about exchanges kyc withdraw!

[omer-jamal]

I noticed Strange thing Some or most of the exchanges (require KYC to withdraw) - This is no problem

But Allow users to Deposit Even if they are not Complete KYC (in exchange require KYC) - Here the problem

after that exchange do not allow withdraw Their money !!

why this ?!

Why they allow them to deposit before Complete KYC

They say we follow the law Does the law recommend doing so? Something weird!

Often exchanges hide KYC paragraph (in Privacy Policy or Usage Policy) Or users do not know Only when They want withdraw!!

what I think from like this exchanges They want Attract Volume Without regard to the interest of users

I hope the post on the right place if not Please Tell me right place
Sorry if the translation Incorrect !

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[joniboini]

They'll probably answer you with some statement like : "We have described that deposit doesn't require KYC but withdrawal does, here and there, so the fault is in our customer". I know several exchanges who did this, and sadly they don't even give notifications when users are trying to deposit that if they wish to withdraw they have to do KYC first.

Unless there's public information about their team, it's not really that bad. The bad news is when the exchange you use doesn't have any public info, therefore it's almost impossible to sue them. And in the end, you lost your money. There's no one will help in this case, so let's be wary and only use exchanges that don't look suspicious.

[TryNinja]

Most exchanges I've seen requiring KYC to withdrawal either only do that when they think there is something wrong (fraud, they just want to know if the money is clean, etc...), if you want to surpass a withdrawal limit of X BTC or whenever they feel the need to do that (the problem on trusting a centralized third-party).

That's why depositing is always enabled at first. They can only see a problem with your account after you deposit it (i.e the amount or origin of the money is shady). For example, I've used Binance multiple times without any issue or needing to do a KYC verification. But today I've seen a thread from a user who got his withdrawals disabled after depositing 1 BTC. It's not always the same case for everyone.

[jhongzjhong]

I have noticed also that kind of issues in some exchange sites, but I don't want to name it here. We can simply avoid that kind of possible problem through research first before deposit our funds on which exchange we would like to do trading.

why this ?!

Why they allow them to deposit before Complete KYC

They say we follow the law Does the law recommend doing so? Something weird!

Probably one of their strategies that we must pass the KYC before having withdrawals or just to have a limit of Bitcoin to withdraw.
As what I have stated above you must do research first on which exchange that doesn't have full KYC and has any public info. regarding their services and to withdraw your fund.

[omer-jamal]

Most exchanges I've seen requiring KYC to withdrawal either only do that when they think there is something wrong (fraud, they just want to know if the money is clean, etc...), if you want to surpass a withdrawal limit of X BTC or whenever they feel the need to do that (the problem on trusting a centralized third-party).

Ok no problem with KYC These laws
but why exchanges Allow Deposit  (money not clean!) come to exchanges  Basically

the problem Victims of this movement People are having problems with KYC like unEinglish ID For example

Even you are less than withdrawal limit (Some exchanges there no withdrawal limit ) Like OKex

<-->

Yes this is what I am do before using any service or exchange

[TryNinja]

but why exchanges Allow Deposit  (money not clean!) come to exchanges  Basically

How would they know if the money is clean or not if the user haven't deposit yet? What I meant is that it's easier to just allow every deposit and control only the withdrawals (which is when they can create a profile of the user or check where the money came from or if it was a suspicious amount). They don't even require KYC to every user. I myself never had to do any verification on my exchanges.

[izanagi narukami]

4 years ago, I trade on poloniex and bittrex , they are the most trustable exchange I've ever known.
I can withdraw anytime without KYC verification. For some reason , I stop trading over 2 years and I want to withdraw the rest of the balance left, they asking me to give them the KYC.

Maybe the different between you and me is you're still new and still not aware that most exchange nowadays require KYC

[TryNinja]

4 years ago, I trade on poloniex and bittrex , they are the most trustable exchange I've ever known.
I can withdraw anytime without KYC verification. For some reason , I stop trading over 2 years and I want to withdraw the rest of the balance left, they asking me to give them the KYC.

Maybe the different between you and me is you're still new and still not aware that most exchange nowadays require KYC

Poloniex went completely downhill since 2 years ago. I and all my friends used them because they were the top 1 exchange.

However, now no one I know uses them anymore because they decided to require KYC from every single one of their users. Most exchanges actually don't require KYC for everyone (Binance being the biggest one), and if they do, it's only on a few specific cases. But Poloniex actually made it mandatory for everyone, regardless of the amount being traded or withdrawn.

[omer-jamal]

How would they know if the money is clean or not if the user haven't deposit yet? What I meant is that it's easier to just allow every deposit and control only the withdrawals (which is when they can create a profile of the user or check where the money came from or if it was a suspicious amount). They don't even require KYC to every user. I myself never had to do any verification on my exchanges.

we are talk about exchanges require KYC (withdrawal limit = 0 btc for all users not completed kyc )
However allow deposit everyone Even They did not complete kyc

not users they have Problem With sources of funds (These special cases)

It's not would be better allow deposit only for users completed kyc To avoid the problem In this exchanges ??
Thanks for your interaction

[TryNinja]

we are talk about exchanges require KYC (withdrawal limit = 0 btc for all users not completed kyc )
However allow deposit everyone Even They did not complete kyc

not users they have Problem With sources of funds (These special cases)

It's not would be better allow deposit only for users completed kyc To avoid the problem In this exchanges ??
Thanks for your interaction

Maybe they allow deposits because you could be in a hurry to do a trade or sell your coins like it's all about not ruining the first experience with the exchange.

Create an account -> Deposit -> Trade; When you have time, do the KYC and withdrawal. Instead of having to wait hours or days to start trading in that exchange (due to being a new account and requiring KYC).

[gentlemand]

There are many cases of users unknowingly depositing to exchanges that require KYC for withdrawals of any amount. I'm sure it's there somewhere in the terms and conditions but if they had any respect for people they would close deposits until you were verified.

I'll guess they partially depend on the subscription model of enough people forgetting or refusing to verify so they get to keep a nice wee bonus.

[Oceat]

I guess this is how those exchanges make more money by letting people make a deposit but not letting them to withdraw without a KYC approval yet. Somehow this the fault of costumer and owner. We should be wiser to pick an exchange next time because if they have to outsmart us we should be ready to withdraw everything if they started to do that.

[Theb]

I cannot say that they are the ones to blame here, I mean you do have time to research on your own on how their KYC works in their website. Other than that I know most of us are fully aware that KYC is now a standard requirement to all exchanges that even ShapeShift is requiring now so it comes to no surprise. People who are unaware thinks that this is a KYC trap but I think it is just their business strategy and showing up a KYC requirement early on might discourage a lot of potential customers signing up.

[Capt00]

I guess they push to implement that having KYC on withdrawal in every client because of the law by the government or even before deposit your fund you must know which exchange reliable and reputed one that can we trust to pass KYC. I also tried that on Gate.io exchange when I'm come back after having a 1year break from trading and decided to withdraw my balance but it needs KYC.

[elda34b]

I also tried that on Gate.io exchange when I'm come back after having a 1year break from trading and decided to withdraw my balance but it needs KYC.

There are several exchange like this. For example, Bitmart, BiteBTC, and so on. Make sure to not repeat it in the future, as sometimes they limit several countries so whatever you do you won't pass KYC if you're a resident of those countries.

[Harlot]

From what I know KYC only tracks what is going out of the exchange as this is where the point of money laundering or tax evasion is taking place. The inflow (withdrawal) isn't some kind of requirement in any AML/KYC compliance so I wouldn't be surprised that some exchanges are doing this. For people who knows that KYC is really a requirement they won't be surprised if they were asked later but for people who really wants to avoid KYC they will feel trap in this kind of manner, perhaps you are part of the latter so you are complaining right now.

In the stock exchange at least on where I live our KYC and personal info is updated annually where I have to print, sign, and then scan a lot of documents before I even access my account. Compared to your situation now I think that mine is a way bigger burden as I have to do it every year. I know some laws and requirements look hard but it is for us.

[omer-jamal]

Create an account -> Deposit -> Trade; When you have time, do the KYC and withdrawal. Instead of having to wait hours or days to start trading in that exchange (due to being a new account and requiring KYC).

Explicitly this is logical and true Maybe this is actually a reason to Attract users Good point.

<-->

True, unfortunately There is no  any respect for people the Strong exchanges that Consider their users
may there be better solutions to solve the dilemma

<-->

I guess they push to implement that having KYC on withdrawal in every client because of the law by the government or even before deposit your fund you must know which exchange reliable and reputed one that can we trust to pass KYC.

