Kate Posted November 24, 2018 #1 Posted November 24, 2018 There are many exchanges out there where we can trade our Bitcoin or cryptos for in terms for other crypto's or maybe even cash. Some popular exchanges are Binance , Huobi , Poloniex etc. These all exchanges are trusted in my eyes and poloniex well it wasn't for a bit of a short time until they gave back my cryptos. The exchanges which i have mentioned has one thing in common and that is KYC ( Know your customer ). Why do you think that KYC's should have such security measures ? Well in my opinion i guess they need to have it so : 1) People or Mafia or Drug Dealers don't use the website for sending and receiving transaction for the Illegal things they might've or are going to sell (sold). 2) To ensure that there is no Money Laundering in the exchange. 3) To ensure to keep away as much as Hackers and stealers from getting into their system so that they don't steal their funds. 4) To make sure the people who buy the crypto coins didn't get the fiat through stealing from someone or some organization. And in return for the KYC the users get benefits like: 1) Limit's are removed 2) Better usage of the site 3) Can trade in Bigger limits and a lot more ! In your opinion why do you think KYC is a must for cryptoexchanges ?
jualid Posted November 25, 2018 #2 Posted November 25, 2018 Some is must but if the exchange can let you withdraw without KYC, then i will not do KYC verification. Tbh i only do KYC because of able to withdraw your coins, for the example like bittrex exchange, you must KYC to able to WD your coins.
Kate Posted November 28, 2018 Author #3 Posted November 28, 2018 On 11/25/2018 at 8:32 AM, jualid said: Some is must but if the exchange can let you withdraw without KYC, then i will not do KYC verification. Tbh i only do KYC because of able to withdraw your coins, for the example like bittrex exchange, you must KYC to able to WD your coins. Yea totally I also hate giving KYC but once you have already deposited your coins and you can't withdraw them unless you provide KYC is kinda annoying no exchange ever warns us before deposit of KYC.
jualid Posted November 28, 2018 #4 Posted November 28, 2018 1 minute ago, Kate said: Yea totally I also hate giving KYC but once you have already deposited your coins and you can't withdraw them unless you provide KYC is kinda annoying no exchange ever warns us before deposit of KYC. Yes, back then i can withdraw my coins easily and no need KYC on some exchanges but it's different right now, you must provide KYC nowdays.
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