Can an exchange that requires KYC call itself as DEX?

[rosezionjohn]

~snip~

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.

i don't think you clearly understood my post.

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Thanks for the replies. I've edited my post to include the name of the exchange. Check it yourself.

[Svelto]

This is the first time I hear about KYC at a Dex. Any particular reason from exchange about why it need KYC? Hopefully other Dex won’t follow this practice.

[lizarder]

in my opinion it could be called dex because understanding dex in my opinion is only limited to the market specifically on certain platforms such as ethereum which has etherdelta or waves that have a platform wave client, but of course without kyc it is a good choice for market dex

[perla]

This is the first time I hear about KYC at a Dex. Any particular reason from exchange about why it need KYC? Hopefully other Dex won’t follow this practice.

True, why must be called DEX if they still make any rules. Maybe they called themself DEX only from system. But maybe people will know if exchanger that make rules like that is not DEX and aware before use it.

[doycku]

This is the first time I hear about KYC at a Dex. Any particular reason from exchange about why it need KYC? Hopefully other Dex won’t follow this practice.

True, why must be called DEX if they still make any rules. Maybe they called themself DEX only from system. But maybe people will know if exchanger that make rules like that is not DEX and aware before use it.

It seems to me that the provision of personal user data is already contrary to the very idea of ​​using cryptocurrency and blockchain technology. Nevertheless, today many states are demanding to fulfill the conditions that will give the opportunity to know their client.

[pixie85]

the goal might be good so money laundering can be minimized but I think there will be many people who don't like it for reasons of privacy and not simple
I don't really mind if I have to give my data but I don't like a process that takes longer than usual so I prefer simple exchangers rather than exchangers that need KYC for reasons of convenience

The easiest way to minimize money laundering is to exclude fiat from the exchange and work on crypto pairs. I don't know why but some exchanges that used to not require KYC like poloniex because there was no fiat there changed their rules and asked people to verify. How would you explain asking people to verify if you don't trade in fiat so there can be no money laundering?

[ansi]

If They ask for KYC then consider them as NOT DEX for sure, this is something final no matter what they claim.
I'm not against KYC, but claiming to be DEX while asking for it is stupid enough to claim it's DEX.
Exchanges will obey the monetary global system sooner or later, crypto won't survive without doing so.

[CopMom]

LOL. This is the first time I heard about a DEX requires KYC. LOL. I don't know why the owner of this exchange still think it's a DEX while requires KYC of traders whom wanna trade on this exchange . I think you should stay away from this exchange, maybe they wanna steal information of users to sell or something like that.

[Galantin]

So they lie to you. Because the dex verification is not required, everyone knows this. If you need to use this exchange, you will be required to undergo this procedure.

[mersal]

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.


EDIT: For those who are asking for the exchange name, it is Allbit. Based on the replies, it seems that this case is only in S. Korea. Let's hope this does not spread.

exchanges asking about the KYC verification will always be not convenient for me to do and that trust the exchanges in most of the time because this new implementation will made lot of difficulties for making the exchanges more difficult so I don't have confident about kyc verification.

[deodivine1]

Hell no, a decentralized exchange doesn't need any KYC. if it requires KYC, then it's not decentralized because it's deviating from the original purpose. Decentralized exchange account should be fully controlled by the user.

[mcTether]

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.


EDIT: For those who are asking for the exchange name, it is Allbit. Based on the replies, it seems that this case is only in S. Korea. Let's hope this does not spread.

A decentralized exchange simply implies that you have full control and anonymity of your account. If a decentralized exchange requests something as important as KYC, then it is obviously a centralized exchange by such act. You need to be careful with your tokens in that case.

[KryptoKai]

If a DEX required KYC then it is a scam, stay away from it and use something else like BISQ. Not sure what the binance DEX is going to require, but if they start saying upload photos and driving licenses, i'll say goodbye to it

[sabine80]

a dex exchange should not require kyc. for me, a good dex exchange means that i do not have to deposit any data from me. in my opinion, a dex exchange asking for something like that is not a real dex exchange for me.

[Buzhou]

If this is true, it can not be called DEX.
But I think it has already clarified to you what can happen when a certain person from some countries use these services.
However, the DEX should not fear this because each one is responsible for their actions.
It's time for platforms and services not to spend energy concerned about punishments because irresponsible people use their services.

[Osayo]

This is a big NO response and also a suspicion decentralized exchange as well. It may be trying to boost its credibility by performing a KYC so as to deceive the unsuspecting crypto traders. Be careful with such DEX!

[pedpedped101]

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.

I am just thinking that the OP actually found an exchange that calls itself DEX and yet requests for kyc before you can withdraw.
In my opinion, the OP, should instead go for the real DEXes instead of such exchange that is asking for kyc.
One of the main reasons people opt for DEX is to avoid such thing as kyc. So since it did not meet your desire, then opt for another.

[dimastegar]

Dex is made to keep traders' privacy safe. And it would be funny if Dex asked KYC for its users. Dex is an exchanger that has only one pair, Altcoins / ETH. And Dex is built with a smart contract from the Ethereum network.

[MiniMountain]

No! they can't proclaim their platform as DEX if it requires KYC because it is like giving authority to their users which is far away from the true meaning of DEX but maybe they are combination of both centralized and decentralized exchange.

[Ultimist]

Of course, in decentralized exchange does not need to pass KYC. But maybe this exchange had a reason why it decided to identify its users. Or she doesn't understand what decentralization means.