Should We Avoid US Based Exchanges Now?

[Lorokan]

In terms of centralized exchanges do you think it would be better to use ones not based in the US now?
I'm thinking of avoiding Kraken and Coinbase completely now and just using ones not based in US such as Binance, Kucoin, Huobi.
Btw I'm not personally a US citizen and the KYC rules and regulation on transactions the US government doing seem like a huge hassle now, so would be good to avoid that.

You should join, use or make use of centralized exchanges that does not have any restricting order in your country or place or residence. As a trader or investor not based in the usa, you should worry less about usa laws. Focus and learn, firstly learn that centralized exchange are not the best storage system. Also remember that you have to avoid phish link, set up 2fa, protect your email and funds. And finally you need to stay informed.

[imteaz]

We should always avoid keeping any coin in exchange, I personally don't keep the coin in exchange it's very risky. And of course, especially US-based exchanges are the more risker, I would keep in my private wallet. I heard in the past people lost so much money keeping coins in the exchange or avoid this.

[stompix]

I care less about the location of an exchange.

And so does the US government.

Seriously people, why do you think just avoiding an exchange that is based in the US will keep your funds and information out of their reach?
Remember BTC-E? An if that was too long ago, let's think two months time, Bitmex and Arthur Hayes ?
And this is the same for every country, OkeX is based in Malta, that didn't stop Chinese authorities to arrest their CEO.
There is a fake sentiment of security when an exchange is based in another country with lax laws but that doesn't mean a thing for them.

Right now you should think like this, do I have a problem using a US-based exchange? Other than living in a restricted country, something base on their regulation? Then no centralized exchange is the right choice for you!

Please correct me if I am wrong, but haven't more established exchanges like Coinbase and Kraken been doing KYC for ages?

I think that the question should be more like, was there a time when they didn't?

[shoreno]

even before i already avoided the first two exchange that you list but i didnt knew that they are from the us but if i knew they were i think i wouldnt care at all but what important to me is that i am comfortable with the exchange that im using .

 i like binance and many people like binance but it such a co incident that binance is not from the u.s but binance just offer a great service and binance ask a kyc too but people still comply on it .

[Wexnident]

US-based exchanges have always been a bane to most people due to the stupid amount of regulations they have with regards to KYC. You can freely use other exchanges, there are some that don't have limits anyway. Though tbh, if your problem was KYC, then most centralized exchanges wouldn't fit you, I mean most of them ask for KYC, it's just a matter of sooner or later imo. Just use Decentralized exchanges at that point, just so that you don't have to deal with the pain of learning another exchange due to you being kicked out because of you not giving KYC info to them.

Besides, don't even expect on US actually going lenient on those KYC procedures, heck afaik they're only making it more and more apparent that they're basically asking for information when you register on their exchanges.

[yazher]

In terms of centralized exchanges do you think it would be better to use ones not based in the US now?
I'm thinking of avoiding Kraken and Coinbase completely now and just using ones not based in US such as Binance, Kucoin, Huobi.
Btw I'm not personally a US citizen and the KYC rules and regulation on transactions the US government doing seem like a huge hassle now, so would be good to avoid that.

I am not a US citizen as well, so we don't need to choose whether we use it or not. only those people who don't have their own local exchanges are using it or those who reside in the US. Because there are some countries who don't really need to use US-based exchanges cause they have their own like us and there are those who don't because their country has some tight rules about bitcoins.

[Ridwan Fauzi]

Indeed, an exchange is one of the factors that can make you get money in crypto currency, yeah it is only one factor.

If you are not comfortable when using the exchange you just simply leave it and find another exchange.

Crypto currency is free to be used by everyone, although a country bans and prohibits the utilization of it you can still use it, don't make it your burden.

[FinneysTrueVision]

They are really trying to crack down on cryptocurrency. I would not trust a US exchange because the government doesn't care where you are from. If they want to shut down an exchange and seize their funds they will not hesitate to do it. They don't care about the rule of law. They make it up as they go along. The Trump administration sees bitcoin as a threat and I don't expect the Biden administration to be more understanding.

[Sithara007]

KYC is mandatory on Centralized exchanges, so you could be asked to provide KYC anytime. Coinbase, Kraken, Binance, Kucoin, Huobi all of them is centralized exchanges.

To avoid any KYC you can use Decentralized exchanges (e.g. Bisq [1], Hodl Hodl [2]) or Bitcoin ATM (the fee quite higher than unusual)

[1] https://bisq.network/
[2] https://hodlhodl.com/

If you just want to exchange your cryptocurrency for fiat cash (or vice versa), then you can use peer-to-peer platforms such as Localcryptos. Dex sites such as Bisq are good for anonymity, but they don't have the liquidity that the mainstream exchanges posses. That means that you may have to wait longer to get a good offer, and the prices may be below the prevailing market rates.

