Bitcoin Forum

The KYC process annoys the hell out of me. I remember a time when you could trade coins freely and without owning up to your identity at all. Not that I'm hiding anything, I just don't like every man and his dog having a copy of my government ID - I feel that's very intrusive. I mean the whole idea of cryptocurrency was anonymous peer-to-peer trading without government intervention. Now it seems you can't fart in the wrong direction without someone breathing down your neck.

I mean I get it, exchanges, ICO's, etc, want to be on the safe side -- although what I really object to is these places accepting my crypto first and then telling me that I need to give them a mugshot if I want to use it, or withdraw it again. It's a nightmare.

Anyone else a bit miffed with all this identity craziness we're in right now?

Or am I just being a grumpy old man?

One of the beauties of crypto-currencies is that it creates an avenue for users to maintain some level of anonymity, but with the constant pestering about KYC (many of which are scams) that seem to be waning. kYC presents a single point of failure for crypto unique feature of anonymity (or pseudo anonymity)

I agree there. It does my head in!

yes, this has deviated from the original crypto goal which created an anonymous and free payment method without having to involve personal identities and documents. just positive thinking, maybe this is a first step in getting legalization from the government related to the existence of personal identity.

right. It makes me very upset. kyc for STO projects. We trade under control and are not anonymous.

Everyone hates KYC but that is the price we have to pay for the adoption. To be able to freely trade, exchanges needed to abide by the current regulation. And the current regulation requires KYC.

The original purpose of crypto is to remove the third party during transactions. It was never really anonymous because your address is on a public ledger and anyone who wants to track it can do it.

To be honest, I feel the same as you. All of us should know that crypto upholds anonymity and decentralization. With KYC, it breaks anonymity, and it deflects the purpose of crypto itself. But we mustn't deny that KYC is needed to eliminate fraudsters. So, what is the solution? For now, I don't really know a perfect solution for this case. I think we must find out another way that smashes fraudsters but it also doesn't break anonymity.

KYC is not related to crypto at all!

KYC is for taxes on a centralized system.
Crytocurrency is decentralization of currency.

KYC is only required if you want to deal with the centralized system.

People who stay in crypto don't need KYC.

The purpose of cryptocurrency is not to offer a totally anonymous financial system. It might work for this, but it's something much bigger. It is to offer a reliable system that is decentralized.

And KYC is a system for companies. Bitcoin does not require KYC, and you can mine it or use a p2p if you want greater privacy.

We cant blame the other crypto companies implementing it maybe because of frequent spam and abusive users.In case of exchanges i guess its just acceptable since they are just verifying the ownership of the account by conduct KYC.

At the ICO stage and the like I think reasonable investors are required to fulfill KYC, because they are aware of their investors and to fulfill the fund collection regulations. But what I do not agree with this KYC is the exchange position, because there is an exchange that requires KYC. That is what I think eliminates anonymous crypto spirits

Maybe  :D, that time everything without KYC - is gone. I think most of us don't like kyc and let third party holding our government ID, but most of the time I just give them my driver license card because they can't do anything with that

did you means P2P crypto exchange? as I know that some of them also required proof of identity.

True. The whole point of Bitcoin is to have a p2p transfer of currency without the need to know the guy on the other end.

I'm just like you a grumpy old man too, I don't like KYC too, not because I want to hide something I'm not doing illegal nor a hacker, I just don't want my information on the internet where everyone can access, even in your real life offline, you don't want any people asking you vital information unless he is working in an institution that guarantees safety of your information.

Kyc procedures really does defeat the purpose of anonymity and decentralisation in the cryptocurrency universe this is because even multinational companies like facebook have been charged for leaking personal data of its users at some point or another.

so smaller companies like the blockchain companies which I have very little to no oversight on all their operations there is a very big chance that this leaking or misuse of data will happen.

Especially the scam project who will leak out a kyc documents of its users.
 I believe kyc is really not necessary for investing in cryptocurrencies because the same coins that a lot of people are buying during the token sale and fulfilling kyc procedure for, this are the same coins that some other people will get on exchange without any Harper of entry at all, so I don't see the point.

Most of us against in KYC process, we dont know what would be the next thing may come and we dont know what will be the purpose of doing a KYC by the team, the KYC process cant give us an assurance of getting what people's deserve.

The good thing with it is the government intervention, but how can we assure that the KYC process will be backed up by the government right? The KYC process will really take place soon because of the law, wherein the different team resides and they should follow the law.

I agree with you, Vod. KYCs mostly relate and come from governments, not from crypto projects. In reality, crypto community don't need KYCs. Why crypto enthusiasts need to have KYCs whilst they can sign message or PGP to prove their ownerships or store them as proof of their works.
KYCs only considered and requested by governments who simply want to do some basic things with KYCs, such as following flow of money in order to get more taxes for gonverments' budgets, and to prevent 'legally' shady money transactions

It's really a shame that where crypto is heading is not anonymous  but at the same time it will be easier to track cheaters, hackers, stolen coins now that every participants must prove they  are real with KYC procedure

Rather than forcing the participants to do KYC and it much better to create a tier for any users. this will be much fair compared with forced the whole of users to do KYC verification. Binance was doing it and so far there was no serious problem with it.

