KYC bad decision?

[Callisto]

There are many places in this crypto market where personal information is submitted for kyc verification. There are many exchanges that have made KYC verification mandatory, and many projects also require it to purchase tokens. There are risks of collecting personal information on the crypto market. It is important to carefully select exchanges and projects, read the privacy policy, and use security measures to minimize the risks of data leakage and misuse of personal information.

[TopT3ns]

There are many places in this crypto market where personal information is submitted for kyc verification. There are many exchanges that have made KYC verification mandatory, and many projects also require it to purchase tokens. There are risks of collecting personal information on the crypto market. It is important to carefully select exchanges and projects, read the privacy policy, and use security measures to minimize the risks of data leakage and misuse of personal information.

When KYC starts to be implemented on any platform, the privacy provided by Cryptocurrency is no longer safe because of course many people will know the identity of the owner of the assets they own, sometimes the most ironic thing is that there are KYC events where you only pay $2, It's a shame that personal data is sold very cheaply and in the end a lot of KYC data is sold on the black market.

[bitbit97]

There are many places in this crypto market where personal information is submitted for kyc verification. There are many exchanges that have made KYC verification mandatory, and many projects also require it to purchase tokens. There are risks of collecting personal information on the crypto market. It is important to carefully select exchanges and projects, read the privacy policy, and use security measures to minimize the risks of data leakage and misuse of personal information.

When KYC starts to be implemented on any platform, the privacy provided by Cryptocurrency is no longer safe because of course many people will know the identity of the owner of the assets they own, sometimes the most ironic thing is that there are KYC events where you only pay $2, It's a shame that personal data is sold very cheaply and in the end a lot of KYC data is sold on the black market.

Dont forget that not only other will find out identity of the asset owner, but companies that ask and check for KYC might have issues with security. Not only they collect users data, but they are more possible to be hacked and users data stolen, than an individual user be hacked and his data will be stolen. Ridiculous to realize that safety of my data depends from someone else. And based on the information we are asked to present for KYC it is impossible to tell if a person is good, bad and what are his motives and aims in crypto.

[jeraldskie11]

For me, it is dangerous to submit KYC because they will know our personal information. Like if they find out that you have a lot of money in your account, you might become a victim. I heard a news that a person was arrested because he had a big case which is something he didn't do. It's very sad to think about, but I'm not too worried because they won't get anything from me. But if you want privacy, use a decentralized exchange instead of CEX.

[ultrloa]

Dangerous to submit your KYC if the platform you use is unknown or reputation has not been guaranteed since chances that we might get a serious issue there.

But for trusted platform well we maybe can assure our safety there and we don't have a choice but to submit this requirements since we can't use all the features we want.

So at the end choose the platform you submit and always check if they have good feedbacks or long time running reputable platform to avoid those possible problems in future.

[gunhell16]

There are many places in this crypto market where personal information is submitted for kyc verification. Many exchanges have made KYC verification mandatory, and many projects also require it to purchase tokens. There are risks of collecting personal information on the crypto market. It is important to carefully select exchanges and projects, read the privacy policy, and use security measures to minimize the risks of data leakage and misuse of personal information.

It's their rules and policy; we can't do anything about it; it's up to us if we accept the policy they have, and besides, we don't need to follow the system they have. If you have confidence because you did research before entering and entering money into their platform, that's no problem for you.

If you found in your investigation that it is fine, then for you, it will not be a big deal to provide KYC on their platform because you have trust in them.

[Yamane_Keto]

There are many places in this crypto market where personal information is submitted for kyc verification. There are many exchanges that have made KYC verification mandatory, and many projects also require it to purchase tokens.

Laws force them to do so, but projects are happy with KYC, not because legislation requires them, but because it means more profits for the developers and the work team. Do you trust that these services will protect your data properly? No, I don’t think so. Customer data has become available to many companies, and governments will not like it if an unknown project obtains customer data for $25, so they may ask them to stop KYC projects soon.

I expect that we will soon see a service that enables you to do KYC once and use your account to complete all projects that require it, or KYC will only be available for services approved by the government.

[LogitechMouse]

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's a risk to it, but if you aren't using DEX'es to buy tokens, you have no choice but to submit your personal information to large exchanges like Binance so that you can use their platform, and buy the tokens that you want.

Right now, unless you're using DEX's, you have no choice. At the end of the day, it will be more convenient to the investor since they will find it way easier to buy tokens. I've done it with Binance since I wanted to use their platform. I guess let's just pray that the security of that platform where you share your personal information will not get breached by these hackers (though we know how weak securities of CEXs are. ).

[yohananaomi]

For me, it is dangerous to submit KYC because they will know our personal information. Like if they find out that you have a lot of money in your account, you might become a victim. I heard a news that a person was arrested because he had a big case which is something he didn't do. It's very sad to think about, but I'm not too worried because they won't get anything from me. But if you want privacy, use a decentralized exchange instead of CEX.

