Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: vs2014 on January 05, 2024, 04:14:14 PM
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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?
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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
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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.
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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.
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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.
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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.
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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.
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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
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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.
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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.
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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.
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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
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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.
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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 .
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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.
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I believe that KYC will be part of the future of cryptocurrencies and will work just like banks, as they will be gateways between cryptocurrencies and cash, and decentralized platforms will develop so that the transfer between cryptocurrencies is easy and automatic. if you do not want to complete KYC, you must start using and promoting open source projects.
It's just like banks. I know people who don't deal with banks and their financial lives are stable.
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Now it is difficult to avoid KYC for centralized platforms let alone for an exchange almost all exchanges are mandatory for customers to do KYC, this is also part of the government rules and regulations.
We never know whether our data will be safe on their side? Sometimes exchanges also often lose their security due to many hacks occurring and it could be that our documents with millions will be taken by them but we never know about that, what the platform says of course says the data will remain safe in the database.
If you are doubtful about this risk then there is still an option where we can exchange or buy coins on the decentralized Dex platform.
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This is indeed worrisome and questionable. Many investors only have a one way sightedness that the implementation of KYC is just for the users account's verifications in other to maintain a safe and secured account without undermining that the provided details could be alternatively be in used elsewhere by the organization without your consent.
I am still yet to figure how possible Binance exchange could submit to being guilty of fraudulent to their exchange site despites the possible provisions of its KYCs that is tended to authenticate and secures registered accounts on their sites.
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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?
I think exchanges that require KYC verification are good and not just anyone can open an account because they have personal data... exchanges that require KYC are the same as banks where everyone who wants to open a credit card must collect their personal data and I'm sure the exchange will not mess with your personal data and not even misuse it.
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I am still yet to figure how possible Binance exchange could submit to being guilty of fraudulent to their exchange site despites the possible provisions of its KYCs that is tended to authenticate and secures registered accounts on their sites.
The KYC is the reason they couldn't pretend and had to plead guilty.
Know your customer as it is called prevents binance from denying they weren't aware what the funds were used for.
Kyc is risky especially when you dealing with huge funds incase of a breach your data would be at the mercy of hackers. Despite its danger the only advantage i can pick from it is that it provides an almost (i said almost) secure and trust method of p2p since the exchange knows who you dealing with and in case of a report can seize their funds. But i don't think this little advantage outweigh its deficits.
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One of users' biggest fears about KYC is not just that governments have (that they can obtain in other ways) their personal data. The number of data thefts and leaks increases every year, and that's even worse since our personal data can be sold on dark web forums for many illicit purposes, which would cause serious problems for any user. I have never liked KYC and have avoided it whenever possible, but in rare cases there is no other option but to use it.
Forum users will be able to find a lot of information about what I'm saying to give you an idea, but I'm still going to leave you some examples of reports from cybersecurity firms:
List of Data Breaches and Cyber Attacks in 2023 – 5,951,612,884 records breached (https://www.itgovernance.co.uk/blog/list-of-data-breaches-and-cyber-attacks-in-2023)
Breakdown of the 11 most significant 2023 data breaches (https://nordlayer.com/blog/data-breaches-in-2023/)
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I think exchanges that require KYC verification are good and not just anyone can open an account because they have personal data... exchanges that require KYC are the same as banks where everyone who wants to open a credit card must collect their personal data and I'm sure the exchange will not mess with your personal data and not even misuse it.
What do you mean by good? Do you mean those that follow regulations or are registered, so you can sue them if they lose your money? If that's not what you meant, then I'm not sure what kind of exchange is bad if they don't ask for KYC. We've seen Kucoin or other exchanges allow non-KYC users in the past, and you can access them just fine. Some of them even provide compensation after they suffered one or two hacks, regardless of your KYC status. In fact, data leaks are likely going to happen more often if every service that you need to use requires KYC.
I tend to look for non-KYC options to avoid my data being sold or leaked, considering how sloppy most services are in regard to their database security. You can't fault people for distrusting KYC when there is a news of database leak from a major company like LastPass which contains sensitive data like users' passwords.
