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Indacoin (OP)
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January 30, 2015, 11:06:56 AM |
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Obviously different exchanges got different rules regarding account verification. For instance Bitstamp wont let you trade at all without submitting lots of docs. On the other hand there are some exchanges like btc-e.com or indacoin.com that let you sell bitcoins and withdraw USD without any verification. Whats your attitude? Are you ready to send you passport copies and utility bills to verify the account? Why?
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Dilemma
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January 30, 2015, 11:29:27 AM |
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no , i dont
i idont want share my special info to a lot of web site..
and it will not safe for investor
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Grinder
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Activity: 1284
Merit: 1001
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January 30, 2015, 12:34:43 PM |
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I did some years ago, but I've realized that it was a stupid thing to do. They all get hacked or turn rogue, and then they can use it to steal your identity.
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twister
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January 30, 2015, 12:48:52 PM |
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No, I don't trust those exchanges with my ID. What will happen is someday they will claim they were hacked and user data got stolen and then one day you'll come to know that your ID was used for some illegal trade or worse and then you're proper fucked.
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marcotheminer
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┴puoʎǝq ʞool┴
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January 30, 2015, 01:05:12 PM |
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With the right exchange (for example https://BIT-X.com which is a trademark of XBIT Ltd., a licensed Forex participant) there is minimal risk by sending necessary verification documents to be able to use the exchange fully. |
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Indacoin (OP)
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January 30, 2015, 02:21:58 PM |
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But how do you deposit money on those exchanges, that dont ask for verification? Eventually bank transfer option wont be available in such case
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fenghush
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January 30, 2015, 02:29:23 PM |
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I would rather patrol the streets naked as God made me than to send some company a picture of my ID. Not only that method of verification is utterly flawed, it's incredibly stupid and risky if they get compromised, which they eventually will be.
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Outlander
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January 30, 2015, 02:39:35 PM |
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Ehm, I never do that for exchange, I will stop when they start ask the docs for verification, but I did it in forex.
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RodeoX
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The revolution will be monetized!
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January 30, 2015, 02:50:54 PM |
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The problem for me is that it is hard to trust an exchange that does not comply with AML/KYC laws. Any such exchange may decide to not follow the laws about giving me my money back either. And if they are operating illegally then they likely have an exit plan. One that involves your money and a passport.
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Indacoin (OP)
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January 30, 2015, 02:55:49 PM |
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The problem for me is that it is hard to trust an exchange that does not comply with AML/KYC laws. Any such exchange may decide to not follow the laws about giving me my money back either. And if they are operating illegally then they likely have an exit plan. One that involves your money and a passport.
There is almost no correlation between the compliance with KYC and Exchange reliability. Take for example Mtgox that asked for documentation and btc-e that almost dont do that |
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RodeoX
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The revolution will be monetized!
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January 30, 2015, 03:01:20 PM |
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The problem for me is that it is hard to trust an exchange that does not comply with AML/KYC laws. Any such exchange may decide to not follow the laws about giving me my money back either. And if they are operating illegally then they likely have an exit plan. One that involves your money and a passport.
There is almost no correlation between the compliance with KYC and Exchange reliability. Take for example Mtgox that asked for documentation and btc-e that almost dont do that Sure. The most trustworthy people could be behind a darknet exchange and if Bank of America got involved they could be a legally compliant criminal enterprise. But an exchange that tries evading the law will not last forever and when it falls apart you will have little recourse to recover any funds. It may be hard in any case, but the judge is not going to award you money you were using to evade taxes. |
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Indacoin (OP)
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January 30, 2015, 03:06:13 PM |
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Indacoin (OP)
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January 30, 2015, 04:03:36 PM |
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The problem for me is that it is hard to trust an exchange that does not comply with AML/KYC laws. Any such exchange may decide to not follow the laws about giving me my money back either. And if they are operating illegally then they likely have an exit plan. One that involves your money and a passport.
