Is there interested in a no KYC exchange.

[ice18]

Round 2 after huge susses with cripto // debit i wanted to dust off an old plan.

We were building a (centralized) exchange that runs on Binance liquidity which allow user to trade free without any limits and KYC.

If you are just using the liquidity of another CEX exchange then your not fully a cex exchange you are just a liquidity aggregator and I dont think Binance will let you use their exchange service with no fees, api I know have some user limitations. 

[nhaila]

Round 2 after huge susses with cripto // debit i wanted to dust off an old plan.

We were building a (centralized) exchange that runs on Binance liquidity which allow user to trade free without any limits and KYC. I would love to get some feedback and ideas. The exchange is already finished. But there are thousands of exchanges to choice from, and I don't know if here is a big interested in this idea. Love to hear your side.  

Of course KYC ( know your Customers) the best process where an exchange would more trusted. But decentralized exchanges have no kyc process because decentralized exchanges a userbased exchange. I always support kyc based centralized exchanges.

[viananda2525]

Round 2 after huge susses with cripto // debit i wanted to dust off an old plan.

We were building a (centralized) exchange that runs on Binance liquidity which allow user to trade free without any limits and KYC. I would love to get some feedback and ideas. The exchange is already finished. But there are thousands of exchanges to choice from, and I don't know if here is a big interested in this idea. Love to hear your side.  

Of course KYC ( know your Customers) the best process where an exchange would more trusted. But decentralized exchanges have no kyc process because decentralized exchanges a userbased exchange. I always support kyc based centralized exchanges.

passing kyc request at centralized exchanges will help our account recovery if someday we face problem. its will prove ownership to assets in our account, if compare with non KYC account, there is differences in withdrawl limit. as verified account has bigger limit, so when our assets growth alot we have no problem here. decentralized exchanges actually correlated with decentralized exchange when we want to withdrawl our crypto into fiat. so far no decentralized facilitate this feature.

[GreatArkansas]

Decentralized Exchange is the key here if you know guys, there are already a lot of Decentralized Exchange (DEX) are now available, especially in another chain (non-Ethereum) so will also get cheap transactions fees.

What I also observed lately is most centralized exchanges (CEX) are starting to implement KYC for every customer, for sure this is also because the government starting to become strict.

[Dollar_Hunter]

Round 2 after huge susses with cripto // debit i wanted to dust off an old plan.

We were building a (centralized) exchange that runs on Binance liquidity which allow user to trade free without any limits and KYC. I would love to get some feedback and ideas. The exchange is already finished. But there are thousands of exchanges to choice from, and I don't know if here is a big interested in this idea. Love to hear your side.  

Of course KYC ( know your Customers) the best process where an exchange would more trusted. But decentralized exchanges have no kyc process because decentralized exchanges a userbased exchange. I always support kyc based centralized exchanges.

I agree with that and to be honest with the existence of KYC it is much more reliable indeed,
although on the other hand the content of KYC is our personal data which will be at risk if someone hacks
but I'm sure that the exchange has a good security system that can protect our personal data

[Cookdata]

Round 2 after huge susses with cripto // debit i wanted to dust off an old plan.

We were building a (centralized) exchange that runs on Binance liquidity which allow user to trade free without any limits and KYC. I would love to get some feedback and ideas. The exchange is already finished. But there are thousands of exchanges to choice from, and I don't know if here is a big interested in this idea. Love to hear your side.  

Did you plan right before the implementation of the exchange? There is no way a user can generate a unique API on Binance exchange without undergoing their mandatory verification exercise, you cannot tap into their liquidity except you are recognized by them.
As an alternative means to achieve this, you may want to check out centralized exchanges like Kucoin and FTX that don't require KYC to some limit but if that become possible, how do you intend to handle law enforcement, some countries are very strict with KYC since some users used that as a route to evade tax.

[Potato Chips]

Are you talking about binance's broker partner program? If so, how do you satisfy this prerequisite when you have not started yet?

Eligibility:

Brokers partners should be an institution with no less than 20,000 users, including but not limited to cryptocurrency aggregation trading platforms, bond dealers or securities brokers, stock trading platforms etc;

[Bitcoin_Arena]

One day an exchange like Binance may block a user's funds and will request for KYC verification before releasing the funds. How will you go about this?

We use Binance internally as an "institution" we are fully KYC/AML verified. User won't interact directly with Binance we only use their "api' for trading and liquidity.

I am looking at it this way. Some shady users realize using your platform does not require KYC. They send in funds from suspicious sources in hope of receiving "clean" funds. Authorities that have been trailing the funds ask binance to block the funds and ask you to prove source of funds (another KYC verification)

1. How are you going to verify the source of funds from unverified users because trust me binance will freeze funds from suspicious transaction if asked by law enforcement authorities?
2. How will you refund the users, since you already claimed to them that they don't need verification to use your platform?

[lalabotax]

nowadays, there are many new DEX in which they need no KYC for all transaction. DEX is always interesting.
but the most important is not on this case,but in your own case. we have many choices of such kind of DEX and they are more reputable than yours. so your homework is to ensure us that you deserve much better, more reputable and also offer more interesting things, such as lower fees, speedier transaction, and other features. and it is also very important to build TRUST
there are so many competitors in this case, so just be ready to join the circle.

