Exchanges allowing maximum daily transaction without KYC

[bbc.reporter]

In any case, it might not be to make it easier for the users. KYC verification should be under very high scrutiny or money launderers can verify many accounts for their operations.

Which is still very possible and most probably done until now. Technologies relating to biometrics have definitely advanced a lot with the use of AI, 3D analysis, and so on and yet it seems fake KYC is still easily passed. KYC with the use of fake identities and fake documents is not gone at this point. It is still rampant.

Agreed and my biggest argument on this is incompetence if criminals and all the other dirties can have Borat verified as a real user.

However, the skeptical me is also thinking that many exchanges in the cryptospace allow this for special accounts as part of a global moneylaundering ring very similar to HSBC and others.

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[bbc.reporter]

@Darker45. This is part 2 on getting another approval with a fake identity on Kucoin. This time this is a very clear fake. He was using Taylor Swift's name and in his pictures he has a beard hehehee!

He also has gotten approval for 1st tier on Huobi. The incompetence of these exchanges is comedy.





Source https://twitter.com/raindropactual/status/1336820474999955461?s=12

[Darker45]

~snip~

Because, in the first place, KYC is a comedy. I bet it is not only KuCoin and Huobi that would fail on this.

I don't know how these companies verify names, addresses, documents, IDs, and so on. Others claim that they have a system that detects fake documents. I highly doubt it. I guess what they have are simply technologies that would only analyze facial attributes and compare that of the video or photo with that of the document. Now, if you have made a fake document based on your made-up face, you would probably pass KYC.

How would they know that the user is using his/her real name? They wouldn't. For as long your fake documents bear your fake name, you're good to go.

Apologies for the off-topic, OP.

[bbc.reporter]

@Darker45. This is why I speculate that Kucoin will begin to become stricter on their users and have adviced to avoid it for the time being because users might have a difficult time on withdrawals without warnings or announcements. Also now Huobi.

[figmentofmyass]

@Darker45. This is why I speculate that Kucoin will begin to become stricter on their users and have adviced to avoid it for the time being because users might have a difficult time on withdrawals without warnings or announcements. Also now Huobi.

which is exactly why i'm not thrilled about these pranks---they damage exchange credibility in the eyes of regulators, which can only result in more rigid AML/KYC policies. it's all fun and games for twitter shitposters, but it's not funny at all for unverified users at places like binance and kucoin. we're all just waiting for the hammer to come down at this point.

kucoin getting hacked a few months ago may actually play in our favor, in the short term. they are still desperate to prevent a mass exit of users after that fiasco, and they are also intent on taking on new customers who are currently leaving bitmex and deribit.

so i'm thinking there may still be some time. by the end of 2021 (if that) though, i'd be really surprised if binance and kucoin are still allowing unverified users.

[Darker45]

@Darker45. This is why I speculate that Kucoin will begin to become stricter on their users and have adviced to avoid it for the time being because users might have a difficult time on withdrawals without warnings or announcements. Also now Huobi.

which is exactly why i'm not thrilled about these pranks---they damage exchange credibility in the eyes of regulators, which can only result in more rigid AML/KYC policies. it's all fun and games for twitter shitposters, but it's not funny at all for unverified users at places like binance and kucoin. we're all just waiting for the hammer to come down at this point.

Or is it that these pranks are only showing the reality of KYC? That it is essentially absurd; that people could actually circumvent it. It seems to me that Borat's pranks are not really damaging the exchange's reputation; they're merely uncovering it. Beneath what seems to be an effective AML/CFT initiative is actually a joke and Borat is showing it in what could perhaps be the most effective of ways.

We will certainly be at the receiving end of this. But the thing is it is either we will continue with all this farce or set it straight once and for all. Or why not remove it altogether? It is either exchanges will continue to comply with this rule even if the launderers and terrorists are actually finding a way around it or do it in a way that prevents those which need to be prevented.

[bbc.reporter]

@Darker45. I am quite certain all cryptocoin exchanges would remove KYC to reduce expenses and workload and also to increase users and revenue. Their concern is only being compliant with the regulators. I reckon exchanges do not really care if El Chapo, Borat or Taylor Swift laundered money through them.