Actually this is true almost Services and exchanges require KYC Even Decentralized Services !
But we hope to find solutions for such people at the same time The mistake also from the users themselves
Because they do not understand the Privacy Policy or Usage Policy
It is incredible They want to trade and Do not know this basic information

[audaciousbeing]

I noticed Strange thing Some or most of the exchanges (require KYC to withdraw) - This is no problem

But Allow users to Deposit Even if they are not Complete KYC (in exchange require KYC) - Here the problem

after that exchange do not allow withdraw Their money !!

why this ?!

Why they allow them to deposit before Complete KYC

They say we follow the law Does the law recommend doing so? Something weird!

Often exchanges hide KYC paragraph (in Privacy Policy or Usage Policy) Or users do not know Only when They want withdraw!!

what I think from like this exchanges They want Attract Volume Without regard to the interest of users

I hope the post on the right place if not Please Tell me right place
Sorry if the translation Incorrect !

That is one issue I have with exchange services because it means they are not dong business with the utmost sincerity. It should be expressly stated that when you deposit, you wont be able to withdraw without meet these certain conditions and anyone who still go ahead would have been aware of what he is entering into but not with the deceit we are having now. The reason is not far fetched though because even in corporate world especially the banks, they would encourage one to open accounts and deposit only to come with series of conditions needed before withdrawal can be allowed.

[HeRetiK]

I guess that's what happens when KYC/AML requirements clash with business requirements.

On the one hand exchanges have to follow KYC/AML procedures, on the other hand they want to on-board their users as fast and easy as possible. Throwing KYC/AML requirements straight into your newly registered user's faces could drive them away and apparently KYC/AML only becomes relevant once money moves out of the exchange. So you keep that complicated, user-unfriendly stuff for later, once you already got the user's business and they have some proper incentive to follow your KYC/AML procedures ie. to get access to their money.

Kinda scummy, likely a dark pattern but whatcha gonna do. I think there are a handful of exchanges that verify your account before money can even enter the exchange, but those seem to be rather the exception.

[1Referee]

I think there are a handful of exchanges that verify your account before money can even enter the exchange, but those seem to be rather the exception.

I'm glad there are more of them nowadays, because these exchanges are the ones that provide a decent level of customer support. The exchanges that don't care and accept deposits right away always end up dealing with a lot of complaints from angry customers spamming their support desks. I'm certain that more than half of the complaints is related to KYC/AML (i.e. people not being able do cash out or frozen accounts).

On the other hand, people should know better by now. At one point every centralized exchange will ask you to verify yourself one way or another, so don't assume your exchange will grant you unverified withdrawals for ever.

[Kemarit]

On the other hand, people should know better by now. At one point every centralized exchange will ask you to verify yourself one way or another, so don't assume your exchange will grant you unverified withdrawals for ever.

And this is want we're seeking right now and I'm sure that it will be the norm in the future. Before it was just simply your name or birth date or just national id. But since some governments pressured exchanges, they will ask you to pass additional info and requiring full KYC because you can withdraw.

One can argue that this whole KYC laws on crypto is a good step towards mass adoption. So we will have to see and just be careful of letting your funds sit on a exchange as you might find it a bit irritating to withdraw huge amount now that they're requiring strict KYC compliance.

[ranman09]

I really don't get KYC especially those companies that seem never had existed public information and also the fact that some can allow and some cannot. I know the place where the company is registered makes the difference. But why they need to make it hard to do. Why they can't use only one KYC solution?

[bering]

Most of exchange currently required KYC to get verified accounts and if we want to used them then nothing we can do besides following their policy and before use particular exchange i think you have to find some review from other users regarding term of service from those exchange that they use KYC or not and i think necessary especially if you want to avoid KYC

[ipanks]

I noticed Strange thing Some or most of the exchanges (require KYC to withdraw) - This is no problem

But Allow users to Deposit Even if they are not Complete KYC (in exchange require KYC) - Here the problem

after that exchange do not allow withdraw Their money !!

why this ?!

Why they allow them to deposit before Complete KYC

They say we follow the law Does the law recommend doing so? Something weird!

Often exchanges hide KYC paragraph (in Privacy Policy or Usage Policy) Or users do not know Only when They want withdraw!!

what I think from like this exchanges They want Attract Volume Without regard to the interest of users

I hope the post on the right place if not Please Tell me right place
Sorry if the translation Incorrect !

In Binance, you don't have to complete KYC and you could deposit and withdraw your balance but for people who don't complete KYC, they could only make a request withdraw for less than 2 btc. I wonder which exchange you are talking about because once we complete KYC, we can raise bigger withdraw.

But on poloniex and bittrex, you must complete KYC to continue trading and you will also raise your level and you can withdraw bigger balance from your account.

[omer-jamal]

which exchange you are talking about because once we complete KYC, we can raise bigger withdraw.

That's true..
for example OKex but after test toady They have levels This is good
But it may ask other documents Some cases (Always prepare for the worst)

These days can not be ignored KYC Laws (Necessary)

and sure if they support country or not - important

[carlfebz2]

which exchange you are talking about because once we complete KYC, we can raise bigger withdraw.

That's true..
for example OKex but after test toady They have levels This is good
But it may ask other documents Some cases (Always prepare for the worst)

These days can not be ignored KYC Laws (Necessary)

and sure if they support country or not - important

Too absurd that you can possibly have a video verification on just having a withdrawal.? It seems they are going too far or just imposing too strict KYC compliance.
Sooner or later as exchange users we wont really have any choice but to comply if majority of them would go to the same process.

[Harlot]

I really don't get KYC especially those companies that seem never had existed public information and also the fact that some can allow and some cannot.

If you personally doubt the company even after you research them and your gut tells you no then its personally the time to back out for that company. It's your instincts saying that they will use your personal info for other purposes.

I know the place where the company is registered makes the difference. But why they need to make it hard to do. Why they can't use only one KYC solution?

You cannot really have a one solution for KYC in which it can be submitted to everything. For one not all companies have the same laws and kyc requirements being followed that is why each exchange have a rather different KYC requirement which vary from each one of them. So a one KYC solution is really not suitable for the current system we have.

[countryfree]

What exchange are we talking about?
Please tell us before going any further.

KYC regulations come into play at time of account opening. Before the customer is allowed to make the smallest deposit. If it's not that way, it's most probably a scam. Run away fast, and let us know who are those bad guys, so that everybady can avoid them.

[timoshani]

I didn't find such an exchange platform which are required KYC. I can propose to use in future some alternative exchange service which will be used modern technology to make fast and safety transaction. I think DEXAGE will one of such platform.

[magneto]

I noticed Strange thing Some or most of the exchanges (require KYC to withdraw) - This is no problem

But Allow users to Deposit Even if they are not Complete KYC (in exchange require KYC) - Here the problem

after that exchange do not allow withdraw Their money !!

why this ?!

Why they allow them to deposit before Complete KYC

They say we follow the law Does the law recommend doing so? Something weird!

Often exchanges hide KYC paragraph (in Privacy Policy or Usage Policy) Or users do not know Only when They want withdraw!!

what I think from like this exchanges They want Attract Volume Without regard to the interest of users

I hope the post on the right place if not Please Tell me right place
Sorry if the translation Incorrect !

You're absolutely right, and it's great that you're bringing this topic up because I think it's definitely been underdiscussed.

Not only are there exchanges that ask you for KYC information only when you withdraw, there are also sportsbooks, casinos, and hosted wallets that do the same thing. A remember that a recent case is with Changenow.io, with them asking for identification on a customer that actually had quite a large transaction with them even though they used to advertise themselves as anonymous.

None of them will ever ask you to offer verification documents before you want to get funds out of their platform.

IMHO, these sites are completely untrustworthy and unprofessional, and should be avoided even if you are willing to provide them. It seems like a blatant excuse to hold funds in the name of KYC. A lot of the times, they aren't even legally obligated to do this, even though they argue this way.

If you want to implement KYC, do so before any deposits can be made. Don't do it after.

[stomachgrowls]

You're absolutely right, and it's great that you're bringing this topic up because I think it's definitely been underdiscussed.

Not only are there exchanges that ask you for KYC information only when you withdraw, there are also sportsbooks, casinos, and hosted wallets that do the same thing. A remember that a recent case is with Changenow.io, with them asking for identification on a customer that actually had quite a large transaction with them even though they used to advertise themselves as anonymous.

None of them will ever ask you to offer verification documents before you want to get funds out of their platform.

IMHO, these sites are completely untrustworthy and unprofessional, and should be avoided even if you are willing to provide them. It seems like a blatant excuse to hold funds in the name of KYC. A lot of the times, they aren't even legally obligated to do this, even though they argue this way.

If you want to implement KYC, do so before any deposits can be made. Don't do it after.

