Bitcoin Forum

Hello every one please post your valuable suggest, why an exchange required  bank account details to complicate their user verifying, are is it legal for crypto market , generally we give passports, or national I’d card to verify exchange account . I see some one exchange require bank details to verifying their user account. Please everyone give suggestion about this.  Thanks everyone

Some exchange? Maybe you should be more specific and list the exchanges you have seen so far that requests for your bank account details. As far as I am concerned and for most reputable exchanges except for local crypto exchanges connected to fiat deposit and withdrawal, you do not require such to complete your KYC verification.
As long as you are using an exchange that is somehow connected directly to fiat deposit and withdrawal, you will definitely be subjected to AML procedures.

Because this is necessary with all your transactions through the bank. It aims to verify your identity and will assist you in the event of a problem. This safeguards you and that is also the law of transactions through the bank

If these kind of kyc collecting  work not done by  exchange  people can create multiple accounts with same name and same addresses.

can you verify what exchange is that? because there are some good exchanges which is really good like hitbtc, livecoin, and bittrex which is not required any bank account details, and I am sure they are much safer.

If you want to disburse to your bank account or want to make a deposit, then I think it is very necessary that each transaction run smoothly and in accordance with the provisions of the country, such exchanges I usually find on local exchanges in accordance with their respective countries, that's what I know , but you are not too worried about what you experience, here are still many exchanges that do not ask for personal data, Bittrex is perfect for you or with Hitbtc, do not hesitate to use it, because both are still in the biggest and best exchange that is often used by many people after Binance.

I know that for KYC, a copy of passport and a bill is needed. But I have not hear that anyone is asking for bank details for KYC. May be a bank statement to verify the address?

when someone is dealing with your money then I think it is normal to ask for you details, cause otherwise they will not able to understand you though about you transactions so I would expect you cooperation with them

bank account details is one of the best information policy for a company to trust that person or company. that's why an exchange required  bank account details to complicate their user verifying.

bank details makes it more trustable, in this way people will trust more on an exchange company and get interest about it.

Ita quite fishy if an exchange would require bank details for their KYC, as all transactions would not require it and the basic details like address, goverment ID and phone number re sufficient enough for it. Unless an exchange will have a direct transfer of assets in banks for withdrawal purposes(which would not likely to happen right now) then getting or linking your bank details is a sign of questionable requirements.

bank details make an exchange  more legal for crypto market and kyc. in this way an exchange get more profit.

Because I think KYC is needed to collect data and prevent fake account transactions. But I see KYC requirements usually if you trade above 1BTC. If below 1 BTC is still free without KYC, almost all exchanges.

Generally we check the exchange account through national ID card or passport, but since you have verified bank account details here for exchenge, so please know better before deciding on this matter.

It is not necessary for the exchange of bank accounts details for KYC. If you are in confusion then you can contact with your team then try. I hope you will get the solution very soon.

To be safe in cryptocurrency, you must be a little careful. You said that the need of bank account details but I think it is not in all cases of KYC. So you can know a little better then decide.

If you are concerned about not doing KYC for verification, then you should go for decentralized exchanges. They usually don't have such issues. And centralized exchanges like Binance (biggest exchange as of now) don't need KYC till a certain amount of daily withdrawal. So certainly, there are many choices for trading without KYC.

But yes, if you want to do fiat-crypto trading or withdraw fiat, then KYC is needed. It is both to respect local laws and also to make sure that real user receives the fiat payment and not some hacker.

I don't know the validity of this information. Because it should not be. Bitcoin is a open source and peer to peer networks. One of the main features of  Bitcoin is anonimity. If in varifications time one needs bank detailes, anonimity lost that breaks the rules of Bitcoin. Im prety sure that this news is not right.

I dont know wheather this news is either tru or false. In decentralised and anonymous systems, wanting personal information like bank detailes is inappropriate.There are other features to verify one's personal trasaction, one should better choise to chose.

Both comments reflect similar sentiment. So replying to both, any exchange that supports crypto-to-fiat and vice versa transactions require KYC since the fiat will be deposited or withdrawn with a bank account/card. This is needed to avoid money laundering. The guy who allegedly moved a ton of BTC to an exchange recently will have trouble to cash out if he is trying to hide his identity.
Use decentralised exchanges, crypto-to-crypto trades and P2P transactions if you don't want to reveal personal info.

