Why exchange want to bank details for kyc???

[rumancox99]

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

[eaglewhite80]

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.

[xelamb]

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

[freezzeer]

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

[angrybirdy]

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

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.

[mostkey]

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 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.

[LankaJay]

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?

[cryptocrabs2]

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

[Barrycuda007]

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.

[liripoop]

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

[the13thsymphony]

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.

[HistoryVampire]

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

[bitvalak]

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 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.

[AmazingTiger]

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.

[cryptofan999]

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.

[cryptoVinc5599]

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.

[siddartha1492]

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.

[CheeryPenguin]

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.

[BlackRogue]

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.

[AltEvangelist]

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.