KYC bad decision?

[Doovla]

KYC back in 3 years ago use to be a significatly part of every new project that come throught, either that be Ethereum network or any other. That was the way when people find out in 99% of case that project is not scam. Now to me bad decision is that project developers get away from KYC in future.

[IvugeoEvolutionCoin]

KYC back in 3 years ago use to be a significatly part of every new project that come throught, either that be Ethereum network or any other. That was the way when people find out in 99% of case that project is not scam. Now to me bad decision is that project developers get away from KYC in future.

After you have done KYC on a project, they have succeeded in collecting the data you have, and they have the opportunity to sell all the data that has been collected, so you have to remain vigilant when you want to do KYC on a site. Try to see what the project you are using for KYC is like. Are they still developing, or are they no longer operating? If it is no longer operational, then it is certain that your data is being bought and sold to dark web.

[kent47400]

Do you think it is risky for you? Can they use your personal documents elsewhere?

Cryptocurerncy connects the natar continent, even as long as the internet there is still cryptocurrency that will not disappear or die.
Cryptocurrency is also designed to trade P2P between people A and people B without having to have a third party who bridges, let alone have to be KYC.
But now Cryptocurrency is traded in various markets and markets are full of unreasonable rules, as well as withdrawal in limits must be above 10 USD (in coins), or the use of KYC etc.
KYC is very valuable to me personally because it is my privacy, I don't want other people to know the names, addresses, places of birth or other personal data from me. Yeps, KYC is very unfavorable for myself personally.

[Cantsay]

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.

Even the few that you use does not guarantee the safety of your information, there’s a probability that one of those few that you use might have been compromised.

I did kyc for two exchanges before I join a forum (bitcoinatalk) and got to know about the risk associated with kyc – how my identity could be stolen and the rest… if the info had gotten to me before I made that decision of verifying my account I would have just gone for DEX, because I don’t trade large volume so the liquidity in dexs should have been enough for me.

[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.

Even the few that you use does not guarantee the safety of your information, there’s a probability that one of those few that you use might have been compromised.

That's true, using few service (which require KYC) only reduce the risk. Besides, some people occasionally need fiat due to various reason.

I did kyc for two exchanges before I join a forum (bitcoinatalk) and got to know about the risk associated with kyc – how my identity could be stolen and the rest… if the info had gotten to me before I made that decision of verifying my account I would have just gone for DEX, because I don’t trade large volume so the liquidity in dexs should have been enough for me.

DEX is good alternative to CEX, although some trading pairs have little or no volume. As for trading pair on DEX which use fiat, Bisq[1] shows only EUR, USD and BRL have volume above $100K in last 7 days.

[1] https://bisq.markets/markets

[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 the bad decision here, we are the ones making the worst decision in going for KYC, there's this understanding that we can have and think that we may not really have to make use of anything that has to do with KYC when we have the idea of what implications they can cause us, after all, it's not a force to make use of anything that has to involve KYC, we only have to ensure that we know what we are doing and go for that we want.

[bitterguy28]

KYC back in 3 years ago use to be a significatly part of every new project that come throught, either that be Ethereum network or any other. That was the way when people find out in 99% of case that project is not scam. Now to me bad decision is that project developers get away from KYC in future.

After you have done KYC on a project, they have succeeded in collecting the data you have, and they have the opportunity to sell all the data that has been collected, so you have to remain vigilant when you want to do KYC on a site. Try to see what the project you are using for KYC is like. Are they still developing, or are they no longer operating? If it is no longer operational, then it is certain that your data is being bought and sold to dark web.

There are tons of Bounty hunters that cares nothing about their KYC or their safeties because what is important
to them is that they may gain tokens that in the end will be no value at all and so they have been scammed by the project
owner of not being paid for their works and also being scammed because their KYC is being sold to third party users and
sometimes becoming victims of scam or flood emails .

[bounceback]

Firstly, I disagree with KYC procedure on many exchange market but to get regulation from the government they required KYC for all user if want the exchange market get allow regulation in the country building the exchange market.
Due how secure with KYC document protecting by an exchange its not much problem have verifying document ID in exchange market.
Today all exchange market have adopt with KYC regulation to allow what the government needed, I think its very good how to avoid from money laundering when any exchange easily withdrawal without have verify KYC.

[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?

Yes, doing KYC is risky in a lot of places. and yes a lot of websites and companies use our documents elsewhere. that is why it is always better to avoid KYC as much as possible and only do KYC with trusted and reputable exchanges. even then there are still risks. minimizing your KYC to less exchanges is better.

I have never liked KYC and have avoided it whenever possible,

Why does this forum have KYC then? (I know it is not necessary but still some people have to do KYC to get some specific tags, roles)  you are also a moderator here. don't you think KYC shouldn't be a part of this forum?

[Cantsay]

I have never liked KYC and have avoided it whenever possible,

Why does this forum have KYC then? (I know it is not necessary but still some people have to do KYC to get some specific tags, roles)  you are also a moderator here. don't you think KYC shouldn't be a part of this forum?

I could say to spice things up.

