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Author Topic: What is preventing a crypto-exchange in another nation from not requiring KYC?  (Read 141 times)
yat97
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February 19, 2021, 10:06:13 PM
 #1

Since a lot of people don't like KYC verification to buy bitcoin, why hasn't anyone in some nation like... idk. Russia, or Sweden, (just throwing random nations out there) or some nation that doesn't care about enforcing KYC on its customers?

I get why no place in the USA can do it, they might get shut down, and any website in a nation allied with the USA. But what is actually stopping some website in another nation that doesn't require it? Idk, some nation in the middle east, or just anywhere else? What would stop them from buying and selling bitcoin/crypto to anonymous customers?
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February 19, 2021, 10:34:57 PM
 #2

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February 19, 2021, 10:50:59 PM
 #3

Cryptocurrencies are still new assets, the regulation is a gradual process, there will be a time countries will know about cryptocurrency fully and know the need to force exchanges the require kyc from customers. But, cryptocurrencies also bring privacy, if kyc is required, many people that like privacy will like to make use of p2p that requires no kyc. Only what we are waiting for is cryptocurrencies to go mainstream, bitcoin is looking very promising, the kyc thing will make many people to prefer p2p. But  regardless of p2p, more countries will still support kyc.

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February 19, 2021, 11:01:23 PM
 #4

Many don't.
But if you want to transact with US users you have 2 choices.

1) Do KYC and if anything goes "wrong" with a client you know who they are or can show you at least tired to verify who they are.

2) Do not do KYC and if someone who is US based has an issue it could come back to bite you on the ass, when your bank(s) decide that dealing with Chase or Wells Fargo in the US are more important then dealing with your exchange. Because US banks will not want to deal with a bank that deals with a financial company / bank that does not follow US KYC laws for US people.

Substitute US for EU or any other area / country that requires KYC.

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February 19, 2021, 11:05:43 PM
 #5

KYC is actually useful for tracing the identity of the owner. because in 2017 there was an issue if cryptocurrency was misused to fund terrorists so this might be dangerous and made this an option for further KYC for anyone.
however, countries that do not implement KYC may not yet realize the importance of KYC for security

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February 20, 2021, 06:07:33 AM
 #6

KYC is mean by which government would like to keep control of their citizen. It is not only is but there are many countries where KYC is needed. For example in India if you want to trade cryptocurrency on a local exchange, you have to go through KYC. An India is still planning to ban cryptocurrency.

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February 20, 2021, 06:13:36 AM
 #7

What is stopping them is the rule of law and shame which is bad for business, exchanges don't want their exchanges associated with money laundering which can be done in cryptocurrency whether you don't want to believe it or not. So they have to do this so they can be on the good side of the law, they don't want to piss off the people that are keeping them in that business, it isn't a matter of control, it's just that they don't want the fuzz that having no KYC has.
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February 20, 2021, 07:57:11 AM
 #8

Since a lot of people don't like KYC verification to buy bitcoin, why hasn't anyone in some nation like... idk. Russia, or Sweden, (just throwing random nations out there) or some nation that doesn't care about enforcing KYC on its customers?

I get why no place in the USA can do it, they might get shut down, and any website in a nation allied with the USA. But what is actually stopping some website in another nation that doesn't require it? Idk, some nation in the middle east, or just anywhere else? What would stop them from buying and selling bitcoin/crypto to anonymous customers?
I doubt there are any countries out there that has no KYC requirements or anything similar. All institution that deals with finance must have some sort of regulation that will make KYC process mandatory. Even if they don't have such regulation, they will eventually be forced to do so or else lose their license or right to operate.
Each country has their AML laws to protect their country. If exchanges like these aren't regulated or has no KYC process, people might start using it with malicious intent and cause harm to the country.

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February 20, 2021, 08:01:56 AM
 #9

Well, actually there are a few countries that do not have such regulations. There'll always be at least a few who'll do the opposite of the trend speciifically to attract citizens of other natiions into their economy.

