It seems that KYC will be a must for all CEX users in Future

[imstillthebest]

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I think this is still very reasonable in order to narrow the movement of criminals who use cryptocurrencies as their transactions...
I don't really like KYC but seeing if KYC is needed I wouldn't refuse to do it. but I will not do KYC on a new exchange or airdrop campaign because it will definitely be misused by them.

airdrops are not exchange dont do kyc with them but to the newer exchange i will also think twice not until i found out or they prove that they are trustworthy and for the older exchange i will surrender my kyc to them easily if they will required it on thier new update . i dont want to use dex for several reasons and p2p trades are also risky and hustle .

Today December 4th 2020 Bitmax exchange have announced no more withdrawal limit for not verified users

 removing no limit is supposed to be a good news but along with that they also require a kyc , the no limit trades are still going to be useless for non verified accounts .

[TopTort777]

If CEX makes KYC a must, they will instantly lose the war to swap kind of thing and wallets with function to performe exchange. And thanks God there are plently of DEX nowadays.
I would stop using an exchange, if they force me to pass KYC. I simply dont understand how it would help them to identify if I’m good or bad, or breaking any law.

[kawetsriyanto]

However, as it is CEX, we cannot blame them if they require KYC or verification for their users/clients. Yep, most of CEX already apply KYC for their user/clients from the very beginning. For example, we cannot trade or withdraw our assets if we don't do the KYC procedure yet. So, the users/clients have no choice, then they must do KYC/verification. For me, it is no problem as long as it is a top exchange that has a good reputation and can be trusted by us.

[DoubleAweSeven]

That can't be. A lot of people use centralized exchanges without complying for a KYC so I can see that it's not going to happen. If that scenario somehow really happen in the future, then decentralized exchange would gain popularity as we all know that people doesn't really want KYC and is only being forced to do so.

[globalcitizen]

I think it's becoming a nom for most centralized exchanges to require KYC and I don't think it's wrong to do so. Most regulatory agencies require that before those companies could be allowed to operate in the jurisdictions. That's why it's almost going to be compulsory in the near future.

For one who's not comfortable with that I think the best bet will be the decentralized exchanges where there're no such requirements but not without its own disadvantages such as inherent scams and hacking activities.

[TastyChillySauce00]

Today December 4th 2020 Bitmax exchange have announced to stop providing services to non verified users, no more withdrawal limit for not verified users, I'm guessing if every other crypto exchanges will follow this, binance for example, I use this exchange with out KYC verifications, for someone like myself who don't want to give any centralized platforms my ID i may have no choice let, what do you think?


https://blog.bitmex.com/deadline-passes-for-bitmex-accelerated-user-verification-programme/

Yes, almost all top exchanges have implemented kyc requirement for all account holders, even the small accounts that are exempted from kyc initially have trading and withdrawal limits so for ultimate freedom of trading you kust be kyc verified.

Those exchange sites have been making KYC as requirements to increase the withdrawal limit but it seems like that if those sites are still giving the daily limit for the new accounts that are not yet verified. BTW that's more than enough to see that. People can choose whether they wanna try to verify their identity or not.
Just remember about that dude.

[Kocret02]

Today December 4th 2020 Bitmax exchange have announced to stop providing services to non verified users, no more withdrawal limit for not verified users, I'm guessing if every other crypto exchanges will follow this, binance for example, I use this exchange with out KYC verifications, for someone like myself who don't want to give any centralized platforms my ID i may have no choice let, what do you think?


https://blog.bitmex.com/deadline-passes-for-bitmex-accelerated-user-verification-programme/

KYC is not a problem as long as you can maintain privacy. this may have to be applied because privacy is the main thing and must be maintained. so we hope that all of them do not use KYC for negative things

[GreenStox]

If this concept is applied, it will be like being centralized and centralized where data and account ownership are known and stored by them.
i also use binance exchange, but i don't do kyc because it is only a small nominal transaction .
the problem of data leakage has been circulating for a long time and it is said that in the black market a lot of data is traded.

[FinneysTrueVision]

This is mostly thanks to the strict financial surveillance laws in the United States. Most countries seem to be very lenient even when you're transferring large amounts. Even if you don't have American banking partners, the US government still expects you to comply with their regulations and will look for any way to come after you. BitMex isn't even a US exchange and American's aren't allowed to trade there. People would still find ways to bypass restrictions and they are being held responsible for this 'crime'.