Of a truth this is not making sense, KYC should not in anyway be compulsory in crypto, it should be optional. Crypto transactions are done among individuals without physical contact, the goal is decentralization. Come to think of it, I don't know the identity of the company or whatever it may be I'm dealing with, why do they need to know mine. KYC should be optional in crypto it is not compulsory.

On point, aside from that the risk that KYC brings to user is really alarming. Ever heard of KYC credentials being sold in the dark web for money? What if your credentials are used for doing fraudelent acts or illegal activities. Along with the risk of your credentials being exploited is the inconvenience of making crypto inaccesible to the mass. With the KYC procedure, it will be inconvenient for new-comers to gain access to platforms to get their first ever crypto.

KYC should be made mandatory while transferring crypto-fiat.This will prevent money laundering but doing doing every now and then is just awful and the total meaning of cryptocurrency the anonymity becomes obsolete.Crypto came into existence to provide financial freedom and maintaining anonymous status and of course for safe transactions but KYC makes people to think otherwise.We have already seen people details are being sold on dark web etc etc so still a long way to go.

I think you don't have to use the exchange which using KYC and doesn't need to invest in the ICO which using KYC too, that is simple. But I don't think to feel that I am a grumpy old man because of KYC because I think it's normal to see the exchanges want to apply KYC for their members and they let their members decide. For me, KYC is not a big deal now, and it is our decision to use KYC or not.

Seems a lot of you (if not all of you) think like me. I entered crypto for the vision, not for the money, you know? The silent revolution we've all been waiting for. I'd love to be able to completely live off my crypto completely but sadly where I live is so out on the backwaters of society there are some shops that still only take cold hard cash as payment. If I'm going to be able to live then places like localbitcoins.com is my friend!!

It would be great if I could earn bitcoin and only bitcoin but with my diverse portfolio I'm earning a variety of different coins each month, which means using an exchange, which means giving away my ID to a faceless entity over the screen - I worry about ID theft too. There's been a few exchanges I've had over the years where some dude has asked me for my passport so that I can trade with him. Like, to me, that's a no no - giving some random my ID.. just.. no.

I guess in a weird fucked up way if we want mass adoption then maybe it's the way it has to go. I guess there has to be a little bit of give and take in any relationship.

it is not just about wanting to keep your privacy either. the bigger problem is with the fact that you can not trust any of them (exchanges, ICOs,...) with your identification since in the past a lot of them (even big famous exchanges) have sold their users' identifications on the internet for money, although they tried to keep it silent and deny it.

it doesn't defeat the purpose of cryptocurrencies though. it is centralized services and they are free to do whatever they want. it is our mistake for using them. we should start moving towards more decentralization. for example start using decentralized exchanges instead of Binance, Bittrex, Coinbase,...

Kyc is in full know your customer.
Yes you might say one major features of cryptocurrency is decentralization that is it is not under any regulations but also note that the blockchain technology is transparent .
I think the openness of cryptocurrency has made it vulnerable to scam and know your customer are one of those security measures to check mate them. Also there are some countries some projects do not want citizens from there to partake in kyc can help detect and differentiate them

Most of the project this days that require kyc have been defeating the purpose of kyc by requesting for full details of people which should not be done in that way. Is better to change the process how kyc is been conducted.

Now, not only every man has. And all your transactions are visible to the state. Or official cryptocurrency exchanges that hide something. Get you such a coin. They grow you make a profit. And then come tax. And in general, because of the constant fraud, I don’t really want to copy copies of my documents. But unfortunately it is necessary.

For me, KYC is evil. The rules of KYC and AML encroach on the main cryptocurrency concept - the anonymity of conducting transactions. We came here to become financially independent and withdraw from control. If each user is registered and monitored, the blockchain industry will become a centralized fiat industry, not to mention who will use our data in the future!

I just hope you are right that this may signal the start of just legalization of crypyocurrency in other parts of the world. However, as I see and observed about it, it is just being use to scam people of their identity and later on abandoned the project which in their white paper it is too good to be true and tempting to invest.

It really depends on us if we do the KYC things. But you can still use cryptocurrencies without the KYC, that's the beauty of cryptocurrencies. There is some entity that uses KYC, such as the different country that has regulation on cryptocurrencies, but there are still many ways on how to do it, use cryptocurrencies without KYC. KYC is really different on purpose of crypto.

Yep, the purpose of the crypto was anonymity, that's it. Even though if it had a kyc procedure, there is no kind of feeling that you would use the crypto except for investing and trading it.

But how about the projects that is being abused on the market? What could be their activity to lessen people that is logging in and creating multiple accounts of their own just to take advantage of the project? I think the best way is to implement KYC knowing the fact that KYC has taken the essence of crypto which is anonymity, there is nothing we can think unless someone can provide the best substitute that projects can use.

I think it would be the benefit of us if we are going to abide whit their rules. In the first place, we can choose not to participate if we don't want to disclose our identity to them. Second, it will be our tool to be come safe if we are the legitimate user logged and signed up for the account that we have. In case that we are going to be hacked, these KYC will going to bolster our security.

If they cant take those risk they must leave crypto world, most of the people here or I could tell all of the old users here surely dont want to be know by others in here.

