KYC matter?

[palle11]

The repercussions are many and not limited to one but the major repercussion that account holders have complained of is that you won't be able to withdraw from that website. Example if it is a casino and you win, if they request KYC you have to do that before you are allowed to withdraw what you have. Some have level 1 verification and you can be limited to perform some other functions but certain winnings require full verification process that you have to upload your documents and picture selfie showing your face.

[Hamza2424]

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

OP here in this crypto space we used to say Your identity is the most important thing, and don't sell it for a few services because the more reliable services are available here at this pace without KYC. taking the most common example of Trading, rather than depositing your funds on a non-custodial wallet for just trading service by the particular platform with a small research about it you can reach out to the Self Custodial System based trading service.

Opting for Know Your Customer (KYC) verification on any platform is a prudent step, but it's equally vital to ensure the platform's authenticity and carefully scrutinize their terms and conditions. Unfortunately, these terms often lean away from the customer's favor, increasing the risk of document and identity theft by unscrupulous platforms.

[Cryptomultiplier]

The repercussion is dependent on the kind of exchange you have opted to use. Some exchange require KYC verification, while there are some that don't require it at all.
It is advised to use an exchange that requires KYC verification inorder to be safer from hackers, scammers and spy bots that can take advantage of loop holes in the normal password account access lock security and gain control to your funds.
For those who require KYC verification like Binance, Bitget, you can only gain access to its trading features and complete successful transactions upon completion and verification of your KYC.

[milewilda]

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

If you do fail on completely up the KYC on certain exchange then they wont really be forcing you out on doing so but you would definitely be that restricted or really be having that limited kind of features on which you could really be able to make use on which it would really be that giving out no other option or choice but to comply on whats been asked specially if you are really that doing some P2P or making out conversions of your coins into fiat which would really be that so normal that you would really be needing to be verified first. Here's my current situation on using up Binance for some couple of years now, my current or the ID that had been used on verifying my account on Binance is already that expiring on which means that they do sent out some notification that i should really be that needing to resubmit an ID which would really be that up to date and since Binance
exchange is really that totally relevant and useful with my crypto journey and transactions then it would really be leaving no choice on your part on which you wont really be minding about complying on whats been asked
for the benefit that you are really that aiming to get on.

[Cantsay]

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

KYC on exchanges is not an universally thing, there are exchanges (centralized exchanges) that you can still carry out your trades without undergoing kYC verification but for some you won’t be able to do anything at all.

For most exchanges that are not that restrictive you can still buy coins with your account, and also with draw to your non-custodial wallet but the only issue is that you may have limit to the amount that you can’t withdraw on a daily basis while some you won’t be able to use P2P (for example Binance).

So depending on the exchange you would prefer to use that’s what will determine if you’ll be limited or not.

[Bananington]

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

KYC on exchanges is not an universally thing, there are exchanges (centralized exchanges) that you can still carry out your trades without undergoing kYC verification but for some you won’t be able to do anything at all.

For most exchanges that are not that restrictive you can still buy coins with your account, and also with draw to your non-custodial wallet but the only issue is that you may have limit to the amount that you can’t withdraw on a daily basis while some you won’t be able to use P2P (for example Binance).

So depending on the exchange you would prefer to use that’s what will determine if you’ll be limited or not.

I do think that KYC verification is quite an integral part to gain the full experience of using the decentralized network. It is beneficial in many ways than one and one thing that stands out is that it is like a trust system. To some point, the reason cryptocurrency has been successful since its launch, is because individual customers have trusted the KYC system for most top exchange to keep their coins safe from hackers and to pair them with unseen persons that would deliver a transaction on time and safely, without financial agencies standing as third party observers for any transactions.

[Aanuoluwatofunmi]

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

You won't be having access to use their services
Restriction will be placed on you from performing some certain functions.
Your funds with them will be hooked and you can't make withdrawals
You will be frustrated to leave but can't leave because of your asset
Your account will be frozen and place under restrictions till you're able to perform kyc.

But if you think it's nit worth it all, then try to withdraw your money from them and look for a no kyc exchage, or corperate with their kyc request,

[jeraldskie11]

You can't be anonymous if you do KYC, in my opinion. So, if a person engaged in fraudulent activities and scams, they can be identified. In other words, it is designed to prevent fraudulent activity. If there is no KYC in ana exchange, I believe that many bot accounts will be created, which is not healthy for the site. Even if we understand the basic goal of the KYC, we are nonetheless at risk because our identity has been exposed to them. In certain occasions, government officials have accused a person of something he did not do, so be careful.

[mvdheuvel1983]

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

Nobody likes to submit KYC documents knowing how evil it is but then most people would prefer to face the risk than use a decentralized exchange.

The repercussions of failing to complete KYC is just like being locked out of your apartment by the apartment owner for failing provide proof that you have paid some taxes or whatever.  In cryptocurrency terms, you can't withdraw your crypto even if want to. This is why it is the first thing you are required to do after signing up on a centralized exchange.

