IDEX is complying to KYC and other regulations

[Darker45]

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.

But also put in consideration the plight of their exchange too because the government had been on their neck for regulations. Although I won't blame them for their action but this idea is bad as they where known to be decentralized.

That is the worse thing. IDEX's conversion into a centralized exchange is not just their loss but a win of the government regulators. It is sad that IDEX has to bid good bye as a DEX not out of their willful choice but because they are compelled to do so. Well, it is for their continuous operation.

IDEX has been my choice ever since EtherDelta went astray. I have been using centralized exchanges mostly for now. I cannot say which DEX I will be shifting in case I need one.  

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[bluesnup]

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

I believe the current situation with cryptocurrency and goverments relationship will make all "DEX" comply to the regulations and at the end it will leave those exchanges that actually care about privacy and stay true to the definition of dex

[puremage111]

Somehow i think for exchanges that wanted to go long run, implementing kyc is unavoid-able imo

This is because Fraud are using these tech to scam people, but without regulations, it is hard to protect most users
Hence, at some point, i believe regulations exist for reason

[LuckyBtc]

If IDEX requires KYC then It's no better than centralized exchange, Centralized exchange at least are better provider of liquidity. I guess I'd have to use something that truly is a DEX, Currently leaning towards AtomicDEX, I hope it wouldn't disappoint me.

[shadowduck]

If IDEX requires KYC then It's no better than centralized exchange, Centralized exchange at least are better provider of liquidity. I guess I'd have to use something that truly is a DEX, Currently leaning towards AtomicDEX, I hope it wouldn't disappoint me.

I think that now you should not look for some kind of good decentralized exchange. It is best to trade on a centralized exchange. good decentralized exchanges will appear only in a few years

[fvb]

This is not serious, if so, then it's time to switch to DDEX.  I have never traded there and it is necessary to study this exchange.  We will trade on ForkDelta.  It is a pity of course, I liked the IDEX exchange.

[InwardContour]

I'm still finding it so hard to believe that IDEX will be fully KYC compliant. What will a DEX be doing with KYC? . When I first saw this update, it looked more like a prank to me. Well, they have their reasons probably some authorities gave them that order. With this new development, I doubt if people using IDEX solely because it's a decentralized exchange will continue using it especially if the KYC is made compulsory as rumors have it.

[proTECH77]

hmm this is a step backwards, We expect DEX to be the future, decentralized, secure. Why do we have to use a DEX while it is no different from a CEX.

When the government are doing everything possible to frustrate cryptocurrency exchanges by complying with the rules and regulations. DEX are going to obey the government to keep safe lime others. Many of them will comply with government policy of exchanges.

[rodel caling]

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 think IDEX follow some exchange requiring kyc or asking idenfication for those users have huge amount of volume of coins into idex to protect uses crypto for illegal activities. That only my opionion beacuse bittrex and poloniex is also asking user identity information.

[WalkerIVIV]

Is this news true, if so then many people are disappointed with this new regulation.  I am also one of the people who likes to trade on IDEX, but if later in the KYC process really is in trouble I will definitely move to another Exchange even though it is very regrettable.

Yes it is, but it looks like the KYC implementation will not be implemented by the idex team as soon as possible, they need to test about the confidence of the users with the KYC implementation.
This exchange site can't be called a decentralized exchange again.

[axel2078]

This is not good at all and most especially for a DEX like Idex and this might drag them down. Most people feel comfortable using Idex because of the security of their personal information and now it is no longer viable they might move to other DEX. Also, another DEX which might be good is DDEX, i have been using it and it's quite okay.

[masulum]

IDEX exchange! I don't use it or it's not my favorite exchange. Only use when no others exchange can't be used, now KYC. I will stop trading in IDEX exchange.

Maybe easy to say wouldn't using IDEX for now. But, you know, sometimes projects just on IDEX exchange for a long time, are you sure if you got tokens thats only available on IDEX, will never use IDEX?

I aggree with OP, with KYC, i think we can stop call idex as decentralized exchange.

[icekohl]

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.

[bluesnup]

IDEX exchange! I don't use it or it's not my favorite exchange. Only use when no others exchange can't be used, now KYC. I will stop trading in IDEX exchange.

Maybe easy to say wouldn't using IDEX for now. But, you know, sometimes projects just on IDEX exchange for a long time, are you sure if you got tokens thats only available on IDEX, will never use IDEX?

I aggree with OP, with KYC, i think we can stop call idex as decentralized exchange.

In most actual DEX you can trade any token you want, that's part of the DEX beauty, being able to trade any token without waiting for the exchange to do this or having the project pay for their listing. A truly innovative and necessary function to stop exchanges monopoly.

[xamxam]

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?

Honestly I'm not happy with this latest updates about on IDEX in terms of new rules they're going to have in the future which is KYC.
It is actually not suitable for a decentralized exchange will turn into centralized based system now. I won't get wonder if one day the volume of
IDEX will get decrease because for sure some of the traders will full their coins in this platform at once.

[andra73]

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.

some of the coins listed there are also new coins which were the first to release an exchange from a new project. maybe I just use it to trade coins that I got from the bounty listed there.

[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?

Honestly I'm not happy with this latest updates about on IDEX in terms of new rules they're going to have in the future which is KYC.
It is actually not suitable for a decentralized exchange will turn into centralized based system now. I won't get wonder if one day the volume of
IDEX will get decrease because for sure some of the traders will full their coins in this platform at once.

You can quote me on this. They will lose a LOT of the actual traders and will fake their volume (even more than before) for at least a year to make it seem like nothing changed.

[asbak66]

So idex is need kyc from customer now? That's even worse news for Dex exchange. Don't get the idea why they need kyc since they're Dex and not centralized exchange?
But let them anyway, I usually still use cex over dex. But sometimes I use Dex like idex and I don't like their idea like this.

[TastyChillySauce00]

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

That's indeed to avoid scammers or money laundering even it is to prevent any possible criminality and that's why it's named Know Your Customer.
Though I'd agree that there's rarely someone who trade huge chunks of crypto in there, most of them are just small players. But, still this decentralized exchange is kind of iconic.

[MBMauL]

So idex is need kyc from customer now? That's even worse news for Dex exchange. Don't get the idea why they need kyc since they're Dex and not centralized exchange?
But let them anyway, I usually still use cex over dex. But sometimes I use Dex like idex and I don't like their idea like this.

of course, many traders who use IDEX for trading will not like it like you do. it makes no sense whatsoever that can happen, this is something that IDEX really did very badly. they must realize they can lose their traders. because now binance dex is very active.