Maslate
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September 05, 2023, 12:40:45 PM |
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Privacy is important when it comes to Cryptocurrency, so why do exchanges like Bitget require KYC (Know Your Customer) for all users, even those who only want to get airdrops? I thought KYC should be for those transacting many Bitcoins, Is it really necessary for everyone?
Most exchanges require KYC. If an exchange is operating legally, you can expect that they will require you to complete KYC verification when creating your account, regardless of the purpose. Although it's just an airdrop, they want to prevent abuse. It's not entirely free; they give it with the expectation of some return, possibly to attract more exchange users. It's a take-it-or-leave-it situation: either you comply, or you won't get a chance to participate in an airdrop.
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Wend
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September 05, 2023, 12:46:55 PM |
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Privacy is important to users, but to centralized exchanges, they are like a company and they need to comply with the law if they want to stay in business. Furthermore, KYC also has advantages such as avoiding fraud, money laundering, hacking...KYC has many benefits. But what people fear is whether our identities are really protected by exchanges or if they are using them illegally. Everything has pros and cons and depending on each person's preference we choose CEX or DEX.
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Jawhead999
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September 05, 2023, 01:01:14 PM |
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Nope, privacy is pointless in cryptocurrency because most of cryptocurrency are centralized and not open source. Only few cryptocurrency that care with privacy, one of them is Bitcoin. Since not all people are care with privacy too and these big CEX get pressured by government to enable KYC mandatory rule, they have no choice.
Let's imagine you're the founder of a big CEX and SEC force you to enable KYC rule, will you choose to enable KYC rule or shut down your exchange?
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avikz
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September 05, 2023, 01:15:22 PM |
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Privacy is important when it comes to Cryptocurrency, so why do exchanges like Bitget require KYC (Know Your Customer) for all users, even those who only want to get airdrops? I thought KYC should be for those transacting many Bitcoins, Is it really necessary for everyone?
Centralized exchanges are registered businesses. So they have to follow a certain level of compliance in order to operate. All over the world, KYC is a mandatory compliance for a business operating in financial field. Also it is very important to comply with the local and international anti-money laundering law. That's why every centralized exchanges have made KYC compulsory. If you want to avoid KYC, use DEX or swap services. There are multiple options available.
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Altcoiner007 (OP)
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September 05, 2023, 01:37:55 PM |
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Every day more and more countries are implementing regulations related to cryptocurrency exchanges they need to adapt to these regulations and comply with anti-money laundering and counter-terrorism financing laws, which require the verification their users' identity, not to mention KYC procedures also prevent ecxhanges from being used for illegal activities such as frauds and scams. Also implementing hard KYC requirements makes exchanges gain trust to the eyes of regulators and authorities. Lastly regarding the airdrops purposes : implementing KYC prevents airdrop abusers who creates multiple accounts to get a bigger share of the drop.
So exchanges requiring KYC are operating legally. Cool. That's understandable.Talking about airdrop hunters. I bet you're right. Multiple accounts to earn more rewards than normal .
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icalical
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September 05, 2023, 01:56:51 PM |
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Most of the centralized exchange are subjected to the government regulations, some of the regulation including preventing money laundering. Some users of the exchange might deposit some money that are gained with illegal activity, and then swapping those 'illegal' money to the clean money that are circulating on the exchange, by using KYC government can track if some illegal money from a certain person are deposited into the CEX.
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KiaKia
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September 05, 2023, 01:59:37 PM |
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Privacy is important when it comes to Cryptocurrency, so why do exchanges like Bitget require KYC (Know Your Customer) for all users, even those who only want to get airdrops? I thought KYC should be for those transacting many Bitcoins, Is it really necessary for everyone?
You want to get airdrops from Bitget? You need to hold some certain amount of BGB token which is the native token of Bitget exchange. Bitget exchange is a centralized exchange and it has nothing to do with privacy, it's users risk for moving their coins from their crypto wallet and send into any exchanges crypto address, if privacy is very important to you all you need to do is to avoid all the centralized exchanges and find a decentralized exchanges. I think you need to know the meaning of Centralization, this will clear all your confusion about why centralized exchanges need to ask for KYC from their users, everything that's centralized must go with KYC mandatory, it's important to keep their business neat from the government's wrath.
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GeorgeJohn
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September 05, 2023, 02:04:55 PM |
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Privacy is important when it comes to Cryptocurrency, so why do exchanges like Bitget require KYC (Know Your Customer) for all users, even those who only want to get airdrops? I thought KYC should be for those transacting many Bitcoins, Is it really necessary for everyone?
Many exchange doesn't allow not have been done your verification with them, the objectives of exchange even some of the gambling platforms to emphasize very much in KYC verification is that they want have your documents and ensure its real because of scam, most especially exchanges need to be proactive in KYC verification so that someone will not commit a scam crime and go Scott free, the major reason while KYC is needed is to know you as a customer from the beginning to end, should Incase if their is a necessary case that requires your documents they can attest that they know you quit well.
