KYC matter?

[Cookdata]

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

See KYC as a means of privacy invasion because you choose to do crypto, they want to profile who you are, what you are and what you do with the money you bought with crypto and there aren't any repercussions of any form, only that you will not be allowed to deposit in any of the centralized exchange. There are other non-KYC exchanges though, you don't have to use the ones that request KYC by force. The highest they can do to your asset is that you wouldn't be able to trade and can be allowed to take off your purchases from the exchange.

However, if you are a regular trader who wants to use centralised exchange by any means, you can do basic KYC like providing your surname, first name, and email, not necessary that you provide your primary details, provide dummy names and proceed with your regular trading. I believe Kucoin still does this despite the recent spike in KYC requirements but make sure that you live only a small amount on their platform when trading and when you are done, withdraw everything from the exchanges. Centralized exchanges are for trading and not for keeping your coins.

[Mahanton]

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.

Yes, there are still exchange platforms on which you could really freely be able to make use without having that need of KYC which example is Kucoin.The only thing that make you do able to comply or have that verification if you are really that someone who do make use of other some common features which it would really be leaving you no choice but to go into further extent for you to be able to make use of that feature but if its not really that something that you could make use then you would really be able still to make use of platforms without needing those kyc its up to your own choice and needs because everyone does have their own choice and preference
when it comes to this matter.

Its not shocking that this community is really that highly frowning upon when it comes to these verifications on which i cant really blame them which even myself is really that itching whenever we do speak about
verification or identification via sending out those documents or really that simply showing your information which it is really that totally contradicting in overall essence on why this
market had been created or simply crypto.

[darewaller]

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.

That is if he complete the KYC but the OP said if he failed to complete it. KYC is optional, I mean even if it's mandatory we still have the rights to ignore it. As long as there are no money yet stuck in the platform there are no consequences about it. A trusted platform won't just use our KYC without our permission but they can get hacked and that is the time that our data's can get leaked and misused.

It's scary because we can get in trouble one day for the actions that we didn't commit. I think we are lucky that many of us didn't experienced it, because we haven't got any complaints yet or bad records when we get a certain document or when we apply for something.

[livingfree]

That is if he complete the KYC but the OP said if he failed to complete it. KYC is optional, I mean even if it's mandatory we still have the rights to ignore it. As long as there are no money yet stuck in the platform there are no consequences about it.

Yes, we're free to comply or not whether it's mandatory and changed to that. But the matter changes when we've got stuck money there and that's a different story.

Even we don't want to but if we want to withdraw and move that fund, we have to comply for the KYC. Those that fails to comply kyc, there could be some reasons for it and inaccurate details that they have provided.

A trusted platform won't just use our KYC without our permission but they can get hacked and that is the time that our data's can get leaked and misused.

It's scary because we can get in trouble one day for the actions that we didn't commit. I think we are lucky that many of us didn't experienced it, because we haven't got any complaints yet or bad records when we get a certain document or when we apply for something.

That's to expected when we use platforms that we have no control over our funds. When it does and they're affected and customers are also affected, it's either they will reimburse the damages or much worse that they don't.

[lalabotax]

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

If you fail to complete the KYC process on an exchange, it certainly means that you cannot use the exchange to carry out several transactions. Usually, you will not be able to carry out several trading activities, deposits, or most certainly withdrawals. Withdrawals on DEX exchanges will usually always require a KYC process. which of course this must be resolved.

Well, if you fail, sometimes there are exchanges that give you the opportunity to repeat the KYC process and tell you what caused the previous KYC failure. Usually there will be several opportunities. However, there are also exchanges that do not provide that opportunity. So if it fails, it fails and you have to try with another Gmail account. This is what's troublesome.
Moreover, if you already have assets in that account, that means the assets cannot be withdrawn.

[SquirrelJulietGarden]

If you fail to complete the KYC process on an exchange, it certainly means that you cannot use the exchange to carry out several transactions. Usually, you will not be able to carry out several trading activities, deposits, or most certainly withdrawals. Withdrawals on DEX exchanges will usually always require a KYC process. which of course this must be resolved.

Depends on their KYC policy and when you join them. If an exchange only changes their KYC policy recently, they might give users, old and new users, a little bit time to complete KYC or leave. So if you are still in the window, you can submit withdrawal and leaven their exchange if you don't want to KYC. Some exchanges can block new deposits if a user has yet completed KYC.

Well, if you fail, sometimes there are exchanges that give you the opportunity to repeat the KYC process and tell you what caused the previous KYC failure. Usually there will be several opportunities.

Usually exchanges will give each user a default maximum attempts like five attempts. If you fail with KYC after five attempts, you will have to contact them through support and ask for expansion of some more attempts. You will have to wait for their customer support staffs and approval with additional attempts.

