IDEX is complying to KYC and other regulations

[bluesnup]

One of the most used DEX exchange. However, I rarely trade more than $ 5k on a DEX. So I think KYC will not affect me. I will still continue to use it without having verification.

The volume in actual ideas is also very good. even idex is also one of the large-scale decentralization exchanges with its trading volume. maybe the team did this to avoid scammers or laundering funds

In terms of laundering maybe you are right they need to comply with this to avoid people to take advantage of their service and use it as a getaway to laundered and escape from any government laws, idex needs to make sure that they are taking care of their business and also taking care of those potential additional users who's willing to take part and submit this requirement.

I guess this depends on person now but in my opinion DEX means completes privacy, a free land with no regulations of any government and 0 censorship. Obviously money laundry might happen but this is currently happening in many exchanges and banks with no problems and it's been going on for years, so why accept this new regulation on a DEX and believe this is change is for good? I do not think any exchange should be called a DEX if they apply these kind of measures.

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[Ucy]

I think it is a semi-decentralized exchange and not a real DEX.  Same as binance DEX.
Hope the community is learning not to place its hopes on similar exchanges.  If it is not a real Decentralized exchange , it is not a Decentralized exchange

What other DEX you think will fall into the KYC hands and what DEX will you use now?

 Probably most decentralized exchanges with Central servers or that are centrally control

[Flezy]

That is not a good one from them and will only make them lose their users or the confidence placed on them. Privacy while trading is one of the main characteristics of Idex now losing that means they have lost the main character that defines them.

[novusordo]

https://t.co/BOlh4wF1Ju

Another big "DEX" falls down to the regulations, it's safe to say that they shouldn't be called a dex anymore. Same thing happens with Binance "DEX" they are all complying to these things killing the aspect of a DEX exchange.

The reactions from the customers is obviously negative, the exchange betrayed their audience and it will be interesting to see what happens to IDEX now. I won't use it anymore.

SwitchDex took advantage of this situation and published. https://twitter.com/SwitchAg/status/1151580771762786306
Their DEX looks good and they making sure privacy is the primary focus.

What other DEX you think will fall into the KYC hands and what DEX will you use now?

Apparently, IDEX is remodelling itself to operate as a full CEX since it got tired of playing the Half CEX - half DEX exchange. On the impact of this management decision on IDEX,  I think IDEX will loose more customers who actually trade easily on it but can't do so again

[Dellosoft]

When I saw this update on twitter, I thought it's a joke. If IDEX start KYC, then I can't call it a decentralized exchange anymore. Is it that they are trying to comply with authorities or what?

[zhea]

That is not a good one from them and will only make them lose their users or the confidence placed on them. Privacy while trading is one of the main characteristics of Idex now losing that means they have lost the main character that defines them.

I have to admit that i am a avid user of IDEX since their platform is user-friendly and very private, no registration but with this current move of their developers i can be sure that some users will stay away from them.

[bitgolden]

The only thing that you have seen in common with all of them is the KYC they have all been requesting for, and this should have sent signal to you that they do  this because when it involves anything that is link to money, it is part of government regulation for them to do such thing, because these companies is also being regulated, their actions might not be regulated yet, I mean their cryptocurrency activities, but most of them have physical locations and so long they have physical location, they are still banded by the law of the land.

Requesting for KYC has not defeated any objective to me, because they need to be careful too despite the fact is DEX and strong, people can still use it to launder money, so if you have nothing to hide, I don’t see reason why then KYC should be an issue.

[Dellosoft]

Why will a decentralized exchange be complying to KYC, it removes that aspect of decentralization from it.  I saw this earlier and didn't really take it seriously, many will back off from IDEX if this is implemented.

[cosmofly]

IDEX is really wrong when forcing users to provide KYC. it was no longer true to the nature of the word "DEX".
DEX stands for Decentralized Exchange, it is a non-central exchange, so why do they need to know the identity of the trader?
they will be right when their name is ICEX instead of IDEX.

[Herbet Fry]

IDEX is really wrong when forcing users to provide KYC. it was no longer true to the nature of the word "DEX".
DEX stands for Decentralized Exchange, it is a non-central exchange, so why do they need to know the identity of the trader?
they will be right when their name is ICEX instead of IDEX.

It is very misleading. I think they may have lost many customers. Seems they lost you and I so there must be others too. The thing is there are more exchanges coming out that are DEX and work like IDEX as well.
Other exchanges can build their reputation and take the place of the old ones. There will always be Dex exchanges out. It is just the nature of crypto to be decentralized and many will support that and should support that.