Yeah I mean the whole incentive for me getting into crypto was not having the government knowing what I'm up to all the time. Again, not that I'm doing anything dodgy but I'd rather when someone wants information from me then they have to request it. Rather than just pull up a database and find it.

I agree with you and also think that crypto currencies were created for anonymity and the lack of third party. A KYC process is standing not for those aims and I think we should stop risking our personal information almost in every project.

I mean to me it's all about having control over your identity, wealth, etc.

Right now we don't have much control over that. A user mentioned earlier about the big exchanges selling our data off - data selling is such a lucrative industry. If you've ever given your real name away to somewhere you can guarantee that at some point it's been sold to someone.

I deeply understand if exchanges or wallets that we are using requires KYC, but when it comes to ICO — a new coin in the market? That's a big NO because I can't see the sense at all. We know and they know to themselves that they're coin is still insignificant and not yet influential so why would they require our personal infos? This kind of scenario can be compared to a man buying a bottled water in the convenience store but need to tell his name first before paying, seems pointless right?

If that will be the new system in every ICOs which will be released then probably I'm sticking to bitcoin forever.

I agree with you about KYC being annoying but it is all part of regulatory compliance that the space needs to go through to be legitimised. You can still trade on decentralized exchanges without verifying your identity.

The only real hurdle to get through without having to provide KYC is getting your FIAT money into crypto through places like coinbase or kraken. There are still places where you can do that anonymously though like localbitcoins.

I think the reason ICOs want KYC is so that they are future compliant against SEC action. We've already seen the SEC look into Ethereum and other altcoins as into whether they are securities or not and I think ICOs just want to cover their own backs.

You are not being grumpy. Your opinion on KYC is solid. Trading has become a problem because exchanges now demand mandatory KYC which I dislike a lot. I can't blame exchanges that ask it because it is the government in their region that enforce it on them

I don't mind doing KYC in every campaign or investing as long as my data is safe.
I don't think you need to worry if you don't want to do it.
and almost at this time, both investors and bounty hunters are always included in KYC in each ico

No one can guarantee that because when the data was shared on the internet, the possibility to get hacked is wide open and it depends on the exchanges, project, or even the other institutions to make sure the data is safe. At least, they can say that all of their customer data information will be saved in a safe place, but they cannot guarantee 100%.

So if you want to do KYC, make sure you know their reason to ask KYC for the members, and I think it is normal if the KYC is applied into the exchanges because the exchanges don't want to get trouble for money laundering or illegal activity from their members. But it still feels not good if give our personal information to other person and that's why if we don't want to apply KYC, we could use decentralize exchanges than to use centralized exchanges.

It is just a procedure, you know SEC is very strict organisation, so if you don't follow rules, then exchange can be closed or punished .
Check out etherdelta, they have payed like 300k usd for not following process

Yes, that is annoying if there is no notification at the beginning, what project do you follow? Don't give your identity only to token that have no value, just leave it and keep monitoring it until it's valuable.

But if it is exchanged, the rules are indeed, that is for mutual security. But look at their reputation first.

Yes, anonymity was fucked up due to the KYCs being implemented on some ICOs but what if the money used by an unknown investor was originally on theft. The example mentioned was used to detect criminals that laundered the money stolen. All things have good and bad sides like the cryptocurrency itself so does the KYC.

And it's not just about the government getting access to our information in exchanges, which is probably why a lot of people are against it. It can be used to track down suspicious transactions. Why be bothered if you're not doing anything wrong.

When you use crypto to crypto for transaction then there is no restrictions to use it but for other purpose like investing on ICOs and for trading large amount of coins on exchanges need KYC,I am not completely against it if you are not involving on any shady activities but still I am not comfortable while giving details while investing on ICOs.

Indeed, so they need to implement it but in terms of KYC on new ICO, i think that’s a risky one. The purpose of cryptocurrency is not just for anonymous, but for a faster transactions which can be done if there’s a good regulations. I will support KYC from the exchanges but not on the ICO or for the bounty hunters.

I got your point and I do agree on most of the part of your argument. I believe one of the main purpose of cryptocurrency is to protect user data from unnecessary evil third party and KYC is obstructing that purpose. However, in our current economic system when we still mainly use fiat money for transaction, we still need the KYC,
I believe on most exchange you can trade any crypto without submitting your identity, only when you want to trade fiat money that you need to submit your identity.
Other than that Decentralize exchange could be a possible solution for non kyc exchange.

I truly sympathize with you.. It's actually what the cryptocurrencies space has resulted to but without this in place crypto would be a favourable ground for all form of nefarious activity and this will continue to tarnish the image of the crypto-community. I have my issues with KYC too but for some products and services I think KYC is a neccessary evil that everyone needs to accommodate in order for us to one day witness mass adoption of blockchain technology.

I don't like it either, thr KYC but to avoid all sort of evil 😈 it is a must.

Nope, anonymity is one hindrance of why cryptocurrency has been slow in adaption because the government were slowly but surely study the system on how they can accept where many users now beginning to love the system. Thus, KYC is really necessary for the government to implement so as to avoid abusive form of its use. Now, doea it really will defeat its purpose? Well the answer is no, for even with KYC still cryptocurrency will work. The P2P will not be stopped with KYC.