We hope that KYC will not be requested or become a mandatory requirement, but currently almost everyone asks for it, so we cannot avoid it because it will complicate what we will do later. It is indeed very worrying that our personal data could end up in the hands of other people, and we don't know what it will be used for or whether we will be able to keep our data confidential, which other people might find out. But I agree with you that there is no need to worry too much as long as we don't have anything very secretive and they don't get anything from us, then we can hope that it won't be affected.

[Freemind]

There are many places in this crypto market where personal information is submitted for kyc verification. There are many exchanges that have made KYC verification mandatory, and many projects also require it to purchase tokens. There are risks of collecting personal information on the crypto market. It is important to carefully select exchanges and projects, read the privacy policy, and use security measures to minimize the risks of data leakage and misuse of personal information.

Reading the privacy policies of each exchange or service we use is something we should always do. But it is only a matter of time before all (centralized) exchanges comply with mandatory KYC to be able to operate in any country. Governments want to know who has cryptocurrencies and how they use them. Any exchange that does not follow the regulations will have more problems than exchanges that do follow the law.

With these regulations (or excuses) governments intend to fight, among other things, against money laundering. Something totally useless since the biggest money launderers are the banks. All of this will cause more and more users to abandon centralized exchanges and use decentralized ones, giving more popularity to this type of services and having a greater variety to choose from.

[Yamane_Keto]

Reading the privacy policies of each exchange or service we use is something we should always do. But it is only a matter of time before all (centralized) exchanges comply with mandatory KYC to be able to operate in any country. Governments want to know who has cryptocurrencies and how they use them. Any exchange that does not follow the regulations will have more problems than exchanges that do follow the law.

It is rare to read the terms of service, and sometimes they update them without users' permission, and many will even avoid legal action against the exchanges, so the rule is simple: as long as they have your coins, they are theirs, and they may not allow you to withdrawal them.
Exchanges know this and avoid freezing funds for no reason, but events like FTX are supposed to be a warning bell about the necessity of using DEXs. if you don't like that, it is better to wait until banks accept deposits and withdrawals in Bitcoin, as their terms are less complicated than crypto exchanges.

[aiviaa485]

I don't like KYC because it can be bought and sold by irresponsible people, for example there is a team that creates a CEX and requires KYC for trading, if the exchange closes then what do we do with our KYC? safe or not?
It could be that the CEX was created intentionally to collect KYC from various people so that it could be bought and sold on the dark web, this is a bad feeling for me and I hope this doesn't happen with my guess.
In the past, Binance implemented no need for KYC for several months and after Binance became a big market, now it requires KYC, I'm afraid that Binance will collapse too and I'm afraid that my KYC will be spread widely.

[booktiger]

Actually for me I like the fact that most exchanges are kyc enabled and however I don't think our data could be use for other purposes but we should be very careful in times of chosen exchanges that we can use our private data on because there are so many minor exchanges that does not have enough security that can protect and secure the privacy of it users as such leading to users data being stolen by hackers for illegal purpose, so perhaps is better to go for a very reputable exchange that Values the security of it users.

It seems to me that crypto exchanges that require KYC will disappear in the near future, because more and more people do not believe in the security of their personal data. Exchanges do not guarantee safe storage of personal information and do not destroy personal data after their closure.
No one knows where personal data will go and how it will be used. I use only exchanges without KYC, such as BingX.

[bitbit97]

I don't like KYC because it can be bought and sold by irresponsible people, for example there is a team that creates a CEX and requires KYC for trading, if the exchange closes then what do we do with our KYC? safe or not?

The fact that KYC can be traded does not bother me much, as some people, that in short of money, sell their identity on purpose. But what really bothers me is that after looking on documents, it is impossible to tell who person really is. By looking at the picture, it is impossible to tell if that person is good or bad. And what can a utility bill show? Just a confirmation that person on ID is the resident of same country he lives on? What if I travel? That instantly breaks that theory. And the time spend on checking id is suspicious also. It takes a minute to check person in every single criminal data base and check if ID is fake or not? Looks unbelievable.

[therozaq]

It seems to me that crypto exchanges that require KYC will disappear in the near future, because more and more people do not believe in the security of their personal data. Exchanges do not guarantee safe storage of personal information and do not destroy personal data after their closure.
No one knows where personal data will go and how it will be used. I use only exchanges without KYC, such as BingX.

Yeah , we must be careful to share our privacy data.
But almost all exchange ask KYC if we want to do transactions there.
Honestly, I don't like this.
But, I'm trader in binance.
I think Binance , Kucoin, Blank will keep our data.
If you prefer use exchange without KYC such BingX, it depends on your consideration.
I still believe in reputable exchange. I think It's safe.