KYC bad decision?

[Rubel007]

There is definitely a downside to doing KYC for a small amount of money. Hackers or those attempting to perform scams may request such information in order to obtain the personal information of others. But KYC is definitely required to withdraw money from a legit platform. If an exchange platform cannot identify a user, there will be no way to catch the user even if he commits various irregularities. KYC means providing your personal information to others. If it's not an authentic platform, it's risky to provide your identity.

[PX-Z]

. If an exchange platform cannot identify a user, there will be no way to catch the user even if he commits various irregularities.

KYC are only required because of the authority's mandate regarding the AML laws that the platform is following since crypto is used for money laundering (no questions for that, it's true). KYC using to catch people is just an option if the user makes fraud actions and statements (i guess).

Doing KYC is only reasonable for exchanging crypto to fiat on a reputable website, that's why i am always cautious giving my personal info (KYC) on casinos, to be exact i didn't do KYC yet on any crypto casinos even though i'm regularly playing, especially on Stake.

[Gyrgen]

There is definitely a downside to doing KYC for a small amount of money. Hackers or those attempting to perform scams may request such information in order to obtain the personal information of others. But KYC is definitely required to withdraw money from a legit platform. If an exchange platform cannot identify a user, there will be no way to catch the user even if he commits various irregularities. KYC means providing your personal information to others. If it's not an authentic platform, it's risky to provide your identity.

Why is this necessary? Just a couple of years ago, KYC was considered bad manners and funds were easily withdrawn without it. And for villains, the barrier in the form of KYC is not a hindrance at all, but for ordinary hamsters it is to a certain extent difficult.

[FOKA33]

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 'know your customer' involving the submission of personal Information e.g names, address, ID etc... Though kyc outweigh the benefits of preventing fraud

[Google+]

Kyc 'know your customer' involving the submission of personal Information e.g names, address, ID etc... Though kyc outweigh the benefits of preventing fraud

Having KYC can actually be positive. Many exchange sites require their users to complete KYC because knowing the financial sources entering the exchange ensures that circulation remains stable, so that the exchange is not used as a place for large-scale money laundering.

[MRY]

Why is this necessary? Just a couple of years ago, KYC was considered bad manners and funds were easily withdrawn without it. And for villains, the barrier in the form of KYC is not a hindrance at all, but for ordinary hamsters it is to a certain extent difficult.

As digital technology develops, KYC is really needed to verify that the money used is from a good source and not from a suspicious source. Now all sectors of medium to large companies are implementing a very strict KYC system to continue to provide fairly high security.

[Primo1760]

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 there are many exchanges where KYC verification is required to enter.  I don't think it's risky at all. KYC verification is done for the security of my wallet. As I use Binance exchange platform but I must do KYC I have not had any problems since I started using the exchange platform and hope not in the future. Binance exchange has all my information but I think they can't do me any harm with my information and even if they do they won't do any harm because they are benefiting from me by others why should they harm me and others. For those who feel risky there is a unique system where there is no hassle of doing KYC.

[Gyrgen]

Why is this necessary? Just a couple of years ago, KYC was considered bad manners and funds were easily withdrawn without it. And for villains, the barrier in the form of KYC is not a hindrance at all, but for ordinary hamsters it is to a certain extent difficult.

As digital technology develops, KYC is really needed to verify that the money used is from a good source and not from a suspicious source. Now all sectors of medium to large companies are implementing a very strict KYC system to continue to provide fairly high security.

Don’t you understand that these are just beautiful words about imaginary security, look on the Internet for a lot of cases where the CUS did not save you from theft at all. This is all necessary to create a database of taxpayers and, accordingly, monitor movements and verify funds.

[IvugeoEvolutionCoin]

Don’t you understand that these are just beautiful words about imaginary security, look on the Internet for a lot of cases where the CUS did not save you from theft at all. This is all necessary to create a database of taxpayers and, accordingly, monitor movements and verify funds.

Exactly, there are many cases of buying and selling identities that can be used for crimes that can be detrimental, so how can we avoid the large number of KYCs that are requested by many places? because if you look at the current time, more and more platforms have to require completing KYC to continue their activities.

[JoyMarsha]

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.

Very normal and necessary for every crypto user to abide, by having their KYC done on a reputable exchange since that's the only way to have full access to their services.

It was years back I used to refuse to have my KYC done on exchanges but when I found out I couldn't beat that, I had to succumb and have my KYC done on exchanges like Binance without fear since Is reputable, security wise and globally known.

[Gyrgen]

Don’t you understand that these are just beautiful words about imaginary security, look on the Internet for a lot of cases where the KYC did not save you from theft at all. This is all necessary to create a database of taxpayers and, accordingly, monitor movements and verify funds.

Exactly, there are many cases of buying and selling identities that can be used for crimes that can be detrimental, so how can we avoid the large number of KYCs that are requested by many places? because if you look at the current time, more and more platforms have to require completing KYC to continue their activities.

I think there’s no way, it’s too late. You should at least not distribute your data everywhere right and left. Personally, I don’t participate in projects that claim that there will be a KYC, but unfortunately with centralized exchanges there’s no escape.

[Freemind]

Why is this necessary? Just a couple of years ago, KYC was considered bad manners and funds were easily withdrawn without it. And for villains, the barrier in the form of KYC is not a hindrance at all, but for ordinary hamsters it is to a certain extent difficult.

According to governments, KYC is necessary to protect the user, but the reality is very different, KYC is another form of control over citizens to know who has cryptocurrencies and how they use them. Centralized exchanges must comply with these laws, otherwise they would face many problems, like Binance, for example, which although it has not had problems with the identification of users, has had to pay a fine of several billion dollars, and that puts Binance in the worst scenario. That is why many other exchanges took this as a warning and updated their KYC policies with stricter rules and requirements.

[Gyrgen]

Why is this necessary? Just a couple of years ago, KYC was considered bad manners and funds were easily withdrawn without it. And for villains, the barrier in the form of KYC is not a hindrance at all, but for ordinary hamsters it is to a certain extent difficult.

According to governments, KYC is necessary to protect the user, but the reality is very different, KYC is another form of control over citizens to know who has cryptocurrencies and how they use them. Centralized exchanges must comply with these laws, otherwise they would face many problems, like Binance, for example, which although it has not had problems with the identification of users, has had to pay a fine of several billion dollars, and that puts Binance in the worst scenario. That is why many other exchanges took this as a warning and updated their KYC policies with stricter rules and requirements.

And this is despite the fact that Binance and other large centralized exchanges are registered in offshore areas, where, in theory, no one has any legal power over anyone. There is something else here that we do not know. In addition, many people do not like this situation when someone has indirect control over your assets. Everything may gradually change when the existing global financial system begins to collapse.

[pacar_tiri]

I think there’s no way, it’s too late. You should at least not distribute your data everywhere right and left. Personally, I don’t participate in projects that claim that there will be a KYC, but unfortunately with centralized exchanges there’s no escape.

Yes, it's true that there are some projects that don't need to complete KYC, but projects like that are sometimes very rare, because having KYC also minimizes fraudulent users so it seems like cheating can be handled well.

[MUGNIA]

Kyc 'know your customer' involving the submission of personal Information e.g names, address, ID etc... Though kyc outweigh the benefits of preventing fraud

Having KYC can actually be positive. Many exchange sites require their users to complete KYC because knowing the financial sources entering the exchange ensures that circulation remains stable, so that the exchange is not used as a place for large-scale money laundering.

That's right, many exchanges currently require KYC for trading and withdrawals, for me, if it's not detrimental and can make it easier for me to make transactions on the exchange, I don't have a problem doing KYC.