Thus, the need to implement are the exchanges for further resources if there is somebody from the government would like to track.

You guys raise an interesting point about dodgy activity! But then again it's a learning curve - for instance if there's one thing crypto has taught me and that's is how to be super careful with my money. Also, I've lost my fair share in scams but then again it's taught me how to be super aware. Not that I'm invulnerable but I can generally spot one when it comes along now.

It's been a good lesson for me in essence. It's taught me to not rely on the government to solve all of my problems for me. If I've shoved a thousand dollars in and lost it, well, I've had to come to terms with that it's my fault. Not that I'm saying you should let off scammers completely free - only that it's been easier to be culpable for my own shitty decisions.

if you keep having phobia for kyc you will keep having problems with many projects. This is the only process to end scam. Tell me since the existence of so many scam projects, how many solution have you rendered to end it? And also to talk about other scammy hunters and users

I agree and that's one of reasons preventing mass adoption.  People won't use crypto if they have to do KYC every time they need to use a service.

On the other hand, a lot of ICOs or crypto services shouldn't need KYCs. For example, EOS hasn't done any KYC in their coin sale and it got listed in almost all exchanges including Coinbase.

Try to stay away or at least be very cautious about anything that asks you to do KYC.

I do also support that, exchange requirements might be okay processing KYC but for the bounty it's a question that needed think twice before proceeding, as a lots of possibilities that it can harmed you out if the project will turned out to be a scam project and the team behind can ruined your personal information.

KYC was introduced because anonymity has become too dangerous today where terrorists and fraudsters trade in crypto but I agree that only banks should ask us for KYC and not these regular exchanges, ICOs and so on. They are not regulated by the Government to ask us for such personal information.

Industry wants adoption and adoption demands KYC, for legal and institution approval.  I agree it is not the cryptocurrency that demands KYC but the centralized system that wanted to control money laundering.  We cannot avoid it if we want mainstream adoption, but nevertheless anonymity is not gone with crypto you can still be anon, just avoid centralized exchanges and institution.

You are not grumpy. you worry is right and it always has a reason. In some countries, they can use ID to borrow money and trouble will belong to the person who revealed the identity. so we should not publicize and send our IDs to project owners. they will definitely sell our information and use it for bad purposes.

But it's good due to many people have several wallets.
I think the purpose of crypto is not hiding the identity, but the usefulness of the transaction itself

That's good advice right there.

I thought Staramba was a great idea. Not for the money, but I liked the idea of having my own virtual real estate. I bought about 0.3 btc worth at current prices. Now they are asking me for KYC to even access it. Crazy right?

Satoshi was and is anonymous and so is his idea. If we go by the principle of Satoshi, our identity is not exposed when we transact. But lately, KYC has almost become necessary for clients to get rewards or trade. Why this sort of identity is necessary? But over time, the market is expanded and widened over time. And maybe so is the principle of cryptocurrency, making it mandatory for KYC information. Lets hope for better of cryptocurrency.

The purpose of cryptocurrency is to be money. KYC doesn't really have anything to do with that. I think DEX's are the future but they currently have problems with liquidity and user experience.

It's unfortunate but what can we do.

We always have to stay decentralized to avoid such intrusions or violations.

My advice is to remain in the "Circle" if you are inexperienced. .  Always expect the worst from crypto world once you step out of the Circle.. . Circle in our case is decentralization.

indeed has nothing to do, but all exchanges except for the decentralized exchange is now almost all asks for KYC. and that is part of the security. who wouldn't want to be more secure with their assets? We have to think positive, where there will be no misuse of documents that we provide. but it remains vigilant on Exchange bad and not trusted.

To some extent you are right. I also don't feel good to share all my information to exchanges and projects where I invest, but when it comes to safety of my investment, it feel comfortable with KYC process.
Since it's applicable to all users, there are less chances(no 100% guarantee) to loose my money due to fraud from other user. Even if any then can be traced immediately.
At the other hand, since cryptocurrencies world is not regulated yet, many governments are enforcing kyc process to track money laundering and tax stealing.

At present there are many ICO projects that use KYC. And even though many mercenaries protest against KYC. KYC continues to run and there are many bounty hunters going through the KYC process. I am personally very selective in choosing projects and choosing those who do not use KYC.

I also don't like to do KYC for use a crypto coin, sell, buy, indeed you are right KYC defeats the purpose of crypto. Why i should do kyc to buy or sell or send a coin when if i want to get fiat money to my bank i already have kyc and they see the money coming from a provider who accept crypto deposit. But for some exchanges if want to withdraw high amount on 24 hours they ask KYC because of money laundering.

Yes, this is true. Cryptocurrency just conceived, as something safe, independent and anonymous. And KYC, undoubtedly, violates these principles. This procedure must be modified to suit both parties - the ICO project and the investors.

I agree, however, if you want to trade, you have to do it, indeed not all countries legalize crypto so that there are countries that really allow them to trade but must continue to do Kyc, in my country KYC is required to withdraw crypto money and exchange it to fiat, maybe this the purpose of avoiding money laundering, or other bad intentions.