[Issa56]

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

Different exchanges have different rules, but the best thing is just to avoid exchanges that request KYC. Because some exchanges do require KYC before you can perform any activity on the exchange, you won’t be able to make a withdrawal if you don’t complete your KYC. Some exchanges will allow withdrawals, but when you are about to withdraw a specific amount of money, they will ask you to complete your KYC first before your withdrawal will be successful. So just as I said earlier, it’s better to avoid exchanges with KYC if you can because there are lots of risks associated with submitting your KYC to exchange. The exchange can be hacked, and the hackers will steal your identity and use it for illegal activities. Maybe the exchange staff will decide to leak their customers information to scammers, and it can be used for illegal activities. That’s why it’s just better to avoid submitting your identity anyhow.

[harizen]

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

If you primarily use their service, you have no choice but to comply with it.

As part of the regulation, these exchanges have no choice but to follow. Before when centralization wasn't an issue on all crypto exchanges, everyone could transact freely there even without KYC but that's now changed. Don't worry about undergoing KYC on exchange if you really take advantage of their service and it's beneficial to you.

But if you really stand on the no-KYC policy and do have doubts about your privacy, you have no choice but to find a platform that suits your needs.

[Dr.Bitcoin_Strange]

It's simply that you cannot explore all the features on the exchange if KYC has not yet been passed, and there are some exchanges that don't allow you to withdraw unless you have successfully passed KYC. For some exchanges, like p2pb2p, you will need to pass KYC first before you can deposit, but if it's an exchange that allows you to deposit before KYC, you need to be very careful because the repercussions will be that you cannot withdraw your coin again unless you fulfill the KYC requirement. If you are avoiding KYC exchanges, then visit this thread.

[leonair]

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

if you do not complete kyc on exchange but that exchange ask kyc then you will fail to use that exchange. for example if you want to use Binance Exchange then you must have to done KYC. Here is what you can't do without kyc

1. Cannot deposit
2. Cannot Withdraw
3. Cannot use P2P Service
4. Cannot transfer fund by pay id (Binance to Binance)
5. Cannot continue spot trade
6. Cannot continue future trade
Etc....
But many exchangers still allow everything without kyc you can use those exchangers without kyc like Gate.io, MEXC, Bitmart, etc...

[tjtonmoy]

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

I don't think there should be any problem if you fail it one time. You will be asked to re-submit the documents. If you have deposited in that exchange, be sure to withdraw before re-submitting. Because they don't restrict your withdrawal right away after 1-time fail. You should try again after withdrawing.

Now let's talk about multiple failed attempts. Your account will be restricted. You won't be able to withdraw or deposit anymore. Your device and IP could be blocked in order to prevent further account creation. In this case, if your documents are correct and you haven't done anything wrong with them, then you can ask the support and talk with them. You may have to provide live proof and other documents in order to get verified. But if you don't have any assets in that exchange, then forget about it and move on to something different. Some other platform perhaps. It's not worth the hassle IMO.

[adaseb]

You need to becareful keeping any funds on any exchange that you do not plan on KYC in the future.

Generally the good exchanges will warn you ahead of time, its time to KYC and even after the deadline they will always let you withdraw.

However there were certain exchanges in the past like Poloniex, Bittrex which basically gave no warning what so ever. And your funds were stuck. Many KYC'd but there was errors and their funds were stuck for months.

So if you want to avoid this headache, just don't use the exchange at all.

[yudi09]

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

KYC is important because for exchanges that require KYC for every user, the process of completing KYC successfully is one of the requirements. There is a problem with the resolution process, you can only log in and you will be limited in carrying out activities on the exchange, such as not being able to make deposits and withdrawals.
There are exchanges that do not require KYC to be able to make deposits and withdrawals.

By providing KYC when registering on an exchange that requires it, you are ready to hand over all your personal data to them.

[rat03gopoh]

It depends on your status at that time, for example you're just starting out with the exchange. One obvious risk is that every identity you send has been leaked whether you want to repeat it or not.
The consequences aren't yet clear, but I'm sure that at some point they'll be able to use your identity for other benefits, not just in the form of crime.

[Nrcewker]

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

They will just simply close your account or restrict you from using the exchange. If the exchange is legit and if you have funds there, then they might also ask you to withdraw it in a limited time frame and will tell you to leave the site politely. Many exchanges simply lock your funds also. So if you can’t provide your original documents for KYC, then don’t register in a centralised exchange, go for decentralised exchange and P2P transactions.

[el kaka22]

You do not get to trade, that's it. There are many places that you could trade and if you are right about it then you make a profit and I think it is quite important to realize that you are going to have a hard time that will not be that simple for the time being.

I believe that the best thing to do in this case would be just making sure that you fill out every detail they ask or you do not use that website. I am not saying you are forced to give your KYC, the other option is simply just not using the website that asks you stuff that you do not want to give, if you are uncomfortable with it, then you could very well easily just end up with not doing it all together and just getting out of that website and find somewhere else.

[BIT-BENDER]

KYC which is know your customer, it's a process projects, exchanges makes their prospective users undergo to prove their identity, to know if they are real, for security or for any future events purposes, although this process has its justification it is an infringement to ones privacy many crypto-currency enthusiast who value the anonymous nature of Crypto Space don't agree with this process atleast in some situation.

In terms of exchange it is centralized exchanges that demands this process, many can be strict about it and you have no access to the exchange unless you complete it while others has levels and stages to their verification and to enjoy full service from the exchange you have to complete it, so your question depends on the exchange.