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[AudraMiller]

There are many people that make use of the binance cryptocurrency exchange platform because it provides them with a very easy way to trade between cryptocurrency coins and also it has a lot of different cryptocurrency coins therefore expanding their portfolio. Recently binance exchange platform has had a lot of concerns regarding regulatory measures in various countries and as a result it was their proposal to try and create headquarters in different countries in order to allow various exchange platforms to abide by the necessary regulations. However recently it seems that binance exchange platform has made know your customer verification process compulsory for all of its users. This could show that they are moving more towards a regulatory standpoint for cryptocurrency and as a result it could show a potential for them to be legalised or listed in various stock exchanges in the future. This is my opinion. What do you think about this?

 

[Wisdom01]

In the case of investigations by the government, kyc would go a long way to make things easier for the authorities and even for the exchanges who may get implicated in such scam activities.

Yeah kyc verification could make things more easier and better ,most countries that are making use of kyc verification compulsory are basically enjoying every bit of it for now,due to the reduced crime activities ,it's good but the commoners and under age kids would find it hard to still register an account ,that's the problem am sighting tho

 

[AudraMiller]

The fact is that hardly you will see exchanges that don't allow verification. Most time it is for security reason. Kucoin doesn't make verification compulsory except you want to be trading in more than 2 BTC. And you may not be patronized on peer to peer if you are not verified on kucoin, I guessed.

I think that for exchange sites it is good to have limits like this because then you can join the exchange and try it out before being pressured to actually provide any of your personal information. Also a concern that i have is that there are so many of these places that are also scam sites on the internet and therefore you have to be very careful when you verify your account and who you are sending the information to.

 

[Balint098]

One of the most annoying complaints about crypto is how the system is used by cyber criminals to transfer dirty money. Even though KYC procedure indeed is annoying for most people, it can help minimize fraud and improve crypto reputation around the world. Besides, I think having KYC is normal and should be implemented in any online platform that deals with money.

 

[AudraMiller]

One of the most annoying complaints about crypto is how the system is used by cyber criminals to transfer dirty money. Even though KYC procedure indeed is annoying for most people, it can help minimize fraud and improve crypto reputation around the world. Besides, I think having KYC is normal and should be implemented in any online platform that deals with money.

I don't think that the concern of that nature that people are raising has any basis in my opinion. It is annoying, and i do agree with you because from the research that i have done it seems like there are more illegal transactions that actually take place in terms of the fiat currency rather than crypto and therefore this does not support the concerns that they claim to have.

 

[btaliat]

I think that for exchange sites it is good to have limits like this because then you can join the exchange and try it out before being pressured to actually provide any of your personal information. Also a concern that i have is that there are so many of these places that are also scam sites on the internet and therefore you have to be very careful when you verify your account and who you are sending the information to.

You are right. I don't do know your customer process on websites except I know more of the websites. Many have fallen a victim of scam on some of these websites. You can not even believe I submitted my BVN while verifying my luno exchange wallet.

 

[Styleplus]

There are many people that make use of the binance cryptocurrency exchange platform because it provides them with a very easy way to trade between cryptocurrency coins and also it has a lot of different cryptocurrency coins therefore expanding their portfolio. Recently binance exchange platform has had a lot of concerns regarding regulatory measures in various countries and as a result it was their proposal to try and create headquarters in different countries in order to allow various exchange platforms to abide by the necessary regulations. However recently it seems that binance exchange platform has made know your customer verification process compulsory for all of its users. This could show that they are moving more towards a regulatory standpoint for cryptocurrency and as a result it could show a potential for them to be legalised or listed in various stock exchanges in the future. This is my opinion. What do you think about this?

At first I used to wonder what's the need of having a double account when you can just run everything swiftly, though I have not gotten a better answer but I am positive the idea of kyc verification in Binance is for the very best.
I believe the verification is to keep in check the data portfolio of their users.

 

[AudraMiller]

At first I used to wonder what's the need of having a double account when you can just run everything swiftly, though I have not gotten a better answer but I am positive the idea of kyc verification in Binance is for the very best.
I believe the verification is to keep in check the data portfolio of their users.

It is a very good development because it will hopefully increase the security of The cryptocurrency Platform in the future however I think that many people are very cautious when it comes to sharing this personal information online and personally I will not get involved with this because of the verification procedure that is required.