KYC matter?

[armanda90]

One suggestion for trader who avoid for submitting document ID on exchange account or more private their data better trade all assets in dapp exchange and don't try with CEX Exchange are commonly required with KYC. Actually with verifying CEX exchange and uploaded document ID make us easily for trading and don't have to pay higher fees transaction based on trading in dapp exchange with instant order than CEX have feature with limit buy or sell order. Current CEX exchange available without KYC is Kucoin but last week I received an email notification have to upload or pass KYC if want trader or deposit fund in that CEX exchange.

KYC make us easily with selling fiat to be cash without have to use third party as local exchange for converting to withdraw bank account, right now many top CEX exchange have feature with P2P and directly we can sell our USDT coins without have to convert with local currency pair and withdrawing to bank account.

[Yamifoud]

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

If you are in an exchange that requires KYC but you fail to do it, all your deposited money can no longer be withdrawn. That was the worst-case scenario which is why is a must to read their rules before using that particular platform. If you care too much about your personal info, you also must be careful when choosing a platform. In some cases, some exchanges never ask for KYC at first but later on, they will require you to do that.

I will tell you OP that you have to be prepared for that situation because most exchanges are not implementing such rules. Not really a big deal if you are using reputable exchanges but still, you will be careful with the person/site that you are dealing with.

[Woodie]

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

Unfortunately you only get to feel/know the repercussions of failing KYC on a CEX if you hold funds on the exchange & try to withdraw,  and the stupid thing about KYC is these guys will never bother you when depositing funds on their platform not until its time to take money out and funny thing is that very few of us choose to go for KYC before the deposit which needs to change !!

But usually failing KYC means losing the liberty to use your funds as you would if it were in your personal wallet , which is why many pro users would advice on using a DEX or exchange that is not KYC compliant or flexible on this issue...otherwise only way out is to pass it and get your funds out asap!

[KingsDen]

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

Unfortunately you only get to feel/know the repercussions of failing KYC on a CEX if you hold funds on the exchange & try to withdraw,  and the stupid thing about KYC is these guys will never bother you when depositing funds on their platform not until its time to take money out and funny thing is that very few of us choose to go for KYC before the deposit which needs to change !!

If the customer has not deposited any money in the CEX, I think there is no repercussions at all. But if funds is deposited already, that is where you have fell into their trap completely. This also happens in the casinos and that is how the funds of many gamblers go. They will not find it important to complete KYC on registering the account, they will first deposit and start gambling. As you have noted, no one will prevent you from depositing because of inability to complete kyc. They will allow you deposit, but withdrawal will be the problem.

Some exchanges are even dubious such that they will increase the difficulty of the KYC when they notice you have already deposited. This is an attempt to confiscate your fund. So, it is advisable to complete KYC before using an exchange.

[Captain Corporate]

Having that type of question usually means that you should not be trading to begin with. I mean for someone to have a real solid reason to not give their KYC, "I just do not want to share my information with someone else" doesn't make sense when over millions of people do it. I get that maybe if I asked you to give me your ID then you may reject, that makes sense, but Binance has (globally) millions of users, I am not going to be standing here and tell yo utaht if millions do it, then its a good thing, but I can show the history that millions have done it and nothing happened, which is a proof, if millions did it and there was a problem then yeah you shouldn't, but its obvious that this isn't an issue.

[dzungmobile]

I mean for someone to have a real solid reason to not give their KYC, "I just do not want to share my information with someone else" doesn't make sense when over millions of people do it.

Each person is unique and has own unique need for privacy so if a person cares about privacy and want to protect it, he can refuse to use KYC centralized exchanges and find no KYC centralized exchanges or decentralized exchanges to use. It's personal need and personal research then ending with personal choice. You can not tell him that he must use a KYC centralized exchange because there are thousands or millions of other people use that exchange.

Current list of exchanges without KYC

[Awaklara]

Having that type of question usually means that you should not be trading to begin with.

