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Author Topic: What is KYC for crypto exchanges?  (Read 372 times)
tiedcoin
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October 21, 2020, 06:47:32 AM
 #1

There comes a time in one's life when a decent amount of cryptocurrency gets accumulated. However, what if there’s a need to swap it? Is processing larger crypto transactions more complicated? How does the process go? What service should one use? In this article, we will try to answer all the topical questions and help in making a choice of an exchange to go with.

Exchanging cryptocurrency without limit
Cryptocurrency exchanges often impose minimum and maximum swap limits for their orders. The minimum exchange limit is there to ensure the coverage of required network fees and punching the crypto transaction through. Since transaction fees may vary, the minimum exchange limit can differ, too. The maximum limit, on the other hand, is there to prevent the possibility of money laundering and other illegal activities. Minimum amounts are here to stay – cryptocurrency users cannot do much to the fact that the network fees need to be paid. Some of the instant crypto exchange services manage to lower the minimum to as little as ~2 USD, which is a great feature to promote crypto adoption and ease of swapping in between the coins. You can check some of the offers available for currency of your choice on Swapzone.

Exchanging large amounts of Bitcoin or other crypto often comes connected with the notion of KYC. KYC, or Know Your Customer procedure, is a standard protocol conducted by trading platforms and exchanges. Usually, the services require IDs, pictures or Proofs of Funds to proceed with the exchange. As larger crypto amounts can potentially be acquired in an unlawful way, the service providers have their own limits of when exactly the checks need to be performed and what personal information there is a need to ask.

Swapzone has the notification on KYC frequency for the platforms we work with along with the tips of passing KYC/AML without hassle. Besides, you can always contact the provider’s customer support for more details on passing the check.

https://swapzone.io/learn/how-to-exchange-large-amounts/
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October 21, 2020, 07:09:17 AM
 #2

KYC is used to know more of a customer, like on exchanges, it is clear that many exchanges will abide to the rules and regulations of the country of which they are operating and making their users to verify by KYC means in order to know about them. But kyc has been used in negative purposes, on the sites or exchanges you fill KYC, there are possibilities that scammers can get hold of your KYC during data breaches, and know that not all data breaches can we customers know, also people that like to fill KYC like filling it on many sites which makes them more susceptible to hackers and becoming a bad habit for them and make them to be unsafe online and reducing privacy. KYC is dangerous because of the scammers are making use of it to scam people, there are exchanges that require KYC, they are good alternatives if they are trustworthy, reputed and having good trading volume, but for KYC exchnages, I will not recommend.

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October 21, 2020, 07:35:00 AM
 #3

Oshosondy, how can exchange find out something useful by looking on my passport, ID or drivers license?

Yes, this guy, Andrew from UK looks good. His shirt matches his jacket, nice hairstyle - we wont have troubles with him. But look at Sarah from Italy. Glasses, freckles, greasy hair - we would better terminate her account.

I dont have any idea how passing KYC will help exchange to determine who is good or bad. They only can separate users from restricted to use exchange from others. But they can define these people by IP, while these people can use fake KYC and use VPN.


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October 21, 2020, 07:42:07 AM
 #4

Kyc is always a scam but kyc for crypto exchange is the exchange or work users often get the wrong information in which case the correct information is sorted through kyc always has a negative effect on the exchange choosing the wrong exchange probably means losing all your coins and money because of a security breach or because the people behind your exchange are fraudulent. Exchange hacks lengthy kyc processes and unregistered account closures occur it is better not to use kyc sites for exchange.
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October 21, 2020, 09:33:48 AM
 #5

Kyc is always a scam but kyc for crypto exchange is the exchange or work users often get the wrong information in which case the correct information is sorted through kyc always has a negative effect on the exchange choosing the wrong exchange probably means losing all your coins and money because of a security breach or because the people behind your exchange are fraudulent. Exchange hacks lengthy kyc processes and unregistered account closures occur it is better not to use kyc sites for exchange.


What exactly do you mean by "kyc always a scam"? How is kyc a scam when it is required from the exchange by the Anti-Money Laundering (AML) policy to ensure that all customers are verified, kyc is not limited to exchanges only, other companies also request kyc from their customers to be sure all customers are actually who they they say they are,  exchanges are only abiding by the laws of AML function properly otherwise they will face pressure,
There is nothing exchange can do they are only following procedures,  and it doesn't stop hackers from making attempt, you are misinterpreting the whole process.