I would not say there are a lot of people who don't like KYC tho. Most people really don't care or prefer KYC since it's advertised as a "crime-stopper". Yeah, BTCTalk does teach you that KYC is bad but how many of the cryptocurrency users are really reading on this forum?
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February 20, 2021, 08:15:33 AM
 #10

KYC is mean by which government would like to keep control of their citizen. It is not only is but there are many countries where KYC is needed. For example in India if you want to trade cryptocurrency on a local exchange, you have to go through KYC. An India is still planning to ban cryptocurrency.
KYC can be good or it can be bad as well. They implementing kyc for the people not to commit money laundering it will be a protection from other users in this space it can help them not to get scammed, but I think there are some countries doesn't require their people to do Kyc like here in US, there's a cons in kyc our identity may be at risk if we will give a copy of our kyc to a fake ones we should learn to be selective on the group we will send our id.
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February 21, 2021, 11:13:13 PM
 #11

Trading volumes do not allow them.
The United States has a lot of bitcoin enthusiasts, and if they want to provide services to these Americans, they must comply with the United States regulations, which impose restrictions on dealing with many countries.
Bitpay service was fined for supporting purchases of people from Iran and North Korea.

I guess I can see that if they are based in the USA or any nation friendly to the USA. But what would prevent Iran or North Korea from opening a crypto exchange and allowing anyone to trade? The US can't really fine them or do much about it right?
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February 21, 2021, 11:38:20 PM
 #12

US is leading the fight against money laundering and tax evasion and most the countries in the world comply with its AML policies either by choice or forcefully. There used to be some tax heavens and secret bank accounts that required no details like the swiss banks but with the pressure from EU and US, they signed a number of deals that essentially rendered their client secrecy useless. The same thing happens to the exchanges. A small one can remain under the radar of IRS for quite some time but if it gets US involved in any way, they can shut you wherever you are.

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February 22, 2021, 12:53:43 AM
 #13

Probably because KYC isn't really a negative thing? Sure, they would prioritize customers over others, but they'd never prioritize it over possible money laundering schemes and financial terrorism. You can just take a look and you'd see a lot of info that exchanges would use or reason as to why they would be implementing KYC, it's simply for AML/CFT measures. I hardly doubt that even without the influence of the US, they'd still go for non-KYC exchanges since they themselves know the possible damages financial terrorism could do.

Customers are number one, but protecting their business goes above that.

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February 22, 2021, 03:54:26 AM
 #14

I hope everyone remember what happened to BTC-e. They were perhaps the last major exchange which didn't made KYC mandatory. They got in to a spat with the FBI, after the latter accused that US nationals are using BTC-e for money laundering. BTC-e owners got overconfident and challenged the FBI. It didn't went well for them. FBI not only seized their domain, but also most of the funds in the exchange wallet. Even after all this, BTC-e refused to acknowledge defeat. They came back online as Wex.nz and reimbursed their users. Next time the FBI made sure that they are closed down for ever, and arrested one of the owners (Alexander Vinnik).


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February 22, 2021, 05:43:46 AM
 #15

States will continue to strengthen the fight against money laundering and the financing of terrorism, or in any case will imitate activities in this matter. The KYC check is specifically aimed at preventing these crimes.
We need to remember that in June 2019, the FATF organization, which unites more than 200 member states, obliged these states to introduce norms into their national legislation within a year, according to which states must take control of all transactions worth over one thousand euros. Therefore, cryptocurrency exchanges, if they are located on the territory of such states, are forced to implement similar rules and report any suspicious transactions to the authorized government agencies.

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February 22, 2021, 05:57:00 AM
 #16

Do you know any country that has a bank, stock exchange, Forex exchange, .... that doesn't require KYC?
There is no difference between crypto exchange and any of the above!

If you find any crypto exchange that doesn't require KYC that means they are either shady (eg. Yobit) or the government has still not gotten around to _fully_ regulating cryptocurrencies in that jurisdiction.
This has nothing to do with US, it is the same everywhere.

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February 22, 2021, 06:10:44 AM
 #17

There are some exchanges without KYC. Bybit, for example. Other countries usually have own AML policy and exchanges cant ignore them
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February 22, 2021, 06:10:54 AM
 #18

Any country in the world would require KYC,because of taxation purposes.
Governments don't like anonymous and pseudonymous transactions,because most of the people doing such transactions will try to hide their income and don't pay taxes,that's why KYC was implemented.
Perhaps some offshore island countries could possibly let crypto exchange platforms to operate without KYC,but the big countries would simply shut down those offshore island countries,by not letting offshore companies from that particular jurisdiction to operate inside their borders.




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