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

[Setho]

I think that the know-your-customer policy is a very good one because it allows the platform to know that there is a person behind an account and will help to track movement of illegal funds.

 

[Senator]

I feel the KYC is a necessary aspect of this cryptocurrency things that exchanges should adopt in order to stamp out fraud and impersonators from the system

 

[Stylex]

No not at all
I don't think so despite the fact that I does not heat this news I am just hearing it for the first time and it is from you

 

[Trexxxy]

I get the prevention of fraud and laundering activities, but to me, I think it is a bit over the top. I think they could just ask for some important details and that should be enough.

 

[Seno inyang]

Yes, the KYC format is necessary in all businesses. This is done by verifying the customer before going ahead with them

 

[07Trinity]

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?

I can't invest in a site that does not deal with KYC,a lot of people complain that KYC is time consuming and difficult,buy if you look at the long run it's very magnificent and protect your data.

 

[Kaffyfolla]

I think know your customer (KYC) is needed especially in order to prevent the scammer who will intend to cheat the system

 

[Kubiat-Abasi]

I absolutely believe that KYC verification should be a necessary step for all cryptocurrencies to adopt because it actually minimises or control the rate of money laundering.

 

[Thinker009]

It's really a necessary steps ,the existence of kyc verification could actually reduce the existence of scam that takes place through the use of and existence of cryptocurrency

 

[greenie]

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.

 

[Dagm1]

KYC is critical and should be employed by exchanges to help combat fraud, however given the recent security difficulties that have plagued many exchanges, I wouldn't blame users for being hesitant to provide such information for fear of data loss.

 

[Sotherefore]

Yes it is absolutely necessary and I also encourage it because it will help to cut down the rate of criminal activities in cryptocurrency exchanges and wallet, the main purpose of serious verification is to really understand who is managing the wallet.

 

[Bousine123]

KYC verification is very important for the crypto currency world, because it is a way to verify a crypto currency investor and it helps to curb fraudulent activities of scammers who steal from people.

 

[HayKay]

Well a lot of these exchanges do KYC to protect themselves - any damages arising from Court cases or hacks that cannot be traced would result in huge losses that they might not be able to recover from.

 

[GoldenLady]

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?

This is what is employed by most of the centralized exchanges. Above a certain amount of money, it becomes mandatory to update your KYC information. If one can't to that it's best to just stick to the decentralized ones.

 

[Monster Masterpiece]

I do not think that KYC verification will prevent account banning means if you share your wifi with your families your brother or sister account will be blocked since registration and yours also so what is the benefit of KYC if one account is allowed by IP?

 

[Grandeur]

Seeing that there's been cyber threat and security issues then the kyc verification required by crypto exchangers is a good one then to know details of customers in case there's a scan or security issue

 

[Sincerem]

Yea. This is very important. There's high rate of fraudulent activities in the online space. People will be so sceptical to carry out fraudulent activities when they understand that their credential has been collected.

 

[Bigron]

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?

Although the process itself is tedious and stressful, I believe it is a necessary evil because it enables the company to be able to know the identity of the investor and it helps to curb fraud and other nefarious financial activities.

 

[Monster Masterpiece]

Although the process itself is tedious and stressful, I believe it is a necessary evil because it enables the company to be able to know the identity of the investor and it helps to curb fraud and other nefarious financial activities.

Some companies are offering signup bonus so bonus is given one time not multiple time for someone accessing from multiple devices and this is the rule of KYC of someone.