But on a more serious note: I haven’t read much about the kyc of the forum or what benefits are being provided for people who have successfully completed theirs or if there are any privileges for those with the verified badge but if it merely for the badge then I’d say it’s no big deal.

But if it turns out that there are some limitations to non-verified accounts (which I haven’t noticed aside from not being able to delete or get notified about replies on certain threads) then that’s when the kyc will become a problem because majority of users that value their privacy wouldn’t want to submit their documents but yet would want to also have access to those features.

But on a more serious note, this forum has kyc but does not force it on anyone, I have seen users who have been using this forum for a long time and yet haven’t participated in this forum kyc. 

Myself I don’t think I’ll ever participate in it (that’s why I haven’t done any reading on it.

[TopT3ns]

Firstly, I disagree with KYC procedure on many exchange market but to get regulation from the government they required KYC for all user if want the exchange market get allow regulation in the country building the exchange market.
Due how secure with KYC document protecting by an exchange its not much problem have verifying document ID in exchange market.
Today all exchange market have adopt with KYC regulation to allow what the government needed, I think its very good how to avoid from money laundering when any exchange easily withdrawal without have verify KYC.

When you don't agree with the rules of that exchange, you will never be able to make withdrawals at that exchange. So far, when you use a very large amount of money for a transaction, you will be asked to do KYC so that the transaction is free from money laundering charges. because so far the most cases have been money laundering.

[Gurujebs]

KYC back in 3 years ago use to be a significatly part of every new project that come throught, either that be Ethereum network or any other. That was the way when people find out in 99% of case that project is not scam. Now to me bad decision is that project developers get away from KYC in future.

You are talking about ICO trend way back when shitcoins where everywhere doing initial coin offering only to later run off with investors money.

The reason why KYC features were adopted back then was because of US investors concerned, their government forbid it's citizens back then from involvement with crypto due to the risen scams so they have to conduct this kyc to be able to identify each individual and their place of residence before token can be sold to them but that doesnt reduce the global crypto scams that was going on at that time.

I don't like KYC in general, they are not useful as they think, if it's was that usefuln so many scams that are going in crypto would have stop by now but it's still the same thing and some kyc platforms abuse this privileged, they sell people information for money that are been used for dark web activities.

[LUCKMCFLY]

KYC back in 3 years ago use to be a significatly part of every new project that come throught, either that be Ethereum network or any other. That was the way when people find out in 99% of case that project is not scam. Now to me bad decision is that project developers get away from KYC in future.

You are talking about ICO trend way back when shitcoins where everywhere doing initial coin offering only to later run off with investors money.

The reason why KYC features were adopted back then was because of US investors concerned, their government forbid it's citizens back then from involvement with crypto due to the risen scams so they have to conduct this kyc to be able to identify each individual and their place of residence before token can be sold to them but that doesnt reduce the global crypto scams that was going on at that time.

I don't like KYC in general, they are not useful as they think, if it's was that usefuln so many scams that are going in crypto would have stop by now but it's still the same thing and some kyc platforms abuse this privileged, they sell people information for money that are been used for dark web activities.

Well, in my very personal opinion, I never agree with the KYC, first because it is a way of revealing our data for any platform, and I find that I don't like it, secondly in the ICOs less, that is something that should never be allowed, For example, I could say that things can be very different when different ways of treating things are done, for example in everything that is known about Bitcoin and crypto, or KYC must exist, because precisely, that is what crypto is for, that is what inventory, the greatest of all Satoshi's achievements was to Avoid that , but what happened? Simply put, governments realized that they couldn't do anything about crypto technology and began to do their diplomatic intimidation, and thus KYC was born.

  Governments are interested in knowing the KYC because they want to have information about all those who have done and deal with crypto and then charge them a good tax, in itself that is what it is for , to take a slice of that money.

[Dr.Bitcoin_Strange]

Well, I did not really know the risk and threat of KYC until after some years of starting my crypto journey, and by then, I had already registered my account on Binance and two other exchanges. Since I realized the risk, I have been very mindful of the kind of platform I use to give off my information for KYC purposes. Although I have been using the exchange on which I did KYC, I can say that centralized exchanges are also helpful in purchasing bitcoin, but the KYC required has a risk that cannot be overlooked.

If perhaps there is any issue with a cryptocurrency investor and the SEC decides to carry out an investigation on that user's crypto portfolio, the SEC can actually demand a centralized exchange to give off that user's information. His address or image, as well as the amount of crypto he has purchased so far in that exchange and the crypto address that he has withdrawn his coins to. These are a lot of information to help the sec get to the investor.

[Agbe]

Yes giving out your personal information to someone or group persons online is very risky because you don't know what they will use that information to do. And also they can use it to impersonate your personality to commit a crime and you will be the person to face the crime. And that is why many people are agitating to be anonymous online. And most or all the Centralized Exchanges are asking KYC from the customers. And also like what happened to Sinbad customers and participants was a good lesson to many people in the cryptocurrency world and because of the money laundering they did, all those users who received coins from the mixer's service was tagged and we thank God many use decentralized non custodial wallets and foe those who used centralized exchanges were warned to do KYC and if they would ban their accounts. I am also not in support of exchanges and other cryptocurrencies related service asking user to submit KYC.