Why exchange want to bank details for kyc???

[ABYANSYARIF]

Maybe bank details is for address verification, because they need verification from other parties, if its just an ID card does not guarantee the address given is genuine,
because someone could gave their old id card

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[bitcoindiary]

I am not sure about your thought. Bitoin is decentralized, No power of nation or central bank of any nation on it. This is fully open source, and peer to peer network. Full anonimity has been established. SO as your thoughts, if one needs bank account to veryfy, then it is breaking all the rules of Crypto currency models.;

[judeafante]

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 and driver's license is enough asking for bank statement is too much but if you really trust the ICO that you are investing then go ahead but they should show compliant to the government where they are located, in my opinion, you will only give your bank statement to a government license company,

[enellf]

It would be better if you could specify the exchanges that uses the bank details. Many exchange uses the bank details to verify the user account and support you in every phases of transactions.

[hidden jutsu]

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 specify an exchange which requires their users any bank account details? because as far as I know, there is no bank account details needed to verify your kyc and security in any exchange. 

[Mighty_crypt]

I know what you are talking about,that so called exchange is the ones that help convert cryptocurrency to fiat ,via withdrawal to your bank account ,if that it is then its normal

[royalcrypt]

Most exchanges don't ask for bank details as they don't deal in fiat. However, if you want to buy crypto with fiat and also withdraw money in fiat then some exchanges might ask for bank details.

[adzino]

Never heard of any exchange that wants your bank account details to complete the Know Your Customer (KYC) form. You probably misunderstood something. They might want your bank A/C details if you try to deposit/withdraw fiat  so that your account gets connected to your bank. I see no other reason. Usually a government issues ID is enough for such verification.

[jacafbiz]

I don't know why people are bent on using some of these exchanges asking for more information than necessary, I think it is very wrong for exchanges to be asking for ones bank details, I still believe there are alot of P2p exchanges than one can use that are more flexible all you need to do is to convert your money to BTC and move it out

[chandrarahmadewa]

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

In a national passport or card, there is a unique identification number for each person who is not the same as each other, and a unique name or number is useful for database systems in place of an exchanger

[BTCHeadstone]

Actually this is the rule of the exchanges and the rule is meant for the betterment of the investors as well as market. This is for the security purpose and these documents will help to verify your identification to save the market from being fraud.

[Flin+piclo]

Rules are there for the betterment of the people and for the market too, as well as for the investors. And thus the exchanges have rules too and we should comply with it, as it will eliminate fraud and will regulate the market too to reduce scams.

[JaoBadjap]

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

Having a bank account is actually, telling how legitimate citizen you are.
in my country, it requires a lot of Identification for an instance before allowing you to open an account.
regardless on how much you are going to deposit or transact with.
i guess this a basis to some exchange, they might make it a basis for your legitimacy and for further more secured KYC requirement for them.

[Eijrafarm]

I think there is a law already that requires exchange sites to have KYC for the investors since it will also help track criminals to attempt scams or hack cases in cryptocurrency.

[Woundur]

KYC information are very valuable and sensitive. I think most of the projects or exchanges do not require it for verification. But we need to give the information sometimes in various projects.

[btCHOOop]

Sometimes it is important to provide KYC information. But we should do some research about the projects where we are going to submit the information. It can help us from identity theft.

[Sone11]

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

Is this KYC related? If it is it shouldn't be that way and yes the acceptable Id's are enough for that or they can go for live interviews. If this is just a way to withdraw your fiat then yes it's ok I think.

[Atrom_84]

Personally i feel irritated when i have to give my KYC information. We should be really careful about providing these information as they are really sensitive and can be misused.

[BTCCavalletto]

I think it is good for your own safety and so that they can verify you if something unexpected things happen to your account. So, no need to worry about this.

[sheenshane]

Never heard of any exchange that wants your bank account details to complete the Know Your Customer (KYC) form. You probably misunderstood something. They might want your bank A/C details if you try to deposit/withdraw fiat  so that your account gets connected to your bank. I see no other reason. Usually a government issues ID is enough for such verification.

That was also in my mind I never heard such as exchange asking a bank account for their costumer most likely they ask a KYC for verification. Government ID or even passport is just enough for you to gather personal information, no need for a bank account when you trade. You can avoid this issue by choosing a good exchange there are so many exchanges that did not ask on that, probably that is risky on us showing our personal information and bank accounts.