The question is? How you would able to select if you arent aware if that's their way of asking KYC unless if you do able to read up feed backs about that then we can eventually avoid it

I do remember the recent case of Changenow and im aint surprise that most of similar services would really act just the same where claiming to be anonymous then suddenly they turn
into the opposite way.When you do caught in the middle you wont really have any option but to do that KYC. It sucks but you wont really have any choice.

[semobo]

No exchange is going to stop us from depositing any amount of money into their wallets because they are going to get benefit from it but when people want to withdraw it they need to pass the certain withdrawal limits by providing appropriate details like personal information with government ID and much more like that. If you want to use that changes you need to agree the terms and conditions I just find an exchange which meets your criteria.

[cellard]

It's never going to be worth risking your personal information all over the dark web just to trade some altcoins. They want your picture holding your ID, that is insanity. All those altcoin exchanges are just so dodgy. When they start getting bigger they start asking for KYC. I understand they need to do so to stay in business if it's hosted in certain jurisdictions.

I would only risk giving them a picture of me holding my ID if it was an strictly regulated business by a first world country, and still there's just something that I don't like about it. I don't remember ever having the need to do that to deal with the government. I guess that is needed when you are dealing with an international government tho, there doesn't seem to be a escape out of it. All centralized exchanges will need KYC eventually.

[joniboini]

I would only risk giving them a picture of me holding my ID if it was an strictly regulated business by a first world country, and still there's just something that I don't like about it. I don't remember ever having the need to do that to deal with the government. I guess that is needed when you are dealing with an international government tho, there doesn't seem to be a escape out of it. All centralized exchanges will need KYC eventually.

Yeah, I'm pretty sure centralized exchange or those "decentralized" exchanges will eventually require us to do KYC. I'm starting to be a bit paranoid because in the past I'm doing KYC recklessly just to liquidate my shitcoin, but now I'm starting to think that atomic swap and anonymous exchange is needed so badly :/

Maybe I'll only do KYC at one or two exchanges (which fall under my government regulation) because I need to liquidate my crypto to fiat. But I won't do any more KYC for exchanges that are not popular, don't have a public team and very suspicious.

[Kemarit]

No exchange is going to stop us from depositing any amount of money into their wallets because they are going to get benefit from it but when people want to withdraw it they need to pass the certain withdrawal limits by providing appropriate details like personal information with government ID and much more like that. If you want to use that changes you need to agree the terms and conditions I just find an exchange which meets your criteria.

But the problem sometimes is that traders doesn't read those TOS and gets excited to see their coins listed on any exchanges deposit it and then when they're about to withdraw, disappointment because you don't have a choice but to give them your damn personal data just to get your money.

Personally, I was a victim in the past as well, was pissed off, but I have to obliged though. Now, I'm very careful before depositing or trading any coins in a exchange and read carefully their TOS.

[sheenshane]

snip-
Personally, I was a victim in the past as well, was pissed off, but I have to obliged though. Now, I'm very careful before depositing or trading any coins in a exchange and read carefully their TOS.

That is the reason why before entering an exchange or every service, you have to study and read the policy manually and carefully.
You are a victim of their trap they have already planned since then. It's a kind of marketing though. I remember a meme where there is an executive offering a free ride from a hot air balloon. Once you're there flying and you are starting to get crazy in the air and would like to go down, that is the time where they will charge you. Without any choice, you will definitely pay to go back to the ground. It's a perfect analogy. It's a trap, it's a business.

[iMark]

Most of exchange currently required KYC to get verified accounts and if we want to used them then nothing we can do besides following their policy and before use particular exchange i think you have to find some review from other users regarding term of service from those exchange that they use KYC or not and i think necessary especially if you want to avoid KYC

I think so, it seems like almost all exchanges are starting to do that. they want to know your identity, for what function?
but it's a bit annoying to me, because users want privacy but have to verify data to get a verified account in exchange ?

[Spider A4]

Also this is my question in KYC require exchange we can easily deposit but when we are going to withdraw they asking 2fa authentication and government documents which you have. Big volume exchange binance you can deposit and withdraw without KYC (withdrawal limitation) very interesting experience.

[elda34b]

Big volume exchange binance you can deposit and withdraw without KYC (withdrawal limitation) very interesting experience.

In other words, you can launder your money (2 BTC) for free
It's a common practice on several exchanges, maybe do to regulation and stuff, but yeah it's very annoying when you don't know that withdrawal require KYC, and weirdly there is no information about it when you want to deposit. I know they have terms that we can read but somehow it looks like they deliberately leave it like that so some people will fall for this 'trap'.

[jrrsparkles]

Big volume exchange binance you can deposit and withdraw without KYC (withdrawal limitation) very interesting experience.

In other words, you can launder your money (2 BTC) for free
It's a common practice on several exchanges, maybe do to regulation and stuff, but yeah it's very annoying when you don't know that withdrawal require KYC, and weirdly there is no information about it when you want to deposit. I know they have terms that we can read but somehow it looks like they deliberately leave it like that so some people will fall for this 'trap'.

Its a big trap tho

I really don't deposit any money directly into exchanges before reading their terms and conditions but lot others do that in a hurry and end up losing their money by failing to do what they were asking for verification.Being a big money holder always risky.

[Oilacris]

Big volume exchange binance you can deposit and withdraw without KYC (withdrawal limitation) very interesting experience.

In other words, you can launder your money (2 BTC) for free
It's a common practice on several exchanges, maybe do to regulation and stuff, but yeah it's very annoying when you don't know that withdrawal require KYC, and weirdly there is no information about it when you want to deposit. I know they have terms that we can read but somehow it looks like they deliberately leave it like that so some people will fall for this 'trap'.

Its a big trap tho

I really don't deposit any money directly into exchanges before reading their terms and conditions but lot others do that in a hurry and end up losing their money by failing to do what they were asking for verification.Being a big money holder always risky.

Well, if you are too keen about of your personal security and likely to tweak your settings then you can see that KYC thing in there already. Before i start to use my wallet in exchanges or even deposit i will just check the securities in it and other verification required to secure your wallet. Those who just deposited their cryptos probably just missed that thing in there.

[BLAST2MARS]

I noticed Strange thing Some or most of the exchanges (require KYC to withdraw) - This is no problem

But Allow users to Deposit Even if they are not Complete KYC (in exchange require KYC) - Here the problem

after that exchange do not allow withdraw Their money !!

why this ?!

Why they allow them to deposit before Complete KYC

They say we follow the law Does the law recommend doing so? Something weird!

Often exchanges hide KYC paragraph (in Privacy Policy or Usage Policy) Or users do not know Only when They want withdraw!!

what I think from like this exchanges They want Attract Volume Without regard to the interest of users

I hope the post on the right place if not Please Tell me right place
Sorry if the translation Incorrect !

What is the name of the exchange you are talking about? Because I don't know if you are aware that before you register, they tell you the only amount you can withdraw from them like 2 btc normally because if it is more than that then you need to pass their KYC.

[jrrsparkles]

I noticed Strange thing Some or most of the exchanges (require KYC to withdraw) - This is no problem

But Allow users to Deposit Even if they are not Complete KYC (in exchange require KYC) - Here the problem

after that exchange do not allow withdraw Their money !!

why this ?!

Why they allow them to deposit before Complete KYC

They say we follow the law Does the law recommend doing so? Something weird!

Often exchanges hide KYC paragraph (in Privacy Policy or Usage Policy) Or users do not know Only when They want withdraw!!

what I think from like this exchanges They want Attract Volume Without regard to the interest of users

I hope the post on the right place if not Please Tell me right place
Sorry if the translation Incorrect !

What is the name of the exchange you are talking about? Because I don't know if you are aware that before you register, they tell you the only amount you can withdraw from them like 2 btc normally because if it is more than that then you need to pass their KYC.

You are talking about binance,but there are some exchanges have no restrictions so people need to research before registering and also they need to check the legitimact of exchanges even if it is CEX or DEX.

[detector]

Every exchange want to protect people from harm , yes I can understand that it's broke crypto decentralized but when we decide to trade into some platform, we can't decide to forbid their policy.

We only can decide to keep trading or resign !!

[jakezyrus]

Big volume exchange binance you can deposit and withdraw without KYC (withdrawal limitation) very interesting experience.

In other words, you can launder your money (2 BTC) for free
It's a common practice on several exchanges, maybe do to regulation and stuff, but yeah it's very annoying when you don't know that withdrawal require KYC, and weirdly there is no information about it when you want to deposit. I know they have terms that we can read but somehow it looks like they deliberately leave it like that so some people will fall for this 'trap'.

