KYC matter?

[GreatArkansas]

What are the repercussions of failing to complete KYC on an exchange?

KYC does matter in my case. To me KYC seems like a hassle process Because I feel embarrassed to present personal data to anyone else.
So when I am going to exchange my fund then I am seeking for those exchangers who don't asked for KYC verification.
However, the exchangers say that as aml (anti-money laundering) they keep these know-your-customer(KYC) terms. But I think it's wisest to keep your data safe so you can use trusted exchangers that don't require kyc verification. These exchangers can seize funds for your kyc verification at any time.

These days, most of the exchanges especially reputable or popular ones already have and it is really required. I agree with you that it is being hassle and embarrassing to share your personal information with a centralized exchange, like you already trust your funds to them, and at the same time your personal information also which is also really important and sensitive.

[wallet4bitcoin]

What are the repercussions of failing to complete KYC on an exchange?

Firstly, I believe KYC is government's way of winning the war against true Decentralisation and compliance has constrained exchanges to have it from almost every CEX exchange user.

As much as this might be a healthy practice for prevention of fraud and other vices, it negates the very essence of the blockchain technology.

Limitations attached to not having kyc is that you can not withdraw your depositsled funds from an exchange where you're yet to KYC on or you cannot withdraw beyond a margin.

That means you have your resources stuck in there until you get KYC'ed.

[Learn Bitcoin]

If that exchange is not scam and does not plan to scam customers, they will announce their KYC policy change and give their customers enough time to decide one of two options:
- Withdraw all money, refuse to complete KYC.
- Submit KYC, finish it and use full service of the exchange.

Not only exchanges but every platform that implements KYC and does not inform their existing users should be considered a scam platform. For example, OKX users didn't need to do the KYC, but they started implementing KYC. Kucoin, Bitget, and now OKX are asking for KYC from users, and they are doing it by publicly announcing this.

Sometimes, KYC does not guarantee that users' funds are protected if they keep them there. Coinbase started closing accounts even though users were KYC verified. I did not check what was going on.

[Distinctin]

You will not be able to withdraw the balance there or any other features. There are some exchanges that before depositing the balance must complete KYC verification but some are not but at the end when withdrawing KYC it is very mandatory to verify.

I think there are still No-KYC exchanges and from some exchanges you can use. No-KYC Exchange Encyclopedia

This is the most concern of those who claimed to be non-KYC exchanges because when you deposit, they will never require KYC, but when you decide to withdraw your balance they will suddenly require KYC verification. Otherwise, those amount will never be withdrawn and will only stay at an exchange. But with clear KYC exchanges, every time you deposit and withdraw your balance, KYC verification will always be compulsory.

[ModernTechnoXX]

There is no problem if you have not deposited your funds to the exchange, so it is a problem if you have deposited and want to withdraw your money, some exchanges require KYC to transfer to your bank account or your crypto wallet.

[Learn Bitcoin]

KYC is not the ones that are dangerous but it is when someone steals it from you and impersonates you but we shouldn't worry as long as we know that we are using a very trusted platform with no or less history of being hi-jacked. And they definitely improve their security from time to time because it can affect them once something bad happen to them or to their customers.

Do you think Coinbase is trusted with the personal information? I thought it was. The reality is it is not trusted with personal information. They have a record of selling user information on the Darknet for $1 each. Coinbase had a third party to collect their user data, and that company sold users' data online. Later, Coinbase agreed with the accusation.

Unfortunately, I am unable to give you the source. But if you look around, you will find the news. But if you cannot find it, mention me here or anywhere, and I will try to find out the source to help you. So, it doesn't matter how trusted the platform is. The data is not secured.

[Vaculin]

It is good to point to the fact that people should not leave coins on exchanges because any exchange can be hacked and because the person do not have complete control over his coins.

To the point

• Reminder: do not keep your money in online accounts

But as I shared my thinking, you lose more than on just your cryptocurrency when you KYC and that exchange turns to scam. Scam exchanges double scam you by: stealing your cryptocurrency; stealing your KYC document.

That is the reason why centralized exchanges will never be a safe avenue for our cryptos. Aside that KYC is compulsory, once the exchange was hacked, we can never get back the personal details we have disclosed. Which means they are free to use our KYC details if ever they will use it for other transactions. And that creates a bigger risk for us, and a higher chance of losing our crypto without us knowing.

[Japinat]

What are the repercussions of failing to complete KYC on an exchange?

Then you can never make a successful transaction like withdrawal or even deposits especially if you are putting a bigger amount.  But if you chose decentralized exchanges, then KYC will not be an issue since everything in there does not require KYC, plus you will have all the access of your transactions without putting them at a high risk of losing.

[panganib999]

What are the repercussions of failing to complete KYC on an exchange?

Not being able to use the exchange for one, or if you're stupid enough to deposit before verifying your identity, you won't be able to withdraw or trade with your money. At least that's what it was for Binance and most CEXs on the market. If you don't want to undergo KYC trade under decentralized exchanges instead. they won't get in your hair from the moment you sign in with them, and you can pretty much do everything a CEX could do, but don't go yapping about the lack of features cause most DEX out there's cut and dry, what you see is what you get when it comes to offering features and all that stuff. I wouldn't really suggest going for CEXs that are no KYC, cause more often than not they are shady as hell.