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

[Bigron]

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.

This assertion is correct. Security reasons are why KYC is put in place to make sure that the person’s account corresponds to the person’s identity. That goes without saying that the process is still cumbersome

 

[Laurentta]

Despite the disadvantages of KYC verification which you mentioned above, i feel it is necessary to employ KYC verification in all crypto transactions to stop fraudulent activities.

 

[Danny4cash]

Kyc verification was introduced to reduce scam that is being perpetrated. Its not a bad thing. The kyc has been implemented by most of the school. For me now, I don't have any issue with kyc because its main purpose is reduct the scam being

 

[nana kwasi]

In retrospect, September 2022 was not a particularly favorable month for cryptocurrencies. With a few dumps whenever bad news broke, the majority of coins basically moved downwards from the start. It should have been expected though, as we are in a bear market.

 

[Sotherefore]

In a very simple terms , we can know if this is needed in any crypto exchanges or platforms if we can research and know the real reasons for establishment of kyc, probably we may have a better idea about the main purpose of kyc.

 

[Joseph555]

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.

 

[tyrim88]

It is very necessary for platforms that deals on cryptocurency to ask for their members to do some veryfication so that tey will be able to know them very well,it is a way to keep the platform more secure.

 

[Mighty]

Well I don't know much about business but I strongly don’t think know your customers 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

 

[Good-Person]

This assertion is correct. Security reasons are why KYC is put in place to make sure that the person’s account corresponds to the person’s identity. That goes without saying that the process is still cumbersome

I think that not all the people might be interested in sending their documents to many exchanges because they may prefer remaining anonymous and trade in that manner.

 

[Mohammed Rashid]

Personally, I believe yes, but only for safety reasons; at the very least, you ensure your own rights and know that cheaters have a lower chance of existing in these platforms than usual when KFC isn't required; additionally, there is nothing to be afraid of when submitting your personal information.

 

[Sincerem]

I like it. This the best strategy that should be employed by every exchanges. This is to prevent fraudster from abusing the platform because without kyc they can anonymously engage in illegal activities knowing fully well there is no way they could easily be detected.

 

[Skysaint]

I think that's a necessity and not even a thing to debate on. With how frequent exchanges are being hacked, I think having that kyc verification would be for the best.

 

[Ronny_4son]

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 think that KYC verification should be a requisite for registering on any cryptocurrency exchange because it helps to verify the identity of the individual which is vital in all monetary activities

 

[Connor909]

Many financial institutions and cryptocurrency exchanges use KYC (know your customer) verification as an essential step. Know Your Customer, or KYC, is a procedure used to confirm a customer's identification in order to stop fraud, money laundering, and other sorts of financial crimes.

 

[Mayorla]

Yes, I believe "know your customer" KYC is a necessary step for all centralized exchanges. If you know you don't like the idea of KYC then try Decentralized Exchanges. KYC helps Centralized Exchanges to fight Money Laundering.

 

[Monster Masterpiece]

Exchanges are giving bonus of trading and bonus must be given to one user once lifetime so if they do not operate KYC I could grab bonus more than once and this is unfortunate for them.

 

[Kennysplash]

I believe they're actually doing it for the sake of their clients so that they don't close their hard earned cryptocurrency. So any wallets that ask me to do so I will comply and not argue.

 

[Yohanna]

There's no cryptocurrency exchange that wouldn't conduct the kyc because it has become a law and it's a must for each and every cryptocurrency exchanges to implement KYC.

 

[Trey]

I think to a large extent the KYC done by cryptocurrency exchanges helps to minimize fraud and scams in cryptocurrencies transactions. And in cases of extreme fraud, it would give a spring board to start investigation.

 

[Riberet19]

Well I sincerely think that if all exchanges apply KYC then decentralization, at least for that part would have been completely lost and people who value this function of blockchain technology would look for other ways to buy crypto without having to go through an exchange such as P2P exchanges, I think not everyone should implement KYC to tell the truth.