KYC matter?

[The Future]

What are the repercussions of failing to complete KYC on an exchange?

[tranthidung]

What are the repercussions of failing to complete KYC on an exchange?

If you have yet deposited any cryptocurrency to your account on that exchange, nothing is serious because you won't lose any cryptocurrency there.

If you already deposited cryptocurrency into your account, you will lose your cryptocurrency if they reject or you fail to complete KYC with more attempts later.

One more risk, after you submit your documents for KYC, you lose those documents to that exchange or any third-party entity that is responsible for KYC verification.

• Why KYC is extremely dangerous – and useless

[$crypto$]

You will not be able to withdraw the balance there or any other features. There are some exchanges that before depositing the balance must complete KYC verification but some are not but at the end when withdrawing KYC it is very mandatory to verify.

I think there are still No-KYC exchanges and from some exchanges you can use. No-KYC Exchange Encyclopedia

[Oshosondy]

What are the repercussions of failing to complete KYC on an exchange?

What I will let you know is that you should not think that because of KYC that you can not be scammed. You can be scammed.

KYC do not let you have privacy. That is the main disadvantage.

If you have yet deposited any cryptocurrency to your account on that exchange, nothing is serious because you won't lose any cryptocurrency there.

If you already deposited cryptocurrency into your account, you will lose your cryptocurrency if they reject or you fail to complete KYC with more attempts later.

It is good to point to the fact that people should not leave coins on exchanges because any exchange can be hacked and because the person do not have complete control over his coins.

[tranthidung]

It is good to point to the fact that people should not leave coins on exchanges because any exchange can be hacked and because the person do not have complete control over his coins.

To the point

• Reminder: do not keep your money in online accounts

But as I shared my thinking, you lose more than on just your cryptocurrency when you KYC and that exchange turns to scam. Scam exchanges double scam you by: stealing your cryptocurrency; stealing your KYC document.

[logfiles]

What are the repercussions of failing to complete KYC on an exchange?

It depends on what kind of exchange you use and why the asked you for KYC

1. Some exchanges ask for users to undergo KYC verification so that they can hold onto their funds. Should you pass the KYC, they may ask for other new requirements from you. Should you fail the KYC, they will lock your account and keep the funds. This behaviour is common with scam exchanges like HitBTC

2. Other exchanges just let you withdraw the money out of your account should you fail their KYC verification. They then lock your account, and you won't be able to use any of their products. This happens at times in exchanges like Binance.

3. Certain circumstances such as suspicious transactions or as requested by law enforcement that your account is frozen and investigated. They may ask for KYC but won't release your funds until you pass KYC verification.

[rhomelmabini]

What are the repercussions of failing to complete KYC on an exchange?

I think you'd have more idea if you'll read that exchange's specific terms and conditions in regards to a fail KYC. As far as I know they may have similarities but I guess it will differ and vary per your residency I guess something like that.

[goaldigger]

What are the repercussions of failing to complete KYC on an exchange?

Some exchange will restrict you from trading though you can still withdraw the money.
Just like in Binance, they recently asked for another KYC to update their data and if you will not comply you can trade anymore not until you submit the requested details.
KYC seems to be more big deal now, as many platforms strictly implements this for the protection of the platform and of course the user as well.

[Pandu Geddon]

What are the repercussions of failing to complete KYC on an exchange?

If you fail to do KYC on the exchange, usually they will ask you to complete the missing parts or fail. some exchanges define several stages of KYC, and if you fail at one you can repeat it. and usually the exchange provides a description of the reason for the failure. such as a document photo that is not clear, you can repeat it.

the impact is clear when it comes to withdrawals. If you have already made a deposit, of course you have to complete KYC to be able to make a withdrawal.

[Beparanf]

What are the repercussions of failing to complete KYC on an exchange?

It matters because KYC is the only documents required to regulate users by the law. Without it, An exchange can’t get their license to operate on most countries or they might breaking the law since most country is now regulating crypto exchange unlike before that government doesn’t cares about crypto trading.

Repercussion is you might not recover your funds without undergoing KYC. Read the terms of exchange always.

[Fivestar4everMVP]

What are the repercussions of failing to complete KYC on an exchange?

From my own personal experience so far, I do not see any repercussions aside the fact that you don't get to enjoy the freedom that comes with being able to withdraw significant amount of money on daily basis.

There are some exchanges that allow withdrawal up to $1000 per day maximum for non verified users, while verified  users can withdraw up to $50,000 to $100,000 dollars or even more..

If you are a money bag trading on the high side, then it's advisable to verify your account to enjoy high limit.

And let me not forget to mention that there are even some exchanges where they won't allow you to make a deposit without verifications, and some also allow you to deposit,  but won't allow you to withdraw without verifications..

Most exchanges won't also allow you to trade in the futures/margin market without kyc verification, and if you are a p2p trader, some big exchanges won't also allow you to trade p2p  with other users without passing kyc verification.

[aylabadia05]

What are the repercussions of failing to complete KYC on an exchange?

Cannot make transactions because to be able to transact at Exchange must complete KYC correctly.
No need to panic if you fail to finish KYC in the exchange that you want to use because there is still an exchange that does not need KYC for their users.

Re: KYC matter?