Its a big trap tho

I really don't deposit any money directly into exchanges before reading their terms and conditions but lot others do that in a hurry and end up losing their money by failing to do what they were asking for verification.Being a big money holder always risky.

terms and conditions are long . that's the reason why people skip them because they are too lazy to read the whole text  . meanwhile , kyc's are not a trap whatsoever because kyc's are an important rule that needs to be implemented by an exchange to avoid further violations . this is beneficial for both parties . so stop complaining guys  . if you dont want kyc then hunt for other exchange that does not have that feature  .

[Kemarit]

snip-
Personally, I was a victim in the past as well, was pissed off, but I have to obliged though. Now, I'm very careful before depositing or trading any coins in a exchange and read carefully their TOS.

That is the reason why before entering an exchange or every service, you have to study and read the policy manually and carefully.
You are a victim of their trap they have already planned since then. It's a kind of marketing though. I remember a meme where there is an executive offering a free ride from a hot air balloon. Once you're there flying and you are starting to get crazy in the air and would like to go down, that is the time where they will charge you. Without any choice, you will definitely pay to go back to the ground. It's a perfect analogy. It's a trap, it's a business.

Yeah, that's why I'm stop trading for a while back then, like 6 months and really be cautious of every trading exchanges I used ever since. Categorically, its a trap that I didn't see or smell from afar, but the good thing is that I learn my lessons well and never experienced the same frustrations again in any exchanges.

[creeps]

Big volume exchange binance you can deposit and withdraw without KYC (withdrawal limitation) very interesting experience.

In other words, you can launder your money (2 BTC) for free
It's a common practice on several exchanges, maybe do to regulation and stuff, but yeah it's very annoying when you don't know that withdrawal require KYC, and weirdly there is no information about it when you want to deposit. I know they have terms that we can read but somehow it looks like they deliberately leave it like that so some people will fall for this 'trap'.

Probably part of their marketing strategies since a lot of investors don't want to fill up KYC for security purposes and when they deposit money, they have no more choice but to fill up the KYC or else their money will be stock on that exchange. Binance is one of the friendly exchanges who don't ask you for any KYC form, you try to use this exchange that to invest on no trusted exchanges.

[marcbitcoins]

About your questions i think you should ask this directly to their chat group but maybe you did not read well their policies and conditions that you just directly agree to their terms during application but if a certain exchange is really not trust worthy like this one then maybe this exchange are not belong to the exchanges with high reputation so before depositing or joining an exchange make sure that you understood their terms carefully.

[iMark]

Big volume exchange binance you can deposit and withdraw without KYC (withdrawal limitation) very interesting experience.

In other words, you can launder your money (2 BTC) for free
It's a common practice on several exchanges, maybe do to regulation and stuff, but yeah it's very annoying when you don't know that withdrawal require KYC, and weirdly there is no information about it when you want to deposit. I know they have terms that we can read but somehow it looks like they deliberately leave it like that so some people will fall for this 'trap'.

Its a big trap tho

I really don't deposit any money directly into exchanges before reading their terms and conditions but lot others do that in a hurry and end up losing their money by failing to do what they were asking for verification.Being a big money holder always risky.

This is still become a polemic, some users have no problem with that and I have verified data in poloniex and binance. but if you disagree with that. You can still trade and withdraw with certain limits, and  moreover there are still many exchanges that don't apply KYC

[cellard]

I noticed this too. The way I say it is that they don't automatically check for deposits, so anyone can deposit any amount of crypto there (im not sure if it's the same with fiat).

Then basically, if someone is stupid enough to put money without reading withdraw limits first, a % of these funds may be abandoned by some people that value their privacy above the money they deposited, specially if they are of criminal-ish origin, they would rather give up on that money.

If the exchange allows for withdraws of small amounts for free, they may get whatever they can in smaller transactions.

Big volume exchange binance you can deposit and withdraw without KYC (withdrawal limitation) very interesting experience.

In other words, you can launder your money (2 BTC) for free
It's a common practice on several exchanges, maybe do to regulation and stuff, but yeah it's very annoying when you don't know that withdrawal require KYC, and weirdly there is no information about it when you want to deposit. I know they have terms that we can read but somehow it looks like they deliberately leave it like that so some people will fall for this 'trap'.

Its a big trap tho

I really don't deposit any money directly into exchanges before reading their terms and conditions but lot others do that in a hurry and end up losing their money by failing to do what they were asking for verification.Being a big money holder always risky.

This is still become a polemic, some users have no problem with that and I have verified data in poloniex and binance. but if you disagree with that. You can still trade and withdraw with certain limits, and  moreover there are still many exchanges that don't apply KYC

Didn't Poloniex add KYC now for everything? at least phone number verification.

[Oilacris]

I've been victimized on such scenario.I recently registered on https://p2pb2b.io since I do tend to sell out my altcoin holdings which is only being traded up on here.
I tried to search if they do require KYC but i cant find it on their ToS and later on when im already done to exchange and tried to withdraw it do requires me some documentation.
Saying to myself, WTF?

[jrrsparkles]

Big volume exchange binance you can deposit and withdraw without KYC (withdrawal limitation) very interesting experience.

In other words, you can launder your money (2 BTC) for free
It's a common practice on several exchanges, maybe do to regulation and stuff, but yeah it's very annoying when you don't know that withdrawal require KYC, and weirdly there is no information about it when you want to deposit. I know they have terms that we can read but somehow it looks like they deliberately leave it like that so some people will fall for this 'trap'.

Its a big trap tho

I really don't deposit any money directly into exchanges before reading their terms and conditions but lot others do that in a hurry and end up losing their money by failing to do what they were asking for verification.Being a big money holder always risky.

terms and conditions are long . that's the reason why people skip them because they are too lazy to read the whole text  . meanwhile , kyc's are not a trap whatsoever because kyc's are an important rule that needs to be implemented by an exchange to avoid further violations . this is beneficial for both parties . so stop complaining guys  . if you dont want kyc then hunt for other exchange that does not have that feature  .

If you failed to care about your money because of your laziness then you have no right to balme anyone when you lost the funds.

But it is the fact,the terms of exchange may be couple of pages but before depoiting huge amount then it is worth to read and it should be for different level like in Binance when people don't want KYC they need to have minimum daily limit for trading.

[aioc]

I noticed Strange thing Some or most of the exchanges (require KYC to withdraw) - This is no problem

But Allow users to Deposit Even if they are not Complete KYC (in exchange require KYC) - Here the problem

after that exchange do not allow withdraw Their money !!

why this ?!

Why they allow them to deposit before Complete KYC

They say we follow the law Does the law recommend doing so? Something weird!

Often exchanges hide KYC paragraph (in Privacy Policy or Usage Policy) Or users do not know Only when They want withdraw!!

what I think from like this exchanges They want Attract Volume Without regard to the interest of users

I hope the post on the right place if not Please Tell me right place
Sorry if the translation Incorrect !

Majority of exchanges are doing that, so expect to do KYC even if you are not going to withdraw your funds I deposit on one exchange I will not name it, there was no mention of KYC if you are going to deposit and trade, I'm ok with it, but surprised that when I tried to withdraw a small amount like $20 they ask for a KYC I deposit $500 it's ok with them and they will accept it, seems they want to make it hard for people who want to get their money out, however small.

[cellard]

I guess they just couldn't care less about money coming, only coming out. So basically, if you put in $10k in a transaction without reading the KYC requirements stuff, you are now in big trouble as you have $10k trapped in the exchange. The ball is in your court so you have to solve the problem yourself, by delivering all the KYC information needed. If you can't deliver that, then it's your fault because you didn't read the KYC requirements, unfortunately this means that they get to keep the money. I wonder how much money they are banking through this. Basically people putting money in then unable to remove it because they refuse to comply with KYC.

[coin-investor]

I noticed Strange thing Some or most of the exchanges (require KYC to withdraw) - This is no problem

But Allow users to Deposit Even if they are not Complete KYC (in exchange require KYC) - Here the problem

after that exchange do not allow withdraw Their money !!

why this ?!

Why they allow them to deposit before Complete KYC

They say we follow the law Does the law recommend doing so? Something weird!

Often exchanges hide KYC paragraph (in Privacy Policy or Usage Policy) Or users do not know Only when They want withdraw!!

what I think from like this exchanges They want Attract Volume Without regard to the interest of users

I hope the post on the right place if not Please Tell me right place
Sorry if the translation Incorrect !

This is really disadvantageous for traders, you are allowed to deposit but will give you a hard time to withdraw, this is for them to compel you to do KYC, also I have seen a lot of exchange that do not put KYC in their FAQ you will just get suprised to find out wehn they asked for KYC.

