AML/KYC Explained

[willoweb7]

I wonder if some governments do DDOS attacks on exchanges that doesn't have verification. I wonder, if they're so obsessed about anti-money laundering?

[freigeist]

KYC is danegrous  and useless.
Please read and learn before you make big mistakes
https://asktom.cf/index.php?topic=5221497.0

Try to understand because it could save you big troubles.

EDITED:
Look by yourself
https://cointelegraph.com/news/mobile-crypto-mining-app-possibly-connected-to-personal-data-leak

Now you go and share your personal info with any useless bullshit app that you can install
on your mobile phone.

[Flexystar]

I don’t think it’s bad idea to perform the KYC on trusted sites and apps. It’s the way it is if you want added security. I’m not sure why people are afraid to do KYC on legit sites at all? The KYC is there because that’s part of real world regulation and it could best life saver if anything goes wrong let’s say someone hacked account, stole any money etc. You can complaint to the authorities with all your information and have your assets back. Otherwise its very hard to recognise the accounts with only usernames and email ID. Consider it extra layer of security for the future.

[riskyron]

I don't feel comfortable providing my personal data to some online services. At the same time, DeFi doesn't offer a good solution for cases a user gets hacked. Looks like there's nothing in between...

[Smartprofit]

I don’t think it’s bad idea to perform the KYC on trusted sites and apps. It’s the way it is if you want added security. I’m not sure why people are afraid to do KYC on legit sites at all? The KYC is there because that’s part of real world regulation and it could best life saver if anything goes wrong let’s say someone hacked account, stole any money etc. You can complaint to the authorities with all your information and have your assets back. Otherwise its very hard to recognise the accounts with only usernames and email ID. Consider it extra layer of security for the future.

Cryptocurrencies were originally created by people who valued their anonymity and privacy.  

Bitcoin is a quasi-anonymous cryptocurrency.  

However, when Satoshi Nakamoto first created the first cryptocurrency, its level of anonymity and privacy was quite acceptable for its time.  By going through KYC and AML procedures on centralized cryptocurrency exchanges, you deanonymize not only yourself, but also your counterparties.  

In my opinion, this reduces the overall value of the Bitcoin network.

[j24]

Anyone know whether Bitfinex uses AML and if so, under which agency or jurisdiction?

[Bitcoin_Arena]

Anyone know whether Bitfinex uses AML and if so, under which agency or jurisdiction?

Sure, if you look through their terms and policies, yes to perform KYC verification and have an AML policy in place.

Under their privacy policy
for AML, they use a company called AU10TIX Ltd (https://www.au10tix.com/privacy-notice) that they claim is located in Isreal but as per the website of the company, they say their postal address in Cyprus

Full name of legal entity: Au10tix Ltd.
Email address: [email protected]
Postal address: 32 Spyrou Kyprianou Ave., 2nd Floor, CY-1075 Nicosia, Cyprus

At this point, I am not sure who's correct and who's wrong.

[BitcoinForLiffe]

What should I do if an exchange rejects my KYC without explanation (I'm a real person)

[Gladitorcomeback]

What should I do if an exchange rejects my KYC without explanation (I'm a real person)

If you explain little more then it will be easy for us to answer you accurately. by the way if you KYC application rejected then you can see the rejection note on kyc place or you will receive email with rejection note. Most probably reason may be light problem, wear sun glasses or camera problem.

Now you have to contact customer support for this problem and online chat admin will guide you for fast KYC approve tip . Send him KYC image to check for any problem. my friends kyc was rejected in Bybit and then he contacted customer support and they fixed it in 5 minutes.

[ookachucka]

QUESTION 1: What country should I put my location to that pretty much all non-KYC (and even KYC) exchanges will allow?

Folks on another forum said Gibraltar or Cayman, my VPN doesn't have those as options.
Would Spain or Singapore be good countries to use that most exchanges allow?

TMI:
[I need to get onto non-KYC exchanges & think using a VPN should be used cuz even non-KYC exchanges often insist you are not from certain countries.

I don't have dedicated isp, or however you phrase it, but have a regular vpn (a good encrypted one), and am hoping that will be good enough even if the exchange(s) detect vpn usage.]


QUESTION 2:[/b] I'm looking for exchanges that are legit, have decent liquidity, and don't require KYC.

I've been told okx, bybit & primexbt are good. Any others?

TMI:
[I haven't ventured to dexes yet. Got kicked off binance, now kicked out of kucoin, so I'm tired of kyc b.s. cuz I wanna trade smaller coins & do margin. Is that so wrong? Argh!]