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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.
I agree with you, KYC is very risky because it contains our privacy data.
However, all exchanges require us to fill out KYC. it's mandatory.
Meanwhile we transact there. I suggest choosing a reputable exchange, so that our KYC is safe.
Don't provide new exchange that doesn't have a good reputation yet.
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Doing KYC and sending personal documents to a bunch of websites is certainly a bad decision.
I could understand doing KYC to one or two services you need to use, but risk for hacks and leaks is getting much higher if you start doing this on more websites.
And besides, there are more than enough decentralized exchanges like Bisq, p2p trading platforms, and other exchanges that dont have any kyc at all.
It is possible to to operate just fine in crypto space without kyc and without holding coins on exchanges, I know plenty of people like that.
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We can talk for a very long time about the bad or useful qualities of KYC checks, but this will not at all affect the further spread of KYC in the cryptocurrency market. Almost all exchanges will sooner or later succumb to pressure from states and their governments and will require us to undergo KYC, otherwise states will close the cryptocurrency exchanges themselves. This must be taken into account and prepared for in advance.
The current tense situation with various military conflicts in the world will only accelerate this process. States simply cannot allow large amounts of cryptocurrency to move on their territory without their control. The question is not even that they want to control everything, but that cryptocurrency can be used to harm the interests of society.
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There is, in my opinion, only one nuance: whether your data, which has been provided for KYC, can be used for purposes that may cause you harm or loss. For example - can your data be used for illegal activities. For example, pretending to be you - when registering a car accident, obtaining a loan, or similar actions.... If such actions, with that set of your data, cannot be performed - what are the risks?
I will say by the way - in hospital, in internet stores, in banks - there is much more information about you, and it is more accessible than KYC data
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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?
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.
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We can talk for a very long time about the bad or useful qualities of KYC checks, but this will not at all affect the further spread of KYC in the cryptocurrency market. Almost all exchanges will sooner or later succumb to pressure from states and their governments and will require us to undergo KYC, otherwise states will close the cryptocurrency exchanges themselves. This must be taken into account and prepared for in advance.
The current tense situation with various military conflicts in the world will only accelerate this process. States simply cannot allow large amounts of cryptocurrency to move on their territory without their control. The question is not even that they want to control everything, but that cryptocurrency can be used to harm the interests of society.
We live in a complicated world, many exchanges require KYC to comply with anti-money laundering or terrorist financing regulations, users have no other choice. If users do not want to perform KYC, DEX, P2P or OTC are alternatives but have many limitations in terms of products and services.
I think the decision belongs to the user, depending on their risk tolerance. A professional trader will not give up trading for living just because the exchange requires KYC.
In addition, we provide info in public services everywhere. When hackers attack and appropriate data from these facilities, we will also have to face the risk of losing important personal data such as copies of passports, fingerprints, and social security numbers.
It is very difficult to change other people's opinions, so we can only protect our own information to the maximum extent and choose the most reputable trading platforms (CEX).
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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.
The problem is not that your data is on an exchange (or on a server that belongs to that brand). The problem is the security it has. Every day I see how many cyber attackers violate the security of global companies with a large security budget and top-level professionals. Ransomware (and other variants) grows every year with hundreds of attacks and 93% of companies are not prepared to respond. That is the biggest problem with KYC and the biggest fear we should have as users.
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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?
Maybe it depends on your trust in an exchange platform if you give kyc to it, just like Binance. Also, if we know that it is legitimate and reputable, I don't think they will use our personal information for bad things.
Anyway, of course, the choice is still in our hands to follow in this matter. Just be careful with the exchange that we choose, especially if it is new to the field of the crypto business industry that we live in today.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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. :D).
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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 (https://bisq.markets/markets)
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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.
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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 .
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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.
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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?
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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.
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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.
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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.
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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.
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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.
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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.
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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.
