It's not so straightforward to buy bitcoin in the Middle East. Yes, I have tried everything. If bitcoin was about the free world, why all the exchanges ask for very strict verification that even the stock exchanges don't ask for? I have never had to take a selfie with my passport in my entire 40 yrs of life until I came in to the bitcoin world, what the heck?!! All the exchanges take ages to verify and when they do, they discriminate those from the middle east. Most of them don't allow us to use fiat currency to buy bitcoin, so how the hell new comers will buy it? The barriers of entry to the bitcoin world are too many for people in middle east, am sick of it.
I find the conventional banks much easier to deal with than the bitcoin exchanges. Guess what? I was successfully registered in one after waiting for a month, only to be told I can't spend more than 300 Dollars a week in buying bitcoin, seriously??? I freaking have thousands of dollars to invest and they want me to spend 300 dollars a week for a coin worth $2500???
Now, the easy way is to buy from others, but I am gonna have to pay a premium of 10 to 20 pct above fair market value to buy and that's BS!
I am thinking to start my own ICO for an exchange that has commercial sense an open to the world. We need a revolution here.
When we speak of verification it is not only limited to the Middle East, Asian countries have also that kind of system. This is due to the AML/KYC policies and regulations being place by your Central Banks. The exchanges have but to comply with those laws in your country so they can operate. It is the same also with stock exchanges, countries outside the middle east have also a strict verification in terms of trading. There is no discrimination and that is not the problem here. The biggest problem is the limit of the exchanges to convert your bitcoins into your local currency since that is their safety net so that their business will go on. But hope all exchange will increase the withdrawal limit.
What you are saying is true that the verification process is regulated by the each country law so that their should be some regulation in using crypto currency and illegal activities should be curbed. About the limit that limit is for the start of the account once the account is started and after some months of transaction your limit goes high as the times goes.