Maybe bank details is for address verification, because they need verification from other parties, if its just an ID card does not guarantee the address given is genuine,
because someone could gave their old id card

I am not sure about your thought. Bitoin is decentralized, No power of nation or central bank of any nation on it. This is fully open source, and peer to peer network. Full anonimity has been established. SO as your thoughts, if one needs bank account to veryfy, then it is breaking all the rules of Crypto currency models.;

Passport and driver's license is enough asking for bank statement is too much but if you really trust the ICO that you are investing then go ahead but they should show compliant to the government where they are located, in my opinion, you will only give your bank statement to a government license company,

It would be better if you could specify the exchanges that uses the bank details. Many exchange uses the bank details to verify the user account and support you in every phases of transactions.

can you specify an exchange which requires their users any bank account details? because as far as I know, there is no bank account details needed to verify your kyc and security in any exchange. 

I know what you are talking about,that so called exchange is the ones that help convert cryptocurrency to fiat ,via withdrawal to your bank account ,if that it is then its normal

Most exchanges don't ask for bank details as they don't deal in fiat. However, if you want to buy crypto with fiat and also withdraw money in fiat then some exchanges might ask for bank details.

Never heard of any exchange that wants your bank account details to complete the Know Your Customer (KYC) form. You probably misunderstood something. They might want your bank A/C details if you try to deposit/withdraw fiat  so that your account gets connected to your bank. I see no other reason. Usually a government issues ID is enough for such verification.

I don't know why people are bent on using some of these exchanges asking for more information than necessary, I think it is very wrong for exchanges to be asking for ones bank details, I still believe there are alot of P2p exchanges than one can use that are more flexible all you need to do is to convert your money to BTC and move it out

In a national passport or card, there is a unique identification number for each person who is not the same as each other, and a unique name or number is useful for database systems in place of an exchanger

Actually this is the rule of the exchanges and the rule is meant for the betterment of the investors as well as market. This is for the security purpose and these documents will help to verify your identification to save the market from being fraud.

Rules are there for the betterment of the people and for the market too, as well as for the investors. And thus the exchanges have rules too and we should comply with it, as it will eliminate fraud and will regulate the market too to reduce scams.

Having a bank account is actually, telling how legitimate citizen you are.
in my country, it requires a lot of Identification for an instance before allowing you to open an account.
regardless on how much you are going to deposit or transact with.
i guess this a basis to some exchange, they might make it a basis for your legitimacy and for further more secured KYC requirement for them.

I think there is a law already that requires exchange sites to have KYC for the investors since it will also help track criminals to attempt scams or hack cases in cryptocurrency.

KYC information are very valuable and sensitive. I think most of the projects or exchanges do not require it for verification. But we need to give the information sometimes in various projects.

Sometimes it is important to provide KYC information. But we should do some research about the projects where we are going to submit the information. It can help us from identity theft.

Is this KYC related? If it is it shouldn't be that way and yes the acceptable Id's are enough for that or they can go for live interviews. If this is just a way to withdraw your fiat then yes it's ok I think.

Personally i feel irritated when i have to give my KYC information. We should be really careful about providing these information as they are really sensitive and can be misused.

I think it is good for your own safety and so that they can verify you if something unexpected things happen to your account. So, no need to worry about this.

That was also in my mind I never heard such as exchange asking a bank account for their costumer most likely they ask a KYC for verification. Government ID or even passport is just enough for you to gather personal information, no need for a bank account when you trade. You can avoid this issue by choosing a good exchange there are so many exchanges that did not ask on that, probably that is risky on us showing our personal information and bank accounts.

May you told us which exchange require bank details for kyc? I've register some popular exchange and all of them don't required bank details for kyc, I only provide passport/national card/bill statement already passed the kyc verification, maybe bank details is require for Fiat money deposit/withdrawal ?

Never heard of such bank so this must be it. When you try to buy BTC on exchanges that accepts Visa and you choose to buy with fiat they asks for the bank account but that is just it. Its not part of the KYC but if you do that, I guess its on their record already. Paypal should be you best option than it as least this way you don't have to give away bank details.

Haven't heard about exchange that required bank details for kyc, even the one in my country only requires the bank account to be the same with the id that I uploaded for the kyc. I think if they provide fiat deposit then they have to do that so they won't face any trouble if the tax authorities come knocking their door as they have the required information.

I think that KYC is heavily related with the restriction of cryptocurrency in some countries in this world.
This way KYC being used to avoid any restricted citizen from specific country from purchasing token.

Because regulators require minimal verification of users, so that they do not avoid paying taxes. This is a normal practice all over the world and there is nothing unusual here. It seems to me that in the near future it will not be possible to register at any exchange without KYC.