This is one of the worst things I did in this crypto world, namely by doing KYC on new project platforms that were not clear until now. I felt very stupid at that time. Why did I have to do the KYC. Meanwhile, up to now I have not received anything and am actually increasingly worried about our data that we have provided for KYC. This is really annoying when you remember the KYC on this fake platform.
That's why now, when I want to verify data on a certain platform or on an exchange, I will think several times. it would be better to avoid it. except that there are some things that I can't avoid, namely KYC on Binance and also on local exchanges in my country which require KYC to be able to cash out to my bank account.
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Have many exchange required with KYC got collapse but I don't see with KYC document of user selling on the black market, in my country usually most of stolen document ID from government website such us healthy insurance but less document from exchange easily got hack.
Don't worry with your document upload with exchange required KYC keep secure and they will not have chance for selling data to black market when their exchange have been collapse.
If you not agree with exchange required KYC will get problem with withdrawing fund, some exchange have limitation amount for withdrawing if your account still not verify with document ID.
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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.
I didn't do KYC either so I don't know what privilages do users with KYC get. I wonder what they could get. because nothing comes in my mind that we can't do without KYC and can do after KYC.. so far I've not had any issues or faced any limitation for that reason.
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 isn’t
Exactly. and I really like this rule of this forum and also respect that. KYC should be everyone's personal choice.
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I didn't do KYC either so I don't know what privilages do users with KYC get. I wonder what they could get. because nothing comes in my mind that we can't do without KYC and can do after KYC.. so far I've not had any issues or faced any limitation for that reason.
Seems like I mistook the “verified” badge for kyc badge.
I saw that you had the verified badge so I thought maybe it was for those that have completed their kyc – I didn’t know it was meant for something entirely different.
I guess you represented a project at one point in time for you to have gotten the verified badge.
Exactly. and I really like this rule of this forum and also respect that. KYC should be everyone's personal choice.
Surely majority of people are going to be against it if it turns out to be a compulsory thing. And that will eventually lead to a decrease in traffic for the forum and I’m sure the admin wouldn’t want something like for the forum.
Let those who want an extra kyc badge participate and those who value privacy more than a badge being added to our profile let us continue without applying for it.
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KYC verification is the first and most important step in using the exchanges that are popular now. Apart from popular exchanges, all other exchanges in the market have now made KYC verification mandatory for users. KYC verification is usually done through NID card driving license or passport means sharing your personal information with a site. Although the exchange claims that they store this information very confidentially, as well as they have made this KYC verification mandatory so that users cannot cheat, but there is no guarantee for how long they can maintain this privacy. Suppose I have $200 in an exchange and there I must do KYC verification if I want to withdraw that money. The main point is that if there is such a condition in withdrawing our dollars then we are forced to do KYC verification.
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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.
Of course, that is what is feared by having KYC for a new project, which is not necessarily clear about sustainability after collecting all the information obtained. If you don't give it, you won't be able to follow it, but if you do, it doesn't necessarily mean the project will run well, and it could even disappear without a trace.What is fearful is, as you said, that the data we have sent will be misused, bought, and sold, and this is not fake news, but it often happens. Data is used for loans that were never made, which end up having to be held responsible even though there is an alibi that can be used, but it will be difficult for us to refute this.
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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?
Well no, KYC policy can double edged sword, it help prevent money from crypto scammers by verify user identity. However that can be problematic for the concern about privacy and decentralization. And can limit access to defi services. KYC is playing a vital role in legitimacy of crypto currencies.
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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?
Well no, KYC policy can double edged sword, it help prevent money from crypto scammers by verify user identity. However that can be problematic for the concern about privacy and decentralization. And can limit access to defi services. KYC is playing a vital role in legitimacy of crypto currencies.
Regarding KYC, we should not just share personal IDs, check their reputation. If the exchange is reputable, we provide KYC safely, but for new exchanges, it is best not to do KYC. This is very dangerous.
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Regarding KYC, we should not just share personal IDs, check their reputation. If the exchange is reputable, we provide KYC safely, but for new exchanges, it is best not to do KYC. This is very dangerous.