[Mahanton]

I guess they just couldn't care less about money coming, only coming out. So basically, if you put in $10k in a transaction without reading the KYC requirements stuff, you are now in big trouble as you have $10k trapped in the exchange. The ball is in your court so you have to solve the problem yourself, by delivering all the KYC information needed. If you can't deliver that, then it's your fault because you didn't read the KYC requirements, unfortunately this means that they get to keep the money. I wonder how much money they are banking through this. Basically people putting money in then unable to remove it because they refuse to comply with KYC.

When using up any services online specially with exchanges then its always important to have a look on their terms and conditions even on gambling sites too or any other sites because if you don't much pay attention
to these simply or basic informations need to be read up then you would be definitely fucked up in the end but somehow there are exchangers which doesn't need any KYC on having some big withdrawals on daily basis.Just take a look on Binance where giving out 2btc daily withdrawals for unverified accounts which is great.

[jvdp]

I guess they just couldn't care less about money coming, only coming out. So basically, if you put in $10k in a transaction without reading the KYC requirements stuff, you are now in big trouble as you have $10k trapped in the exchange. The ball is in your court so you have to solve the problem yourself, by delivering all the KYC information needed. If you can't deliver that, then it's your fault because you didn't read the KYC requirements, unfortunately this means that they get to keep the money. I wonder how much money they are banking through this. Basically people putting money in then unable to remove it because they refuse to comply with KYC.

When using up any services online specially with exchanges then its always important to have a look on their terms and conditions even on gambling sites too or any other sites because if you don't much pay attention
to these simply or basic informations need to be read up then you would be definitely fucked up in the end but somehow there are exchangers which doesn't need any KYC on having some big withdrawals on daily basis.Just take a look on Binance where giving out 2btc daily withdrawals for unverified accounts which is great.

Terms does not play here in your exchange account you could check what is the minimum withdrawal for non KYC verified account. Even on Binance there are similar rules and trade limit also there for such account.
When you go to verify the account also you can find personal and corporate account which have the big limits for the bigger account.

[Mahanton]

I guess they just couldn't care less about money coming, only coming out. So basically, if you put in $10k in a transaction without reading the KYC requirements stuff, you are now in big trouble as you have $10k trapped in the exchange. The ball is in your court so you have to solve the problem yourself, by delivering all the KYC information needed. If you can't deliver that, then it's your fault because you didn't read the KYC requirements, unfortunately this means that they get to keep the money. I wonder how much money they are banking through this. Basically people putting money in then unable to remove it because they refuse to comply with KYC.

When using up any services online specially with exchanges then its always important to have a look on their terms and conditions even on gambling sites too or any other sites because if you don't much pay attention
to these simply or basic informations need to be read up then you would be definitely fucked up in the end but somehow there are exchangers which doesn't need any KYC on having some big withdrawals on daily basis.Just take a look on Binance where giving out 2btc daily withdrawals for unverified accounts which is great.

Terms does not play here in your exchange account you could check what is the minimum withdrawal for non KYC verified account. Even on Binance there are similar rules and trade limit also there for such account.
When you go to verify the account also you can find personal and corporate account which have the big limits for the bigger account.

Yes, I'm fully aware on that one where upgrades would really require that KYC stuff but the good thing where it is optional and hence 2 btc daily limit withdrawal is just sufficient with most traders I believe unless if your a whale or big time trader then these limits wont really be enough.Therefore, you would end up on complying those KYC stuff.

[imstillthebest]

I guess they just couldn't care less about money coming, only coming out. So basically, if you put in $10k in a transaction without reading the KYC requirements stuff, you are now in big trouble as you have $10k trapped in the exchange. The ball is in your court so you have to solve the problem yourself, by delivering all the KYC information needed. If you can't deliver that, then it's your fault because you didn't read the KYC requirements, unfortunately this means that they get to keep the money. I wonder how much money they are banking through this. Basically people putting money in then unable to remove it because they refuse to comply with KYC.

When using up any services online specially with exchanges then its always important to have a look on their terms and conditions even on gambling sites too or any other sites because if you don't much pay attention
to these simply or basic informations need to be read up then you would be definitely fucked up in the end but somehow there are exchangers which doesn't need any KYC on having some big withdrawals on daily basis.Just take a look on Binance where giving out 2btc daily withdrawals for unverified accounts which is great.

Terms does not play here in your exchange account you could check what is the minimum withdrawal for non KYC verified account. Even on Binance there are similar rules and trade limit also there for such account.
When you go to verify the account also you can find personal and corporate account which have the big limits for the bigger account.

Yes, I'm fully aware on that one where upgrades would really require that KYC stuff but the good thing where it is optional and hence 2 btc daily limit withdrawal is just sufficient with most traders I believe unless if your a whale or big time trader then these limits wont really be enough.Therefore, you would end up on complying those KYC stuff.

yes . 2btc is huge and even 1 btc is also big enough  . i dont get the point of withdrawing large amount funds but besides you can still use other exchange and withdrew big funds as long as you dont exceed with thier limits or why cant you just create another account so that you can buy/withdrew again  ? isnt that more simplier than doing a kyc  ?  but if your a whale then doing kyc is not really a problem to you since you will always be buying in large volumes  .

[Netnox]

Yeah... this happened to me a few times. And once I had contacted the exchange support team. What they said is that the legal requirements are not applicable when you deposit crypto currency. They are applicable only when you deposit fiat currency, or when you withdraw either fiat or crypto. Now don't ask me whether they were saying the truth or not.

[senin]

I noticed Strange thing Some or most of the exchanges (require KYC to withdraw) - This is no problem

But Allow users to Deposit Even if they are not Complete KYC (in exchange require KYC) - Here the problem

after that exchange do not allow withdraw Their money !!

why this ?!

Why they allow them to deposit before Complete KYC

They say we follow the law Does the law recommend doing so? Something weird!

Often exchanges hide KYC paragraph (in Privacy Policy or Usage Policy) Or users do not know Only when They want withdraw!!

what I think from like this exchanges They want Attract Volume Without regard to the interest of users

I hope the post on the right place if not Please Tell me right place
Sorry if the translation Incorrect !

Exchanges are always interested in a large number of customers. Therefore, their policies are aimed at attracting them as much as possible. But in the withdrawal of funds from the exchange of its administration is not interested. Therefore, it may deliberately search for reasons for making it harder to withdraw a cryptocurrency from the exchange. In addition, if clients fail to pass the KYC check or for other reasons leave the cryptocurrency on the stock exchange, after some time the administration of the stock exchanges will be able to appropriate them.

[BASIS ID]

You are correct.
Most of the exchanges want more customers. KYC scares many of them away and conversion rates fall.
I believe that it's unethical not to explicitly mention that KYC is required to withdraw, however, in my opinion, the problem does not lie in the exchange. The problem is that currently most of the KYC providers do not have a user-friendly widget that would make KYC seamless. Exchanges understand that with adding KYC, they have a chance of losing a customer. But they want to be compliant as well so they include a KYC at the withdrawal. Some KYC providers are working hard to ease this problem but what does it take to eliminate the discomfort completely?

Anyway, I think every person, who has been in trading for a while is used to KYC and expects it to appear at some point or am I wrong?

I noticed Strange thing Some or most of the exchanges (require KYC to withdraw) - This is no problem

But Allow users to Deposit Even if they are not Complete KYC (in exchange require KYC) - Here the problem

after that exchange do not allow withdraw Their money !!

why this ?!

Why they allow them to deposit before Complete KYC

They say we follow the law Does the law recommend doing so? Something weird!

Often exchanges hide KYC paragraph (in Privacy Policy or Usage Policy) Or users do not know Only when They want withdraw!!

what I think from like this exchanges They want Attract Volume Without regard to the interest of users

I hope the post on the right place if not Please Tell me right place
Sorry if the translation Incorrect !

Exchanges are always interested in a large number of customers. Therefore, their policies are aimed at attracting them as much as possible. But in the withdrawal of funds from the exchange of its administration is not interested. Therefore, it may deliberately search for reasons for making it harder to withdraw a cryptocurrency from the exchange. In addition, if clients fail to pass the KYC check or for other reasons leave the cryptocurrency on the stock exchange, after some time the administration of the stock exchanges will be able to appropriate them.

[dark1234]

in general, kyc is needed for exchanges that use open systems while for neutralized matches this is not needed and for the time being kyc is not something to fear because 85% already use KYC so there is no problem for that ...

[Ipwich]

The only solution to this is to read all the terms and condition before joining.
Some exchange does not have the feature to disallow registration if not eligible, it's like a manual thing and they can only do afterwards.
So, to avoid this problem, it's necessary that before we agreed with the terms, we have to ensure that we read it and understands it.

