Digitex Futures Will Cease All KYC Requirements

[Baofeng]

Digitex Futures Will Cease All KYC Requirements

In a video blog issued on their official website, Digitex Futures will stop requiring customers of their KYC

https://digitexfutures.com/blog/digitex-removes-kyc/

As you know, Digitex has been the subject of a large data breach of sensitive documents taken from our third-party KYC portal. The investigation is ongoing and Adam feels personally responsible as it was an internal breach made possible by unacceptably lax security standards. We have now taken on security consultants and will do everything in our power to ensure that this never happens again - starting with removing KYC completely.

Do you guys think this is a good move on their end? We all know that a lot of exchanges are being required or pressured by several financial entities to have KYC, otherwise penalties or worst shutting down their exchanges.

He says that the regulators justify the need for KYC to prevent money laundering and financing terrorism. But Adam sustains that the very idea of anyone laundering Ether into DGTX to fund international terrorism is utterly “ridiculous.”

[squatter]

Do you guys think this is a good move on their end?

Considering they just suffered a breach of KYC data, it's a good move in terms of PR. The real question is why did they require KYC in the first place? They are apparently based in Seychelles.

Offering derivatives without KYC is nothing BitMEX and others haven't done before.

[SFR10]

Do you guys think this is a good move on their end?

I don't know much about them but after watching the video, I strongly believe it's the best way of responding to such issues ^{[the hack and the risk of having KYC]}...
<sup>- The owner earned my respect for standing up against these ridiculous/absurd requirements (I hope it doesn't backfire on him/them).
- I hope other similar platforms learn from this and try to follow in their footsteps.</sup>

[Kemarit]

Yes, this is welcoming to see that a exchange removing their KYC policy in reaction to a security breach.

I think this is the first time we have seen such move, and yes probably a good marketing ploy to attract more customers specially that we are about to take off again, more customers means more profit for them, business wise.

[igglyboo92]

I like how they basically are inviting US customers back.

"Don't connect from US IP address,and tick a box saying you don't live there, that's all we can do."

[hugeblack]

It seems that it is better for the administration to apologize to the subscribers and they seem to either improve the quality of the system by making it less likely to be hacked or to stop the service.

Stopping asking for KYC is a waste of time. Why, from the start, did they ask for it? How was the hack? Will those responsible for this breach be held accountable?

I began to feel that this platform would be scam soon.

[Baofeng]

I began to feel that this platform would be scam soon.

If not that then probably will go back to 'enforce' KYC again. I understand some saying that this is a welcoming news, I agree with that, we really don't like exchanges requiring us to pass our personal data because of so many reported breaks in and hacks and stealing from our money to our information.

However, still my question, how if regulatory body put a pressure on them?

[malevolent]

It would be great for other exchanges not dealing with fiat currencies to follow Digitex and also start dropping their KYC requirements.

[hugeblack]

However, still my question, how if regulatory body put a pressure on them?

Or why do users return to use this platform? Is it because they promise that they will not request your personal data? What would happen if he suddenly decided to freeze the accounts and request KYC again.
The risk here is not limited to misusing personal data "selling it on the black market on the pretext that it has been hacked", but even your balance that is at risk.

There is no reason to use that platform especially with unprofessional dealing with the previous case without clarifying how to protect in the future and careful investigation of the reason for leaking data