KYC bad decision?

[0t3p0t]

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?

[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?

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.

[bayu7adi]

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.

[Gyrgen]

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.

[Altcoin1998$]

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.

[shadowdio]

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.

[Gurujebs]

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.

[Mr. Magkaisa]

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.

[bounceback]

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.

[benalexis12]

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.

[Gladitorcomeback]

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.

[dekafee79]

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.

[bettercrypto]

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.

[Gurujebs]

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.

[Cryptsafe]

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.