I think the problem is that crypto started out very small and niche, with low coin prices, anonymity and everything operating under the radar... but many (most?) people who have been buying coins in the last few years (myself included) want prices to rise. However the way prices rise is by bringing in new money, and crypto becoming ever bigger, and ever closer to widespread mainstream adoption... but an inevitable consequence of this process is that governments and regulatory authorities start to take notice, and they have a duty to protect consumers/citizens, and a part of that is all the AML and KYC requirements. It's just an inevitability really as crypto expands, you can't have the higher prices without sacrificing some of the ideal.

This KYC thing has become a dilemma for the cryptocommunity but I guess it will always be a part of this ongoing crypto evolution which will paved the way for a greater mass adoption. Although people are somewhat reluctant to do a KYC process because its a bit annoying at times, they still have the power to choose whether to go with it or not or find other alternatives. But if we don't have something to hide, I guess it would be okay for most of us especially when our own money is on the line. :)

It's between traders and investors judgement whether to comply or not with this KYC procedure, it's an optional thing that can be done freely, and as what you have mentioned, it's your money to take care of so better to be more careful doing something that involves your financial assets.

You kept mentioning how cryptocurrency is affected by KYC, but you forgot to mention how you can actually own your own cryptocurrency through decentralised exchanges that keeps you anonymous and out of the public eyes. KYC is a necessity in this Current space but it will not last forever

You are right about this, this is where these idiots you mentioned has pushed us to, they want to defeat the objective of cryptocurrency, but we don’t have any choice, we have to just work by the rule for safety purpose, at least we are still getting benefits through the system which already outruns the lapses.

I think we still have the freedom and choice to pick from, if we are not comfortable to play by this rule, we can as well not participate in any of these projects or exchanges making this request, I believe we still have some projects that would not request for KYC and I think it is also high time we impose the KYC requirement to these project teams too, I don’t know how it will work but I am sure we will all come up with something.

I see you all are complaining about KYC but then I see the empty order books on bisq. Something doesn't fit the picture here. Cryptobridge is another dex and it works pretty decent yet I don't see good volume there neither.

Only If you used those exchanges more than you talked, we would have had more liquidity on those exchanges. :/

However, in order to deal with those who do the bad things, then KYC is needed in every ICO and in the exchange. Even though we know it is not safe for us, we are forced to do so to get our own will.

I still do well without KYC identification. I participate in bounty campaigns and ICO where I do not need to do KYC. I trade on centralized exchanges where KYC is not required. If all people did this, the KYC would stop asking. However, people are greedy and ready for the sake of profit to give up anonymity and go through KYC identification.

There is some sense in your write up. But some exchanges are centralized for instance, KYC is a requisite for operation if you know what I mean. The part I detest about KYC is for ICOs, I think it's needless. KYC should be for STOs. All said, our opinion doesn't change anything, so it's optional, normally I do KYC only when I deem it extremely necessary.

you can just avoid doing KYC you still  have the option but the reason why there is the need for it is because we pursue the adoption. if you  feel like you don't have to join a project because you were asked to submit documents you can just ignore the project and buy from the DEX if its there. CEX doesn't ask for documents if you do buy less and withdraw less under their limits.

It might not last forever but it will for a very long time because right now it's looking like the opposite of what you're saying. Those exchanges and other platforms who don't have KYC before like shapeshift for example are changing and decided to implement KYC.


The tier system you're pointing out would only be temporary they could easily remove or increase the limit on these tiers. Also it happened to one of the exchanges that i've used years ago after they get regulated.

We will not be completely anonymous in cryptocurrency. States will not allow anonymous financial flows around the world. However, due to the fact that the circulation of cryptocurrencies is still poorly regulated, and the activities of the ICO are practically not regulated at all, many are still being abused with the KYC audit. This is especially true for ICO teams. I am absolutely sure that bounty hunters should not undergo such a KYC check, because carrying out this check on bounty hunters is contrary to the purpose of the KYC check. I think that in the future, the KYC audit will also be more streamlined and this present absurdity, when they are asked to pass the KYC audit at every step, will end.

You aren't alone on this. I don't like the idea of KYC too but that's the price we got to pay if the global/mass adoption we crave must happen. You win some, you lose some. I remember my first transaction on Changelly in 2017. It was expressly done. No KYC. All that was needed was an email registration. The same thing happened with Binance when it was newly established. I could withdraw my coins without a KYC validation. That isn't the case now. Sadly, we can't remain anonymous anymore.

Fuck that KYC shit. I dont like that or deserve that from crypto. Anonymity is everything for me to here. I dont like this new icos whom are wanting KYC

The whole idea of cryptocurrency and blockchain was built on the concept of decentralisation. Decentralisation in the sense that you can be able to complete financial transactions anonymously without releasing your identity. The introduction of kyc defeats the whole purpose of cryptocurrency and blockchain because it is no longer decentralized and anonymous when you give up your government identity to the team of a project. You are no longer anonymous and this defeats the purpose of a decentralized cryptocurrency system.

We still have our choices to make as crypto enthusiasts.
If you want to totally avoid giving out your personal details I'm the name of kyc, then you should not go close to anything that has to do with kyc.
Yes, there are projects and exchanges that ask for kyc, yet there are those who do not also ask.

