Is kyc dangerous?

[Real2dream]

KYC it's the way that BTC found a place in the modern world, for me. With kyc there's a chance to inspire security into mayor activities, knowing that BTC is not being handle just by illicit transactions or dirty money.

It gives a necessary transparency to the process that cryptos honestly needs in order to survive in this world

[Positive]

KYC can be dangerous and cannot be dangerous if manage properly by the service provided (exchange etc) but with the issue of data linkage which have occurred in crypto sphere people need to be careful and understand the honesty level of the site they do KYC.

Why would we give our personal data to exchange? What would happen if the exchange got hacked? imagine the hacker got our personal data, that would be bad...... I feel really not safe if hacker got my personal data.

You cant espace KYC as crypto to fiat exchange site is concerned and if an exchange got hacked, the hackers are always after the exchange wallet. However, it only an inside man who work on the exchange can steal or link people KYC information.

[ShadowCrypto]

When someone does KYC, they are forced to hand over parts of their personal identity to third parties (such as an exchange, ICO, etc.). After that point, they are no longer in control of the process and are fully exposed to third parties to safely handle their confidential data. If something gets hacked, the affected people cannot do anything.

[gunhell16]

Why would we give our personal data to exchange? What would happen if the exchange got hacked? imagine the hacker got our personal data, that would be bad...... I feel really not safe if a hacker got my personal data.

It is dangerous if the project or airdrops are a scam, but if you are sure about the project or any exchange platform on which you are going to use for you to be able to trade your coin I think there will be no problem with it as long as you activate your 2FA. Just make sure the exchange site is one of the tops exchanges in the market. 

[edmundo]

Well, we have had series of stories about situations where KYC documents were taken and sold to third party companies and thus, exposing several people to identity theft. A case has also been made involving the crypto project XDB who collected KYC documents of bounty hunters twice and refuse paying and it is alledged that hunters documents may be sold. Several exchanges demand for KYC for larger withdrawals and people don't really feel comfortable giving out their identities. However, KoinPro exchange has made it so easy by providing top notch trading services without demand for KYC whatsoever. Irrespective of the sums or amounts involved, you don't need any for of KYC for accessing and using the KoinPro exchange which also offers futures and CFDs trading. Check them out.

[SRShanuka2020]

If you have ever used the KYC/AML process of the hacked crypto exchanges, YOUR PRIVACY IS COMPROMISED. Also, anyone can use your leaked personal documents to open any fake account using your name and launder millions of dollars through fake crypto exchange accounts.

[marplen]

It could be dangerous if you provide info to bad sites

[tonoff]

Yes, KYC contradicts the idea of crypto, but in many projects this is a mandatory step, unfortunately (

[wawan96]

the best solution if you want to secure the data you better not perform KYC in exchange if you want your personal data is safe because every KYC in exchange quite dangerous if exposed to hack the data exchange each account could be taken and misused.

[hair]

Be careful bro..doing KYC depend on situation and condition. If you need KYC, example KYC on Binance why not?   you have to crosscheck before you give your data. Because so many web phinising to steal your data.

[Michael.sol]

I didn't think that KYC is dangerous , because kyc have a proff that we are legit perosn . I doing KYC in binance and localbitcoin website. I think to approved my KYC here also .

[Astra]

When it comes to submitting our credentials to exchanges, we have no choice but to find exchanges that do not yet require our data. A much greater danger is posed by various kinds of new ICO projects that require investors and participants in ICO bounty campaigns to provide such data. Among such ICO projects, a significant part are scammers.

[babu10]

Why would we give our personal data to exchange? What would happen if the exchange got hacked? imagine the hacker got our personal data, that would be bad...... I feel really not safe if hacker got my personal data.

Though you have to give personal data when you gone to investment in any coin or IEO or project but we have nothing to do here. Its depends on the government that the project launch and there maybe some restrictions from government so company or team must be bond to do this. And if you want to invest here you have to give. Otherwise you can not invest any project which requires KYC.

[ankhi00]

Why would we give our personal data to exchange? What would happen if the exchange got hacked? imagine the hacker got our personal data, that would be bad...... I feel really not safe if hacker got my personal data.

Yes, some times KYC is dangerous for man but till now i did not hear about any violence about kyc elements that hackers hack and misused it. I think we should not worried about it.

thanks.

[H2O]

I'm afraid to do KYC... what is your experience?

Some illegal team management steal the personal information via kyc documents.