KYC bad decision?

[vs2014]

There are many places in this crypto market where ones personal information is presented for kyc verified. There are many exchanges that have made KYC verify mandatory and many projects also require it to purchase tokens. Do you think it is risky for you? Can they use your personal documents elsewhere?

[robelneo]

There are many places in this crypto market where ones personal information is presented for kyc verified. There are many exchanges that have made KYC verify mandatory and many projects also require it to purchase tokens. Do you think it is risky for you? Can they use your personal documents elsewhere?

If the exchange is reputable and they are compliant you may proceed with KYC but we can't ever be sure that your account is safe on centralized exchanges there are leaks and hacking that happens on reputable exchanges, if possible choose DEX over CEX doing KYC is bad but its something that you need to do to verify your status and your age so you are qualified on the requirements before you can trade if its on an exchange, you can play if its a casino, so when doing KYC do it at your own risk

[zulfi125]

Yes, providing personal information for KYC verification on crypto platforms carries some risk. While reputable exchanges prioritize security, there's always a potential for data breaches. Users should choose platforms wisely and be cautious about sharing sensitive information.

[MrSpasybo]

To be honest, in 2017 I also refused to do KYC at many CEXs and only stored crypto in my personal account. Back then, Defi was not yet developed, so there were no famous DEXs other than EtherDelta, and Stable coins were not really popular, so I couldn't take profits, or rather, I thought crypto would change the world, so I held shitcoins in vain.

CEX is a business that needs to comply with AML/KYC regulations of governments, users also need to perform KYC to be able to use CEX, I think this is a normal and necessary thing.

Those who do not want to do KYC can use DEX very easily, but will need OTC when wanting to trade for fiat.

[salad daging]

Centralized exchanges have required a lot of KYC because it is an existing regulatory regulation, actually it is not a bad practice if the exchange has a reputation and can secure its customer data, the exchange also has KYC verification because there is a regulation from the government as to its legality.

KYC has actually become a common thing, if you want to be 100% anonymous then it's impossible unless you use it completely on DEX to exchange certain coins but it's not possible, because someone definitely needs a centralized exchange to trade there.

Actually, I'm not worried about KYC, because I have done several KYC verifications on several exchanges that are used to buy certain tokens, if you don't do KYC you can't do any activities.

Saying whether it is risky or not, clearly means saying YES because it does not guarantee that our data will be safe.

[Fenix]

There is a certain risk in any type of business. Even by registering it with government agencies, we run the risk that our data may be used by unscrupulous officials. The requirement to undergo KYC verification is already a requirement of the time. As expected earlier, states are strengthening surveillance over cryptocurrency, primarily to ensure that it is not used for laundering “dirty” money and does not finance terrorist organizations. This will in any case happen where cryptocurrency is exchanged for fiat.

[TopT3ns]

There is a certain risk in any type of business. Even by registering it with government agencies, we run the risk that our data may be used by unscrupulous officials. The requirement to undergo KYC verification is already a requirement of the time. As expected earlier, states are strengthening surveillance over cryptocurrency, primarily to ensure that it is not used for laundering “dirty” money and does not finance terrorist organizations. This will in any case happen where cryptocurrency is exchanged for fiat.

KYC has been widely used for various businesses until finally on the Dark Web there are also many people who sell people's data collected because of KYC and traded there. It is very risky because the main goal of the first Cryptocurrency is to create a digital currency that remains anonymous and invisible to anyone. owner, but lately this statement can be broken because many people use KYC for very small projects.

[sampoerna]

There are many places in this crypto market where ones personal information is presented for kyc verified. There are many exchanges that have made KYC verify mandatory and many projects also require it to purchase tokens. Do you think it is risky for you? Can they use your personal documents elsewhere?

It cannot be denied that KYC verification on many exchanges is mandatory or we cannot make transactions or withdrawals from the exchange, in fact this is very detrimental to us. Because like it or not, when we use the exchange, we have to carry out a KYC verification process. Well, this is the problem because we won't know whether the security of our data on the exchange is really safe or not. Therefore, we have to look for an exchange that is truly reputable when we are going to carry out the KYC process. because the risk could be that our data will not be used as it should, or perhaps there will be a data leak on the KYC platform. once again carrying out the KYC verification process is still risky. But we have no choice. therein lies the dilemma

[I-Bit]

Of course, KYC is risky for us because it requires secret data. But we have no choice, all centralized exchanges ask for KYC. I join local exchanges in my country, we must do KYC to join it. However, I think it is quite safe because the local exchanges is under control by the government. But for global exchanges, it may be riskier because no institution regulates them.

[yohananaomi]

Of course, KYC is risky for us because it requires secret data. But we have no choice, all centralized exchanges ask for KYC. I join local exchanges in my country, we must do KYC to join it. However, I think it is quite safe because the local exchanges is under control by the government. But for global exchanges, it may be riskier because no institution regulates them.

At first, many people refused to do KYC because it was very risky to be able to provide personal data easily without us being able to get protection for the data we provided. But as you said, because KYC has become something that must be done, if you don't do it, you won't get the access you need, even though we need it and ultimately have to provide the personal data.I agree that if KYC takes place in your own country, there will probably be acceptable protection because there are certain rules attached to each KYC that will be carried out, but if the person asking for it is from another country, even though it is necessary, there will still be fear.

[Aanuoluwatofunmi]

There are many places in this crypto market where ones personal information is presented for kyc verified. There are many exchanges that have made KYC verify mandatory and many projects also require it to purchase tokens. Do you think it is risky for you? Can they use your personal documents elsewhere?

KYC is not a bad decision, we should have known what is ahead before opting in for anything that has to do with KYC, if we are privacy minded, we may not want to have anything do with our digital asset no privacy, let me say that to make the very best of ourselves in cryptocurrency, we need to understand the reason for privacy, if we cannot afford giving KYC requirements irrespective of what is being asked for, then we should deal away with centralized institutions.

[MUGNIA]

The level of risk of data misuse is definitely there, but KYC on exchange platforms is unavoidable nowadays as it is the main requirement for withdrawals, and  trading
In the past I only did KYC on local exchanges, but over time due to necessity I did it on several exchanges so I could transact

[ariaryanto]

There are many places in this crypto market where ones personal information is presented for kyc verified. There are many exchanges that have made KYC verify mandatory and many projects also require it to purchase tokens. Do you think it is risky for you? Can they use your personal documents elsewhere?

Indeed, almost all exchanges require KYC verification because they have to know who has joined the exchange and it must be clear, in the past most people's accounts on exchanges were hacked by other people because there was no personal data on the account and it would be easy for hackers to get into their accounts. These exchanges are the same as banks, they store data so they know that the person who enters the account is the person who has the account, therefore every exchange requires KYC.

[bitterguy28]

There are many places in this crypto market where ones personal information is presented for kyc verified. There are many exchanges that have made KYC verify mandatory and many projects also require it to purchase tokens. Do you think it is risky for you? Can they use your personal documents elsewhere?

KYC has been the issue in Many gambling sites and now indeed that there is these exchange obliging us to send our details first but you must know that you have a choice ,

You can choose Decentralized exchange that does not ask for any of your info aside from logging in (some as asking for email at least)

and you can use that centralized one that oblige you to send KYC.

asking if they can use your details? of course as there are allegation that many of them are selling our KYC to 3rd party users and those are why we are being spammed mostly .

[ABCbits]

Yes, it's definitely risky. It's hard to even know whether exchange misuse our personal data and even harder to sue them. That's why i only use very few services which require KYC.