Although it is a very reputable exchange, it doesn't mean it is 100% safe to share our private data. Even if in Binance, I'm not if our data is guaranteed to share with them. However, sometimes we have no choice because there is too many limitation if we use the exchange without data verification. So, even if it is dangerous, we must follow the KYC procedure.
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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?
For people who love freedom and really want to maintain privacy, of course KYC is absolutely avoided. Moreover, KYC also requires our documents, whereas in the crypto world, we want whatever we do to be more private. So, it might be a little difficult to do without KYC.
But yes, that's the problem, when it comes to local exchanges or top exchanges that require KYC, we often feel forced, but there is no other choice. Therefore, KYC is ultimately carried out according to certain conditions or needs.
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Regarding KYC, we should not just share personal IDs, check their reputation. If the exchange is reputable, we provide KYC safely, but for new exchanges, it is best not to do KYC. This is very dangerous.
Kyc is dangerous in any platform, but i can agree that it is more dangerous in new platforms and ones that have no reputation. Take note that any exchange or service that collects data can be hacked and the data of their customers would be exposed and sold on the black market. So to be safe from things like identity theft or your data on sale in the dark web, you may avoid kyc completely.
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Providing your personal details for KYC, I think is not safe, because your privacy is no longer protected. So i think we should avoid it...
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Providing your personal details for KYC, I think is not safe, because your privacy is no longer protected. So i think we should avoid it...
KYC is an attack on Bitcoin through so many reasons, if for example the government or SEC wants to track down a crypto user, they could use the help of the centralized exchange that have been used by that crypto enthusiast and the government will be able to get all the information they want from that exchange. In other means too, if an exchange gets hacks, the hackers can also get access to users KYC details which they can use it for any illegal activity. The centralized exchange doesn't only have users KYC deatials, they also have user IPs.
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Providing your personal details for KYC, I think is not safe, because your privacy is no longer protected. So i think we should avoid it...
Of course, it is not safe if follow the KYC procedure in any platform. Sadly, sometimes we can't avoid it, we must do it if we want to use the platform. In Binance, we must also follow the KCY procedure if we want to trade there. Although it is very risky, I still do it because I think Binance is quite trustable. You must know that everyone must expect to trade in the number 1 exchange in the world (Binance).
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KYC is an attack on Bitcoin through so many reasons, if for example the government or SEC wants to track down a crypto user, they could use the help of the centralized exchange that have been used by that crypto enthusiast and the government will be able to get all the information they want from that exchange. In other means too, if an exchange gets hacks, the hackers can also get access to users KYC details which they can use it for any illegal activity. The centralized exchange doesn't only have users KYC deatials, they also have user IPs.
If you are talking about IP-based tracking then I think every exchange has a policy that maintains the security of users' private data, exchanges nowadays on average often ask for KYC to find out the financial sources you use and of course to keep your income and expenses in check. an exchange remains stable because all transactions are well monitored.
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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?
Yeah no doubt risky but we need to do it to maximize our usage to the said platform especially deposit and withdrawals. But of course I will only comply for KYC to top exchanges whether or not it is regulated by the government. We all know these exchanges are prone to hacks but what can we do if we really need to use one of them right?
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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?
Yeah no doubt risky but we need to do it to maximize our usage to the said platform especially deposit and withdrawals. But of course I will only comply for KYC to top exchanges whether or not it is regulated by the government. We all know these exchanges are prone to hacks but what can we do if we really need to use one of them right?
For reputable exchanges, I do KYC but for exchanges whose reputation I am not sure about I will not share my personal ID. KYC is very valuable for me and I don't do it carelessly, because I'm afraid my personal ID will be misused.
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KYC for an airdrop for tokens amounting to $1 is clearly not worth it, but KYC for verification on the exchange so that we can withdraw money is a wise step. We can see the impact of the convenience of using an exchange despite having to send documents.
