IDEX is complying to KYC and other regulations

[passwordnow]

I've heard of the news before and after reading some of the opinions before their switch. It's said that they are semi-centralized and I've known that while using them.
People will start looking for a nicer DEX at these times, there's still plenty of them.

[1715028927]

1715028927

[Turk Ace]

They not dex any more. Such a shame they looked like they would stay that way. Now they a CEX exchange.

But they are not ridicuous like other exchanges that want KYC event to trade dust

read



Tier 1 Verification — After creating an account with a valid email address, you will be asked to provide your name, date of birth and country. Once the information is submitted, verification is instant, and you will be approved for unlimited trades and withdrawals of up to $5,000 USD per day.


Tier 2 Verification — For users who want to withdraw more than $5,000 USD per day, you will be asked to provide your address, a passport (or other approved ID), and a selfie. Once the information is submitted, verification can take as little as 30 seconds, and then you will be approved for unlimited trades and unlimited withdrawals.



Only people moving more then 5k usd a day must do full KYC, this is fair and makes sense.

I think you should not be upset,because FATF everyone will obey listen,even decentralized exchanges. I had expected that a similar situation should occur.On the other hand, we all pass KYC on other exchanges and do not complain!

I complain. I don't give my KYC to anyone. Not every country abides by us law so not everyone has to follow FATF.

[rdewilde]

By doing so means Idex is no longer a decentralized exchange  as simple as that and they should wait for the end result which will be bad of course. The main reason users, investors or traders use Idex is because of its decentralized nature and since they can't offer it any longer means that it's better to check other decentralized exchanges. It's sad they took this step.

[bluesnup]

Guys check SwitchDex first, mess around with the site and research their goals. I believe this could be the one to replace IDEX.

For the people saying DDEX i did some research and in their FAQ they do say that can actually collect your info and store it in case you break their rules. A real dex won't do this.

[Lan75]

Not a good news to hear. I am an avid IDEX user and if this is true then i think it would be the end of Idex. Fast and anonymous are the properties of an exchange that users are looking for and Idex have that.

[tippytoes]

It is really disappointing that a top decentralized exchange like Idex will make such move. Well, it totally means that, it's the end of anonymity with Idex while giving other DEX the power to enhance their services thus taking over from Idex. One thing I love about this space is, when one platform goes down or goes against what users want, another is at the corner to take over.

A better platform will always be created and rise from the market. So it is only up to the user which one they will patronize and utilize according to their needs and requirements at that time. So even if these previously DEX are now requiring KYC protocol, it is still up to the user if he will continue to use that or find a better deal from other exchanges.

[BADBITCH]

This has been known for a while that IDEX will be requiring KYC. Their verification is even worst than known centralized exchanges. I mean submitting name, birthday, and country for a $5,000 limit (tier 1) is just absurd. With this change, I think DDEX will take over as the top DEX.

I’m with you regarding ddex, the exchange is building up its massive growth
And is becoming a Fotress because tokens listed on ddex Tend to reach a increase I price which it were

Unlike sef asking for kyc, ddex Platform is fully decentralized

[bluesnup]

Here is the source on what i said about DDEX - https://ddex.zendesk.com/hc/en-us/articles/115004488814-User-Agreement - 3rd paragraph

[Classica35]

There are still so many decentralized exchanges that are yet to demand for KYC and of which I am not surprised about that, because IDEX already mentioned it a long time ago. Also what is the assurance that those taking the advantage will not also make such demand in future.

[Fredomago]

I read the announcement yesterday and I was shocked. I have known idex to be a semi-decentralized exchange but I didn't know it will get to these full centralized qualities. The question that begs for answer remains if cryptocurrency is gradually getting forced into centralization

This moves that IDEX has done place the exchange being centralized as they are requiring KYC and not the same with other dex where you can deal and trade without compromising your personal information, if they've been force for business securities we don't have any other options but to comply if we do wanted to use their platform.