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October 21, 2020, 09:54:48 AM
 #6

KYC (Know Your Costumer) It is like a protocol to find out your identity, so that it is verified. KYC can also make your account more secure and easy to backup in case of problems,Like losing 2FA it will be easy to handle.
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October 21, 2020, 12:45:54 PM
 #7

That was my problem with the local crypto exchange I use today.
 Apart from the ID I submitted as their verification to be able to avail higher limit transactions such as exchanging coins, they hold my account because they still need to find other requirements to verify my identity as AMLA requirements.

I have settled it now but since you have introduced this kind of platform (swapzone) I manage to visit the site and I found the significant use that I really needed (Exchanging cryptocurrency without limit) especially that I often exchange large amounts of coins.

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October 21, 2020, 02:17:15 PM
 #8

KYC( Know Your Customer) in crypto-exchange is a requirement for their business in the country where they are located and operating. And some crypto-exchanges required all of the users to pass a valid I.D and if you don't have a valid I.D or you don't want to provide it to them. You can't withdraw your funds, or they will limit your withdrawal. If you have a large amount of crypto, the best option is to pass a valid I. D to withdraw all of your funds from that crypto-exchange.

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October 21, 2020, 03:56:48 PM
 #9

KYC( Know Your Customer) in crypto-exchange is a requirement for their business in the country where they are located and operating. And some crypto-exchanges required all of the users to pass a valid I.D and if you don't have a valid I.D or you don't want to provide it to them. You can't withdraw your funds, or they will limit your withdrawal. If you have a large amount of crypto, the best option is to pass a valid I. D to withdraw all of your funds from that crypto-exchange.
I think disadvantage using our identity to upload on many exchange market because we can't know how long some exchange market keep exist and how many years later will run an exchange market, learning from what happen with exchange market like cryptopia, gopax they have close their exchange market and exactly have many member document, will safety and the owner not publish their document identity? who will give guarantee our document keep safety without showing to public, we don't know.

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October 21, 2020, 05:10:18 PM
 #10

There is no bing difference with the exchanges and your local banks. Both are platforms for saving though, the exchange is not where you can comfortably store your cryptos as, it doesn't come with a private key and it's often targeted by hackers but then, a few persons do this and surely, your not going to be asked to take back your coin after the days activities, both does exchanges for cryptos (exchanges) and local banks (fiat) as the case may be. These local banks comes with minimum and maximum withdrawal and transfers do,
Why shouldn't an exchange...! All these are for a reason and to control the cryptos in circulation and relatively ensure volatility.
KYC for exchanges helps to keep records and track of withdrawals but then, it's very dangerous when issues of exchange hacks arise as, your details could be duplicated or sold of for criminal purposes.

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October 21, 2020, 05:59:08 PM
 #11

KYC means to know your customer. That means anyone knows the process of identifying and verifying the identity of the client or their customer when opening an account and start transaction money.Nowadays most of the people stolen other asset or hack account so KYC help to find the original owner of the asset.KYC is the most important part of the exchangers and some exchanger cannot star  transaction without KYC.

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October 21, 2020, 10:09:55 PM
 #12

Thanks for telling us about SwapZone and thanks for letting people who do not like kyc know that KYC is almost important on SwapZone. We really appreciate.
You didn't even mention the real meaning of KYC
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October 21, 2020, 10:29:36 PM
 #13


While its true that KYC is really not necessary for cryptocurrency, its still meant for monitoring laundering and illegal activities.
Exchanges are mandated by the government to collect these data from the users of the decentralized markets. They are going to make it like it's a crime to use services without sending them the documents and you won't be able to withdraw funds.

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October 21, 2020, 10:36:05 PM
 #14


While its true that KYC is really not necessary for cryptocurrency, its still meant for monitoring laundering and illegal activities.
Exchanges are mandated by the government to collect these data from the users of the decentralized markets. They are going to make it like it's a crime to use services without sending them the documents and you won't be able to withdraw funds.

