KYC: the scourge of the industry or the sacrifice for salvation?

Recently, more and more exchangers and cryptocurrency related services claim that they no longer support the anonymity of their users. Is such a ”way out of the shadow” a really necessary measure, and can the cryptocurrency industry develop further, while remaining both anonymous and legally transparent? Let’s see.

What does it stand for

Compliance with these directives is necessary for those services that operate with cryptocurrencies in conjunction with fiat money. We are talking about both cash and non-cash form, including the use of the most popular payment instruments such as Visa and MasterCard, SWIFT payments, etc. These are undoubtedly important and necessary measures to counter terrorism and illegal financial transactions. But how these directives are applied sometimes raises questions.

“I’m an honest citizen with nothing to hide”

No one is going to explain to you why your coins are marked as “suspicious” and hence you are just put in front of the fact. You may have to provide ID or relevant documents, proof of residence, bank account statement, a couple of photos, and finally, proof of ownership of questioned funds (trading history, mining, etc.) This procedure can last indefinitely, because support services don’t always have time to respond quickly to such requests. A quite dubious adventure, isn’t it?

It’s just because

One may treat it differently, but these are the realities and new rules of the game on the field of jurisdiction of the European Union and the United States, which are increasingly toughening requirements for its citizens and legal entities. There are no questions for those companies that warn users about identification requirements in advance. But when the service, which previously positioned itself as anonymous and with no-registration, suddenly puts such requirements, it really grinds my gears.

So what to do?

Godex.io is one of the few exchangers who believes that KYC rules contradict the original idea of anonymity in the cryptocurrency world. The company does not require any data from its users. Guided by the presumption of innocence and the AML policy assistance, we simply return the funds to the sender if these funds looks suspicious to us. In today’s realities, this principle may seem deviant, but we put privacy and the best service for our users in the first place. If you want to use a service that respects your privacy, Godex.io is the best choice for you.

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Anonymous Crypto Exchange Without Limits

Anonymous Crypto Exchange Without Limits