Has any exchange forced you.to do KYC or the third level KYC?

[Mevve]

...Is this because I'm in the EU? Or did I just pick bad exchanges?

Almost all exchanges were forced to introduce mandatory verification in accordance with AML/KYC, which are aimed at preventing criminal activity. If this rule is not followed, the exchange may lose its license.

You can only remain anonymous if you use DEX.

Are you guys all outside the EU?

Is this because I'm in the EU?

No, not because of you are from EU.

A regulated exchange will collect your identity documents to comply with your government norms.
But, here we are discussing about submitting documents to prove residency address which come under level-3 verification as per common practices of KYC. (Level-1 is without documents but submitting your name and DOB and level-2 is about submitting select government documents for proving your name and/or your photo or selfie). There could be level-4 and 5 which includes video and documents of your family members.

Alright, that is what I thought. I was slightly confused from some other replies earlier in the thread.

Thanks for clearing it up.

[mich]

Well I do only use 2 exchanges for my crypto they are Binance and Coinbase. For both of those I did do the kyc but I think it is only a level 1 kyc.

I do not worry so much about things like this. They are both real companies and will not steal my coins or sell my information. If they do ask me for more information I do not think I will have a issue to give them what they ask of me.

[armanda90]

Well I do only use 2 exchanges for my crypto they are Binance and Coinbase. For both of those I did do the kyc but I think it is only a level 1 kyc.

I do not worry so much about things like this. They are both real companies and will not steal my coins or sell my information. If they do ask me for more information I do not think I will have a issue to give them what they ask of me.

I used both exchange Coinbase and Binance with KYC verifying level 1, not submitting proof address or bank verifying regarding both exchange available for trading, withdrawing by verifying only level 1 document ID.
I don't think worry about document ID submitting at Binance or Coinbase exchange because our document keep secure and not publish yet for selling at dark market, I can't remember how many scam exchange previously from FTX, Hitbtc, Bittrex, Hotbit but never found any exchange sold their user document to dark market.
I don't know why many people scare about using CEX exchange after regulation must verifying document ID, every exchange have follow government regulation by verifying document ID how to protect from money laundering trough cryptocurrency transaction, by verifying document ID its clearly and difficult for any people to make money laundering trough cryptocurrency.

[Potato Chips]

Well I do only use 2 exchanges for my crypto they are Binance and Coinbase. For both of those I did do the kyc but I think it is only a level 1 kyc.

I do not worry so much about things like this. They are both real companies and will not steal my coins or sell my information. If they do ask me for more information I do not think I will have a issue to give them what they ask of me.

At the end of the day, we can't be too sure. Not to mention, KYC verification can draaaag a lot and be a nightmare for some if exchanges detected a suspicious activity for instance which can just be a false positive. In addition, threats could come from the outside as well—hacks and data breach for instance.

These are risks, users have to bear.

[OcTradism]

At the end of the day, we can't be too sure. Not to mention, KYC verification can draaaag a lot and be a nightmare for some if exchanges detected a suspicious activity for instance which can just be a false positive. In addition, threats could come from the outside as well—hacks and data breach for instance.

These are risks, users have to bear.

Centralized exchanges are risky to use because of their centralization so that they can change policy anytime to satisfy governments. We know, governments want KYC and soon centralized exchanges will do KYC on users. It's only time matter before all centralized exchanges have KYC requirement as a mandatory condition to use their services.

Why KYC is extremely dangerous – and useless.
Reminder: do not keep your money in online accounts.

A series on Recent events should make everyone withdraw all their coins to their own wallets.
Part 1
Part 2
Part 3
Part 4

[tvplus006]

I don't think worry about document ID submitting at Binance or Coinbase exchange because our document keep secure and not publish yet for selling at dark market...

It's strange that you haven't heard that hackers obtained the documents of about 69,000 Coinbase customers at the end of 2024 - https://cryptobriefing.com/coinbase-data-breach-69k-users/. After that, they extorted $ 20 million from Coinbase for the return of these documents. It should be noted that it cost Coinbase $400 million to compensate the victims.

[Potato Chips]

I don't think worry about document ID submitting at Binance or Coinbase exchange because our document keep secure and not publish yet for selling at dark market...

It's strange that you haven't heard that hackers obtained the documents of about 69,000 Coinbase customers at the end of 2024 - https://cryptobriefing.com/coinbase-data-breach-69k-users/. After that, they extorted $ 20 million from Coinbase for the return of these documents. It should be noted that it cost Coinbase $400 million to compensate the victims.

