Why exchange want to bank details for kyc???

[anjohyx]

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 ?

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[enhu]

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.

[Diablesfunis]

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.

[brjameng]

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.

[Akselrod]

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

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.

[Nexus77]

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

[Svelto]

Which exchange are you exactly talking about? I haven't found any exchange as of yet that requires your bank details for opening an account there. Even if it does, I would suggest you to avoid that and look for other exchanges like Huobi, Bittrex that doesn't require such information which you are not comfortable to provide with.

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.

[South Park]

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

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.

[Flamebellow]

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 .

[Caesar-Giulius]

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.

[vual]

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

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,

[cryptojohnn7]

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.

[South Park]

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.

[saba1256]

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

[JeffBrad12]

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

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.

[sandraonas]

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

[heritage35]

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.

[happyme1818]

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

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.

[Jamboo30]

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

[CrossHedge]

AML regulators requirements