[manfredmann]

I think I should not. Some exchanges basing on US are with high reputation and this is why I think having those exchanges can get you to earn by anticipating those exchanges with high market cap volume. We know that that USA is one of the country that has been listed as top countries for using cryptocurrency. So, trading in their exchanges may do good in yoi especially if you know how to do trading in an exchanges.

[Bitstar_coin]

The worst among this centralize exchange is the type that won't give a limit withdrawal to non kyc accounts, i just had a soar experience with gate.io, i never knew kyc is required for any amount - small or large, and the sad thing is i already deposited my coins for trade and now i want to withdraw my funds am not allowed because i have to pass kyc for a withdrawal that is below $1000, see why binance will remain the best among them all.

[Prince Malik]

Its all about your need and your thinking...i dont know manythings about kraken and i wonder if there is some sides in this exchange that can help you in trading more than binance...if not i think its better to use binance and avoid all bad surprises

[serjent05]

If we have nothing to hide then why should we avoid US-based exchanges?  Sooner or later other exchanges that don't implement KYC will soon do because of the regulation.  As far as I know, other exchanges such as Kucoin and Huobi also implement KYC so  if you really wanted to avoid KYC use the decentralized exchanges.  There is nothing much better solution than that.

[arwin100]

In terms of centralized exchanges do you think it would be better to use ones not based in the US now?
I'm thinking of avoiding Kraken and Coinbase completely now and just using ones not based in US such as Binance, Kucoin, Huobi.

It basically depends on your own preference and convenience.

If you think it's a pain in the ass dealing with US-based exchanges then you can test the waters on other exchanges to meet your expectations. However, always expect that centralized exchanges, even non-US based are bound to be regulated.

What matters to me is good service. I'm fine complying with KYC with consideration*.

It's hard to deal with something we don't know and we don't like but if he cannot handle it since truly dislike the idea that providing his own identity on US base exchange then he should avoid it but for me I will go on that way since what matter to me is the security and I see those US base exchange are kinda safe for now compare to the other exchange who run quite good today.

[dothebeats]

I don’t use them anyway so I think any big changes in regulation would affect me. Though most probably some other regions would adapt, or at least consider, doing some changes relevant or related to what the US implemented should it become successful. While exchanges like Binance would surely retain its current regulations to cater to most parts of the world, their US front need to comply with whatever regulations in place.

It’s not that bad really. And IMO somewhat better since the regulations adapt to the events in the crypto scene.

[Betwrong]

CMIIW, but I think people are giving too much importance to KYC, in general. In fact, we are going through the KYC each time when buying goods in a supermarket with our credit card, and unless we are buying stuff for making explosives, we have nothing to worry about. Same with exchanging crypto, the process itself is not illegal, and unless you are looking for laundering millions of USD, you have nothing to worry about either.

[Nhor1011]

In terms of centralized exchanges do you think it would be better to use ones not based in the US now?
I'm thinking of avoiding Kraken and Coinbase completely now and just using ones not based in US such as Binance, Kucoin, Huobi.
Btw I'm not personally a US citizen and the KYC rules and regulation on transactions the US government doing seem like a huge hassle now, so would be good to avoid that.

I think, there's no need for you to worry because I think there are other crypto exchange in your country that you can use except for Kraken and Coinbase. Also don't be scared about KYC because later own you can't avoid that and as long as you did right then don't worry.

[bitterguy28]

In terms of centralized exchanges do you think it would be better to use ones not based in the US now?
I'm thinking of avoiding Kraken and Coinbase completely now and just using ones not based in US such as Binance, Kucoin, Huobi.
Btw I'm not personally a US citizen and the KYC rules and regulation on transactions the US government doing seem like a huge hassle now, so would be good to avoid that.

Actually Binance also required KYC though with certain amount before this will be triggered .
You don't have to ask this here,cos it is your decision and seems like you already did, the way this thread goes is you are against or somewhat had a dislike in that exchanges.
We have different treat in Exchanged and not all of us wanted privacy ,so as long as there is no literal foul happening there is no need for a majority call.

[AakZaki]

will have no effect when it comes to avoiding US-based exchanges or not. I am also not a resident of the US but I have a verified coinbase account. But I don't completely store coins on coinbase.

A better and Non US exchange is binance. I prefer binance. I have also been verified on Binance as well as an official P2P partner. Binance is a popular exchange that is widely used today, and it is the most appropriate exchange.

[WinBitcoinsCasino]

People use Crypto for anonymity. Why to use US based exchanges that ask for documents then? The new breed of exchanges will soon rule.