Good point. I would also like to add that binance users suffered from a data breach as well in the past: https://cointelegraph.com/news/binance-kyc-breach-did-it-happen-and-if-so-whos-to-blame

Though binance were claiming the leak came from a third party service they used, it doesn't change the fact that thousands of KYC data are already out there—damage was already done, thus the risk. I suppose this is another thing to worry about as exchanges can share our information to third parties, thus threats could come frrom various places.

[SmartGold01]

I don't know about others but usually what I does is that whenever I signed up any exchange or gambling site the first I do Is to make sure I passed kyc to the levels they would allowed me to make withdrawals from their platform without giving me issues. The only time I was email to passed kyc on the above mentioned exchanges was when I wanted to trade on p2p it was said before I could be allowed to trade over there I would have to pass at least 2 level verification process which doesn't take me upto 5 minutes and I was allowed to make used of the site without further asking me for any verification process again.

[mich]

Well I do only use 2 exchanges for my crypto they are Binance and Coinbase. For both of those I did do the kyc but I think it is only a level 1 kyc.

I do not worry so much about things like this. They are both real companies and will not steal my coins or sell my information. If they do ask me for more information I do not think I will have a issue to give them what they ask of me.

At the end of the day, we can't be too sure. Not to mention, KYC verification can draaaag a lot and be a nightmare for some if exchanges detected a suspicious activity for instance which can just be a false positive. In addition, threats could come from the outside as well—hacks and data breach for instance.

These are risks, users have to bear.

Well for me the exchanges made me do the kyc and that only did take less then a day. And yes it was only some little information nothing so personal.

If the exchanges would ask me for more verification then I will trade my coins on a other exchange. I do not want them to make a reason to take my coins or ask for more verification. 

[tvplus006]

...If the exchanges would ask me for more verification then I will trade my coins on a other exchange. I do not want them to make a reason to take my coins or ask for more verification. 

The problem is that the exchange can block your money until you pass verification. And this is a real development, as my wife has already experienced this on the OKX exchange. It should be remembered that the exchange can independently change the existing rules without the user's consent.

[MArsland]

Well I do only use 2 exchanges for my crypto they are Binance and Coinbase. For both of those I did do the kyc but I think it is only a level 1 kyc.

I do not worry so much about things like this. They are both real companies and will not steal my coins or sell my information. If they do ask me for more information I do not think I will have a issue to give them what they ask of me.

At the end of the day, we can't be too sure. Not to mention, KYC verification can draaaag a lot and be a nightmare for some if exchanges detected a suspicious activity for instance which can just be a false positive. In addition, threats could come from the outside as well—hacks and data breach for instance.

These are risks, users have to bear.

Therefore I always limit trading/deposit/withdrawal volumes. The KYC requirement of LEV2-LEV3 depends on the user trading volume. As long as the exchange is used as a transit point between crypto and fiat, LEV1 is sufficient. So, it depends on user activity and trading volume.

[Roseline492]

Well for me the exchanges made me do the kyc and that only did take less then a day. And yes it was only some little information nothing so personal.

If the exchanges would ask me for more verification then I will trade my coins on a other exchange. I do not want them to make a reason to take my coins or ask for more verification. 

Although the time for verification approval from one exchange differs because they're mostly verified if the document provided meet the visibility they wanted but if not they might take time to verify or give you a respond, although sometimes there respond can be very fast especially when those documents are not the standard document for there verification, there are times before 30 minutes you have been verified but sometimes 24 hours. However if an exchange has different step of verification they would show you were it will be very visible but if nothing of that is on there exchange other than the only one they require I don't think is right for them to ask for more on the future if there was no announcement for that.

[Peanutswar]

Most of the exchange has their perks and tiers per level and you can access those depends on your account verification now if those features required a KYC most of the time is i comply because this is the feature i want to use and we dont have any option at all or unless you will shift into other platform thats doesnt require a KYC just to have this feature. I also consider the limit of the verification if barely needed like the contact and email as part of the basic KYC now i will weight in if its good to have a KYC with them or not.

[Perfectbaby]

KYC compliance is something that has been written under their ToS and anyone signing up exchanges should do their proper studying to make sure that they have understood what platform is saying before they could go into such verification. If the exchange is a new exchange that I have never tried trading or do whatever, I do cave out my spare time to make sure I understood what exchange is saying about their kyc documentations, but for reputable exchanges that have proven to be the most trusted when I signed up I easily either pass through the kyc as soon as possible because sometimes those who signed up so quickly has that very best change to be verified so easily into their exchange to resumed their trading as quickly as possible.