As far as I remember, Binance also didn't require KYC to be able to trade. even certain withdrawal limits can also be done simply by setting several security procedures before withdrawal. After some time there were changed regulations from Binance which required all its users to carry out KYC.
because my account has been KYC verified, I don't know for new accounts whether I can trade before doing KYC or not. But what is clear is that new accounts that don't have KYC may have restrictions in operating some of the features on the exchange. such as the P2P feature and withdrawals which require KYC verification.

[benalexis12]

You won't be impacted if the assets you trade are merely a small portion of your total holdings. Because there are two different types of exchanges, centralized and decentralized, there may be a bracket where you can exchange cryptocurrency even if you don't provide KYC. For this reason, there is a limit. When you reach the amount limitation on the withdrawal of the exchange, they will provide you with the requirements for providing KYC. If you have assets but haven't provided KYC yet, they won't allow you to withdraw because you have reached their withdrawal amount limit. However, DEX does not have this requirement.

[Aanuoluwatofunmi]

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

Once you're able to comply to the terms and requirements for their KYC on request you will have no problem using them, if you're not providing the required documents then you may loose access to your account with them and making withdrawal can be as though situation to you even though it appears to be the simplest thing to do, i don't think there's anything that will make a user to purposely desire not to provide his information on KYC except he has no money with them and done using their exchange.

[tvplus006]

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

As a rule, if the exchange decides to introduce full verification, it always allocates enough time for those who do not want to go through KYC so that you can withdraw your coins from the exchange without hindrance. If KYC is mandatory, then you will not be able to trade on such an exchange.

[xSkylarx]

It depends on the platform because others you can still continue using their site but there are constant pop-ups to do KYC while you are using their platform and most of the time you can't withdraw your funds if you need to. There are also times that there are set limits like when you can only transact within the limit and over it you'll need to do KYC and lastly you are forced to do it after signing up because that is their regulation.

Right now most of the platforms require KYC so it is better to do it before doing some transactions on their platform so that we can prevent issues because this is mostly where the issues start.

[AnonBitCoiner]

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.

Cex without KYC is high risky because anytime when exchange feel any suspicious action , cex will ask for KYC to withdraw your fund. Most of the time these issue happens when you deposit large fund then cex will ask different proof such as documents, source of getting fund and many more. I don't know OP just want general information or he has intention of trading in  kyc exchange without kyc. I think for low fund risk is also low and if fund is large than using cex is stupid option.

I used Cointiger exchange and at the same device my brother also open an account. Technical team banned boths our account and seized fund even my brother passed kyc fund not released so we should also keeps this in mind before going to Cex.

[stadus]

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

You won't be able to continue the service, but a fair exchange should allow you to withdraw your funds. They cannot confiscate your balance as they don't own it. However, there might be exchanges that would do so. It's better to be safe than sorry; just comply if you can. If not, consider trading on a Decentralized Exchange.

[mindrust]

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

KYC-lives matter.

If you fail to complete your KYC process, the exchange will seize your funds, lock your account and you will never be able to withdraw your coins. The big question is, how much you got on the exchange and can you afford to lose that money? Is your account balance worth of sharing your personal details with an entity you don't know anything about? The answer changes for every person. Some people will share their personal details for 50 bucks. Some other will not share it even if it will cost them thousands of dollars.

[irhact]

KYC make us easily with selling fiat to be cash without have to use third party as local exchange for converting to withdraw bank account, right now many top CEX exchange have feature with P2P and directly we can sell our USDT coins without have to convert with local currency pair and withdrawing to bank account.

KYC doesn't make selling of our coins easier, you can use instant exchange that don't need KYC to sell your cryptocurency to other cryptocurency or your peer to peer exchange to sell your Bitcoin to others without using centralized exchange. KYC only matters to centralized exchange because they have be instructed to make all their customers to verify their identify and this is because the government are trying to reduced the rate of crime been committed on those exchanges.

If you're using those centralized exchange, that's when you'll be required to complete the KYC process to get access to all the features of the exchange and also to withdraw from the exchange. If you don't want to give out your KYC information then don't use cex exchanges.

[Fivestar4everMVP]

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

KYC-lives matter.