This helps a lot in detecting money laundry and of course to ensure the data. it could later be used as a crime or not. KYC Actually it's very important for many things. indeed from the other side our data is known to them

Same here, I haven’t seen any exchange that require bank details for verification. I know about Bittrex asking for bank details recently, but it is if you want to withdraw in fiat.

Because they are being pressed by the governments to ask that kind of information, in my opinion it makes sense that governments want that information if you are exchanging cryptocurrencies to fiat, after all that is their system and they have all the right to do whatever they want, what it bothers me is that they want your information even if you're only trading cryptocurrencies and not fiat.

I think they require additional documents because it's not really hard to find id docs of other persons in the dark net and pass KYC using them . So some organisations might want to have a gurantee that your person is properly identified .

Which exchange ask for bank detail for KYC? Could it be necessary to verify your address? In any case, you could trade with Binance which doesn’t require your bank detail for verification.

Passport as well as license is sufficient requesting financial institution declaration is actually an excessive amount of however should you truly believe in the actual ICO that you're trading after that proceed however they ought to display compliant towards the federal government exactly where they're situated, for me, you'll just provide your own financial institution declaration to some federal government permit organization,

It’s for the safety of transaction. To verify and to provide solid service bank use this method. And if there is any problem or mishap happens bank use this to track down and solve the problem. But it may be troublesome for those who is totally unknown to the bank.

Completely false, exchanges do not need that information and we know they do not need it because for a lot of time they did not require that information from their users, they decided that they liked the idea of making money a lot more than closing their business and following the mission of cryptocurrencies, so I will recommend that you avoid any exchange that ask for personal information to allow you to trade.

Due to International Laws for money laundering and fraudulent activities this is compulsory for all accounts .

They can't remember in KYC verification and these users need to verify its identity through use the photos. that could be a difficult thing to see the guy try to create multiple accounts.  The bank id required when you are wanna withdraw your money through the dollar or fiat value directly, this has done by some exchange sites just like kraken, finex and many more.

Government is interested in the flow of money, anti-money laundry, tax evasion, illicit trades etc, but since cryptos are kind of censorship resistant, the only way they can keep a tab on it is to monitor entry and exit pointof cryptos against fiats and that take place on exchanges, so they require kyc to know who is the final destination of the cash

I think i have sometimes read about issue like this, where the exchange was also asking for bank account details. I believe there are lots of exchanges that do not for things like that So if you have another choice of a better exchange, do not hesitate to use it. If known, you can still use DEX, if you do not mind.

If you are using bank transaction to fund your account in an exchange I think it is acceptable because the government are very strict in money laundering activities. But if you are only using Bitcoin and altcoin to fund your account I think it is not necessary.

The exchange needs to verify who you are to avoid violating the rules of the water. For example, ICOs generally prohibit US and Chinese citizens because laws in those two countries prohibit ICO activity. Also, people need to know who you are and where you are going to avoid trouble, so KYC is needed

AML regulators requirements

No major financial institution wants to communicate with the shadow turnover of criminal money. And without the procedure, the KYC from this can not be insured in any way.

Banks and other financial instituions require these documents in accordance with KYC and AML polices which are standard among such organizationsw

A bank statement helps the project verify that you are a participant because it contains your name, age, address and most importantly is "real time", which does not exist with your passport or country ID.

With kyc getting more and more complicated, I think it's just too frustrating with how it is. Even exchange are making it almost mandatory for users to use their platform. Imagine even after these same set of people have gone through this kyc issues even while participating in respective ICO.

Just my thoughts,
Some exchange platform wants to have bank account information to  secure the deposit form exchange to bank accounts.
why is this needed? remember that we can easily do withdrawals and transfer it to any addresses or accounts.
This will lprotect the account owners. why they want to protect the bank account owners?
You can send transfer to anyone account as long as you know the account number.
What if this will be use to a malicious transfer and a file case in the near future?
this will only allow you to withdraw and transfer on your own account.

Most exchanger need KYC document from their customer because they want to comply with government regulation. For certain amount withdrawal, exchanger need our identity document because government afraid exchanger use for money laundry

this is especially common in some large exchanges, real exchange does the same thing in terms of verification. there are many factors, but the most logical factor is to avoid any theft or money laundering.

some exchangers requires their user for kyc, you just have to upload any information about yourself, your identity is the important factor of it, but this is the first time that I heard about a certain exchange which requires for bank account details.

Never heard about the exchange asking for your bank details buy I think this is too much and should not be ask for. I don’t know the main reason why they are asking for that but hopefully they will really use that information for good things and also I hope that exchanges will secure all of our personal details.

if you want to try to withdraw in large quantities, of course, every exchange policy does the same thing for every verification of your personal data. there are many factors that can cause so I think friends here have explained in detail for you. You should read a lot directly on several exchange sites because there is always a notification of each question.

