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

[Godleads1]

I am in total support of the use of the KYC method in securing the account if their clients. This would reduce loss of things like their money or crypto currencies.

 

[Setho]

Bitcoin and other Cryptos were made with one of their aims is to ensure that all transaction made within the network are almost impossible to trace. The kyc will really help the wallet providers to help with the anti money scheme plenty people and countries are supporting to help curb fraud and corruption but isn't that shying away from the initial thing in the first place.

 

[Profuk57]

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.

I agree that KYC is very important but some online website make some ridiculous KYC which made it very difficult for people to register or use the website I think they should be other alternatives to KYC for those who have to register.

 

[Suba]

I agree that KYC is very important but some online website make some ridiculous KYC which made it very difficult for people to register or use the website I think they should be other alternatives to KYC for those who have to register.

Yeah, you are right, many crypto exchange sites and mobile applications are ridiculous, so I often fail to verify KYC, mostly the reason they are written on the ID is blurry, or the photo itself does not match the document. actually the ID number can be tracked online is valid or not.

 

[Ehizzy1]

Yes i think its really a necessary a big step that should be taken due to the existence of scammers in crypto affairs so the use of kyc should be really notes and there should be strict guidance i think, since most exchange site do face hacking issues and others i think ,so it should be really noted i think

 

[Alexandoy]

For me, KYC is very important because that is one way of showing proof that the transaction is legitimate. Even in websites that require the KYC - know your customer - they would require a valid government ID. My question is this - what if there is a KYC and also a KYW? Know Your Website if it is legit so it should show a registration with the government. I would probably trust a trading platform if they can show proof that they are registered with the government agency and if they pay taxes. Oh, that is a hard rule to follow.

 

[Muhammadawais]

KYC means you know your customer and sometimes you know your client. Opening a KYC or KYC check account and periodically identifying and verifying the identity of the client is a must. In other words, banks need to make sure that their clients are exactly what they claim.

 

[Erik4150]

Kyc verification is there to serve a purpose and that is to prevent fraud and money laundering. I think it should be compulsory that every cryptocurrency exchanger platform uses Kyc. It will be make the platform safer and more secure to use.

 

[Dowenship]

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?

Yeah sure there are advantage and disadvantages to this which you mentioned... But that only happens on some occasions and kyc is easier to reduce fragment activities...

 

[Samuel77]

As for me I see KYC verification as a good idea but I don't think every exchange should employ this step because it takes time and it consume data

 

[Setho]

Actually, exchanges do not actually need your identity or to complete kyc guidelines before they allow you to trade. This has actually become necessary because of laws in some countries that aims to curb down money laundering and sending money for illicit acts.

 

[Setfragil]

Yes, KYC is a necessary step that all exchanges should require before people can have access to it. To prevent frauds that has eaten deep in the bone of a lot of people and prevent or limits it to the bearers minimum. KYC is a must for every exchanges to request for.

 

[Jlife]

I think it is necessary especially in cryptocurrency exchanges because a lot of unknown people will start creating account unnecessarily just for the sake of scamming other innocent people on the exchanges platform. Kyc is one of the best strategy to stop this.

 

[Setfragil]

KYC is very important for all exchanges to adopt has it helps the platforms to know more about their customers or users in the case of fraud, it will be easy for the person to be identified on time.

 

[Ub40]

Personally, I think KYC verification is good, as it help verify the identity of members of such platform, but it should not be done in a way that if you don't verify you can't carry out any transactions in the site. There should be some flexibility as some are just too strict. It is just my take.

 

[Kunkun]

Well I see nothing wrong with implementing kyc verification for wallets, as long as it's optional for those who wants to because it's not everyone that would be so inclined

 

[Good-Person]

I am a person who always prefer privacy and I really hate exchangers that ask you for your personal information or your documents. I do not think that it is mandatory or necessary for people to send their documents. Not every one is a criminal or involved in money laundering! This is something people need to understand! There are good people out there, too!

 

[FreshKaz11]

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?

To me I think doing KYC verification is just a waste of time, because it stop nothing when it comes to doing fraud in crypto currency exchange. So I don't think there is any need for us to be doing it again.

 

[eLdavis]

Most exchange network has introduced KYC which inturn has made so many of their customer feel more secure, it is also a small measure taken to help control and reduce fraudulent activities done by various individuals. And with the recent bans going on in various county, its a sign to show the government that they are trying their best as well

 

[Justin]

In order to send, receive crypto currency you do not have to verify your account, but if you want to trade or invest, you need to verify your accont, this is to ensure tht you are a real person doing the business