If anyone answers, I'd appreciate a link to your source if it's from a well known, reputable site. Only if it's not too much trouble...if you don't have link, I still appreciate answers, as that will give me something to research further. [I've spent hours trying to figure this out but get inundated w/info overload--know what I mean?]

Thx in advance! Mwah!  

[bayu7adi]

QUESTION 1: What country should I put my location to that pretty much all non-KYC (and even KYC) exchanges will allow?

Folks on another forum said Gibraltar or Cayman, my VPN doesn't have those as options.
Would Spain or Singapore be good countries to use that most exchanges allow?

I often use Singapore as my favorite VPN location to access cryptocurrency exchanges. I haven't encountered any issues.

QUESTION 2:[/b] I'm looking for exchanges that are legit, have decent liquidity, and don't require KYC.

I've been told okx, bybit & primexbt are good. Any others?

Go here : https://kycnot.me/?type=exchange
I think Bisq is suitable for you because it's a comprehensive service and also without KYC. Ann thread for Bisq : https://asktom.cf/index.php?topic=5230289.0
Or if you're still unsure about my recommendation, you can visit the link I provided above and choose another one.

[RalphFunk]

KYC (Know Your Customer) is due diligence by financial institutions to understand clients. AML (Anti-Money Laundering) combats illegal income generation. Both involve local regulations. Bitcoin exchanges adopt KYC and AML policies for compliance.

[Kingperry22]

the balance between regulatory compliance and user privacy is without a doubt exposing capital flight(money laundering) excessive and robust solutions should ensure security without compromising the essence of decentralized finance.

[Docent85]

Anyone who wants to remain anonymous in cryptocurrency and trading or just exchange, I advise you to use the 50.com exchange, which I have been using for more than 5 years, and everything is reliable and safe

[deejay]

Anyone who wants to remain anonymous in cryptocurrency and trading or just exchange, I advise you to use the 50.com exchange, which I have been using for more than 5 years, and everything is reliable and safe

that's not even online

[freigeist]

Anyone who wants to remain anonymous in cryptocurrency and trading or just exchange, I advise you to use the 50.com exchange, which I have been using for more than 5 years, and everything is reliable and safe

that's not even online

Maybe he was thinking about 50x.com ?

[deejay]

Anyone who wants to remain anonymous in cryptocurrency and trading or just exchange, I advise you to use the 50.com exchange, which I have been using for more than 5 years, and everything is reliable and safe

that's not even online

Maybe he was thinking about 50x.com ?

good catch

[Thunda]

Is there a danger in KYC, in terms of the company you KYC with getting their data stolen?  I do not mind KYC, but am concerned about the company having personal data and wallet addresses, or am I over thinking this?

[Potato Chips]

Is there a danger in KYC, in terms of the company you KYC with getting their data stolen?  I do not mind KYC, but am concerned about the company having personal data and wallet addresses, or am I over thinking this?

This happens and is a pretty normal thing to worry about. Services like exchanges could also use third party services to process your information so it's safe to say there could be more entities involved.

I suggest at least looking into kycnot.me for exchanges with lax kyc to no-kyc policies. But depending on your planned use cases, you may need to succumb to identity verification for it. IDK what are your planned use-cases but my advise is to weigh things down -- decide for pros you absolutely need and cons that are bearable for you.

[Yaunfitda]

Is there a danger in KYC, in terms of the company you KYC with getting their data stolen?  I do not mind KYC, but am concerned about the company having personal data and wallet addresses, or am I over thinking this?

This happens and is a pretty normal thing to worry about. Services like exchanges could also use third party services to process your information so it's safe to say there could be more entities involved.

I suggest at least looking into kycnot.me for exchanges with lax kyc to no-kyc policies. But depending on your planned use cases, you may need to succumb to identity verification for it. IDK what are your planned use-cases but my advise is to weigh things down -- decide for pros you absolutely need and cons that are bearable for you.

Usually exchanges, uses third party to handle their verification and the whole holding of our personal data, we don't know what's the deal with them though, but for sure there are legal bounds that if the third party leaks the personal information of a top tier exchange customer or any exchanges for that matter, they will have to pay big sums of money because that is not acceptable.

I do agree, if you don't what your personal data leaking, then don't submit any or not used centralized exchanges. Instead uses another option, but it not going to be as smooth as a CEX can do as far as experience goes, but at least we have a choice.