about exchanges kyc withdraw!

[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.