Exchange asking for passport/drivers license of sender

[neku]

Since there is very less paypal/payoneer work, I am doing some online work with BTC payment. Since Binance is banned, I am using an indian exchange and they are asking for the tax id, passport or drivers license of the sender. Since the sender is a company and I receive payment from other businesses also, I would like to find out if senders KYC, details are required in other countries also?

 

[kit_hung]

It usually depends on the country and exchange you are using. Most exchanges require KYC for senders when there is a fiat onramp or when there are organizations involved for AML and tax compliance. If you are receiving BTC directly onchain there is often no KYC for the sender but if you are using an exchange or OTC they will ask for documentation.

 

[Fidelia]

It is nothing abnormal for a crypto exchange to ask for all those identity documents for verification. I submitted mine on Binance.

 

[neku]

I have already submitted my documents to the exchange, they want me to send the crypto senders document which most senders are not interested in for small amounts.

 

[Kera]

It is just for KYC verification and nothing more than that. You can't use the exchange without those verification. Government told them to do that.

 

[Suba]

Currently, not only centralized crypto exchanges but also custodial wallets require KYC, which requires verification using a passport, driver's license, or ID card. Even Coinbase requires proof of address. Some local crypto exchanges require ID cards and taxpayer identification numbers, as regulated by governments worldwide.

 

[neku]

All crypto exchanges require the members or users id proof for verification. In some cases, the exchange is asking users to provide id proof of all the customers sending crypto to them.