Until now, only on exchanges and casino platforms have I sent my personal data. Yes, the need to withdraw is very important.
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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?
Yeah no doubt risky but we need to do it to maximize our usage to the said platform especially deposit and withdrawals. But of course I will only comply for KYC to top exchanges whether or not it is regulated by the government. We all know these exchanges are prone to hacks but what can we do if we really need to use one of them right?
The most offensive thing is that we are not the ones who order the music. Although, in fact, if we all stopped taking the KYC, I’m sure that all the resources that use it would stop using it. But unfortunately, this is from the realm of fantasy. The main thing is not to provide your documents to anyone at all incomprehensible projects.
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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?
I don't think giving personal documents for doing KYC is quite reasonable especially if all the websites where KYC verification is done with our personal documents are fraud cycle then definitely doing KYC with documents online is full of risk. If hackers steal our personal information and use it for any bad purpose then personal information will cause a lot of loss for us that's why I never agree to do KYC with my personal documents online. However, in various exchanges, KOIC verification is not done without personal documents, but in that case, if those exchange sites are trusted, then there should be no problem if there is KYC verification.
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KYC requires users to share personal information such as ID documents, address, and sometimes even selfies. This data can be vulnerable to hacks or misuse. So yes it is very risky to share our information to them. The only trusted exchange that I gave my info is Binance.
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KYC for an airdrop for tokens amounting to $1 is clearly not worth it, but KYC for verification on the exchange so that we can withdraw money is a wise step. We can see the impact of the convenience of using an exchange despite having to send documents.
Until now, only on exchanges and casino platforms have I sent my personal data. Yes, the need to withdraw is very important.
Mabr a wise step for the exchange to study the type of person behind the account, to know more about you which is more like intruding into someone privacy and perhaps even submit your activity to the government when they don't like you or even threaten you. Doing KYC don't benefit the person doing it but the receiving end are the beneficiary.
It's because the government has force them to do KYC, over tte years when crypto were cool place, KYC requirements aren't needed for withdrawals.
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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 new to this industry, I will not just hand over my personal documents; of course, I will first find out how legitimate it is. Then the kyc is not our obligation to do it; rather, it is still our choice to follow whether we do it or not.
And that also depends on the trust you give to an exchange platform that will require its users. Although every exchange that we will use must be reputed in this industry, its history record is good, and there is a good community here.
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Mabr a wise step for the exchange to study the type of person behind the account, to know more about you which is more like intruding into someone privacy and perhaps even submit your activity to the government when they don't like you or even threaten you. Doing KYC don't benefit the person doing it but the receiving end are the beneficiary.
It's because the government has force them to do KYC, over tte years when crypto were cool place, KYC requirements aren't needed for withdrawals.
Almost all exchange allowed with government regulation and required for KYC each user want to use their platform exchange market, its the way how to anticipation with money laundering and government want to protect with cryptocurrency exchange is the not place for money laundering transaction. Right now, all exchange required with KYC although active with global exchange market such as Binance, Kucoin and Huobi until local currency exchange market have adopt with KYC requirement when the first time registering account. If not happy with KYC requirement of many exchange market, you must using the Dapp exchange market for transaction between buy or sell coins.
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In my personal opinion, the only thing that worries others about why they don't want to give KYC is that there is only one reason, and that is that they don't want to know their identity, or it could also be that they think it might be used for bad things by someone else asking for it.
But as some say, we cannot give it if you are hesitating, as long as you are at the exchange. You should be known in this industry and have several years of existence in this field of business. Don't give kyc to an exchange that is unknown and new to the crypto space.
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KYC requires users to share personal information such as ID documents, address, and sometimes even selfies. This data can be vulnerable to hacks or misuse. So yes it is very risky to share our information to them. The only trusted exchange that I gave my info is Binance.
Risky or not, it has become a necessity, unfortunately. You can't use a centralized platform or it's full functionalities if you don't comply with their rules and regulations and KYC is the basic rule and requirement for one when they sign up to use a centralized platform whether it is an exchange, a casino, a wallet platform, or anything else.