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Juse14
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Duelbits
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September 05, 2023, 02:07:13 PM |
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The simple answer is, why does the government impose regulations on centralized exchanges to enforce KYC, I think that is enough to answer your question, if it comes to privacy or anonymity it is indeed very important for everyone in general, but what can you do, the government enforces this also for security so that it requires exchanges to enforce KYC, if they were not required to enforce KYC I think they (CEX) would not do it considering that there are so many users who are against KYC for various reasons.
But don't worry, there are still many exchanges that don't require KYC, you can still find them.
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Blitzboy
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September 05, 2023, 02:30:55 PM |
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KYC checks whether the user is authentic, not how much money is transferred. Even though crypto privacy is vital, exchanges combine traditional banking with decentralized crypto. Those in charge. They want to limit money transfers, terrorist funding, and tax evasion. They must be able to face every exchange. KYC follows.
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Mpamaegbu
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Crypto Casino and Sportsbook
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September 05, 2023, 02:31:31 PM |
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KYC is not mandatory in all centralized exchanges.
I don't want to believe there's truly a Cex that won't in the actual sense call for KYC. It might take a while to ask but it will definitely come up later. It was the same way with Binance when it launched in 2017. KYC free and all that (even no commission, trading) on Binance until at some point it became mandatory for its subscribers to do before they could make withdrawals. I know it's not solely the making of these exchanges but the regulations they've to face and comply with from monitoring bodies and government agencies.
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salad daging
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September 05, 2023, 02:31:47 PM |
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Got an email reply from Bitget about the rules that apply now KYC will start October 1 so users are still free now to make withdrawals without KYC.
This is already a legal regulation and many others have explained so you should not be surprised however an exchange will definitely implement a KYC system for all users and you should know that this applies to all its customers not certain users with large transaction amounts.
As for preventing other things, it makes sense, especially if it's a centralized exchange there must be more control so it won't be private anymore.
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Joseph-P
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September 05, 2023, 03:02:10 PM |
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Nope, privacy is pointless in cryptocurrency because most of cryptocurrency are centralized and not open source. Only few cryptocurrency that care with privacy, one of them is Bitcoin. Since not all people are care with privacy too and these big CEX get pressured by government to enable KYC mandatory rule, they have no choice.
Let's imagine you're the founder of a big CEX and SEC force you to enable KYC rule, will you choose to enable KYC rule or shut down your exchange?
So are you entire denying the fact that KYC enhances security? I dont agree with you that exchanges implement it due to government pressure. Many have implemented it solely because of security issues as opposed to what you claim ser
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Chibaba
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September 05, 2023, 03:10:22 PM |
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Bitget has been doing such policy changes for sometime now. A few months back, for upto 50k, KYC was not mandatory. Then a few days back they again changed their policy and made KYC mandatory for every user.
I feel they are using KYC as an instrument to get new users. Earlier they had a signature campaign in the forum when they relaxed the KYC norm. I guess as soon as they hit a target of a certain number of users they abruptly closed the campaign and again made KYC mandatory.
CEX as they are centralized are know to use such kind of marketing tricks to gain new users. I remember Bitget relaxed KYC as soon as Kucoin implemented mandatory KYC. It is how churning of users are done by CEX like Bitget. It is better to use a DEX if you are someone who doesn't like going through KYC and please stay away from airdrops. They are a big waste of time after 2019.
I think policy flexibility isn't out of place if the policy is user's centric; besides crypto industry is fast evolving such that healthy competition should be a welcome development and I think their recent yield to mandatory KYC (at least level 1) should be borne out of popular demand particularly from user resident in the highly regulated areas. I also cant relegate the use of DEX cos tbh I use it occasionally but its complexity, inability and difficulty in recovery of password and seed phrases is a huge concern, not to mention the extra cost for gas fee and its complex UI. Let's embrace KYC mate cos it comes with huge benefits
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Ojima-ojo
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September 05, 2023, 03:13:28 PM |
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Privacy is important when it comes to Cryptocurrency, so why do exchanges like Bitget require KYC (Know Your Customer) for all users, even those who only want to get airdrops? I thought KYC should be for those transacting many Bitcoins, Is it really necessary for everyone?
Centralized exchange will always require KYC this is a regulatory demand and not exchange in reality, exchange is out for business but to get licensed, an exchange will need to comply with some set of rules and requirements that the exchange must comply with before there are issued a license, and for that we must have to come to term with the fact that even though Bitcoin is decentralized still some of it services are highly centralized such as exchanges and other BTC payment gateways that we have and providing services for Bitcoin users. The only exit from such demand if you have high value for privacy is to use only decentralized exchanges anytime you want to exchange your Bitcoin, if not keep holding your Bitcoin in your wallet that is the best safety and privacy measures
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Zlantann
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September 05, 2023, 03:29:25 PM |
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Privacy is important to users, but to centralized exchanges, they are like a company and they need to comply with the law if they want to stay in business. Furthermore, KYC also has advantages such as avoiding fraud, money laundering, hacking...KYC has many benefits. But what people fear is whether our identities are really protected by exchanges or if they are using them illegally. Everything has pros and cons and depending on each person's preference we choose CEX or DEX.
