Bitcoin Forum

Will you send your docs in KYC case?
Do you think that it really helps to find illegal activities?

Im not really into it as crypto is supposed to be not like that but we have no choice but to deal on that especially in an exchange where you always used their services or in a platform where you do your regular trading activity. of course only on reputable ones.

Im not afraid though on identity theft. Besides our personal infos is not that private generally if you know what I mean.


Generally yes. It can be a help and can served as one of a tool to traced something.

Depends on who's asking for your KYC, shady exchanges? NO, ICO or projects? NO.


I think it's based on the premises that it can deter illegal activities because once authorities identify those address related to someone whose involved in criminality and then he cashes it out in a exchange that requires KYC then he could simply be arrested. That is if exchanges cooperate or shall I say harass and 'force' to give all the details because of AML.

I will not send my documents. As I know, KYC can be avoided by making small exchanges. In addition, you must learn in advance the rules for using the service, since each exchange has its own terms. For example, recently I used Chnagenow, in their rules it is said that they can sometimes apply KYC, however, it is possible to refuse, having received a refund. Other services do not provide such an opportunity, and it is good that I checked it in advance.

We need to understand that KYC is a necessity since cryptocurrency fraud is becoming more common. I think this really holds back the scam.

When dealing with Fiat/BTC I always do kyc, if it's a trusted exchange with high volume and the exchange is respected in the community. There is no other option.

If I am doing only Fiat/crypto I never do any kyc, as it is usually not required. There are many good exchanges such as binance that doesn't require kyc.

I have passed KYC for the trusted exchange that I'm using for years when they asked me. I'm confident with them so I trusted them my information and passed the valid identities that they have asked me. But that's only on situational, if it's for those projects that asks me it's a BIG NO. Seems like many have passed KYC but only to the very trusted exchanges only.

I can send my docs to exchange or exchanger, I'm not afraid of it. But I really don't understand how can it helps to find illegals

the same thing, I'll provide my ID only for trusted services. I'm using one for a long time and if they ask me - I'll pass KYC. But if it'll be any other doubtful exchange - no way

since i only do altcoin trading, i try to stick to exchanges that do not ask for any kind of KYC documents because i believe they don't have to do that. KYC is only required if they are using fiat and banks and they should not require it otherwise. and eventually i will move on to decentralized exchanges so that they don't want anything anymore because i do believe that it is how the decentralized market should be.

does it help prevent crime?
obviously not! we already have exchanges that ask for KYC but they still scam their users. example is Bittrex which scammed me and thousands of other users and stole our money. not to mention that they sold the KYC documents on darknet!

Unfortunately, I also became a victim of Bittrex, losing my funds. I also found mention of the fact that BInance does this sometimes, blocking accounts. Basically, I don't see the KYC problem, but it's terrible when services use it to enrich and deceive. For this reason, I began to use services without registration, reducing the risk. Now I use Changenow, and although their rules allow KYC sometimes, but for exchanges up to 11 BTC this does not apply. I think it's fair when the service clearly show its rules.

Why use cryptos if you're ready to send your documents to the first (trusted) service asking you? Cryptos are created to avoid using a 3rd party (banks, payments service, etc...). If you're really ok to give your personal identity info then why not going back to fiat? You're already verified lol.

You would really come into a point on where you dont have any options but to deal with KYC thing but depends on what exchange/services you are engage in.Just like you said if you do saw that
you are dealing with some trusted ones there would always be that confidence even you do know the risk on giving out documentations and its entirely different on the feeling
when you are trying to comply with shady ones.Your intuition will just tell you on what you should gonna do.

coz I'll prefer to pay the fee to miners instead of government =)

That is true and the very point of KYC stupidity.

Bitcoin suppose to be anonymous. That is/(was) it's main strength.

Won't send personal documents to invisible people, even my own country government stated that we shouldn't send documents over the internet to people we don't know.

So, it's illegal.

I'm personally against it because it defeats the whole purpose of crypto.

Someone who is willing to do illegal activities where money laundering is involved will find other ways so KYC doesn't really help If you ask me. One could simply purchase fake documents.