If you don't complete KYC verification, you won't be able to use all the functions and features of the platform, and then you will need to find a decentralized platform that can allow you to do what you are trying to do or simply complete your verification process.
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Risky or not, it has become a necessity, unfortunately. You can't use a centralized platform or it's full functionalities if you don't comply with their rules and regulations and KYC is the basic rule and requirement for one when they sign up to use a centralized platform whether it is an exchange, a casino, a wallet platform, or anything else.
If you don't complete KYC verification, you won't be able to use all the functions and features of the platform, and then you will need to find a decentralized platform that can allow you to do what you are trying to do or simply complete your verification process.
Actually sharing personal ID is very risky, but it is something we have to do. We recommend that we choose a truly trusted exchange that requires KYC, because the risks are so big.
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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?
Yeah no doubt risky but we need to do it to maximize our usage to the said platform especially deposit and withdrawals. But of course I will only comply for KYC to top exchanges whether or not it is regulated by the government. We all know these exchanges are prone to hacks but what can we do if we really need to use one of them right?
It will only be a bad decision to submit the KYC if the platform you entered is not good and you did not do research first. But if the platform exchange you are using is trusted and reputed and has a good track record in the cryptocurrency field, I think there is nothing wrong with submitting KYC.
It's just a matter of not being careless; instead, always be careful with every platform you enter or try in this industry field of the crypto space.
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Actually sharing personal ID is very risky, but it is something we have to do. We recommend that we choose a truly trusted exchange that requires KYC, because the risks are so big.
Nobody can be trusted you know. If we can't trust the banks then why do you think we can trust the exchanges as well? I will still use the scenario of how the Nigeria government go in a heat problem. They think Binance was responsible for the Naira crash and the went after the Binance to closed down the exchange and other crypto platforms. Now the are demanding for top 100 users of the Binance P2P and we all know for Binance to save itself, they will be giving out your information to the government and now the government will start coming for you either you are guilty or not. This are just the disadvantages of doing KYC on exchanges because you never can tell exactly what will happen next.
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Currently now, virtually almost all the exchanges are demanding for KYC to working inline with the laws of various nations they find themselves. Some Casinos, projects do request for KYC before they sell their tokens to their investors. Each of the have various reasons which they sometimes state before they request for KYC and it is left for you as an individual to do the KYC or you move onto the next if you do not wish to continue with them.
Doing KYC is a personal decision and you are liable to whatever happens to your details if the third party fails to protect your details. Of lately most of the big names in the Crypto space have suffered hack and assets stolen. This alone should tell you that third parties are not safe to keep your information.
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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.
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. 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.
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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.
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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
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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KYC is not a bad decision, we are the ones that made the bad approach, why do we have to go for the system that requires for kyc knowing that such is not too good for our personal privacy and yet we still make complain about it, we should know that one of the means through we can enjoy the crypto era is to completely go private starting from the kind of wallet we use and the way we keep our vital and sensitive information's away from public view.
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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.
The fact that Binance (and other exchanges) are based in tax havens (or not) has no effect in this case. It must be taken into account that exchanges must comply with the regulations of each country in which they want to operate, which means that they will have to comply with all legal requirements, since they are going to offer their service outside the borders of those tax havens. Each country has different regulations, although in Europe the countries follow a very similar scale for belonging to the European Union.
Therefore, and due to these regulations, it is the government of each country that imposes the rules, if any exchange does not comply with all the requirements, it will not obtain the license to operate legally, and may face million-dollar sanctions and fines.
These are some of the reasons why exchanges are so strict with KYC, updating their policies every few months or requiring more personal information from users.
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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.
The fact that Binance (and other exchanges) are based in tax havens (or not) has no effect in this case. It must be taken into account that exchanges must comply with the regulations of each country in which they want to operate, which means that they will have to comply with all legal requirements, since they are going to offer their service outside the borders of those tax havens. Each country has different regulations, although in Europe the countries follow a very similar scale for belonging to the European Union.