The time has come to finally accept that without a KYC, there is no more life in the crypto world. Regulation is the trend of this year.

They are complying with regulations aiming to stop the laundering of money in and out of the country, I don't really think that performing KYC achieves much to this effect, but I guess it is a deterrent to some.

For cryptocurrency a wound usual laws do not work. I know that at the simex exchange before recharging any tokens or fiat money it is necessary to undergo verification and to provide the data from bank. Why it is necessary for the exchange not clear.

I do not know of which exchange you are talking about I am fully verified in Kraken, Bittrex, and Binance and no one of them asked me for my bank details and I have  USD enabled on the 3 of them. Maybe be more specific on what is the name of the exchange that is asking you about your bank details, because until this moment I didn't run into any KYC or verification that require your bank details excluding of course Ebanks like PayPal, Payoneer etc.

I feel that they require it only if you want to add or withdraw funds to your bank as I have an account in my exchanges but never asked for my bank details. General KYC does not require your bank details but it is mandatory for bank deposits and withdrawals.

It is not necessary but if you do not put the bank details then how do you intend to withdraw your money from the exchanges. It is inevitable unless you don't have any intentions of turning your cryptos into fiat. You can do the kyc on the exchanges and not use any bank account on it, they don't ask you for it. Kyc only involves a form of identification like IDs

KYC is actually a regulation required by banks to any ICOs to prevent investor/s from money laundering. With your personal information being exposed, it's all up to you whether you (as investor) will continue whatever shady activity you would like to do but take note that it's already easy for them to identify you once you do.

Usually obemena demand documents for increase to you a limit on input-output of cryptocurrency and Fiat. I do not know why they do it. I have not such big turnover of money and cryptocurrency, on it I do not undergo additional verification.

I've heard about terminals around the world where you can make Fiat and buy crypt, but with the exception of these local points, you do not have to confirm your identity anymore. Even on exchanges, for small trading operations (for example, Binance), does not require KYC.

It is not a standard practice, I guess the only reason they sometimes request for such is to get the resistantial address correctly as banks already conducted such for their customers. On the other hand, bank details are highly confidential and I would not release mine without masking the account details, or better still, opt for alternative means to verify my residence, which typically will be receipts for the payment of utility bills

I also think that giving the identity and attaching a service invoice with our name and address would have to be sufficient if we only exchanged cryptocurrencies. If the exchange proposes to change with Fiat money in that case for those who want it, it is essential to have to verify your bank account if you intend to pass funds from fiat to crypto or from crypto to fiat. In any case it has to be an option and not an obligation according to my point of view because if you intend to pass to fiat, you will have to provide your bank details anyway.

They are probably trying to make sure people is verified correctly, instead of just people who buy ID scans - Passports scans online.

I'm not sure how effective this is going to be since they could pay someone to do that for them also. It would be more annoying but still is possible to bypass that one. Especially if are paying people to do it.

The surprising part is that they don't even have to offer too much money and they normally have a lot of people begging to do it.

It is just for safe transactions, if you withdraw or deposit your funds direct in banks then this is an urgent requirement otherwise for general dealing there is no need of KYC, actually it is only a verification by the customer for his account.

actually you can read it in exchange why it requires to fill in the data on ownership. there are various factors that cause this to happen. one of them is to prevent money laundering. I suggest that if you want to know about crypto and bitcoin, you can search reading sources before asking questions.

Well, all of that is only for official account statements. like a bank that needs all our data in full, I think the exchange will also ask for such kyc. there is nothing to worry about, everything will be fine, so far there is no crime that uses the personal data we use to fill kyc.

Which exchange is that? Please share so we are aware to trade there bank details is not necessary to do KYC, identification card is the most common

Many people are repelled by the KYC procedure, including me. I do not want to give my data to anyone. The only solution to this problem is the use of decentralized exchanges

That's too dangerous in my opinion if they really require bank details. I do not know of any exchange that require you to submit bank details. Only government issued id's and utility bills.

Which exchanger are you talking about, because each one of them is likely to have a different reason for requesting for users bank details. But I think the only time you should ask for your bank details is when you want to withdraw your money from the exchanger.