It absolutely did. Myself included. Sometimes I have to hold back and remember the vision Bitcoin was built upon. The best thing about crypto is that you have to hand over ownership of your coins. It can't just be taken away from you. Banks do that all the time. Limit your accounts, steal your money, run up shitty baseless charges. Can't do that with crypto - unless you left it on an exchange of course!

From my observations made in the crypto space, KYC is just one of the ways people are trying to make crypto transactions centralized. KYC was the first step introduced to obtain information about people on a particular platform to monitor their activities and also know the amount of crypto coins they have.  KYC is currently the flaw in the crypto space.

I think now we have to get used to the KYC, because many ICO project, STO, are asking for KYC as a requirement, and in case they do not want to do it they just do not receive any reward, many claim that they demand it to avoid fraud, there are many that They are cheaters.

For the STOs they are demanding many rules, including having everything as legal as possible, this with the purpose that the investors finally achieve trust in projects that do not become SCAM. And seeing it that way I think it's worth it.

If Kyc has a capability to defeat the purpose of crypto for sure decentralization is no longer exist in my opinion.
But why decentralization exist at the present time now? it is simply because this is the uniqueness of crypto base on my
analysis. Although, most of the community here hate it, but can't do anything about it but to apply or submit their personal
info if they want to get their profit.

No, you are not a grumpy old man. Kyc is watering down the efficacious  design of cryptocurrency and if things continue this way, the centralised bodies will have their way and fully regulate cryptocurrency to their benefits

yes i think it destroywed the anonymously of a user if a project needed KYC. All of your personal info are needrd so you can join or partcipate in a certain event.

..yeah that's true..if all of the crypto related exchange and companies would implement KYC,the anonimity of every crypto holders will be violated and that is not a form of a decentralize government..I don't believe on KYC in crypto for the integrity of our personal data are private and you have the right not to disclose all your private information to the public..

Yes, I myself strongly disagree with the existence of KYC in the Crypto world, especially in the need for KYC to get a low-paid Bounty, but that makes our data in the hands of others.

Same point I keep making, I don't see any reason why we need to carry out any KYC process before we can be able to withdraw our tokens,  it doesn't even make any sense,  the only time any company should conduct KYC is when payment via fiat is available in the platform to make purchase of token, but any other reason is just pure wickedness and I don't see any need,  if there is anyone that need KYC, it should be those who are in charge of the project because we don't really know who they are and we commit our money to them.

At least I think that the current situation in the cryptocurrency market completely contradicts the criteria for anonymity that were announced and declared in previous years.  To such an impression that every year the problems are aggravated and it is a pity if in some cases users of cryptocurrency are deceived.

Yes i defenitely agree with you. thats why i don't agree with KYC. but of course everybody have their own opinion because they are have difference purpose or difference reason why they use crypto. but for me anonymity is one of the reason why i use cryptocurrency, so..

Yes, the aim of anonymousity and decentralization has been defeated through kyc but the truth is that we can run away from it if we want the world to embrace cryptocurrency and being adopted by the masses and global institutions.

if investors, in my opinion, are very reasonable if they do KYC because they make an investment and must secure their assets, but for exchanges that require KYC to actually challenge anonymity,but  that is presumption now and we can't avoid it.

What most tokens does during they ICO is all investor's will go through kyc process and when going into the exchange they customers don't need any other kyc again thee will only work with the on they have already done on the site. But most exchange's this days place limit on the amount of trade you can carry out until you have done kyc.

But remember that on the DEX you really don't need a KYC process because of the idea which DEX'es have. Then every transaction is not centralized.

DEX is a good option for those users who don't want to undergo KYC. But from what I have seen, the prices (in terms of ETH) is normally at least 20% lower in DEX when compared to the other exchanges. And not all of the tokens can be traded in DEX sites.

If you see the recent time projects which is been launched via exchange launchpad, they are mostly receive your KYC to invest and participate on public sale too. So how did you say most of the coins are not required KYC.
If you are referring the coins already listed on the exchanges and large in the use.

Obviously yes we can find it easily without KYC buddy.

Yeah crypto is suppose to be anonymous but the minutes kyc started becoming a requiremrnt, crypto has stated deviating from the purpose of anonymity and decentralization to what i would call semi-centralize, where is decentralization and anonymous when personal information about users are now been requested for? i think crypto has really deviate from it's purpose.

Absolutely, everything is changing which is very disturbing but others see it to be good. Gone are the days who cares about your identity. Now every single shit KYC is needed. This sometimes makes me feel one day we will wake up only to find out Crypto world has been centralized.

KYC has some positivity for the cryptos as well,because there is an opinion among the people about cryptos was used by the criminals and also being used for illegal activities so if we can prove that we are also using cryptos as a normal user then it can bring adoption among the common people.

I can see where people are coming from when it comes to KYC but I also think that compliance is important for the safety of populations over individuals. We have seen the war on drugs and major scams happen which directly alter a community. So yes KYC isn't ideal but I think keeping individuals safe reigns supreme

Blockchain forensic companies like ciphertrace are what keep my beliefs in the bigger problems at large rather than a single bad transaction. It's the ones where a ton of people are getting harmed

And this is going. ICO was an element of decentralization. IEO is centralization. Mining is concentrated in large pools. This KYC is a "good" addition to the going on. It seems we need to leave only BTC. It all started with it, and let it continue.