Therefore, and due to these regulations, it is the government of each country that imposes the rules, if any exchange does not comply with all the requirements, it will not obtain the license to operate legally, and may face million-dollar sanctions and fines.
These are some of the reasons why exchanges are so strict with KYC, updating their policies every few months or requiring more personal information from users.
If you really think about it, such organizations don’t need any license. You trade on the Internet, who said that the trading operation is carried out on the territory of this particular country. By and large, the only problem is for the user when he wants to withdraw crypto into fiat. Or am I missing something?
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If you really think about it, such organizations don’t need any license. You trade on the Internet, who said that the trading operation is carried out on the territory of this particular country. By and large, the only problem is for the user when he wants to withdraw crypto into fiat. Or am I missing something?
It's true, there are several exchanges that have to complete KYC before making fiiat currency withdrawals, but not just fiat, making withdrawals with cryptocurrencies with quite a large amount also have to complete KYC.
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It's true, there are several exchanges that have to complete KYC before making fiiat currency withdrawals, but not just fiat, making withdrawals with cryptocurrencies with quite a large amount also have to complete KYC.
It's not just several exchanges, most of the centralized exchanges now required you to do a KYC before you can even make a deposit not to even talk about the withdrawal. You know what they do now, they don't allow users to generate any deposit address until you complete a KYC verification and the ones that allow deposit will not allow you to withdraw even though you didn't do any yet in the exchange.
Funny enough, when you make deposit and try to complete your kyc, that's when their system continues to reject your kyc because some of them don't want you to be able to withdraw your money again. Centralized exchanges are criminals hiding behind buying and selling privileged of customers.
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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 a 2 edged sword. It is used by the project owners in order to maintain fair play in their projects. Without kyc many people will open so many accounts and cheat a particular product until it goes bankrupt. Kyc is also used by the government of countries to check crime in case some people who uses different projects decides to commit crime with the project. Kyc in other hand also helps individual to recover their accounts if they are eventually hacked by criminals. These are good examples or advantages of kyc. However submission of personal information and data is not without some disadvantages. Once this data are leaked there are very much not regainable. You are not actually sure of the security of your personal information in whichever database it is stored. Even if it is not leaked deliberately by the project owners, such such a sensitive information could be hacked by criminals and your data used to perpetrate evil. This is why it is not advisable to release their personal information to random projects because their data is yourself representing you in the internet world. You could be surprised that you'll be in a particular country and your data has been used to gain a big loan in another country which will definitely pretty in a very big mess. Criminals also need this letter which will indict you if you are eventually someone in the lord court. So it is better you are very strict with your data and not release it to random people.
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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 a 2 edged sword. It is used by the project owners in order to maintain fair play in their projects. Without kyc many people will open so many accounts and cheat a particular product until it goes bankrupt. Kyc is also used by the government of countries to check crime in case some people who uses different projects decides to commit crime with the project. Kyc in other hand also helps individual to recover their accounts if they are eventually hacked by criminals. These are good examples or advantages of kyc. However submission of personal information and data is not without some disadvantages. Once this data are leaked there are very much not regainable. You are not actually sure of the security of your personal information in whichever database it is stored. Even if it is not leaked deliberately by the project owners, such such a sensitive information could be hacked by criminals and your data used to perpetrate evil. This is why it is not advisable to release their personal information to random projects because their data is yourself representing you in the internet world. You could be surprised that you'll be in a particular country and your data has been used to gain a big loan in another country which will definitely pretty in a very big mess. Criminals also need this letter which will indict you if you are eventually someone in the lord court. So it is better you are very strict with your data and not release it to random people.
To ensure fair distribution in projects, I think the KUS is required last. It would be much more fair if you abolish the referral system for which a bad number of points are awarded as a rule. And the KUS does not save you from bot farms in any way, so this is a moot point.