KYC is useful as a principle to get to know users because it involves personal identity as its definition. For individuals who do not want personal identity to be scattered with fear of abuse, then KYC is very important not to be given.
Enthusiastic KYC, for me it is very important not to be shared carelessly.

Consider.

[AnonBitCoiner]

What are the repercussions of failing to complete KYC on an exchange?

You have asked general question and did not mentioned any specific exchange so there are three type of exchanges as far as i know. The first one that requires kyc for any function you want to use like Deposit/trade/withdraw. If you fail to complete KYC then you can just overview exchange and you cannot do any operation like Binance/probit and many other exchanges

some exchange will let you use the exchange without KYC and you can deposit/trade and withdraw but there will be some limitations like daily withdrawal limits, fee and also you will not be able to use P2P and participating in new token sales/staking. Bitget, bybit and some other non kyc exchange have these feature. These exchanges can anytime ask for KYC if technical team found any fraud or abnormal funding.

Third type of exchange where you can deposit without kyc and also trade but for withdraw your fund you have to pass kyc otherwise you will loss your funds like bitmart exchange.

[Yamane_Keto]

What are the repercussions of failing to complete KYC on an exchange?

Your access to some services will be restricted, or your account may be restricted and deleted after several weeks to months according to what is stated in the terms of service, but in most cases there are certain restrictions on deposits and withdrawals and restrictions on conducting trading, and sometimes you cannot do anything without KYC.

All central exchanges are KYC by default, but the nature of the restrictions varies. Some allow you to do everything within 10 Bitcoin per day, and some restrict your access to everything.

[Faisal2202]

What are the repercussions of failing to complete KYC on an exchange?

If you will not complete the KYC then you can not use the full features of those exchanges. For example, most of the exchanges ask for KYC if you need to use P2P trading. But few ask for it. The point is that if you do not provide KYC, you will not be tagged as a spammer or something like that because you can still use the platform or exchange with no restrictions.

By restriction, I mean that you can wander here and there but might not use the features. Besides these, there are no legal investigations that will take place against you if you do not do KYC. It is optional, but as you have asked this question, Many will suggest you not perform KYC, and I will also suggest the same.

Because by doing KYC you are handing over all of your documents to these exchanges and who knows what they will do with these details and another thing is you will lose the anonymity factor. So, the following thread by Ratimov is the best thread for you to read out to understand the importance of KYC, and after reading that thread, you will learn whether KYC is important or not.
https://bitcointalk.org/index.php?topic=5456199.msg62398807#msg62398807

[terrific]

What are the repercussions of failing to complete KYC on an exchange?

Not that much because you'll have to go through the process again. Unless you've got an unjustifiable amount on them and you're asked to comply, you'll have hard time if you fail so.
Because if you have provided them already with your kyc and then you are not truthful to it, that's going to make them more doubtful to your identity and could lead to the freezing of your funds until you're all clear to them.

[michellee]

The repercussion of failing to complete KYC on the exchange is that you must repeat it until successful. You can ask for help from the support service to help you until the process is successful.

If you delay completing KYC, you cannot use all the features on the exchange because it requires KYC verification. Usually, you are only allowed to deposit assets without being able to be traded. And you should not do that because you have not done KYC.

Regarding your question of whether KYC is important or not, I think it depends on you. If you want to trade on an exchange, you must comply with its regulations. But you can also use decentralized exchanges where you don't need to do KYC. But you need to find the decentralized exchange you want.

[ZAINmalik75]

What are the repercussions of failing to complete KYC on an exchange?

In some exchanges KYC matter while in some it does not matter. like in centralized exchange i.e. Binance, Coinbase etc. you have to provide KYC and after getting approval you could use all the features and you can see the amount of deposit, withdrawals will be increased too. Many exchanges provide the option of P2P with KYC and if you would provide KYC then you will be able to use all those features plus there might be more features based on the platform one is using.

Short answer to your short query is, if you do not provide KYC then you have to face no repercussions instead you might not be able to use the features about which I just talked about.

If you are new to crypto sphere then it is best for you to avoid providing KYC because there many other options available to sell, buy etc. the BTC. I am saying it because once you linked your personal life with your crypto life the. It will become difficult for you to unsee it all. I hope my answer might of some help to you. 4

[armanda90]

You not ability for withdrawing fund in your exchange account if not success verifying or KYC, its huge repercussions when your exchange account are failing for completing KYC. But all exchange give many chance for reuploading document and verifying again until success and all document uploaded success to make account full verifying. Be careful with exchange required with KYC for depositing fund, when failing to complete KYC not ability for withdrawing back your fund have been deposited.

You can check on other board about exchange are required with KYC or not to protect with fund keep safety although your account are failing to complete KYC.

[salad daging]

You will have to repeat yourself and provide the documents you need in full and with clear images that are not blurry.

As Kucoin recently sent an email to users who have not yet done so there is an important note below if you experience problems related to KYC verification you can contact support or representatives of the official channel, this will also be helped by them.

What others are stating, Exchanges that apply KYC and you do not do it all features cannot be used.
KYC is now a required procedure due to their regulations if you oppose you cannot use it fully.

The best solution is to choose an exchange that has not fully implemented KYC.