[AmoreJaz]

nowadays, there are many new DEX in which they need no KYC for all transaction. DEX is always interesting.
but the most important is not on this case,but in your own case. we have many choices of such kind of DEX and they are more reputable than yours. so your homework is to ensure us that you deserve much better, more reputable and also offer more interesting things, such as lower fees, speedier transaction, and other features. and it is also very important to build TRUST
there are so many competitors in this case, so just be ready to join the circle.

building the credibility is not an overnight task. so if they are sincere in putting up an exchange, even if it is a no-kyc one, people still go to reputable ones even with kyc. so they need to think on how to entice these traders to try out their trading platform without worries of losing their funds. competition is already tough. so they need to think outside the box what feature will give them early credibility. maybe collaborating with known company or personality in this crypto industry will give them added trust.

[tvplus006]

...Love to hear your side.  

I think everyone is interested in an exchange without KYC, but the problem is not in our desires, but in reality. The need for verification is associated with additional functions that are not available without KYC. Obviously, you can only offer trading on the spot market at the moment.

[DoublerHunter]

...Love to hear your side.  

I think everyone is interested in an exchange without KYC, but the problem is not in our desires, but in reality. The need for verification is associated with additional functions that are not available without KYC. Obviously, you can only offer trading on the spot market at the moment.

^ Additionally, since Binance is a centralized exchange it is expected that those who will be tied up with them will also require to comply with a KYC compliance which you will need to enforce if you did not want to stop. This is unrealistic and impossible to happen, which is I believe if Binance is decentralized then also your platform can do the same. Nevertheless, just try out your business, and who knows it will have success soon despite with this possible insight. Good luck with your business anyway.

[Johnyz]

We were building a (centralized) exchange that runs on Binance liquidity which allow user to trade free without any limits and KYC. I would love to get some feedback and ideas. The exchange is already finished. But there are thousands of exchanges to choice from, and I don't know if here is a big interested in this idea. Love to hear your side.  

This mean you already have partnership with Binance that allows you to use a platform to trade free and without KYC?
I wonder how you guys can earn profit if there's no trading fee and there's no limit?

If its already finished then its better to start to market the exchange, many traders want a platform that will not ask for any KYC but of course we still need to confirm if the project is legit, and if the exchange is worth to try before putting big money, you must first gain the trust of the public.

[SaveOurSea]

Many centralized exchanges are currently using KYC as their security and minimize the risk of money laundering,
I have no problem with KYC, in 2017-208 KYC was not important, but as a result many centralized exchanges closed and scam, very sad,
Binance, Coinbase even Kucoin also now have to KYC for users.

[iv4n]

Round 2 after huge susses with cripto // debit i wanted to dust off an old plan.

We were building a (centralized) exchange that runs on Binance liquidity which allow user to trade free without any limits and KYC. I would love to get some feedback and ideas. The exchange is already finished. But there are thousands of exchanges to choice from, and I don't know if here is a big interested in this idea. Love to hear your side.  

You didn't provide a lot of info, but I believe you are thinking something like biswap is? Decentralized/NoKYC exchange built on Binance chain, for every action on the site you need to have BNB in order to complete the action! And except exchange they have a lot of other features like NFTs, staking coins, alts, NFTs, farming or pool staking, really a lot of features!

Well, I like this Biswap project and it's running well for now, so I guess any other similar project can be successful but the competition is hard already!

[taufik123]

exchanges without KYC may be suitable for people who are very concerned about their privacy and do not want to provide their personal data on the exchange to be used.
but is exchange without KYC safe or not?
Because I never used it. So far I use Binance, Kucoin and several local exchanges with KYC and of course there will be guarantees and security on assets and identities.
Don't want to take the risk of using an exchange without KYC or with the latest dual security.

I also use Decentralized Exchanges Like Pancakeswap and some other DEX's and this is also more secure as long as the Private key remains in our control.

[JayTrain]

I am sure that this is for a while, sooner or later regulators will force users to do kyc, if binance recently announced a mandatory kyc check, then other centralized exchanges or brokers are a matter of time, it's better to think about the dex exchange, it's easier there.

[tvplus006]

...We were building a (centralized) exchange that runs on Binance liquidity which allow user to trade free without any limits and KYC...  

What is the reason that you have not published the web address of your new exchange? It would be interesting to see what you can provide to your users other than the absence of KYC. Now there are enough cryptocurrency exchanges that also do not require verification, but already have a good reputation among traders.
 

[stepwilli]

I am sure that this is for a while, sooner or later regulators will force users to do kyc, if binance recently announced a mandatory kyc check, then other centralized exchanges or brokers are a matter of time, it's better to think about the dex exchange, it's easier there.

Many exchanges on the past also started with no kyc until one day they mandate it but that is because cryptos are now getting popular and now in the mainstream but for some new platforms, I think they can start without a kyc and they will never get questioned. Who knows? why can't we just be positive for this one.

We have a decentralized exchange and we are sure that they will never get kyc's but they are not good as the centralized one, this is why centralized exchanges are more in demand than the decentralized one. The op's project seems promising, I like the concept and it is my first time to hear such concept. This could be the next big thing.

[Iadegbola34]

How are you going to run the centralized exchange minus KYC/AML compliance policy. It may look easy to you, but eventually law enforcement authorities are going to catch up with you.

One day and exchange like Binance may block a user's funds and will request for KYC verification before releasing the funds. How will you go about this?

This may seem all viable and cool until there's wide adoption of the exchange. Authorities of different countries from which your users come from might set policies and regulations that would enforce the exchange to use KYC/AML.