There is almost no correlation between the compliance with KYC and Exchange reliability. Take for example Mtgox that asked for documentation and btc-e that almost dont do that Sure. The most trustworthy people could be behind a darknet exchange and if Bank of America got involved they could be a legally compliant criminal enterprise. But an exchange that tries evading the law will not last forever and when it falls apart you will have little recourse to recover any funds. It may be hard in any case, but the judge is not going to award you money you were using to evade taxes. Why do you think if an exchange doesn't ask for KYC it evades the law? For instance if you deposit money to the exchange though the payment system, this payment system is responsible for checking the client. That is the question - should an exchange ask for KYC on its own or delegate this process to the partner payment system |
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RodeoX
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The revolution will be monetized!
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January 30, 2015, 04:30:00 PM |
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Why do you think if an exchange doesn't ask for KYC it evades the law? For instance if you deposit money to the exchange though the payment system, this payment system is responsible for checking the client. That is the question - should an exchange ask for KYC on its own or delegate this process to the partner payment system
In the US there are laws that require an exchange to keep records that make it hard to launder money. I don't know the answer to your question, but it is a good question to ask and may help some exchanges to have some flexibility. |
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Indacoin (OP)
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January 30, 2015, 05:08:58 PM |
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Why do you think if an exchange doesn't ask for KYC it evades the law? For instance if you deposit money to the exchange though the payment system, this payment system is responsible for checking the client. That is the question - should an exchange ask for KYC on its own or delegate this process to the partner payment system
In the US there are laws that require an exchange to keep records that make it hard to launder money. I don't know the answer to your question, but it is a good question to ask and may help some exchanges to have some flexibility. thats why we we created that post - trying to understand the needs of the clients. At the current moment our users don't have to send us documents to verify the account - so they can easily register and start trading. But we are thinking about adding an option to deposit/withdraw money with a bank transfer and of course this can not be done without KYC |
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marcotheminer
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January 30, 2015, 07:18:10 PM |
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But how do you deposit money on those exchanges, that dont ask for verification? Eventually bank transfer option wont be available in such case
Check out the about page in the site in my signature. |
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leopard2
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January 30, 2015, 09:37:01 PM |
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The problem for me is that it is hard to trust an exchange that does not comply with AML/KYC laws. Any such exchange may decide to not follow the laws about giving me my money back either. And if they are operating illegally then they likely have an exit plan. One that involves your money and a passport.
that is the theory now in practice, Gox was the first to request KYC info and the first to go out of business, while btc-e is not asking for KYC and they are the most reliable exchange up to this day in addition Gox was hacked so it is possible that lots of passport scans are in the hands of hackers - which can lead to extreme problems due to ID theft I would recommend OP to buy coins in the forum or from localbitcoins or mycelium, if he just needs a few, and only register with an exchange if he wants to buy large amounts of coins on a regular basis to answer Indacoins earlier question I would prefer a verification by a partner financial institution, because they are less likely to be hacked than an exchange, and in addition it would make sure that, if verification requirements are increased at some point, the existing exchange account is not affected but only future fiat transfers. worst is if exchanges increase verification requirements and then hold the entire funds hostage!! (gox, paypal etc.) |
Truth is the new hatespeech.
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JessicaSe
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January 31, 2015, 11:15:36 AM |
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personally i won't send my personal information and documents to an online bitcoin exchange, we are in crypto world where we believe in anonymity and sending documents won't keep us anonymous anymore
some exchanges request them because they are regulated or don't want to be charged for money laundering for allowing anonymous accounts
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picolo
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January 31, 2015, 11:55:38 AM |
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Obviously different exchanges got different rules regarding account verification. For instance Bitstamp wont let you trade at all without submitting lots of docs. On the other hand there are some exchanges like btc-e.com or indacoin.com that let you sell bitcoins and withdraw USD without any verification. Whats your attitude? Are you ready to send you passport copies and utility bills to verify the account? Why?
People already did for mtgox or bitstamp. |
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Indacoin (OP)
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February 03, 2015, 05:42:13 PM |
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personally i won't send my personal information and documents to an online bitcoin exchange, we are in crypto world where we believe in anonymity and sending documents won't keep us anonymous anymore
some exchanges request them because they are regulated or don't want to be charged for money laundering for allowing anonymous accounts
and how would you sell bitcoins and withdraw them to your bank account or credit/debit card? Or you dont need such an option |
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