Bitcoin Forum

 Is it safe to give your details and documents out in the name of KYC?

With the research I have carried out I find that many ICO company request for kyc which needs your details and some of your documents are those details and documents really safe? If its not safe what do we do about this issue?

Safe or not is not the question here. Question here do you trust or believe that company  is not going to share your personal information with other entities.

Before giving your kyc documents do your own research about the project or what you want to give your kyc personal details.

If you find it was a legal project with a verified team members. then can submit your personal information.

Kyc is important to identify our details.The main purpose of KYC solutions is to prevent unqualified people using a service that they are not authorised to use. Examples of such people could include minors, undocumented immigrants and people with criminal histories.

If you're talking about airdrops and ICOs, I would definitely not recommend giving out your KYC information. Who knows that those projects would do with your information? I know there are reputable ICOs and airdrops out there, but I personally wouldn't take the risk.

If you're talking about KYC for exchanges though, I'd probably consider it, but it still completely depends on how bad I need the service and if there aren't decent alternatives.

This, and also to prevent people from taking advantage of airdrops and such.

it is not safe for airdrop
dont join the airdrop request many info

Many users send documents to pass KYC.  I'm afraid to send my documents. My friend has repeatedly passed the KYC test and everything is fine. In any case, you decide.

For me, it depends if what company or business you will give your important documents. ICO's is not a good place to share your documents and important details because ICO'S are scam so if you don't want to make your identity safe and prevent other scammer to use your identity and important documents then don't join in any ICO projects that asking for KYC.

 Sharing your important details online is too dangerous so always keep your details private and always choose trusted business to prevent scammer to use your identity from scamming.

I can't imagine the level of trust the in company that make me to give them my ids.
You can't be sure if your data will be safe there and don't know in whose hands they may get.
So I try to avoid such campaigns, don't really want to wake up one day with a billion loan taken on my name.

I would say you should never trust companies with personal details, since you really don't know how are your details used behind the scene.
KYC is mostly used because of fraud prevention (to really verify that's you, that is using exchange, ICO, whatever..., but that's and excuse for giving your personal details for free...

I don't think it is safe to provide your KYC information to an individual/company you don't know. One of Crypto's principles is to protect our privacy. and this is one of the most important principles of Bitcoin. Imagine if your KYC fall in the hands of criminal groups or scamers, you will encounter a lot of trouble.
Therefore, be cautious before providing KYC, be sure to investigate the project background.

Again its not safe to give your details and documents for KYC especially for airdrop or bounty. If you really like the coin and trust its technology just wait for it in the exchange most of the coins got from airdrop will be dump at lower price than ICO.

I couldn't agree more, the question whether you TRUST that company or not !...

If you believe on the integrity of the exchange that you're submitting your documents to, why not? Personally before I submitted my documents for KYC, I went over the headquarters of a local exchange and asked for their certifications and permits which they gladly showed me. They catered to my questions well and know that these guys are the real deal. Also, I made clear that once any of my documents are leaked or involved in some matter to which I know nothing about, they'd be the first one to receive legal actions from me. Making it clear between you and your exchange often helps in getting KYC'd without any hidden agenda for your personal info.

It's all about benefit/risk ratio. I usually don't like to give my data but I've done it a few times with legit exchanges and to participate in ICON's pre-ICO.

Taking into account that in the latter, when the token hit the exchanges, the prices was more than 10x the price I purchased it for, friends of mine who were waiting to buy "cheap" straight after listing without any KYC regretted themselves not having participated before.

On the other hand, Bittrex is asking me for KYC documents in order to withdraw my balance. I have less than $1k there so the benefit/risk ratio is not worth it right now. But if the price pumps again and my balance there goes to $20k it may worth it in the future.

I think no need to do KYC if you are not sure with whom you are doing the KYC. How can we trust our document with someone that we only know by online identity (that can vanish any day.)
If KYC Documents are misused than you might land in legal problems too and no need to give your documents for some pennies.

it's not what happen soon after you passed the KYC but what they could do with your data in the future
complying KYC on legal registered exchange or business is somewhat reasonable,
but submitting your data to pass KYC on ICO project or airdrop is very questionable :-\

If you are talking about big exchanges, there is no problem with that, they are trusted companies and nothing is going to happen( thousands of people already did the kyc). But if you are talking about small exchanges, small coins, airdrops, i wouldnt do it because you never know if this small business are scams or not. I hope i could help you.

It is not safe to give your personal information for everybody, especially for the person that you had never seen before and, probably, would never see in future.
So try to avoid all KYC required events/ICOs

As for me, I don't think it is safe. What if your information is stolen?

This is really bother me too.If things getting bad What can they do to our identification documents.What will be the worst thing to be happen.

KYC documents are mandatory for many ICOs as a fact that to avoid scammers & abuses. Also it is a legal requirements at some territories. But the question is that the project you are interested in is legal, real company & having real team members behind? If you search for many sources can be found out that the project is most welcomed by the experts & by rating sites. If you are satisfied can go ahead. Other wise it is better to avoid. In airdrops most of them are scams & avoiding them is advisable. For many good projects they request KYC & i have submitted too. But i research through many sources to find whether it is a genuine project or no.