[ishirut009]

https://t.co/BOlh4wF1Ju

Another big "DEX" falls down to the regulations, it's safe to say that they shouldn't be called a dex anymore. Same thing happens with Binance "DEX" they are all complying to these things killing the aspect of a DEX exchange.

The reactions from the customers is obviously negative, the exchange betrayed their audience and it will be interesting to see what happens to IDEX now. I won't use it anymore.

SwitchDex took advantage of this situation and published. https://twitter.com/SwitchAg/status/1151580771762786306
Their DEX looks good and they making sure privacy is the primary focus.

What other DEX you think will fall into the KYC hands and what DEX will you use now?

then it is not a decentralized exchange anymore, it can't be called dex anymore because of that regulation. A dex itself should provide people anonymous trading capability and by doing regulations, we can't achieve that. instead of using those so called dex that got regulated. Use centralized exchanges instead like binance.

[sj2199]

since idex made a tweet about KYC that will begin on the 24th of tomorrow, I see a lot of replies disagreeing about the KYC system. hmm idex is not dex anymore and maybe idex users will use another exchange dex. ( Switchdex or Maybe Forkdelta )

[genericlime]

I don't think IDEX implementing KYC is a good idea. Irregardless of the "reasons" they provide, i think it may be because the IDEX founders are US citizens and SEC are tightening their regulations. The same thing happened to this "DEX" called Aphelion on NEO blockchain.

KYC is required for CEX because they hold users' funds and transaction cant be tracked through the blockchain. But DEXs already provide the transparency necessary that we shouldn't need to go through KYC/AML. A DEX should be accessible to all, owned by no one.

Implementing KYC is like taking away the essence of being a DEX.

[stadus]

If an exchange requires KYC, it is not a DEX. 

At the beginning, that's what I thought too, but we cannot stop regulation, we have the government to govern its people and we are its people.
I also even thought bitcoin should not be regulated because it's also decentralized but my expectation did not take place, they(government) won the battle and again we are here to abide on the law.

[CryptoTech_]

WTH, KYC for a decentralized exchange? this is very strange, idex is no longer DEX but CEX and I think there will be many users who leave this exchange including me

[Pelana vreo]

Precisely on July 24, but there will be a new DEX exchange that truly safeguards privacy, AML regulations making IDEX exchanges make this decision, the trading volume there is high but after KYC regulations, I think the trading volume will decrease, I still haven't see DEX exchanges that have almost the same volume as IDEX, this situation will make other DEX exchanges the opportunity to truly safeguard the privacy of crypto traders and switch to other DEX exchanges

[bluesnup]

Precisely on July 24, but there will be a new DEX exchange that truly safeguards privacy, AML regulations making IDEX exchanges make this decision, the trading volume there is high but after KYC regulations, I think the trading volume will decrease, I still haven't see DEX exchanges that have almost the same volume as IDEX, this situation will make other DEX exchanges the opportunity to truly safeguard the privacy of crypto traders and switch to other DEX exchanges

Support other DEX! We can't expect that the actual DEX that stay true to the meaning of the word dex get some volume if everyone just waits for volume to magicly appear. Do an order in other exchanges even if it is small, you are helping to shape the industry standard by rewarding the exchanges that actually work and stay decentralized.

Be part of the change.

[magicrypto]

https://t.co/BOlh4wF1Ju

Another big "DEX" falls down to the regulations, it's safe to say that they shouldn't be called a dex anymore. Same thing happens with Binance "DEX" they are all complying to these things killing the aspect of a DEX exchange.

The reactions from the customers is obviously negative, the exchange betrayed their audience and it will be interesting to see what happens to IDEX now. I won't use it anymore.

SwitchDex took advantage of this situation and published. https://twitter.com/SwitchAg/status/1151580771762786306
Their DEX looks good and they making sure privacy is the primary focus.

What other DEX you think will fall into the KYC hands and what DEX will you use now?

Seems like IDEX became just a regular small exchange, without any interest from the customers side... Looks like DEXs just cant handle a regulation pressure, thats pity, but it is a nowadays reality, maybe it is too early for real DEXs. Use Etherdelta, TRUE DEX haha

[Patrix_1]

This is a very bad news, because IDEX was my favourite decentralised exchange and now I do not see the point of such exchanges. It is not even a DEX anymore, because decentralised means anonymous and safe.

[ololajulo]

have been trying to find out which country IDEX is situated. I had to leave and move all my coin from the exchange before July 24, I will miss some of those decentralized factors. It is disheartening that the so called government that we said cant control the space are now getting to be in charge. I believe new improved decentralized exchanges will come up without request for KYC, maybe from a crypto-friendly community.