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If you really think about it, such organizations don’t need any license. You trade on the Internet, who said that the trading operation is carried out on the territory of this particular country. By and large, the only problem is for the user when he wants to withdraw crypto into fiat. Or am I missing something?
Technically you're not wrong, but that's not how things work. Although business is carried out over the internet, it also has different regulations in each country. And not only when a user decides to withdraw their funds (or part of them) to fiat. When a user trades cryptocurrencies and makes profits, they must declare them to their country's tax office, as regulations force them to pay taxes on those profits, because economic wealth is generated, regardless of whether those benefits are received in crypto or fiat.
There are still countries (less and less) with very lax or non-existent regulations; Dubai, Portugal, Switzerland, Malta, and Singapore are some examples. But that doesn't mean they will one day propose regulations or make existing ones stricter.The user is ultimately the one who decides how to do things, like not using centralized exchanges, for example, and make things less comfortable, but always a little "more secure" and anonymous.
Below I leave a table with the countries with the highest tax rates on cryptocurrencies:
(https://i.ibb.co/7vgF2pz/t1.png) (https://ibb.co/hsXvDdM)
And now the table with the countries with the lowest crypto tax rates:
(https://i.ibb.co/yWbBDdm/t2.png) (https://ibb.co/YpqT6P4)
Here is a very interesting article (partial source of this information) on this topic: Are You Paying Too Much Crypto Tax? The 16 Best (and Worst) Countries (https://geekflare.com/highest-and-lowest-crypto-tax-countries/).
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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 an exchange has bad intentions, it is possible that it will happen, but if it is already known and reputed and has a good track record in this industry such as Binance, mexc, bybit, and others that are included in the top market As far as I know, they are not that kind of platform.
And that also depends on the research we will do if an exchange is really legitimate, just don't immediately give kyc to any new exchange in this field of crypto space.
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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 an exchange has bad intentions, it is possible that it will happen, but if it is already known and reputed and has a good track record in this industry such as Binance, mexc, bybit, and others that are included in the top market As far as I know, they are not that kind of platform.
And that also depends on the research we will do if an exchange is really legitimate, just don't immediately give kyc to any new exchange in this field of crypto space.
The truth is that I have never been in favor of doing KYC, because for me it represents something very annoying and I don't see it well, especially in crypto, we already have enough KYC in life with services, to pay for anything we want to buy on the street, everything This contributes to a good KYC, but in part we are people who always have the best intention of doing things, for me this KYC in casinos is already a fact that is mandatory, and it is very difficult to go against this , because things tend to be very stressful for many, I know the biggest challenges that casinos bring, apart from the bigger challenge of KYC when a casino can be a victim of data theft and people who have their crypto can be the target of crimes. Now life is very dangerous, everyone must take care of anything, it's not because he or she is a person who exaggerates everything, but taking good care of oneself doesn't hurt.
That is why I have Always said, the KYC must be fulfilled in the casinos that have the most Reputation, the new casinos must be much more Restrained.
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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.
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If you really think about it, such organizations don’t need any license. You trade on the Internet, who said that the trading operation is carried out on the territory of this particular country. By and large, the only problem is for the user when he wants to withdraw crypto into fiat. Or am I missing something?
Technically you're not wrong, but that's not how things work. Although business is carried out over the internet, it also has different regulations in each country. And not only when a user decides to withdraw their funds (or part of them) to fiat. When a user trades cryptocurrencies and makes profits, they must declare them to their country's tax office, as regulations force them to pay taxes on those profits, because economic wealth is generated, regardless of whether those benefits are received in crypto or fiat.
There are still countries (less and less) with very lax or non-existent regulations; Dubai, Portugal, Switzerland, Malta, and Singapore are some examples. But that doesn't mean they will one day propose regulations or make existing ones stricter.The user is ultimately the one who decides how to do things, like not using centralized exchanges, for example, and make things less comfortable, but always a little "more secure" and anonymous.
Below I leave a table with the countries with the highest tax rates on cryptocurrencies:
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.
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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.
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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.
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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 .
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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.
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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.
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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.
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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.