[TheKeyLongThumbI]

I noticed Strange thing Some or most of the exchanges (require KYC to withdraw) - This is no problem

But Allow users to Deposit Even if they are not Complete KYC (in exchange require KYC) - Here the problem

after that exchange do not allow withdraw Their money !!

why this ?!

Why they allow them to deposit before Complete KYC

They say we follow the law Does the law recommend doing so? Something weird!

Often exchanges hide KYC paragraph (in Privacy Policy or Usage Policy) Or users do not know Only when They want withdraw!!

what I think from like this exchanges They want Attract Volume Without regard to the interest of users

I hope the post on the right place if not Please Tell me right place
Sorry if the translation Incorrect !

I believe you got a point but if we rethink the whole case, there is really nothing wrong if the exchange wants to enforce kyc before you can withdraw because they need to strictly implement what the regulations say to avoid money laundering. But there are many good exchanges that has only limit of withdrawal and if you go beyond that then that is the time you really need to undergo their KYC procedure.

[Bikerbmt47]

I noticed Strange thing Some or most of the exchanges (require KYC to withdraw) - This is no problem

But Allow users to Deposit Even if they are not Complete KYC (in exchange require KYC) - Here the problem

after that exchange do not allow withdraw Their money !!

why this ?!

Why they allow them to deposit before Complete KYC

They say we follow the law Does the law recommend doing so? Something weird!

Often exchanges hide KYC paragraph (in Privacy Policy or Usage Policy) Or users do not know Only when They want withdraw!!

what I think from like this exchanges They want Attract Volume Without regard to the interest of users

I hope the post on the right place if not Please Tell me right place
Sorry if the translation Incorrect !

I use binance exchange, it took me a long time to complete KYC. I think KYC is necessary for the development of exchange.

[Oilacris]

I noticed Strange thing Some or most of the exchanges (require KYC to withdraw) - This is no problem

But Allow users to Deposit Even if they are not Complete KYC (in exchange require KYC) - Here the problem

after that exchange do not allow withdraw Their money !!

why this ?!

Why they allow them to deposit before Complete KYC

They say we follow the law Does the law recommend doing so? Something weird!

Often exchanges hide KYC paragraph (in Privacy Policy or Usage Policy) Or users do not know Only when They want withdraw!!

what I think from like this exchanges They want Attract Volume Without regard to the interest of users

I hope the post on the right place if not Please Tell me right place
Sorry if the translation Incorrect !

I use binance exchange, it took me a long time to complete KYC. I think KYC is necessary for the development of exchange.

You don't know on what you are talking about.KYC has nothing to do with the development of an exchange yet these things
are just some sort of verification which exchangers need to comply yet governments do required them to do so that's why they don't have
any option but to comply with the rules but some of them do take this step on shady acts that's why most people don't really like to
submit any kyc.

[marcbitcoins]

We should avoid this kind of exchanges because of the way they required KYC. Their system of KYC is unfair in which for sure many assets will be hold in their favor as they will just charge it technically over disqualified KYC. This is cleary a stealing in disguise i hope the regulation is against this process to protect the crypto users.

[goaldigger]

Same as banks. Banks can make you open a savings account even with just one valid ID or even secondary IDs because they need your deposit. On the other hand, if you withdraw your account, they will ask for two or more IDs to verify. KYC isnt bad if thats the case. I agree with this for security.

[Falgorn]

The exchanges are interested in people contributing their funds to them, as well as in keeping them in the accounts of the exchange. Therefore, favorable conditions are created for depositing funds on the exchange, however, when withdrawing funds from the exchange, various obstacles are created, including by requiring the KYC check. Of course, first of all, you need to require that the exchanges name the documents on the basis of which they require passing the KYC check and what information about yourself must be provided. Exchanges in this matter may abuse their rights. At the same time, it is better to find out everything before you deposit your cryptocurrency to the exchange.
I think that checking KYC should be only in respect of individuals who trade with significant amounts.

[Kasabus]

Unfortunately that's their rule, they are talking advantage on our lack of knowledge so they can play around.

To make sure things remain working on your part, just comply with the KYC, that's the trend now, we are not dealing with decentralized exchange here.
I have centralized exchanges accounts and some are fully verified while some are not, but I made sure when it comes to big transaction, I use my verified account.

To avoid inconvenience on your part, you need to read the rules and policy of the exchange you are using.

[lepbagong]

in general, kyc is needed for exchanges that use open systems while for neutralized matches this is not needed and for the time being kyc is not something to fear because 85% already use KYC so there is no problem for that ...

actually the problem of kyc is still a problem when behind the new information about the kyc, not from the beginning when someone starts. like there are intentions that are not good behind that because there are still many who have not accepted with certainty about the Kyc.
maybe you are right that there are many who use kyc and maybe there is no problem, but for me what is needed from the beginning is there is openness, so if someone does not like being able to avoid.

[imstillthebest]

in general, kyc is needed for exchanges that use open systems while for neutralized matches this is not needed and for the time being kyc is not something to fear because 85% already use KYC so there is no problem for that ...

actually the problem of kyc is still a problem when behind the new information about the kyc, not from the beginning when someone starts. like there are intentions that are not good behind that because there are still many who have not accepted with certainty about the Kyc.
maybe you are right that there are many who use kyc and maybe there is no problem, but for me what is needed from the beginning is there is openness, so if someone does not like being able to avoid.

I am tryring to understand what you explain above . you mean the site needs to give notice that they will need a kyc ?  Because some sites and some projects dont give any notice and the users will only be shock at the middle or at the end that they will be ask for a kyc  .

 aside from those , you also need to chose a site or a project that is already proven and tested to be safe and legit before you do a kyc just be extra sure that your infos will be safe from exploits 

[ene1980]

I noticed Strange thing Some or most of the exchanges (require KYC to withdraw) - This is no problem
But Allow users to Deposit Even if they are not Complete KYC (in exchange require KYC) - Here the problem
after that exchange do not allow withdraw Their money !!
why this ?!

It is an age old trick to lure the users, some users will turn away if they ask for the KYC when they try to register and they will know the trap only when they try to withdraw the coin, even if the amount of coins you are withdrawing is less than $100 they will collect all your details and there is nothing you can do about it. Once we provide all the details we will come again so that they have a customer and that is the strategy some exchange has.

[maxreish]

Can you provide what exchanges to that? As far as I know, some reputable exchanges like binance, bitmex doesn't require kyc for depositing and withdrawing. My transactions are fine with them. Maybe you can consider exchanges that are already trusted so that you can prevent these kind of tricks. Somehow, I tried to understand this kind of protocol in some exchanges like not requiring kyc for depositing but strictly required kyc for withdrawing.

[Vishnu.Reang]

I noticed Strange thing Some or most of the exchanges (require KYC to withdraw) - This is no problem
But Allow users to Deposit Even if they are not Complete KYC (in exchange require KYC) - Here the problem
after that exchange do not allow withdraw Their money !!
why this ?!

It is an age old trick to lure the users, some users will turn away if they ask for the KYC when they try to register and they will know the trap only when they try to withdraw the coin, even if the amount of coins you are withdrawing is less than $100 they will collect all your details and there is nothing you can do about it. Once we provide all the details we will come again so that they have a customer and that is the strategy some exchange has.

This happened to me with Cryptopia. When I created an account with them, they never mentioned about KYC. Then I deposited some altcoins and got them converted to Bitcoin and Ethereum. But while withdrawing, they asked for KYC. Fortunately, I found someone who would do the KYC for me, in exchange for a monetary payment.

[Ridwan Fauzi]

We should avoid this kind of exchanges because of the way they required KYC. Their system of KYC is unfair in which for sure many assets will be hold in their favor as they will just charge it technically over disqualified KYC. This is cleary a stealing in disguise i hope the regulation is against this process to protect the crypto users.

Most exchange on cryptocurrency market are centralized which mean there is someone or a group who set in order to make the exchange will run properly. As you may know, if you deal with a system who has a centralized system then you need to give your identity to them. It's not far such as you make a bank account in your country where you are required to provide your identity in order all activities that you do will be known by them. As for cryptocurrency exchange such binance, bittrex and local bitcoin need an identity from their user.

[Caladonian]

I noticed Strange thing Some or most of the exchanges (require KYC to withdraw) - This is no problem
But Allow users to Deposit Even if they are not Complete KYC (in exchange require KYC) - Here the problem
after that exchange do not allow withdraw Their money !!
why this ?!

It is an age old trick to lure the users, some users will turn away if they ask for the KYC when they try to register and they will know the trap only when they try to withdraw the coin, even if the amount of coins you are withdrawing is less than $100 they will collect all your details and there is nothing you can do about it. Once we provide all the details we will come again so that they have a customer and that is the strategy some exchange has.