I do not trust any platform that asks me to send my identity papers "ID, Selfie ID, a paper with some information on it." These are ways of verifying identity "facebook account, Instagram,...etc" and will not be useful in the case of financial activities.

If there is a registered platform, with a good reputation, with the possibility of checking through an employee who makes an unrecorded video call, I will be happy to verify my ID.

I'm not of that believe.

You always have a choice, and in case you choose to KYC verify yourself in order to utilize the services provided by a centralized exchange, then that's perfectly fine. It's the easiest way to enter Bitcoin, and once you actually own your coins, you can do whatever you want with them.

The purpose of crypto being decentralized and anti centralized entities isn't something that's forced upon people. I'm pretty certain that the far majority of the people don't even care about that. People just want to go in and out of exchanges and bank on what this market has to offer in terms of speculation.

KYC is for the regular traders who want to use an exchange with daily high limits for trading purpose so in that case I believe it is okay to pass KYC,but there is big question mark towards all the collected documents security since it can be stolen and used for illegal things so don't go for KYC if you don't want to be a victim.

I would avoid KYC as much as possible because a)it's a hassle to go through and b)you don't know where that information is going to go to.

I actually see a lot of exchanges that are asking for more KYC than what is probably necessary, some exchanges have even asked for sources of funds information in addition to just verifying someone's identity, and even income details. We've also seen exchanges have no proof of suspecting any wrongdoing but asking for KYC anyways, potentially to delay withdrawals.

Think about it, who would be held responsible if your information was abused? And would you ever know who did it if you gave KYC information across a variety of platforms?

Unfortunately though if you are trading any sort of significant volume these days, exchanges are bound to ask you for your personal info. There is pretty much no way around that.

Pretty sure everyone would rather avoid kyc. It's always nice to skip that process 'cause its more convenient that way and I see no reason why would someone go out of their way to give personal/sensitive info.

But the world is used to centralization and cryptocoins is the exact opposite, so no wonder its really hard to stay true to the entire purpose thing without limiting what you can do. I bet some exchanges wouldn't want to enforce kyc but are force to, the same with users, you can't really trade huge amounts without getting verified, and i think even fiat too (?)

Many avoid KYC because they do not want to disclose personal information. But attackers get all the necessary information that we leave living in a centralized world. I know that bank employees can sell your data to fake a loan, etc. So when I hear people avoid KYC fearing for their data, I smile.

Why are you get a smile? maybe you think that even the bank can do a shitty activity just like crypto?
I do KYC but only those trusted companies just like they are trusted for a year(s), I don't hesitate to reveal my real identity and personal data as well. But if you say ICO's project, well, I don't want to involve on that kind of asking information maybe they are exit sam.

Not only bank employees that steals individual data for fake bank loans; have you ever been to the dark web? That is their number one scam method.
Though, t's okay to avoid KYC  cause of security purposes yet some of all this genuine exchanges are demanding for KYC for their own safety and countries policy too. 

How can we avoid kyc? the only thing that I know - to use exchangers and make small swaps there. and what about fiat exchanges?

There is a thing called "Bitcoin Neutrality" it's a standard that is independent of our desires and expectation. Yes, no one is forced to fully protect their privacy or anonymity. However, I'd stand with @OmegaStarScream It is sort of defeats the purpose of crypto. The cryptocurrency underlying technology is able to scale and support a decentralized and trustless manner, I believe it built with the spirit of that. Because of that, I felt its kind of sad to not utilizing/maximizing the cryptocurrencies features.

Well, I sent my KYC to some exchanges, the first on is Bittrex, I trust them because they are a registered company in the US which has strict regulation about customer data, so I don't think I need to worry about it. And the other exchanges I sent KYC is Indodax, an Indonesian Crypto Exchanges also have registered company in Indonesia, (the country where I lived) so I shouldn't worry about that either. As long as the company has registered in a country that has a clear legal regulation regarding customer data.

And I do think it helps, especially to avoid money laundering, and illegal activity using crypto.

I have no problem with KYC. Make small exchanges on services without registration, but you need to take that each exchanger has its own KYC threshold.