Why always kyc mandatory?
What are they do with our information if we submit kyc?
I am new in Crypto industry so from 3 month i try to trade on Exchanges i mean Best exchanges like (Binance, KuCoin etc)
So when i try to withdraw big amount like more then 1k - 5k Dollars they asking for kyc so now i really Don't want submit kyc in any exchange.
Please suggest me some exchange where kyc is not needed at all.
Crypto created for no tracing so why kyc?
Is they Tracing us ?
What are they do with our information if we submit kyc?
I am new in Crypto industry so from 3 month i try to trade on Exchanges i mean Best exchanges like (Binance, KuCoin etc)
So when i try to withdraw big amount like more then 1k - 5k Dollars they asking for kyc so now i really Don't want submit kyc in any exchange.
Please suggest me some exchange where kyc is not needed at all.
Crypto created for no tracing so why kyc?
Is they Tracing us ?
The original use of KYC is for AML(Anti Money Laundering) compliance. Most of business that involves money are being required to submit this info to regulators to regulate all the transaction. Yes, they will use it to trace you once you are doing money laundering dude.
I don't know whether crypto exchange really using KYC for compliance since most of them are not regulated. Some them are just stealing customer identity. But if you are using regulated exchange. Its really a requirements for them to get license to operate.