KYC bad decision?

[Jamal Aezaz]

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?

There are many central exchanges that require KYC verification with personal documents and mandate mandatory KYC. Moreover, no trading or deposit or withdrawal is possible without KOIC, so KYC is mandatory. But if the central exchange is very popular and trusted then KYC verification should not be a problemNo but in case of non popular exchanges one must be careful before doing KYC verification. Moreover, before investing in a project, in the case where it is asked to do KYC with personal documents and then to invest, I think it is better not to invest in that project and it is better not to use personal documents as much as possible.

It's depends upon each country rules and regulations. Countries where crypto is banned will not allow any citizens to use any crypto exchange for trading. Doing KYC from such citizen are bit risky even if centralized exchange are well known and trust worthy such as Binance, bitget and kucoin. Personally I doesn't not feels any fear when doing KYC in big exchanges and skip these IDO and Private sell platforms asking for KYC. The better option is to just do KYC when there is no other way otherwise don't take risk.

[Gyrgen]

It’s decided, I’ll move to the Seychelles, live for a couple of months and then move to Dubai. But you must admit, this doesn’t explain why centralized exchanges launch KUS. And the process of withdrawing crypto into fiat by a counterparty has nothing to do with exchanges at all. In general, I understand what you mean when you write about things that are not the case, but who forces these exchanges to open local offices in almost every country.

I'm not talking about things in general. When a company generates economic benefit in a country, it must pay taxes in that country, when a user obtains economic benefit in a country, it must also pay taxes in that country, except in the countries that appear in the article in my previous post. This is how tax laws work, although those laws are different in each country.

Exchanges, like other companies, must have tax domicile in each country in which they want to obtain a license, so they must open offices. In my country it is like that and I can guarantee it 100%, although in other countries I don't know what it will be like, but I guess it won't be much different.

The cryptocurrency to fiat withdrawal process has a lot to do with the exchanges, as the exchanges make profits (fees) which must also be taxed. Banks, which are where these cryptocurrencies arrive in the form of fiat, must also pay taxes and charge fees.

You just can’t understand the idea that I’m trying to convey. Let’s put it another way. Look, I order some product on Aliexpress or Amazon, will these companies pay tax in my country? After all, I bought the product from them, the answer is obvious - Of course not. They will pay tax in China and the USA. I hope you get my point this time.

[LUCKMCFLY]

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?

There are many central exchanges that require KYC verification with personal documents and mandate mandatory KYC. Moreover, no trading or deposit or withdrawal is possible without KOIC, so KYC is mandatory. But if the central exchange is very popular and trusted then KYC verification should not be a problemNo but in case of non popular exchanges one must be careful before doing KYC verification. Moreover, before investing in a project, in the case where it is asked to do KYC with personal documents and then to invest, I think it is better not to invest in that project and it is better not to use personal documents as much as possible.

That's how I think, of course when we are in an exchange of this style, it is obvious that they will be regulated under the mandates of a government or governments, because in Binance, it is a centralized, reliable exchange that can make a difference, almost all the The world trusts Binance, and yet when in Colombia they asked them to do an investigation, they made sure that all the people in Colombia could not withdraw anything, so that seems to me like an abuse of power, because things cannot and should not If so, an excahgne should not surrender to the motives of whims, governments, and entities similar to those of the police, or something like that, there must be autonomy for the exchanges.

This is the only bad thing about complying with a KYC and even more so when they are on very famous exchanges, if this happens there on these exchanges, I don't want to imagine it on centralized exchanges that are not famous.

Of a truth exchanges are regulated under the government of the jurisdiction where they find themselves. No government would allow them to operate on their land without they obeying the rules and regulations. Not only that, exchanges are business and profit making organisations  so therefore the government would want to tax them for every transaction they conduct so as to generate revenue for their nation. Most times, these things are not just for the benefit of the nation but for themselves which is why they are hell bent on squeezing the hell out of exchanges .

It is very true, now I have started to think about something, if someone pays in any domain, whose domain is from another country, let's say it like this in Portugal that has so much financial freedom, if it is placed in the Cloud and the ceo over there, what would it be like then? Or even in Malta or in a country that does that but is it from the Cloud? where everything is paid, how is it? That is not something that I see that has much of a problem, so in this order of ideas things can happen in favor of the person, I don't know if that is the way to be able to evade the KYC a little,  although for the Regulatory entities, I don't know if they will approve the licenses or something like that , Although I see that for me the licenses are no indication that they are going to be completely legitimate and authentic, because there are some casinos that do this with all that and turn out to be Scams.

[Doovla]

In my opinion, KYC is an excess of information, because it is possible to arrange data on users in other ways, so that they are not rejected. Such as by phone and QR codes.