This happened to me with Cryptopia. When I created an account with them, they never mentioned about KYC. Then I deposited some altcoins and got them converted to Bitcoin and Ethereum. But while withdrawing, they asked for KYC. Fortunately, I found someone who would do the KYC for me, in exchange for a monetary payment.

Lucky for you that even you don't want to comply with this requirement you manage to find someone to deal it for you, it would be a bad thing
if you didn't find someone as you'll be force doing things that you really don't like to be done, your coins will be at stake since the exchange is
requiring you to deal with KYC.

[stadus]

A trader needs to read the TOS of the exchange, don't try to trade if your country is prohibited as this would likely happen.
It will only cause inconvenient on your part and you might loss your money, I never heard complains about exchanges, most of the complain like this are from gambling sites where gamblers are allowed to gamble but in the end money is held because KYC is required.

[1Referee]

A trader needs to read the TOS of the exchange

Isn't going to happen. Most of the 'research' people conduct is based on searching through Google whether or not there are withdrawal problems and whatnot.

don't try to trade if your country is prohibited as this would likely happen.

If an exchange doesn't accept users from a certain country they aren't forwarded a registration or login page. They see a message stating that they aren't allowed to use that specific exchange. I haven't heard yet of an exchange not accepting users from X country but still allows them to register. That would be pretty odd, don't you think?

[stadus]

If an exchange doesn't accept users from a certain country they aren't forwarded a registration or login page. They see a message stating that they aren't allowed to use that specific exchange. I haven't heard yet of an exchange not accepting users from X country but still allows them to register. That would be pretty odd, don't you think?

I mentioned in my comment that I witnessed this kind of problem in gambling but have not seen it in exchanges, that was just a recommendation.
I understand that exchanges has a system to check your IP address and if you are prohibited then you are not allowed to trade, however, there are also instance that some will do bypass the IP by using VPN for example, but later, they got caught and that compromise their account.

[fortunecrypto]

I noticed Strange thing Some or most of the exchanges (require KYC to withdraw) - This is no problem

But Allow users to Deposit Even if they are not Complete KYC (in exchange require KYC) - Here the problem

after that exchange do not allow withdraw Their money !!

why this ?!

Why they allow them to deposit before Complete KYC

They say we follow the law Does the law recommend doing so? Something weird!

Often exchanges hide KYC paragraph (in Privacy Policy or Usage Policy) Or users do not know Only when They want withdraw!!

what I think from like this exchanges They want Attract Volume Without regard to the interest of users

I hope the post on the right place if not Please Tell me right place
Sorry if the translation Incorrect !

Majority of exchange are doing that I can deposit any amount of tokens but will have an issue if I tried to withdraw major cryptocurrency like Bitcoin and Eth, they will not require when you are deposit large amount of tokens that are not in the top 10 you can withdraw, the issue has always been on the top coins.

[joshy23]

I noticed Strange thing Some or most of the exchanges (require KYC to withdraw) - This is no problem

But Allow users to Deposit Even if they are not Complete KYC (in exchange require KYC) - Here the problem

after that exchange do not allow withdraw Their money !!

why this ?!

Why they allow them to deposit before Complete KYC

They say we follow the law Does the law recommend doing so? Something weird!

Often exchanges hide KYC paragraph (in Privacy Policy or Usage Policy) Or users do not know Only when They want withdraw!!

what I think from like this exchanges They want Attract Volume Without regard to the interest of users

I hope the post on the right place if not Please Tell me right place
Sorry if the translation Incorrect !

Majority of exchange are doing that I can deposit any amount of tokens but will have an issue if I tried to withdraw major cryptocurrency like Bitcoin and Eth, they will not require when you are deposit large amount of tokens that are not in the top 10 you can withdraw, the issue has always been on the top coins.

It's really important to read recommendation coming from legit reviews of those who already used the exchange before depositing your assets, knowing what are the rules and learning personal experiences coming from the traders will help you out avoiding cases like this to happen to your investment.

[diahsw]

in fact, in my opinion, the main function of Kyc is to avoid fraudsters in the crypto world, but the more here I see the more complicated, even I have tried an exchange using Kyc, but it has always been rejected, even though it is in accordance with the previous list if many people are disappointed with the method.

[Dapper]

It seems shady but from the exchange point of view, it's a cost issue.   It's the same thing with real world banks.   They break up KYC into tier levels.   If you're just putting pocket change with them, it's not worth the cost to process your KYC documents apart from basic identity requirements.   It's much more cost effective to KYC (with more in depth requirements) higher net worth customers.  

[DoublerHunter]

~snip~
It seems shady but from the exchange point of view, it's a cost issue.   It's the same thing with real world banks.    

^ Completely right, majority of exchanges now were the same on that strategy. They never inform if you deposit but when you are going to withdraw it need to passed KYC. The first thing that we can do to avoid this possible problem is doing your own research first before you deposit. Ask on telegram group or seeking first the FAQ before you use that trading site because of our own responsibility to manage our own risk to trust exchange sites especially if it is newly launched.

[Kasabus]

in fact, in my opinion, the main function of Kyc is to avoid fraudsters in the crypto world, but the more here I see the more complicated, even I have tried an exchange using Kyc, but it has always been rejected, even though it is in accordance with the previous list if many people are disappointed with the method.

I don't find submitting on the KYC and getting approve is a complicated thing as most of my exchanges accounts are KYC approved.
Maybe you just need to read and follow carefully the requirements, for exchange like Binance, they have a very simply KYC requirements so me and my partner are both verified, other exchange could be different but I don't use them much so I'd go with the one I always use.

[Schirer]

This is a topic which should e more known in crypto community. I personally got trapped in such situation, the token amount was small .

I later red that this is a norm for a lot of exchanges. It makes sense from some stand points, they are just trying to comply with KYC. By depositing the tokens you are using their exchange to some extent and they have to tak care of KYC.

IN grand view of things, this is stupid. The KYC should be implemented starting from some amount of withdraw whichcould e the same as in place of banking laws - if i remember right, it was aprox 200 Euros .

[sheenaedago]

That should be observed briefly before implementation of KYC, it's not significant requiring personal data for each users as long as it won't reach huge amount transactions. There must be a catergory which will be applied on some traders, depending on their asset to be withdrawn from exchange site.

[Ozero]

in fact, in my opinion, the main function of Kyc is to avoid fraudsters in the crypto world, but the more here I see the more complicated, even I have tried an exchange using Kyc, but it has always been rejected, even though it is in accordance with the previous list if many people are disappointed with the method.

No, the task of verifying KYC is only the fight against money laundering and the fight against the financing of terrorism. The fight against fraud, and especially the fight against multiple accounts in this forum, does not have and should not have anything to do with KYC verification. Using such a check for another purpose would be illegal, as confidential data of citizens is collected here.
As for the exchanges, they will be forced to obey the general rules of regulation of cryptocurrency. The Intergovernmental Organization for Financial Action (FATF) on June 21 adopted binding recommendations that all individuals who send transactions in excess of one thousand dollars must pass a KYC check. That is, to avoid such verification, it will be necessary to send transactions in the amount less than a thousand dollars.

[Finestream]

That should be observed briefly before implementation of KYC, it's not significant requiring personal data for each users as long as it won't reach huge amount transactions. There must be a catergory which will be applied on some traders, depending on their asset to be withdrawn from exchange site.

I think it's only Binance among the popular exchange that I know where you can trade even without KYC but up to a certain limit only.
Some exchange like Bittrex requires you to comply with the KYC regardless of the amount you will trade, and for me, in order to be safe, the government should fully implement a full KYC requirement for every exchange and exchange should be very careful in handing our information with authorities overseeing the exchange to ensure they will not leak any information that would be risky for us traders.

[erikalui]

I find now exchanges becoming even worse like Latoken exchange. It did not ask for KYC when I had to deposit but asked it when I wanted to trade/withdraw. It needed verification level 2 which needs selfie plus passport and this wasn't mentioned earlier as there was a restriction only on the trading volume and withdrawal limit.

I think it's only Binance among the popular exchange that I know where you can trade even without KYC ...

Binance has been hacked and user's KYC details have been leaked online like selfie details and all. They appear to be a shady exchange now.

[jaocoincrypto18]

If the exchanges are really that unfair with their KYC procedures then it would be much better if we check their services before joining or by not sending our assets first as it more likely we will lose out assets if we could not complete their KYC during the withdrawal. This is really not fair and they should lose their reputation and it would be better if you mention the name of that exchanges.

