All Binance users are now subject to immediate KYC verification

[jamkesmas]

Crypto exchanges will have to demand KYC from all their users in the future. Because they are audited by governments. They can't hide anything and I can't say that they even care about it. They just want to make sure that every account is real and belongs to a unique person. This helps them find the people who are laundering money etc. easily. But it also changes the important things about Bitcoin which is anonymity. But people don't have another choice if they really want to trade with cryptocurrencies.

Although the main reason for doing KYC is to protect the crypto industry from criminal acts, not everyone will feel comfortable with the concept of KYC which must involve our privacy data, because each of our personal data can be directly controlled by the exchange manager, and the data stored on the exchange it will of course be a target for hackers, as happened to the Binannce exchange in the past when their exchange was hacked.

[Kong Hey Pakboy]

It's true that right now the biggest market in the crypto world is Binance, so it's only natural that they ask each member of the KYC to increase security.

It's not natural, it's the right thing to do, you're servicing millions of users and having them each known is the best way so you can protect them and your business model. I don't really mind their KYC because it's not like their going to directly sell those information to other companies to make money when what Binance makes is already towering what they can get from selling those information.

[Tumanggor]

~

There already is a crypto casino that does KYC, it's called crypto-games, though I don't think it's mandatory for everyone yet. The era of anonymous crypto services has been disappearing for a long time already, the governments were never going to ignore crypto completely. So you can't really blame Binance here for spying on you, they have no choice, it's either they do KYC or they get banned in most countries in the world.

That's right, I see Binance was forced to enforce KYC because the government still has the authority after all
for those who don't want to use a service that enforces KYC it's their right

I have followed the procedures required by binance for KYC and I hope my data is safe there
I like to use Binance because for me Binance is the number 1 crypto exchange in the world

[Oasisman]

those old days where a person could create an account on an exchange and trade smoothly without having to run the risk of delivering documents are gone, now are coming dark times where each person needs to have documents to do KYC and be able to trade and pray that the exchange never sell your document. the era of anonymity is coming to an end, at least on the part of using exchange and it won't surprise me if a few years from now also online casinos related to cryptocurrencies start to demand KYC right after account creation

Well, that will eventually happen and I already expected that after I've read enough news about government after government cracking down crypto related activities.
Binance is already in trouble. So, I guess they have left with no choice but to comply what the authorities wants them to do.
Exchanges will become an outlet for the government to put taxes and regulate Bitcoin and other crypto.

I have been KYC verified in Binance btw. So, I don't really bugged by this sudden announcement.
I don't think they'll sell any info unless their system get infiltrated by the cyber criminals.

[ultrloa]

those old days where a person could create an account on an exchange and trade smoothly without having to run the risk of delivering documents are gone, now are coming dark times where each person needs to have documents to do KYC and be able to trade and pray that the exchange never sell your document. the era of anonymity is coming to an end, at least on the part of using exchange and it won't surprise me if a few years from now also online casinos related to cryptocurrencies start to demand KYC right after account creation

Well, that will eventually happen and I already expected that after I've read enough news about government after government cracking down crypto related activities.
Binance is already in trouble. So, I guess they have left with no choice but to comply what the authorities wants them to do.
Exchanges will become an outlet for the government to put taxes and regulate Bitcoin and other crypto.

I have been KYC verified in Binance btw. So, I don't really bugged by this sudden announcement.
I don't think they'll sell any info unless their system get infiltrated by the cyber criminals.

Crypto is now on the limelight so expect that government will interfere since for sure they see the potential to gain millions or even billions if they can regulate it, so expect that this scenario will happen since this is part of legalizing of their platform. And I don't feel worried about that since knowing binance is a good platform that's why I didn't think twice to do it compare to other exchange which I really don't know if they are still good for more longer years.

[SquirrelJulietGarden]

I have been KYC verified in Binance btw. So, I don't really bugged by this sudden announcement.
I don't think they'll sell any info unless their system get infiltrated by the cyber criminals.

You can not say they will never do anything. Any staff, former staff from Binance can sell data to other companies. It is not strange in life. The best way to not lose your private information is not to do KYC.

However, with more regulations from governments, like what we see with Binance, they can not ignore pressure from many nations. At the end, they take care of the company first, not customer first.

Crypto is now on the limelight so expect that government will interfere since for sure they see the potential to gain millions or even billions if they can regulate it, so expect that this scenario will happen since this is part of legalizing of their platform. And I don't feel worried about that since knowing binance is a good platform that's why I didn't think twice to do it compare to other exchange which I really don't know if they are still good for more longer years.

It happens when Binance become bigger and dominates the market. It happens when big social media like Facebook or Twitter, or Amazon dominates market and have huge impact in society. Governments will make more pressure to control those companies as much as they can.

[Rigon]

Pass your KYC verification when setting up your account on any exchange. Because if you have a problem later, you can solve both problems quickly. KYC will pass Google verification.If you pass the intermediate verification, your account will be saved fairly. Moreover, if you do not pass the KYC, your ID may be damaged later. So keep passing as far as you can.

[omone1]

This is where DEX will play a major role in safeguarding identities. It's good we can offchain trade bitcoin, ethereum, USDT, USDC and other many coins. This way we can limit our usage of CEX. 80% of my crypto asset are in my private wallet. I hope the government don't come hard on some DEx like what they did to Idex, today Idex gets less users when compared to Uniswap, Sushi, pancakeswap and other leading DEX.

[Abiky]

All Binance users are now subject to immediate KYC verification


those old days where a person could create an account on an exchange and trade smoothly without having to run the risk of delivering documents are gone, now are coming dark times where each person needs to have documents to do KYC and be able to trade and pray that the exchange never sell your document. the era of anonymity is coming to an end, at least on the part of using exchange and it won't surprise me if a few years from now also online casinos related to cryptocurrencies start to demand KYC right after account creation

That sucks. Forcing KYC makes crypto exchanges no different than traditional brokers in the stocks world. This defeats the whole purpose of crypto/Blockchain tech. There's nothing we can do about this, since governments want a piece of the pie. Centralized exchanges will be forced to play the game, or face serious consequences in the long run. This is going to be a pain in the head for newcomers into Binance. The only ones able to trade on Binance without KYC would be old customers (although there are some limits you'd have to deal with). People that are new and want to preserve their anonymity might want to look elsewhere.

As long as decentralized exchanges exist, we won't have to worry about dealing with KYC. There are plenty of options available to make your life easier. I guess atomic swaps and decentralized exchanges will gain traction the more centralized exchanges force KYC. It'll be a win for crypto/Blockchain tech, as it puts governments' efforts in vain. Just my thoughts