Quote from: Saint-loup on June 08, 2024, 08:34:25 PM

Quote from: Z-tight on June 06, 2024, 08:20:20 AM

Most of the no-kyc centralized exchanges have made kyc mandatory, and if there are a few that still allow customers to trade without kyc, they'll make it mandatory very soon and they can also confiscate your funds anytime and request for kyc. People who don't want to lose their privacy will go for decentralized exchanges, there is no in-between in it, they don't have to use any kind of centralized exchange if they don't want to.

Exchanges are not casinos thankfully, all honest and professional ones will never confiscate your funds while requering KYC like scammy casinos, it doesn't align with good practices and common guidelines from the industry. They will let you withdraw your asset before closing your account if you don't want or if you are unable to complete their KYC procedure.

Both of you have good points but there is much emphasis on some things that are not particularly true. This is at least based on my experience and what I have read on many reviewing websites, especially those that are alleging exchanges. First, it is a misconception that exchanges will ordinarily confiscate your money, no, they will never do so, and even in some cases where they delay some withdraws due to a huge amount to be withdrawn, they will still cite reasons and tell you to wait while they update you. Although this delay, and since it is unexpected, it can be so annoying.

Notwithstanding, confiscating your money because you can't complete the KYC can be possible but can't be as directly alleged as it was stated. It can be possible if you did not own the money through a legitimate means or you just did not want to cooperate, and this is not confiscation per se but to hold it until you do the needful. If you do, they will not confiscate it and will continue to tell you what they will do and their later stances as time goes on. I know this because it happened to me, they do not just behave anyhow.

In all, it is good to prepare for the KYC completion when you are dealing with any centralised system and also know that in any custodial approach, no one should be trusted entirely. They merely owe you the money with them and no matter how you think you trust them, they may not give you the money due to a reason or another whether genuine or not.