IDEX is complying to KYC and other regulations

[btccrusher]

It's no longer a DEX, it is more than a centralized exchange, cause it cheats with the users. Suddenly changed the rules with a short time frame, I'm sure many people will lose funds due to this issue. I don't know about Binance DEX yet, is it require KYC? If yes, why people call it a DEX?
Exchanges are thinking that making a non-custodial trading platform is a proper decentralized exchange. They need to learn again.

[pishite]

I have not been trading on this exchange for a long time, since it has long lost its decentralization. She forbids me to trade on her platform at all, referring to the sanctions of the US government. And the introduction of user identification will alienate the old users from the exchange, thereby the sales volumes will fall and many trade pairs will get delisting.

[wumBowo]

besides IDEX news, do the binance DEX will complying a KYC too? i have never heard about it.
Maybe someone can put me the link

[chipzeru]

If IDEX is required the users to pass KYC to use their platform then they're no different than CEX. They even asking users to provide email for basic level along with name, date birth & country. I'm quite often using IDEX as i like its ui but i think i should move on.

[studio1one]

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?

Totally agree with you all these regulations are killing the decentralized part of a DEX. If this continues to happen then I think soon we will see every DEX and CEX asking for KYC.

[Mikcik]

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?

WTH, a DEX requires creating a new account by email, so I don't know at what point "decentralized" it is? So long ago we just need to connect our wallet to DEX. Yes I'll see what will happen with IDEX.
I only use IDEX and sometime forkdelta. Binance DEX doesn't support ERC20 tokens. Other DEXs don't have volume. So what should we do now??

I don't understand why IDEX's owner came up with this request. What they are think wrong about exchange decentralization

[NEERAJ ANAND]

Now the rules are changing and regulations are coming. every company follows the regulation if survive in the market. So every company asking for KYC.

[krisnajsadrak]

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

in my opinion, idex will forfeit a lot of users if KYC required for this decentralized exchange
i believe people used this exchange, because they didn't need to fill a complicated form when they want to trade an ethereum tokens in this exchange
and maybe idex should change the name, because with KYC this exchange is not a decentralized exchange anymore but become a centralized exchange  

[omonuyak]

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 thought dex are decentralized and anonymous it will be a surprise for them to change that and trying to centralized themselves again buy submitting to the regulations. I hope one day we would wake up and started to see that regulate has taking over all dex? It is with this mind that make bitmax is being tempted to KYC customers now as more pressure is advancing from the USA government.

[bluesnup]

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.

That's correct SwitchDex is not an US company. I also agree with the general consensus on this thread, having a DEX in the US is impossible, just a matter of time for KYC and regulations to arrive.

[old fart]

If this is true, then it is a big blow to idex. They shouldn't be called a dex anymore.

[Vrneth]

I never use Idex until and unless I don't have any other option. Otherwise forkdelta is my go to Dex.

[mazdafunsun]

Nice move from switchdex.

But if we are talking about IDEX, they most likely dont have a choice, they did not want to pay huge amount of money to settle with SEC . This would not be the first time.

This shows how regulations is suffocating dex exchanges . To be honest, I think that SEC is absolutely stupid to go after tokens as securities , old farts enforcing century old law on new technology.

[bittraffic]

It shouldn't ask unless you try to withdraw funds more than certain amount of USD. Forkdelta isn't asking KYC and this is the only so far that I knew. The new ones today are doing all these KYC even when they were doing campaigns yet.  It doesn't make sense anymore calling them DEX anymore but I guess its all for the label now. Project like Eterbase exchange seem not asking for KYC too I tried to register last night though, they are not considered DEX and so I guess it could change one day.

[m.rifki]

If this is true, then it is a big blow to idex. They shouldn't be called a dex anymore.

yes this news is true they really complying KYC. I've visited their twitter account and many traders don't like the new regulation. I think IDEX will slowly to fall.

if there has been a negative response from traders who are their supporters, it will be bad for the development of IDEX if this continues with the developer. speculation that might kill their own exchange. or maybe it will help IDEX in managing the assets listed there.

[bitcampaign]

I just read this, I see they don't seem to deserve to be called decentralization, because it uses KYC for all users, but I will read deeper sometimes we just read the title without reading the contents of the explanation, if indeed it happens to all users I think they can't be called DEX anymore

[OptimusPrime_3]

I am not in any way surprised if any decentralized exchange asks for kYC in the long run. Truth is, as long as the government becomes interested in cryptocurrency, then soon many projects will have to follow compliance and have to be regulated

[hell_slayer]

Regulations will be the killers of DEXs. And as these regulations expand, we will see different crypto than before.
IDAX was useful as a DEX, but I do not think it will continue good as a centralized exchange.

Yeah , how can they compete with other centralized exchanges such as binance or bitfinex? Why do I need to go through kyc on idex, if by completing it on binance I can get many times more features and functionality for trading? I think this decision will have a negative effect on their business.

[key4co.in]

Obviously any decentralized exchange complying to KYC is no longer fit to be called a DEX. When I first saw the info about IDEX starting KYC soon, I thought it was a prank until I confirmed the info.

[tebzzz]

Obviously any decentralized exchange complying to KYC is no longer fit to be called a DEX. When I first saw the info about IDEX starting KYC soon, I thought it was a prank until I confirmed the info.

or maybe the developer plans to make IDEX an exchange like binance that has their own dex and centralized. it's possible if they plan more than we do.