Once we agreed to KYC we betrayed the whole concept of crypto. Unfortunately, it looks that we are greedy and care more about money than our privacy.

And who agreed to this. Just stretched and everything. Lured money. Then they lowered rates and everyone is sitting on passports. There are still anonymous projects. I think with the pros on them big.

The KYC requirement is necessary in my opinion and this tool can be used for the safety of the project. The big projects always ask the documents of investors for sending the customer data to required organizations in order to check the GDPR compliance.

There is always a reason for everything, those time you could trade freely, there was also no issue of scams and people taken advantage of system to do dubious means, people purely was after the use of the cryptocurrency for payment and investment, until so many bad things started getting introduced, we now even have people that launders money through the system.

Especially for exchanges, I think they have the right thing by asking for KYC, because both money launderers and ICO scammers must definitely go through them to change their money and I think if they are strict about this, things can also be controlled. This is the situation we found ourselves, bad guys have also hijacked the system, so there is need for regulation and I don’t go against it. 

Yes big projects definitely need investors' data to stay awake and in the data so that they are not misused, KYC is very important for your funds as a large investor.

Well it does. Crypto currencies were made to bring financial privacy in peoples like. Unfortunately, if you fill the KYC form, you are no longer hidden and all your information will be connected to your specific wallet/service (that you are using). Your financial matters will no longer remain private. Sadly, most of the ICOs that takes your information turns out to be a scam. They scam people and then earn more by selling out your information. Remember, there are always alternatives. If one of the service you are trying to take asks for a KYC form, then move on to another.

At the moment KYC might be just check.. But, if you are paranoiac, like many of us.
You just see in nightmares what wrong persons could do with all your KYC data.
I suggest to avoid KYC if possible, especially for scammy bounty campaigns, airdrops and not reliable ICO

It's good to still see that some exchanges still allow trading and withdrawal without kyc to an extent and that can also be of assistance to those who cannot afford to give out their personal data to any external body. Those who want to avoid it totally, switch over to DEX.

Previously, crypto was underdeveloped and there were no scams so it was completely anonymous. Now it is almost a forced measure. But I agree with you that for bounty hunters this surplus. These are ordinary participants who do not affect the development of the project in any way and therefore I do not see the point in having them undergo the KYC procedure.

Scam prevention is just small role of KYC, in my opinion. KYC has its bigger role to prevent money laundering via crypto, that is the main reasons why governments require KYC as they believe they can better control such activity via KYC procedures. But I doubt that they can fully achieve this purpose because bad guys always figure out the way to do what they want. Personally, I don't like KYC requirements, especially when I have to do KYCs on small exchanges.

KYC is another sign that lets us understand that crypto anonymity idea is an utopia. Big guys don't like it and won't let it go, people should understand it and calm down finally.

Not everyone thinks that a KYC is harmful and contrary to the principle of the anonymity of cryptocurrency. Over time, it turns out that there are many parties who exploit crypto's existence for fraud so that KYC is really needed to narrow down the crime. However, the KYC is stored safely so it does not violate the principle of anonymity of crypto.

you're right, this is one from many reason why KYC is needed, even blockchain and cryptocurrency are used for make user identity are anonym.
but because many fraud that's why kyc is needed for reduce fraudulent

I know everyone is trying to do whats best for their project but everyone is all about kyc this days, even for small bounty or airdrop token holder, if the project is not requiring KYC then the exchange site is requiring kyc and the annoying part is even scam bounties are requiring KYC and reveling someone's personal information in this world that we are is not safe anymore and there is no way to hold anyone responsible

Its true crypto purpose should be decentralized, but we should not forget that right now crypto market is like stock market. Many project come up and raising money. Government just want to protect their citizen investment and i dont think thats a mistake

There's reasons behind but the real concept already been ruined since kyc was been introduced for those reasons you have to balanced and sets your position, in the end of the day it's you alone will decide if you proceed and process this requirement or still supporting the concept of being anonymous.

That's just wrong if they're pulling that BS with you.  Any kyc requirement ought to be made clear right up front when you register on an exchange, ICO, or a bounty.

Of course most bitcoiners value their anonymity and most are used to the wild west days of crypto, but that's changing as I knew it would.  Do you think any gov'ts are going to allow its citizens to use an anonymous form of money however they want?  Of course not.  The gov't knows there are taxes that aren't being paid, money that is being laundered, and all sorts of other things.  They are doubtless putting pressure on crypto based companies to confirm their customers' identities in case the gov't needs to find out who is doing what.  And yes I admit it drives me to rip out my hair at times.

I think we should not go quietly into that good night, but otoh I don't know what we can do.  If gov'ts and large corporations eventually put their grubby hands on crypto, they will morph it into something that none of us would recognize anymore.

True.  There are exchanges where you can register with fake info, but you can't deposit any fiat and can only trade crypto pairs. I'm happy with that, however.  That is mostly what I do anyway.

