IDEX implements KYC / AML policies and IP blocking, users not too happy

idex cryptocurrency

IDEX is the most popular decentralized ERC20 exchange that allowed users to trade directly from their Ethereum wallets. The exchange has announced that starting today, IDEX will start blocking access to New York IP addresses in order to comply with the regulators.

IDEX and KYC / AML policies

In the coming months, IDEX will start doing KYC of all users that want to trade on their exchange. Like binance and bittrex, there will be tiers that correlate with amount of funds users are able to move through their service. For instance, binance lets you do withdrawal with KYC upto 2 BTC in any cryptocurrency in 24 hours. But, if you want to withdraw more, you must verify your identity.

However, IDEX has made it clear that KYC will be compulsory for all with those who wish to trade larger amounts will need to undergo additional KYC steps.

People not happy

Here are tweets of some that are not too happy with this decision.

how idex works

Is IDEX decentralized now?

If IDEX is blocking IP addresses and soon doing KYC/AML, then it is no longer decentralized. That makes IDEX now a centralized exchange. True decentralized exchanges do not make exceptions of who can or cannot trade.

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