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[jrrsparkles]

Another one down, Huh!
So what I said is getting one more step closer to becoming real.

I bet there will be no centralized exchange that will operate with a tag name of No-KYC before 2024.

Any chances for Huobi Global to face the same restrictions very sooner? Cause it is the most reputed exchange which still offers No-KYC withdrawal limits but wonders how they are left out when the recent exchanges are forced to do it.

[tabas]

I think we're all seeing the pattern from all of these centralized exchanges. Starting from a long overhaul from Binance and Kucoin and to the new ones that are starting to gain traction in the community. If there will be some exchange that starts to become popular and offers some limits for their no-kyc accounts, it won't be a surprising thing anymore if they will start to update their terms and will also reason out that every customer needs to comply based on the regulations set on them by the government.

Another one down, Huh!
So what I said is getting one more step closer to becoming real.

I bet there will be no centralized exchange that will operate with a tag name of No-KYC before 2024.

There will still be some but they'll change their terms just like this one or we will never see one anymore.

[Abu-Naim]

Alternatives to exchanges without KYC can be found in my topic: No-KYC Exchange Encyclopedia, new options are published there almost every day.

Thank you for the update @Ratimov. My only problem with these exchanges is that they will be claiming that completing your KYC will increase the security of your funds in the exchange please how is this possible?

[Darker45]

Alternatives to exchanges without KYC can be found in my topic: No-KYC Exchange Encyclopedia, new options are published there almost every day.

Thank you for the update @Ratimov. My only problem with these exchanges is that they will be claiming that completing your KYC will increase the security of your funds in the exchange please how is this possible?

I guess this is a question better raised to OKX itself. I assume OP isn't in any official way connected to OKX.

Anyway, I think this isn't so much about your funds' security as it is about compliance with regulatory policies and laws. They're left with no choice. To be fair, however, it somehow adds to the security of your funds because your account is now connected to a particular name, face, address, phone number, and so on such that whenever there is a suspicious activity going on they could temporarily freeze the funds therein or certain functions pending identity confirmation. If it doesn't match, then they won't provide access. It has its pros and cons, of course.

[bbc.reporter]

Any chances for Huobi Global to face the same restrictions very sooner? Cause it is the most reputed exchange which still offers No-KYC withdrawal limits but wonders how they are left out when the recent exchanges are forced to do it.

It all depends on how much the exchange wants to scale its business. If the exchange wants to get more and more licenses and open its representative offices in other regions, then they will follow the path that KuCoin, ByBit, Bitget, OKX, etc. have now chosen . I think that it is this factor that is pushing the major exchanges to change their conditions.

This is the reality we are witnessing. These implementations of KYC are more for the purpose of being compliant with the regulators than for wanting to impose something invasive on their customers. If the exchanges can follow their own rules, there would be no KYC. However, no KYC attracts the criminals which will also attract the government. It is certainly much better to comply and avoid the government's eye hehehe.

[Abu-Naim]

I guess this is a question better raised to OKX itself. I assume OP isn't in any official way connected to OKX.

The question was generally for almost all centralized exchanges that do demand personal details in the name of KYC, not just OKX, because that is what they always said.
 

Anyway, I think this isn't so much about your funds' security as it is about compliance with regulatory policies and laws. They're left with no choice. To be fair, however, it somehow adds to the security of your funds because your account is now connected to a particular name, face, address, phone number, and so on such that whenever there is a suspicious activity going on they could temporarily freeze the funds therein or certain functions pending identity confirmation. If it doesn't match, then they won't provide access. It has its pros and cons, of course.

I understand your explanation now, and my question has been answered.
The disadvantage here now is that after submitting all these details on KYC, they will fully control your funds, and there is no guarantee of getting your funds back if the exchange is hacked or if something happens to the exchange.

[Potato Chips]

Thanks for the update.

Everything is going as predicted. I'm just hoping for a smooth offboarding for people who wouldn't plan on going through KYC.

Honestly, they fell short when they implemented the $5K lifetime limit but since this is mandatory KYC we're talking about, I'm hoping for an adequate communication + ample amount of time for people to withdraw similar to what other exchanges did.

I'm most curious if the lifetime withdrawal limit for unverifieds will be lifted when this comes thru? guess we'll find out soon.

[bbc.reporter]

My only problem with these exchanges is that they will be claiming that completing your KYC will increase the security of your funds in the exchange please how is this possible?

The funny thing about all this is that KYC does not create increased security for the client, but rather creates increased danger. After uploading your documents, you now have many new risks:

- hacking the exchange and leaking your personal data to the darknet
- subsequent use of your personal data in various services for forging documents (in the event that data leaks from the exchange)
- persecution by the government (for example, by the tax service), since exchanges work closely with governments and transfer all data on their clients to them.

Therefore, all these stories about improving security are just beautiful words to make you reveal your identity, and the exchange itself will simplify and facilitate the work of its business so that various regulators do not create problems for them.

Agreed. Also, this invasive practice is also something similar to a tax on the user. The implementation of KYC for some services can be costly and as a business practice, all of these expenses are always passed on to the customers. However, if we are to live in reality, for us small minnows KYC is a burden but for whales who want to withdraw $1 million through bank transfer from an exchange, it is a responsibility.

[Saint-loup]

Agreed. Also, this invasive practice is also something similar to a tax on the user. The implementation of KYC for some services can be costly and as a business practice, all of these expenses are always passed on to the customers. However, if we are to live in reality, for us small minnows KYC is a burden but for whales who want to withdraw $1 million through bank transfer from an exchange, it is a responsibility.

Well, I agree with you the implementation of KYC can be costly for some exchanges, but only for the honest ones IMO. The honest ones are those that let you withdraw your assets from your account if you don't want to fulfill their KYC requirements (like what Binance is doing for example), but they are a minority. For all the others, the dishonest ones, it's an easy way to legally steal a huge amount of money from their customers. For example Hotbit recently revealed they still hold at least 16 million USD of unclaimed assets.

[EarnOnVictor]

OKX has finally introduced KYC for all users. Now, when registering a new account, or using an old account, it is impossible to do anything without verification, not even a deposit:

Previously there were intermediate levels of verification, but now it all looks like this:

Now this is a single level for everyone, upon completion of which a daily limit of $10,000,000 is issued.

I knew we were still coming here, initially, it was discrepancies among countries where some countries were mandated to do their KYC but other countries would not know since they were not routed through the same server. In my country, you can open an account and continue using it with a limited amount which I can't remember again as I avoided OKX then.

Personally, I don't have issues completing my KYC since I've been doing KYC before crypto, and as a matter of fact, I complete it immediately upon opening an account before making my first deposit. This is standard practice as these companies are registered and I'm sure that AML fighters at home and abroad will be on their neck.

Thanks for the info!

[EarnOnVictor]

In my country, you can open an account and continue using it with a limited amount which I can't remember again as I avoided OKX then.

This is impossible, I spoke with the exchange support yesterday, they confirmed that starting September 5, all accounts are gradually switching to mandatory KYC. You can check again by trying to register a new account and I'm sure there will be KYC there.

I never disputed the information you shared and I'm no longer conversant with anything happening in OKX anymore. I was referring to what happened back then, maybe 1-2.5 years back, not now.

Some countries had more privileges than others with the exchange, which was what I pointed out. Thanks for the info once again!