[EarnOnVictor]

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.

You are on point, and to buttress what you said, some will merely maintain a limit on your account without further sanctions. Others will not allow you to make any withdrawal or limit your withdrawal if you refuse to complete the KYC. Above all, I do not see a reason why anyone should not do their KYC when they fully know they are not dealing with a no-KYC exchange. I love to operate my account without any issues or restrictions whatsoever, which is why I make sure that I complete my KYC before performing anything financial therein. I do not see how this is affecting me in any way since I do not have anything to hide.

Frankly, any company/business that preaches no-KYC should be wary of, it might not be immediate, but the risk is higher. They can manipulate your account without any remorse or anyone questioning them, scamming you bit by bit or disappear entirely.

[tvplus006]

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..

If you decide to register on a centralized exchange, you should be prepared for the fact that the exchange can make verification mandatory at any time. And if you are not going to pass KYC initially, you should have the minimum necessary balance on the exchange in order to withdraw it in a timely manner.

[justdimin]

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.

That's the trouble, if they are not asking for KYC they are clearly stating that they do not care about governments and their laws, that's the most important part. Governments require exchanges to ask for KYC, which means that as an exchange you have to ask for KYC otherwise you are doing something illegal.

If you believe that someone will be doing something illegal for you, and not to you that means that you are gullible. I believe that anyone who is willing to do something so illegal, should realize that you are not going to end up with anything better in the end, and shouldn't really get anything done. It's just that simple and we should be making sure that we deal with a KYC place if we pick an exchange.

[Mpamaegbu]

...if they are not asking for KYC they are clearly stating that they do not care about governments and their laws, that's the most important part.

Sorry, I don't see it that way. What I see boldly written, though succinctly, on such action is the underlying selfishness of these exchanges to psychologically sap their customers by making them think they're not KYCing upon registration. They tell them that they want to safeguard their privacy that's why they aren't asking for it. That's not true. What these exchanges do is trick their customers in and later reveal to them that they've to do a KYC to upgrade their status to enjoy certain privileges on the site. These privileges will include, among other things, withdrawal limit extension. For me, I won't choose an exchange based on whether it demands a KYC or not. I check other vitals.

[Beerwizzard]

...if they are not asking for KYC they are clearly stating that they do not care about governments and their laws, that's the most important part.

Sorry, I don't see it that way. What I see boldly written, though succinctly, on such action is the underlying selfishness of these exchanges to psychologically sap their customers by making them think they're not KYCing upon registration. They tell them that they want to safeguard their privacy that's why they aren't asking for it. That's not true. What these exchanges do is trick their customers in and later reveal to them that they've to do a KYC to upgrade their status to enjoy certain privileges on the site. These privileges will include, among other things, withdrawal limit extension. For me, I won't choose an exchange based on whether it demands a KYC or not. I check other vitals.

Well, some lower tier exchanges exchanges offer a certain limit of withdrawals or trading volume for unverified users and it usually works fine until someone deposits dirty coins (or trigger any other security alert). This is the best what CEX can do for unverified user. People are too naïve if they expect more and getting "sapped".

Anyway, most of top tier exchanges are now working with KYC and this leaves no choice.

[Lida93]

~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.

This activity is not something am unfamiliar with as a gambler, we all know that those task deposit  it's part of an exploit strategy used by these casinos to coerce gamblers to without a choice make the needed deposit to meet the withdrawal limit. And this event for KYC after deposit is quite understandable.

But it's different for when a gambler independently create an account and made a deposit into the account without completing kyc, that's what I mean by carelessness in my first comment. And a lot of gamblers still do this most of the times, so how do you describe that if it's not an act of carelessness.

[Peanutswar]

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

One of the possible things could happen is freezing your funds, but of course, there's some such reason why you need to submit a KYC and not just what they just want, better to read their terms and condition and also agreement with the cases like this, most of the platform doesn't mandatory the KYC but still its ideal to use to support your account for verification, recovery and other layer of security. But of course there's a difference like withdrawal if you are not verified account.

[Obari]

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

You risk losing your funds and I believe those are private exchanges and there are alot decentralized exchanges  that doesn't require you to complete any kyc at any point but for most of the exchanges I know,  you'll  definitely  have to do kyc on registration or when you want to do withdrawals and most times we fall for all these traos because we fail to read the terms and conditions of a service before jumping on them for usage which is very wrong.
To alot of people,  kyc is very important  and I do agree with them but I have no issues giving out my kyc to a platform I trust be it gambling or just an exchange.