If you fail to complete your KYC process, the exchange will seize your funds, lock your account and you will never be able to withdraw your coins. The big question is, how much you got on the exchange and can you afford to lose that money? Is your account balance worth of sharing your personal details with an entity you don't know anything about? The answer changes for every person. Some people will share their personal details for 50 bucks. Some other will not share it even if it will cost them thousands of dollars.

I beg to differ, crypto exchanges are not like gambling casinos where fund are completely seized and account locked  as a result of not completing kyc.

Crypto exchanges operates differently, atleast, I've been using cryptocurrency exchanges and still using them, several of them I've not kyced on, and non have ever locked my account or restricted me from withdrawing , the only thing they do is place a limit on the amount of money you can withdraw per day(24 hours ), most exchanges allow non kyced users to withdraw from $1 to $1000  every 24 hours, if the user has a lot of money and wants to withdraw more at once, then the user will have to pass kyc verifications, else, the user will have to resort to withdrawing the limit he or she is allowed to withdraw per day .

[Yamane_Keto]

As you have noted, no one will prevent you from depositing because of inability to complete kyc. They will allow you deposit, but withdrawal will be the problem.

Some exchanges are even dubious such that they will increase the difficulty of the KYC when they notice you have already deposited. This is an attempt to confiscate your fund. So, it is advisable to complete KYC before using an exchange.

If they do not ask for KYC when depositing, then they are scammers. All services that request KYC do not deal with the user financially without knowing or confirming his data, and cannot deposit without that.

what happens is exchanges do not ask for KYC because there is not a global regulation and when the became big they change terms of use change, so all Whoever deposits using old addresses that he used will fall into this problem, and sometimes even after this happens, good platforms provide the option to withdraw without being able to perform any other action like trading. I repeat, if they do not ask for identity verification when depositing, they are scammers.

[Lida93]

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.

I just don't get it. Why would anyone forge on to deposit money into a kyc required exchange or a casino with him summiting his documents and made sure to have the account completely verified before putting money. Like why the f*ck the haste to deposit? That's beyond carelessness it stupid cause you're just gambling your money.

Some of these exchanges particularly online KYC casinos they are dubious and diffident in their operations that by any slight mistake you make in deviance to company's policy they jump on the opportunity to seize your asset. 

So to be on safe side  it's either you patiently wait to complete KYC, or you make use of a no KYC exchanges or casinos. People shouldn't shovel yourself into a shit that's ain't worth it.

[tjtonmoy]

~snip

I think you are not familiar with this kind of activity. There are some events when many exchanges give you an opportunity to earn by simply doing some tasks. You get the amount deposited in your account but in order to withdraw it, you need to deposit first. Or in case of some that require a minimum limit which you were unable to earn from tasks. Let's just say you got $18 from the tasks and you need $2 more in order to withdraw because the minimum limit is $20. In many cases, people tend to deposit first. The minimum that you can deposit is $10. In a situation like this, people deposit first before realizing that they need to complete KYC first. And if you fail, your account will be restricted.
So you can resubmit it or ask the live support for help.

Most centralized exchanges that require KYC will ask for it first before you can enter your account and use their service. In cases like that, you can always move on to something else or create a new account if you fail to get verified. But when they don't ask you for KYC at first and you can access their services like deposit and withdraw, they can ask for it anytime. So if you can withdraw in that situation, then you need to withdraw first in order to not get restricted for multiple failed actions. That is what I was talking about.

[G_Besar]

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

The impact can be very different from each exchange because there are also exchanges that do not have to carry out KYC but can be used as usual without any obstacles. For example, some exchanges do not have to carry out KYC but can be used comfortably by everyone, please see this topic mate No-KYC Exchange Encyclopedia

But for exchanges that require KYC for each of their users, the very real impact felt by the user is not being able to make a deposit when he fails to verify his KYC. I saw this on the Kucoin exchange, which currently requires KYC to be able to make deposits into the exchange, so if you have also failed the KYC verification, please try again if this is required for the exchange you are using.