Why exchange want to bank details for kyc???

[EmmettBrownRu]

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.

[FortFC]

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

[pr0bvk]

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.

[Dizzy89]

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.

[cherryganda]

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.

[TheClownSong]

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

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

[ropyu1978]

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

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.

[kayvie]

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 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.

[richminded]

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.

[VeeraS]

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 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.

[EmmettBrownRu]

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.

[Parodium]

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.

[ARTIST 1991]

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.

[khufuking]

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.

[NEERAJ ANAND]

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.

[Kaller]

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

[Baronggot]

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.

[nameforcoin]

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.

[ElizaZX]

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.

[oriontab]

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