[AakZaki]

One of the possible things could happen is freezing your funds, but of course, there's some such reason why you need to submit a KYC and not just what they just want, better to read their terms and condition and also agreement with the cases like this, most of the platform doesn't mandatory the KYC but still its ideal to use to support your account for verification, recovery and other layer of security. But of course there's a difference like withdrawal if you are not verified account.

The risk of freezing funds is very small when KYC fails and it also depends on the regulations of each exchange. Like Binance, even though it doesn't do KYC, there are withdrawal limits given to Non-KYC users, freezing funds only occurs on problematic accounts. Currently, all exchanges require KYC to be able to enjoy the full features or if you want to place a P2P order you need KYC and a bank account.

[Awaklara]

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

You risk losing your funds and I believe those are private exchanges and there are alot decentralized exchanges  that doesn't require you to complete any kyc at any point but for most of the exchanges I know,  you'll  definitely  have to do kyc on registration or when you want to do withdrawals and most times we fall for all these traos because we fail to read the terms and conditions of a service before jumping on them for usage which is very wrong.
To alot of people,  kyc is very important  and I do agree with them but I have no issues giving out my kyc to a platform I trust be it gambling or just an exchange.

When we are dealing with a platform that at least for now can be trusted, of course, we will have no difficulty in carrying out KYC. However, if the platform ends up having problems in the future and goes bankrupt, there will be concerns for every user who does KYC there.

people who care more about privacy have another option with decentralized exchanges. Of course, each with its own considerations. because some traders don't like decentralized exchanges regarding fees. or something else.
However, those who don't have problems with KYC data can get many centralized exchange options for their trading activities.

[AnonBitCoiner]

The risk of freezing funds is very small when KYC fails and it also depends on the regulations of each exchange. Like Binance, even though it doesn't do KYC, there are withdrawal limits given to Non-KYC users, freezing funds only occurs on problematic accounts. Currently, all exchanges require KYC to be able to enjoy the full features or if you want to place a P2P order you need KYC and a bank account.

You saying that kyc fail is not problem but Its not true. when any non kyc ask for KYC  this is clear sign that technical team gas found any more issue with your account something like double account or suspicious source of deposit. failing in KYC most times cause fund freezing. Binance will not let you deposit any coins until you do KYC succefully so talking about freezing fund in Binance is just useless. The real problem with these exchanges which allow to ise some feature without kyc but sometimes the exchange freeze fund for further information and ask for KYC.

Dexs are best way to protect privacy but it is not for day traders. Ethereum network fee is very high and day traders will never accept to pay high fee for trading coin there while cex allow fast trading and low fee but only issue is privacy which most of the users doesn't want to reveal and that's why they hesitate to complete kyc otherwise once KYC approved then chance of any issue are almost zero

[Aanuoluwatofunmi]

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.

That is if he complete the KYC but the OP said if he failed to complete it. KYC is optional, I mean even if it's mandatory we still have the rights to ignore it. As long as there are no money yet stuck in the platform there are no consequences about it. A trusted platform won't just use our KYC without our permission but they can get hacked and that is the time that our data's can get leaked and misused.

It's scary because we can get in trouble one day for the actions that we didn't commit. I think we are lucky that many of us didn't experienced it, because we haven't got any complaints yet or bad records when we get a certain document or when we apply for something.

Any non compliance to the KYC request by a casino will always lead to a penalty the trader will not like to have, there's nothing like partial KYC, if you're providing the required documents then make them in full and don't make any omission because it will lead to penalty, am sure such trader that failed to provide the remaining required documents for the KYC verification would have got stucked along the way without having what to present, in this case who to blame.

[Renampun]

if you fail to carry out KYC verification, of course the thing that you will definitely experience is withdrawal failure, so it is important to do research first on the exchange that you will use, if they require KYC, then it is your choice to continue using or not to use that exchange.

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

the thread created by Ratimov is really helpful for people who want to make transactions on the exchange without having to do KYC.

[Bushdark]

if you fail to carry out KYC verification, of course the thing that you will definitely experience is withdrawal failure, so it is important to do research first on the exchange that you will use, if they require KYC, then it is your choice to continue using or not to use that exchange.

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

the thread created by Ratimov is really helpful for people who want to make transactions on the exchange without having to do KYC.

It is obvious that there are some exchange that don't disclose that to the customers unless people that are using the exchange tell you that the exchange requires KYC.

 I don't know why many people frown at KYC verification but I think sometimes, it may be as a result of previous experience that is making people to be more conscious about dropping there data on exchange except the exchange has user data protection which will enable individual data to be well kept in a portfolio where no one has access to it even though the exchange get hacked.

 There may be some careless exchange that would always requires KYC verification for users just to keep it to themselves and it can be sold out if things get worse.