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Author Topic: about exchanges kyc withdraw!  (Read 973 times)
Oilacris
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February 02, 2019, 06:55:00 PM
 #41

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 Cheesy
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 Cheesy

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.



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February 04, 2019, 09:15:07 PM
 #42

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.
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February 05, 2019, 10:45:46 AM
 #43

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.

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February 05, 2019, 05:30:03 PM
 #44

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 !!
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February 06, 2019, 12:37:30 AM
 #45

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 Cheesy
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 Cheesy

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  .
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February 06, 2019, 01:10:01 AM
 #46

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.

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February 06, 2019, 09:36:15 AM
 #47

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 Cheesy
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.
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February 06, 2019, 09:44:01 AM
Last edit: July 02, 2019, 09:38:16 AM by marcbitcoins
 #48

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.

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February 08, 2019, 11:36:36 AM
 #49

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 Cheesy
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 Cheesy

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

 
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February 09, 2019, 04:03:20 AM
 #50

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 Cheesy
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 Cheesy

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.
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February 09, 2019, 08:07:17 AM
 #51

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?



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February 09, 2019, 04:03:08 PM
 #52

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 Cheesy
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 Cheesy

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.

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April 21, 2019, 01:31:05 PM
 #53

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.



.
.BIG WINNER!.
[15.00000000 BTC]


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April 21, 2019, 05:04:26 PM
 #54

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.
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April 23, 2019, 04:18:29 PM
 #55

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.

 
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April 23, 2019, 06:51:10 PM
 #56

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.

 
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April 23, 2019, 07:09:53 PM
 #57

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.

 
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April 23, 2019, 08:29:28 PM
 #58

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.

 
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April 24, 2019, 07:54:48 AM
 #59

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  .

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April 24, 2019, 01:48:03 PM
 #60

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.
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