYC verification should be a standard practice across all exchanges?

There are of course advantages and disadvantages to this. The advantage being that it will prevent money laundering and also that it will be able to provide more of a regulated feel for crypto which may help in governments accepting it more readily. The disadvantage is that there are many that will then move away from exchanges to protect their anonymity as is what is provided through crypto.

Personally I think that to balance these two, accounts with high values in coins that exceed a certain limit should be required to do KYC verification to avoid money laundering. What are your thoughts on this?

 

[iamgroot]

The know your customer or know your client guidelines in financial services requires that professionals make an effort to verify the identity, suitability, and risks involved with maintaining a business relationship. The procedures fit within the broader scope of a bank's Anti-Money Laundering policy.

 

[Osaz96]

It don’t think kyc is extremely necessary although it helps prevent fraud and manipulation of people’s wallet and funds but I believe that other means can be applied like the persons password or security question that only that person has the answer to, i sayvthis because we also have to be careful about or information being used without our consent

 

[Niftyyem]

KYC is very important and should be used by exchanges to help curb fraudulent acts but with the security issues being faced by many exchanges in recent times, I wouldn't blame customers who may be reluctant to give such information for fear of data loss.

 

[Taimoor Jutt]

I think it is necessary and it is for the benefit of people. It is due to security reason. This thing prevent frauds and also secure from unpleasant tgings whivh may happen with them and other people. So there are some terms and conditions and these are legal so it has to follow.

 

[Suba]

Even though KYC verification is important to prevent money laundering, sometimes an exchange does it excessively, I often fail to register with crypto exchanges, because they demand handwritten selfies about the exchange's name and registration date, the reason is their photo is blurry. even though I think it's still clear and easy to read.

 

[golamike]

I am a strong supporter of "know your customer" (KYC) procedure. I think every financial institution including crypto currency exchange should employ it. The advantages are too enormous. With the rate at which cyber crimes are increasing, KYC is actually inevitable. It will guide against many fraudulent acts. I support the idea.

 

[Sake]

No, since not everyone has a passport or driver's license which is what exchange often requires. It would be good if they an alternative method to do KYC like live video chatting to those who doesn't have an ID.. i doubt that small traders would like to go through all the trouble just to trade.

 

[BrolySSJ]

It don’t think kyc is extremely necessary although it helps prevent fraud and manipulation of people’s wallet and funds but I believe that other means can be applied like the persons password or security question that only that person has the answer to, i sayvthis because we also have to be careful about or information being used without our consent

In terms off security passwords and two-factor authentication it's a good thing and it would keep your wallet and your funds on an exchange very safe. However, the concern comes in with people that are using the exchange in order to commit illegal activities. So if there is a know your customer verification then you are able to track down these users specifically and the correct measures can be taken. Fraud isn't just in the sense of taking someone else's finance, but would also be using exchanges to try and escape taxes.

 

[chicnthin]

I don't mind undergoing know your customer process as long as the platform is trusted. But I understand those who doesn't want to join because of this process as they might not have an id to begin. Some is still minor or at legal age but doesn't have an valid id yet.

 

[gammarays]

Crypto wallets and exchanges have become a hunting ground for scammers and hackers. Even with the top notch security measures added,nothing seems to improve. The best measure is to tie every wallet in existence to an individual through kyc. It'll help regulate the crypto sphere. Another measure is to follow a PayPal approach.

 

[Abibatabosede]

I think that the know your customer verification is necessary in crypto currency exchange but what I detest about it is the extremist method used and time consuming protocol. No one would want to be stressed on his possession because of any verification.

 

[Nomad]

I think KYC Verification is important for the trader as well as the trading platform. However, the verification process should be simple. I hear that some exchange ask for a selfie with the ID and a hand written note, which I think is ridiculous

 

[Kelly5]

There are many cryptocurrency exchanges that are out there at the moment and many more that are being released. Some of these exchanges have extreme verification processes, whereas the others do not, and you can use it immediately after signing up with just an email address. Which is very good for some users. However, do you feel that KYC verification should be a standard practice across all exchanges?

There are of course advantages and disadvantages to this. The advantage being that it will prevent money laundering and also that it will be able to provide more of a regulated feel for crypto which may help in governments accepting it more readily. The disadvantage is that there are many that will then move away from exchanges to protect their anonymity as is what is provided through crypto.

Personally I think that to balance these two, accounts with high values in coins that exceed a certain limit should be required to do KYC verification to avoid money laundering. What are your thoughts on this?

As far I'm concerned about the subject, to each his own. They will always tell you it is done to cub money laundering and the almighty terrorism fundings. I don't believe in that excuse for one day.

 

[roman roxas]

If KYC's purpose is for the security of the account, then why not apply it to all other currency exchanges. I would be more than willing to submit my documents, as long as my hard earned money is being kept secured.

 

[Josemendez]

The fact is that I am not comfortable with kyc verification ,because statistics has shown that most of these details can be sold to a third party . Secondly , the ledger exchange site hack has exposed the personal details of the users ,and this is used against them presently.

 

[Kayzzy3]

There are many cryptocurrency exchanges that are out there at the moment and many more that are being released. Some of these exchanges have extreme verification processes, whereas the others do not, and you can use it immediately after signing up with just an email address. Which is very good for some users. However, do you feel that KYC verification should be a standard practice across all exchanges?

There are of course advantages and disadvantages to this. The advantage being that it will prevent money laundering and also that it will be able to provide more of a regulated feel for crypto which may help in governments accepting it more readily. The disadvantage is that there are many that will then move away from exchanges to protect their anonymity as is what is provided through crypto.

Personally I think that to balance these two, accounts with high values in coins that exceed a certain limit should be required to do KYC verification to avoid money laundering. What are your thoughts on this?

Personally I see KYC as an unnecessary venture, I did KYC on Latoken App recently and I wonder why they put people through such unwarranted stress.

I could not complete KYC on AEX trading because they're asking for an international passport that I don't have.

Even if it will done, let the process and requirements be simplified, moreover our figure prints are all over the place so if someone commits fraud he can be traced with that.

 

[Ralphjoe]

I absolutely agree with your solution for this Kyc challenge in cryptocurrencies exchange platforms. This suggestion that you made is already being done by Luno exchange platform. There are a limit of fund that you can have in your wallet where you will require a KYC verification process.

 

[Patrik]

I personally think yes, but that's for safety purpose, atleast you guarantee your own rights and know that cheaters have a less chance to exist in these platforms than usual when KFC isn't a must, also there is nothing to be afraid of while submitting your personal info

 

[BrolySSJ]

I personally think yes, but that's for safety purpose, atleast you guarantee your own rights and know that cheaters have a less chance to exist in these platforms than usual when KFC isn't a must, also there is nothing to be afraid of while submitting your personal info

There have been many breaches recently where user data was exposed. Over the last year there have been many hacks and so I think that this is a concern when it comes to people submitting the documentation for approval of exchange sites. This is why I only think that it may be necessary if you have large amounts. Because this way it makes sense to track usage for fraud. But for smaller account KYC may not be favourably looked upon. I guess in a way it is a double edged sword here.