KYC bad decision?

[vegasus]

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.

[bounceback]

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.

[Jamal Aezaz]

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.

[Cantsay]

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.

[Litzki1990]

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.

[lepbagong]

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.

[Gideon99]

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.

[dekafee79]

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.

[I-Bit]

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.

[UNIVERSE]

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.

[Z-tight]

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.

[Mr. Allcrypto]

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...

[Dr.Bitcoin_Strange]

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.

[I-Bit]

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).

[EthereumDev_]

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.