[cryptoknightt]

it seems because maybe they have a reason to do that other than just increasing the withdrawal limit on your account.
to solve problems such as locked or hacked accounts, so that your funds are safe and cannot be used by those who took them.

[sulis sudibyo]

all centralized exchanges will sooner or later implement this, so there's no need to be surprised. Again, if you just want to avoid KYC, you can use DEX. You can use Uniswap or other DEX. indeed the problem of hacking personal data is a serious problem in centralized exchanges. so many people prefer not verified, because it's safer. but we can't do anything. the choice is to do KYC or not use CEX.

[tbct_mt2]

Today December 4th 2020 Bitmax exchange have announced to stop providing services to non verified users, no more withdrawal limit for not verified users, I'm guessing if every other crypto exchanges will follow this, binance for example, I use this exchange with out KYC verifications, for someone like myself who don't want to give any centralized platforms my ID i may have no choice let, what do you think?


https://blog.bitmex.com/deadline-passes-for-bitmex-accelerated-user-verification-programme/

It is BitMEX and the pre-announcement was made months ago. Old customers of BitMEX exchange were given a few months to submit documents and finish KYC on BitMEX or withdraw their crypto before the deadline. And nothing to be serious about this annoucement. If you are old customers and have not finished KYC, you can do it anytime you want and after the verification is done, your account will be back to tradeable. BitMEX does not close your accounts if you don't verify it. Just a temp freeze before verification is done.

People might don't like KYC and switch to other leverage exchanges. With your prediction, I think exchanges will slowly require KYC and the speed will depend on government requirements.

Why KYC is extremely dangerous – and useless

[rat03gopoh]

That will happen when all countries legalize and the government will revise the regulations to become more stringent, especially for large CEXs where the majority of customers are residents of other countries. CEX will become an alternative bank and KYC cant be avoided in the future, such as opening an account at a bank.

[Eco_111]

Finding anonymous ways of buying crypto isn't hard today thanks to P2P platforms and DEX exchanges too but I don't have any reason to hide or want to buy crypto anonymously, my assets fund worths only few thousand dollars, I trust top centralized exchanges more though and I don't mind giving up my identity if it becomes a must to trade

[nightflightcourt]

Instant P2P cross-chain atomic swaps from non-custodial wallets that require no account or KYC are very much possible!
Check out Stakenet DEX. 

[CryptoTech_]

Today December 4th 2020 Bitmax exchange have announced to stop providing services to non verified users, no more withdrawal limit for not verified users, I'm guessing if every other crypto exchanges will follow this, binance for example, I use this exchange with out KYC verifications, for someone like myself who don't want to give any centralized platforms my ID i may have no choice let, what do you think?


https://blog.bitmex.com/deadline-passes-for-bitmex-accelerated-user-verification-programme/

I think this is a good thing, this way people like you who don't want to give their data to an exchange will choose to move to trade on a decentralized exchange, and this gives many decentralized platforms an opportunity to thrive.

[Inkdull]

I'm sure that soon almost all centralized exchanges in crypto space won't allow non verified users to trade and withdraw anymore, the more crypto is becoming a big thing the more SEC will grow more power over centralized exchanges, I'm just hoping that DEX will become better before this happens, right now DEX is still a big NO for me, thanks to Uniswap though it's the only best DEX right now

[arabianhorse]

I don’t supported kyc. There are many small exchanges that sell documents to their users. Which loses privacy with a man. Many countries do not support cryptocurrency. As a result, the country failed to trade.

[InwardContour]

I think KYC is not bad, it makes it possible for everyone to protect their accounts.
In case you lose your account, KYC is the best proof for you to find your account again.
However, people should not do KYC for small and less reputable transactions.

You mentioned clearly the advantage of KYC, because without it, retrieving hack accounts won't be easy. A friend was able to retrieve her account after 3 weeks on Binance because it was KYC verified. A video verification was made to ensure the rightful owner will be in control of the account, she was asked to hold required documents during the video verification to crosscheck with the ones uploaded in the system. KYC is cool for those who have large amount of funds on centralized exchanges. KYC should never be mandatory for those who trade with smaller funds, say below 1BTC. If KYC becomes a requisite before trading, then more and more people will adopt DEX, since some people won't want to share their ID.

[istiak2277]

I think there is nothing wrong with it. If someone doesn't like to share their information there is DEX for them. Also, this is good for the platform and the account owner both. Crypto scams and exchange hacks became very common so this will make sure no criminal will walk freely in open. Also, it will be easy for the exchange to retrieve a hacked account.