[carlfebz2]

If the exchanges are really that unfair with their KYC procedures then it would be much better if we check their services before joining or by not sending our assets first as it more likely we will lose out assets if we could not complete their KYC during the withdrawal. This is really not fair and they should lose their reputation and it would be better if you mention the name of that exchanges.

2 months for this thread to be inactive and you decide to bump it up? Thats simply a necroposting thing which you should avoid on the future to avoid up some problems
but since this topic is still worth to be discussed on then i dont see anything wrong with this.Why people cant simply just use up that google.com and type which exchange is the most popular nowadays? Why do people do still end up on using unpopular exchangers? which you can clearly select out which one is being used mostly by the community.

[nrnahid]

They'll probably answer you with some statement like : "We have described that deposit doesn't require KYC but withdrawal does, here and there, so the fault is in our customer". I know several exchanges who did this, and sadly they don't even give notifications when users are trying to deposit that if they wish to withdraw they have to do KYC first.

[JonMak0987Bitch]

The concept of decentralization dies due to KYS

[nrnahid]

I noticed Strange thing Some or most of the exchanges (require KYC to withdraw) - This is no problem

But Allow users to Deposit Even if they are not Complete KYC (in exchange require KYC) - Here the problem

after that exchange do not allow withdraw Their money !!

why this ?!

Why they allow them to deposit before Complete KYC

They say we follow the law Does the law recommend doing so? Something weird!

Often exchanges hide KYC paragraph (in Privacy Policy or Usage Policy) Or users do not know Only when They want withdraw!!

what I think from like this exchanges They want Attract Volume Without regard to the interest of users

I hope the post on the right place if not Please Tell me right place
Sorry if the translation Incorrect !

They'll probably answer you with some statement like : "We have described that deposit doesn't require KYC but withdrawal does, here and there, so the fault is in our customer". I know several exchanges who did this, and sadly they don't even give notifications when users are trying to deposit that if they wish to withdraw they have to do KYC first.

Unless there's public information about their team, it's not really that bad. The bad news is when the exchange you use doesn't have any public info, therefore it's almost impossible to sue them. And in the end, you lost your money. There's no one will help in this case, so let's be wary and only use exchanges that don't look suspicious.

[diazepam666]

Today when I tried to login localbitcoins even there also I have found KYC verification with my personal details. It is really bad opinion and understanding by the exchanges to collect the information of the individuals who have been part of their exchange.
They should give some leniency for user wants to stay anonymous with some limits.
If you want to monitor the cryptocurrency using centralised monitoring system means it is really useless.

[Lanatsa]

Today when I tried to login localbitcoins even there also I have found KYC verification with my personal details. It is really bad opinion and understanding by the exchanges to collect the information of the individuals who have been part of their exchange.
They should give some leniency for user wants to stay anonymous with some limits.
If you want to monitor the cryptocurrency using centralised monitoring system means it is really useless.

Theres nothing we can do if these services would ask out KYC verifications and they wont really mind if your are an old or new user yet they do already set out some policies which should really be followed.Its really awful to switch up into this verifying system that's why we wont have any options but to comply if we do wish to continue to use up their service.

[robelneo]

I noticed Strange thing Some or most of the exchanges (require KYC to withdraw) - This is no problem

But Allow users to Deposit Even if they are not Complete KYC (in exchange require KYC) - Here the problem

after that exchange do not allow withdraw Their money !!

why this ?!

Why they allow them to deposit before Complete KYC

They say we follow the law Does the law recommend doing so? Something weird!

Often exchanges hide KYC paragraph (in Privacy Policy or Usage Policy) Or users do not know Only when They want withdraw!!

what I think from like this exchanges They want Attract Volume Without regard to the interest of users

I hope the post on the right place if not Please Tell me right place
Sorry if the translation Incorrect !

This is an old practice that exchanges do so they can force you to undergo KYC, sone exchanges impose minimum amount even if you did not go KYC, the moment you use their platform you need to go through KYC and of course since you are withdrawing your funds you have no choice but to undergo, so only deposit on exchange that you trust that you will not have second thought to undergo KYC because it is something that you should expect, the moment you use an exchange.

[nrnahid]

I noticed Strange thing Some or most of the exchanges (require KYC to withdraw) - This is no problem

But Allow users to Deposit Even if they are not Complete KYC (in exchange require KYC) - Here the problem

after that exchange do not allow withdraw Their money !!

why this ?!

Why they allow them to deposit before Complete KYC

They say we follow the law Does the law recommend doing so? Something weird!

Often exchanges hide KYC paragraph (in Privacy Policy or Usage Policy) Or users do not know Only when They want withdraw!!

what I think from like this exchanges They want Attract Volume Without regard to the interest of users

I hope the post on the right place if not Please Tell me right place
Sorry if the translation Incorrect !

They'll probably answer you with some statement like : "We have described that deposit doesn't require KYC but withdrawal does, here and there, so the fault is in our customer". I know several exchanges who did this, and sadly they don't even give notifications when users are trying to deposit that if they wish to withdraw they have to do KYC first.

[Flor1982]

I guess they push to implement that having KYC on withdrawal in every client because of the law by the government or even before deposit your fund you must know which exchange reliable and reputed one that can we trust to pass KYC. I also tried that on Gate.io exchange when I'm come back after having a 1year break from trading and decided to withdraw my balance but it needs KYC.

Granted that it is required by their government that during withdrawal they should first pass the KYC procedures but still they should inform their clients in advance or they should include the rule of KYC application to their terms and agreement so that every client will be inform prior making an account. If they will not inform in advance their clients about KYC procedures then it is clear that there is an intent to steal.

[marcbitcoins]

4 years ago, I trade on poloniex and bittrex , they are the most trustable exchange I've ever known.
I can withdraw anytime without KYC verification. For some reason , I stop trading over 2 years and I want to withdraw the rest of the balance left, they asking me to give them the KYC.

Maybe the different between you and me is you're still new and still not aware that most exchange nowadays require KYC

Maybe the exchange failed to informed you regarding the new regulation or perhaps you have failed to notice that there is a new exchanges policies about KYC but the sure thing is most of exchanges are now KYC compliant and regarding to this new comer then maybe he failed to read all terms and condition of the exchanges before creating an account in which i think he did.

[Krislaw]

4 years ago, I trade on poloniex and bittrex , they are the most trustable exchange I've ever known.
I can withdraw anytime without KYC verification. For some reason , I stop trading over 2 years and I want to withdraw the rest of the balance left, they asking me to give them the KYC.

Maybe the different between you and me is you're still new and still not aware that most exchange nowadays require KYC

Maybe the exchange failed to informed you regarding the new regulation or perhaps you have failed to notice that there is a new exchanges policies about KYC but the sure thing is most of exchanges are now KYC compliant and regarding to this new comer then maybe he failed to read all terms and condition of the exchanges before creating an account in which i think he did.

The thing I do to know if KYC is required on some exchange is try to use the withdrawal option, if I receive a prompt to complete KYC on the KYC page, then I will know they require it. Or I check the your account to know the limit of of your account. Or better still, ask in their telegram group.

[The Cryptovator]

I check the your account to know the limit of of your account. Or better still, ask in their telegram group.

You would get everything when you will read their terms & conditions. Its quite important to read when you are going to register on an exchange. Actually KYC look like become mandatory on most of centralized exchanges, and without that they are making trouble with users fund. Some of exchange totally off withdrawal without KYC like Bittrex. Although I am not encourage to submit KYC but no way to avoid it if want to use reputed exchange.

There is few exchange who doesn't required KYC for small withdrawal like Binace. Perhaps we might use that kind of exchange if we like to avoid KYC problem.

[haufranco]

4 years ago, I trade on poloniex and bittrex , they are the most trustable exchange I've ever known.
I can withdraw anytime without KYC verification. For some reason , I stop trading over 2 years and I want to withdraw the rest of the balance left, they asking me to give them the KYC.

Maybe the different between you and me is you're still new and still not aware that most exchange nowadays require KYC

Maybe the exchange failed to informed you regarding the new regulation or perhaps you have failed to notice that there is a new exchanges policies about KYC but the sure thing is most of exchanges are now KYC compliant and regarding to this new comer then maybe he failed to read all terms and condition of the exchanges before creating an account in which i think he did.

Or in some cases companies take some checks or reciepts as suspucious and take time to prove

[Spider A4]

There are many times it's happen with me still i facing this issue. I deposit ETH in idax.pro exchange but without any problem i do that but when i trying to withdraw my token than they asking KYC really i'm very shocked because it's a worst method and i think one kind of trap. I think every exchange should be asking KYC when anyone try to make deposit. I have some token hold almost 8 to 9 months in Gate.to exchange but in the withdraw moment same thing happen.