The fear is that customer personal information can be stolen or sold to scammers or other businesses. This information is also prone to hacks that can have some negative consequences. There are also cases where employees of the CEX platform leak client's data to the public, so they cannot be trusted. DEX will always be a good option regardless of the benefit most CEX claim to offer. Most of the centralized exchange are subjected to the government regulations, some of the regulation including preventing money laundering. Some users of the exchange might deposit some money that are gained with illegal activity, and then swapping those 'illegal' money to the clean money that are circulating on the exchange, by using KYC government can track if some illegal money from a certain person are deposited into the CEX.
They have to either abide by these regulations or face severe sanctions. Government policies are also dynamic which means that these CEX will have to change their policies periodically. CEX users are always encouraged to go through their terms of service to be aware of current developments.
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Cookdata
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September 05, 2023, 03:43:44 PM |
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Privacy is important when it comes to Cryptocurrency, so why do exchanges like Bitget require KYC (Know Your Customer) for all users, even those who only want to get airdrops? I thought KYC should be for those transacting many Bitcoins, Is it really necessary for everyone?
Centralized exchanges are group of organization that are making money for their own purpose by providing a centralized platform fr people to trade their coins together but government think that it's not all coins with value that are actually legit, they could be stolen from another since majority of them is pseudonyms and tracking will be something they can't overcome. Hence, they introduced an element call anti money laundering/know your customer( AML/KYC) just to know who deposit and who withdraw coins from these platforms and tracking becomes less stressful for them but this is at the cost of intruding ones privacy, it's even against the standard of bitcoin. Some of these centralized exchanges also have the habit of selling people's documents and identification to the wrong people where they sell data for money and this ID are been resold to the bad actors which they used to carryout bad things. You don't want to wake up and found out that your pictures is everywhere with Bounty for wanted for criminal activity. KYC isn't a good thing to trust.
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Altcoiner007 (OP)
Jr. Member
Offline
Activity: 240
Merit: 1
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September 05, 2023, 04:04:18 PM |
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Privacy is important when it comes to Cryptocurrency, so why do exchanges like Bitget require KYC (Know Your Customer) for all users, even those who only want to get airdrops? I thought KYC should be for those transacting many Bitcoins, Is it really necessary for everyone?
Because of regulation. If they want to target global crowd especially on US or strict countries they need to pass some requirements that can make their business legitimate and it includes KYC to their costumers. But if the CEX doesn't care much about global markets and target only certain areas where law is not much strict as first world countries have then some of them doesn't require KYC. Although its good not to submit KYC but you also need to know or consider the risk since its more risky if there's no government regulate those exchange. This makes it real clear now. I just read they're operational in 60 countries spaning across USA, Canada, Australia, Europe, Korea, Japan, LATAM, India, South East Asia, Africa. Since it is a legal requirements for them to be allowed operation in those countries, I see it's a needed enforcement.
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348Judah
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September 05, 2023, 04:04:23 PM |
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Privacy is important when it comes to Cryptocurrency, so why do exchanges like Bitget require KYC (Know Your Customer) for all users, even those who only want to get airdrops? I thought KYC should be for those transacting many Bitcoins, Is it really necessary for everyone?
Bitget is a centralized exchage that does not require for kyc before, but now they have started to request for such and according to how i heard, it is when you're withdrawing a particular amount of money that they subject you to kyc, but we cannot be sure if we are not reading their policy first as they would have effect a change on their ToS, so being a user, i will advise you to revisit their platform and read their terms and conditions as stated, if you're still using ba centralized exchange, know that you're not 100% free from kyc, the request may come in anytime.
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goldkingcoiner
Legendary
Offline
Activity: 2156
Merit: 1923
Verified Bitcoin Hodler
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September 05, 2023, 06:26:02 PM Last edit: September 05, 2023, 07:49:53 PM by goldkingcoiner |
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Privacy is important when it comes to Cryptocurrency, so why do exchanges like Bitget require KYC (Know Your Customer) for all users, even those who only want to get airdrops? I thought KYC should be for those transacting many Bitcoins, Is it really necessary for everyone?
Its the law. Or rather it is simply the exchanges following government regulations so that in a legal case, they are not the ones held responsible. Because they could lose a lot of money and the owners might end up in prison if they were at fault for say, terrorist money laundering schemes. Which I imagine is one of the worst case scenarios but it is a life- and business ruining event. Obviously the exchange owners do not want that. They would rather keep doing business. But the real reason why CEXes follow the regulations is because they are all centralized and the government knows who to hold responsible. I doubt the owners care about forcing people to do KYC or stopping certain countries from trading on their platforms.
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