Can an exchange that requires KYC call itself as DEX?

[JCviggen]

absolutely not.

one of the main characteristics of a decentralized system is that it is permissionless. which in simple terms means you don't have to get the permission to use that decentralized system from any authority which in this case translates into not needing KYC. and if they do enforce it and have a way of preventing you from using that platform if you don't give them any KYC documentations then it means it is NOT DEX.

exactly. decentralized exchanges are created for that people can themselves be responsible for their money

[burky156]

I think there are not much to do, after the ICO projects not the exchanges asking KYC procedure from us. I just send my KYC info to IDCM exchange, which is very big exchange and if i didn't send my KYC i couldn't make withdraw, they made me send! If the big exchanges start to ask about our KYC, all exchanges will ask for it. The main think that i came to this market because i could stay invisible but now i have to send my passport and address to everywhere and this is not good!

[Zulfiyan]

DEX exchanges only require private keys or trusted party applications (metamask).
I just found out that DEX exchanges must be KYC, I think that's weird

[zhekinsp]

DEX exchanges only require private keys or trusted party applications (metamask).
I just found out that DEX exchanges must be KYC, I think that's weird

Maybe it can be a scam site so never allow yourself to enter any details about you and give the wallet details or any crypto deposits you will be sucked soon after you gave those details.

[masterrex]

Recently, I've encountered a Korean exchange that requires KYC before you can start trading. Their website says its a DEX.

I got used to the idea that decentralized exchanges like Etherdelta, Forkdelta, DDEX should not require any personal information from traders. Just connect the wallet and that it.

Korean crypto-currency or Blockchain base industry are regulated by the South Korean Government , Thats why its mandatory for its citizens to do KYC or to its costumer. But im not sure if its related to exact withdrawal limitation,But most of the time and most exchange is not employing mandatory KYC for its costumer. in the Korean DEX i think its still be a Decentralized Exchange even though its required KYC as long as they are not holding the traders account or assetts or not costudial just like the Centralized Exchange do!

[Marvell1]

Recently, I've encountered a Korean exchange that requires KYC before you can start trading. Their website says its a DEX.

I got used to the idea that decentralized exchanges like Etherdelta, Forkdelta, DDEX should not require any personal information from traders. Just connect the wallet and that it.

I suppose there is a way to do KYC even for dex. In this case should be used some kind of blockchain KYC platform (like civic). Otherwise it doesn't look that good at all.

[mr.robot8]

no, once they ask for the kyc procedure they can no longer be called exchanges decentralized / dex but they become hybrids exchanges as it becomes idex that has in anticipation the introduction of kyc

[funchiestz]

Recently, I've encountered a Korean exchange that requires KYC before you can start trading. Their website says its a DEX.

I got used to the idea that decentralized exchanges like Etherdelta, Forkdelta, DDEX should not require any personal information from traders. Just connect the wallet and that it.

I don't think you understand the meaning of DEX. A decentralized exchange can't ask us for a KYC. If it is already automatic, it is not DEX.

[aioc]

Nope they are not Decentralized exchanged, I have traded on at least 5 DEX and not encounter any form of verification, they cannot fool traders if they think they are DEX because we all know what is the difference between the two.

[BitcoinHodler]

every time i start thinking i have seen every strange thing coming out of the altcoin market, i  will soon find a new weird thing pop up in my face! this one is the latest thing and it is one of the big ones in my opinion. to claim to be a "decentralized" exchange while requiring KYC is just absurd.

i guess the real question is why are they doing it? what would they achieve? more money? or is binance already taken over by the government?

[r32godzilla]

Decentralized exchanges can´t request KYC, that is the main feature to stay anonymous / pseudoanonymous. Because what authority will check your KYC? The nodes?

[Flezy]

In the crypto space decentralization means users are the master of the data right? So if an exchange  requiring users data then it isn't a decentralized exchange.

[Saisher]

Recently, I've encountered a Korean exchange that requires KYC before you can start trading. Their website says its a DEX.

I got used to the idea that decentralized exchanges like Etherdelta, Forkdelta, DDEX should not require any personal information from traders. Just connect the wallet and that it.

I don't think they should call themselves a decentralized exchange, why not name the exchange, there must be some misrepresentation it's better to post the name in the main post so we'll see if it is really a decentralized one or not, we know the difference between a centralized and a decentralized one.

[prtty2gal2]

KYC and DEX is basically against each other terms. If a place needs to be decentralized they need to have no central governing factor whatsoever, they need to have no owner no worker and no boss, which means that there will not be a central operation system that needs to respond to a higher authority like SEC or IRS or whatever.

That means if they require you to give your KYC information like passport data or whatever and provide that to a government branch then there is someone who takes your info and shares it with someone, if there is "someone" that does that even automatically then it can't be considered decentralized.

Basically, they are not things that can coexist in the same place, if one exists then other can't and that is why KYC can't be asked in a DEX place.

[Nwankwobtt]

Recently, I've encountered a Korean exchange that requires KYC before you can start trading. Their website says its a DEX.

I got used to the idea that decentralized exchanges like Etherdelta, Forkdelta, DDEX should not require any personal information from traders. Just connect the wallet and that it.

From my understanding, kyc registration is not required for Dex exchanges and usually can't be held in Dex exchanges except a third party is involved and that usually involves special cases where members of some countries are not legally allowed to participate in cryptocurency trades

[bitcoinst]

As a rule, it is better to bypass such exchanges, decentralization should remain decentralization, and therefore there can be no de-anonymization. However, there are exceptions when required by the laws of the country.

[thaliaand]

I guess this could happen due to local regulations though basicly dex and kyc are two opposite things which cleary define the decentralized and centralized exchange mechanism.

[dcomomal]

No way. Decentralised exchanges cannot require a KYC process, because they do not have any access to your funds. You always have control over your funds and I would stay away from such exchanges that require KYC.

[shirackjs]

No, a decentralized exchange shouldn’t be asking the users to do KYC. This defeat the purpose of being decentralized. If I were you, I will not trade there.

[VieleSind]

If you need to verify your account to be able to trade so it's not a DEX. As I know we no need to do anything to be able to trade on DEX even creating a new account, we just need to create an wallet only ). But I don't know if the crypto exchange you mentioned about is really a DEX or not or maybe it's own rule of Korea government for crypto exchange.