[didzi]

When I saw this news, I didn't know if I should start laughing or crying, decentralised exchanges was made initially to promote anonymous trading but with this KYC that has been added, that has siezed to be the case, I am sure that the volume in Idex would suddenly plummet when it is fully implemented.

if this news become reality, i tink another DEX will do same thing too
so, there is no more privacy on decentralized exchange anymore,
and i'm sure people will choose centralized exchange rather than decentralized exchange if KYC become mandatory on DEX

[Bitcoinjheta]

I read the announcement yesterday and I was shocked. I have known idex to be a semi-decentralized exchange but I didn't know it will get to these full centralized qualities. The question that begs for answer remains if cryptocurrency is gradually getting forced into centralization

It is hard to accept for some traders who likely enjoying the service being semi-decentralized exchange. In my own opinion it would be easier for them not to accept regulations for the dignity of the members in the community.

[novaprime]

When I saw this news, I didn't know if I should start laughing or crying, decentralised exchanges was made initially to promote anonymous trading but with this KYC that has been added, that has siezed to be the case, I am sure that the volume in Idex would suddenly plummet when it is fully implemented.

if this news become reality, i tink another DEX will do same thing too
so, there is no more privacy on decentralized exchange anymore,
and i'm sure people will choose centralized exchange rather than decentralized exchange if KYC become mandatory on DEX

Actually this is the idiotic idea of IDEX exchange and I believe that this exchange will soon be forgotten in the near future because there will not be anyone who wants to do KYC in decentralized exchanges. I believe that people will tend to move to Forkdelta more in the future and many other decentralized exchanges will soon be released more so this is the biggest mistake of IDEX.

[senyorito123]

I read the announcement yesterday and I was shocked. I have known idex to be a semi-decentralized exchange but I didn't know it will get to these full centralized qualities. The question that begs for answer remains if cryptocurrency is gradually getting forced into centralization

It is hard to accept for some traders who likely enjoying the service being semi-decentralized exchange. In my own opinion it would be easier for them not to accept regulations for the dignity of the members in the community.

This implementation would rather take more time in order to be successful, and as mentioned that's not easy to do. Many traders wanted an anonymous identity in order to protect their personalities,  and now this plans surprises everyone here. I don't think long time traders can handle this and possibly customers will be reduced.

[Leonardo7]

This is a very serious issue with IDEX, a powerful invincible hand must be controlling them from the top to have been requiring KYC, I thought I just trade with my Private wallet and withdraw too to my private wallet without any protocol. DDex works fine, only that one gets to unwrap ETH, but all other eRC20 tokens are automatically sent to my private wallet. Maybe they should be blocking US IP if the USA government are the ones asking for KYC compliance.

[sehoon]

This has been known for a while that IDEX will be requiring KYC. Their verification is even worst than known centralized exchanges. I mean submitting name, birthday, and country for a $5,000 limit (tier 1) is just absurd. With this change, I think DDEX will take over as the top DEX.

With these requirements, I wonder if there are still people who are still going to use it. I've never used it personally and only heard people using it here. Especially the $5,000 thing is just bs. And also, the essence of being a DEX is already gone.

[aioc]

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?

I read on one article about this SwitchDex and it looks interesting and being promoted by Mcafee as a legit and real decentralized exchange, I'm looking forward to using this DEX after this news that IDEX is now regulated although there are still a lot of DEX's in the market.

[omone1]

This should be starting on the 24th of July, it's a bad signal to the anonymity of DEX users. Idex platform has been very fantastic to ERC20 token traders. I wonder how traders will respond to this. Another bad one for Idex exchange.  

[airdropan]

One of some simple exchange that i used before , simply to use only input my wallet pk there , but now after this news, this exchange won't be special anymore. forcing their member to create account and verified for unlimited withdrawal. i guess we can move and look for another decentralized exchange

[X-ray]

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?

I read on one article about this SwitchDex and it looks interesting and being promoted by Mcafee as a legit and real decentralized exchange, I'm looking forward to using this DEX after this news that IDEX is now regulated although there are still a lot of DEX's in the market.

Switchdex is no US based company and it's different with idex as the operation is located in US and that must comply with US regulation. Im using it right now but UI needs a lot of improvisation consider about im not even feeling comfort to see that.