By the way you need to be very careful on the information your give out these days because it’s very risky, they can steal your information and sell it on the dark web.

most exchange that do KYC are centralized and subject to be prosecuted if charge for break AML because they hold license that originate from a particular country which give them freedom to carryout their business. KYC is very important for them because they do not have control in determine or knowing the nature of the asset being deposited to the platform by the users but in case the matter arise that a user deposited a stolen asset then they have opportunity to reveal the true identity of the culprit.

It is not very good that they do so, but then if you can be judged with them. They are required to keep these documents and not to pass it on to anyone. Though still can transfer if you press for example a tax or a commission on securities. The future is likely to be decentralized exchanges in which kyc is not required if the government tightens the laws on crypto-currencies and blockchain.

The best way for a newbie is to follow experienced bounty hunters, you can find a lot of them on the forum. And please do not multiply existing topics, you are not the first one who asks such a question, use forum search

Because this is their security guarantee. Scammers are now a huge number and a lot of forged documents. And the passage of verification confirms the identity

Yeah, I agree with you. Now, there are many scammers in crypto industry, maybe that's the main reason for the team to do that. Besides that, I think the team of the project wants to anticipate any money laundering activities. So, it's just for the security reason actually.

I think governments wants to see if you earn alot of money on cryptos that's why the charge some exchanges and taking a huge taxes. For me KYC is not good even if you had a huge amount money. We don't want government control us. I'm sure people in crypto space wants to have a decentralize exchange.

If for cryptocurrency it is not necessary to KYC because KYC is damaging the image of the cryptocurrency that is Anonym.
Maybe if we are in contact with a conventional bank then we also need to for KYC (maybe for some people).

Probably it is connected with the regulation of the SEC, I think that it will definitely be connected with the SEC, because it is from them that this requirement comes and they integrated it, how do you think this complicated the work of ICO? I think that most of the problem is still a scam project.

I think the information contained in my you know your customer details should suffice for any accreditation  and confirmation of your identity. Asking for bank details is way above the regular requirements for trading  cryptocurrency.

I think even if most of us who invest in cryptocurrency the important is anonymity, for big transaction I think is more secure to us since there are a lot of scammers that can even fake documents. KYC aims to verify your identity and will assist you in the event of a problem. This safeguards you and that is also the law of transactions through the bank.
The only moment that they can ask your bank details is when you want to withdraw, it's strange if the exchange ask this information initially except if you want to buy through your bank.

      Usually I use national Identification card for kyc requirement just to claim my reward tokens but bank accounts are too much and it looks like a malicious intention .

They are asking for your bank details because of when you are to withdraw the money to your bank account which makes it easier. If you do not want to put your bank details then you don't have to. If an exchange makes it mandatory to put your bank details to verify your bank account then you should move away from it and find another exchange.

They only want to comply AML and Regulation, but actually not all exchange required KYC to able to trade in their platform. Exchange that located in USA like Bitrex and Poloniex is required KYC for all customer because they want to follow rules of SEC. But others Asian exchanges like Binance, Okex, Bibox etc offer account unverified with limited minimum daily withdrawal.

Basically if your withdrawal request is small you can use many exchange without KYC verification.But most of the time small exchange is not asking KYC.  Hitbtc and IDAX both of big exchange but normally you can used it for limit withdrawal.

LOL.
You are scared about your bank details?  What are they gonna do send you money ?;D ;D

You should be worried about givig your passport data easily away, if one is not trading against fiat, there is no legal reason for KYC. So be carefull who you give your data to, otherwise one day you will recive a letter saying that you are in debt for purchasing something you did no buy,

I dare not to tender sensitive information about me in the name of kyc it is not that important for me to participate in that ico i would buy on exchange instead of tendering my personal information.

I don't know what their purposes but so far, when I verify at the exchange, I don't need to send the bank account details and I only send my national ID card, telephone number and of course with the face holding the national ID card. And if there is an exchange require bank details, then I don't want to verify in their site because I don't want the exchange knows about my bank details. Many other exchanges don't require the bank details, and you can register with them.

Maybe it would have been best if you listed down the exchanges that does that and how it happened. If they do, maybe it’s for a way to send your payments to you, cause I’m sure they will always ask for details whenever you want to withdraw your money, unless they are paying the money to your Bitcoin wallet, but if it’s to your bank account, then you’re gong to give them your bank details to be able to receive your payment.

A friend of mine told me about KYC with bank details  I immediately told him not to do it and forget about it because i was very suprise about hearing that. But in general am careful when it comes to KYC.

Passport and also driver's license will do seeking lender assertion will be a lot of yet in the event you actually rely on the particular ICO that you will be investment next just do it nevertheless they must present compliant for the authorities in which they may be positioned, I think, you may simply offer the lender assertion with a authorities license business,