And most of the time, local crypto exchanges are asking for KYC so if you want to convert your crypto to your fiat, you have no other option but to submit your docs unless you will use p2p services. Anyway, make sure that you are sending your info to legit crypto-exchanges. But for other exchanges, you can still enjoy trading crypto without submitting your KYC if you withdraw below their max daily limit, usually 2 - 3 bitcoin. Which for me is already good amount especially for those small traders. We need to understand that legit crypto exchanges are requiring KYC as part of their license.

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October 21, 2020, 11:34:03 PM
 #15


While its true that KYC is really not necessary for cryptocurrency, its still meant for monitoring laundering and illegal activities.
Exchanges are mandated by the government to collect these data from the users of the decentralized markets. They are going to make it like it's a crime to use services without sending them the documents and you won't be able to withdraw funds.

And most of the time, local crypto exchanges are asking for KYC so if you want to convert your crypto to your fiat, you have no other option but to submit your docs unless you will use p2p services. Anyway, make sure that you are sending your info to legit crypto-exchanges. But for other exchanges, you can still enjoy trading crypto without submitting your KYC if you withdraw below their max daily limit, usually 2 - 3 bitcoin. Which for me is already good amount especially for those small traders. We need to understand that legit crypto exchanges are requiring KYC as part of their license.
2-3 Bitcoin/day max withdrawal for a day is already sufficient enough for most traders but there are indeed users who do transact way more than with that amount which it isnt
really surprising that they would really ask out for further verification yet platform are regulated with government which does mean that theyre still included
into those terms which had been mandated for them to follow and as a user then you wont really have any options or choice but to comply on whats being asked.
Lastly, this is just some obvious swapzone.io advertisement.  Smiley

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October 22, 2020, 02:22:31 AM
 #16

KYC is used for human verification mostly the exhcnage requires this kind of verification to the people who made a lot of transactions AFAIK in Binance if you are a trader with 1-2 BTC above you need to verify your account to make sure you are a legit user and not just a dummy making an anonymous transaction to their platform.  Also, not all of the exchanges are safe and trustworthy because even there is a KYC  on their platform some of these are just a phishing website or a clone of a website that might get your information and just into bad activities. Always be conscious about the things you are doing  to prevent getting damage to your self and assets.

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October 22, 2020, 03:25:19 AM
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 #17

Crypto exchanges implement KYC to make sure their users are not doing illegal things. You need to submit some personal info to them to make sure you are clean.
This may be risky so it's better to do it on reputated exchanges. We know that it's easy to launder money via cryptocurrencies so if we have nothing to hide then we should comply on that policy to make our future transactions smooth.

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October 22, 2020, 06:33:19 AM
 #18

In certain countries the exchange services shouldn't be accessed. To overcome that, crypto exchanges request each and everyone to fullfill the KYC. Different exchanges have got different KYC process and the benefits associated with it. Based on the level of KYC we'll be allowed to do more volume of trades per day. Everytime KYC won't get verified in a day, few exchanges take time to verify.


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October 22, 2020, 07:36:30 AM
 #19

They are needed if they want to operate legally. The KYC and AML policies depends on the country where the exchange is operating from. They have to do KYC if they wish to continue their business. The information are mainly collected to inform legal authorities if someone makes a huge transaction or is kind of suspicious. The information is also used by them to track crypto users and tax them. The exchange would get into trouble if they fail to report someone who committed a crime.
-snip-
Swapzone has the notification on KYC frequency for the platforms we work with along with the tips of passing KYC/AML without hassle. Besides, you can always contact the provider’s customer support for more details on passing the check.
https://swapzone.io/learn/how-to-exchange-large-amounts/
Kinda looks like you are advertising for your platform. Make proper announcement thread.

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October 22, 2020, 06:17:40 PM
 #20

Sometimes these exchanges are making it difficult by including procedures that are very stressful.
Some of them will tell you to send a photo of your ID card and then a short video of you, like doing all these things can be stressful. I can remember going through the long process for the stupid exchange to tell me that they are not yet available in my country, like I was so pissed that if was there I would have slapped some faces.

Well, if not that they are doing it for some good reasons. Some people don’t like the idea of KYC that’s why so many have opted for DEX.

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