When i first to know crypto currency or most known as bitcoin, a lot of saying crypto is an anonynous society, you can have money without knowing by anyone and even transferring money from one county to another country without having any taxes from government. But kyc kills the good thing, were not anonymous at all, we are giving everything just to get that token and thats bad for my own sight

KYC doesn't defeat the purpose of cryptocurrency. The purpose of cryptocurrency is to help the people in our world to get out from the centralization and have the control on their own hand. KYC is a good thing for cryptocurrency because with the help of KYC, we can prevent fraud and it will give a huge benefit for our overall crypto space.

bitcoin is anonym, so govermont banned it.
then gov give authorization to trade bitcoin but you must report who buy and sell it.

i think KYC is normal for legal transaction and not make bitcoin bad.

I know what you feel even I also don't like the existence of the Kyc system at the exchange place not because I don't believe it but the crypto world is anonymous so we want to trade or investment don't need to send personal data, besides we don't know whether the data is guaranteed either misused by them. that's the way it is.

In general, when using cryptocurrency, we will not be able to get rid of KYC checks. However, such verification should be applied only for the purpose for which it was intended. The activity of companies in raising funds and issuing new tokens must be regulated by the states and the participants in bounty campaigns and investors who buy tokens for small sums should be freed from such verification. Now, with KYC testing, it is simply abused to the point of absurdity.

in my opinion there is no problem with Kyc and it is legitimate when an institution or company applies Kyc to its customers, but what is wrong is when our privacy data is misused by the company.  And not a few companies that complicate the process of Kyc, even I once only verified Kyc to wait 5 more months.  But I hope that the complaints of Kyc can be improved for the better

You are not a grumpy old man (or maybe yes LOL), you just understand what cryptocurrencies are made for, it's users anonimity, our privacy, KYC is done because of this laws blabla but the fact that this ain't regulated. KYC is such a waste of time and what we need to avoid.

Bitcoin did born with privacy we don't even know who satoshi still is.

But on the other hand, there is crazy amount of scammers in crypto world. So i can't decide about kyc.

Well if not for the greed and bad thoughts of men there are would have not been any need of KYC but because there are so many cheaters and scams floating around we can help it but to let go of a very nice feature of blockchain technology and that is anonymity :(

Many people on the cryptocurrency will not prefer to do KYC because we have the awareness that our identity will get hacked or will get publish in out there. Besides that, no one guarantee that the identity will be saved in their hands. That's why we are still afraid to do KYC, but in some point, KYC can prevent from the scammers. Maybe both side will need to do KYC so we will feel more secure.

This is a big thread - I'm struggling to keep up with it haha.

It's interesting that a few of you have described the idea of financial anonymity as us KYC haters see it as a Utopia. I disagree. I only see it as intrusive. That's all. I know too much about the human tendency to be idealistic enough to believe that a Utopia can be realistically achieved. The foundation of Bitcoin (and crypto) in general was government and big banking destabilization. The friendly revolution. Those that control the wealth pull the strings. If they can no longer freeze our bank accounts because crypto has personal ownership then they can no longer be our puppet-masters.

KYC is inverse to that vision.

Don't take it to the heart, I think KYC will make crypto more trusted because scammers won't go scotfree after dropping there ID but KYC is not handled the right way because  we still have projects implementing KYC and they are scam projects so those who dropped there ID to such projects should be worried because  the ID is not safe. 

Hmm. Great in theory, but in practice, no.

Scammers are everywhere and move with the progression of technology. With that idea then scammers should have given up the first time firewalls and virus checkers were invented. But no, as the awareness grows, so does their attempts to part you from your identity / crypto / money.

It is not only about scamming and taking money from strange people. The technology behind the blockchain doesn't let the scam organizations do their job properly and this is also the case for the single scammers. They look for gaps on the system and these gaps are used against the users for scamming purpose.

Yup, hence my point. We don't need KYC.

Crypto itself is scam inhibiting technology. Even if the media tells us differently lol.

I agree with you, cryptocurrencies were invented to provide anonymous, fast and chap transactions between people, and now at any exchange or ICO you have to pass KYC, which is not a garantee of the real identity.

Crypto is for the anonymity, but there is an investment about crypto so we should KYC all the investors to know if they are real not a person who wanted to launder the money.

If I am going to be follow, same like others I don't like KYC its not because I don't have any personal valid, of course not! We all know here that most of the crypto are decentralize and this KYC I think breaking the good image of crypto anonymity, but sometimes We can't do nothing for it its part of the rules in campaign for us to get our rewards.

Just think positive, maybe they need KYC for identity data from their community, maybe even that was asked by the government from the country where ICO came from.
because actually, the ICO project does not require KYC if it adheres to a decentralized system.

some governments have indeed requested supporting documents such as KYC from the ICO project community. we still have to think positively, where we also enjoy the results of the bounty we get. as long as there is no abuse for our KYC documents so far it will be fine.

Not at all. People joined crypto revolution because kyc wasn't required for anything and because of anonymity. I think lots of politics are involved in crypto lately and every single country wants piece of our money. They want to control crypto, I think they are very successful in that and crypto is slowly moving into different direction. Sooner or later every service will ask KYC, and we can't do anything about it. Accept it or leave this.

I think you hold a good point there. I remember the days when you could trade on Bittrex and they were glad to take your crypto without any ID. Now they hold all my ID. I use Bittrex a lot so I had to do this. It's either suck it or leave it.

BTW Yobit still doesn't ask for ID for anything. I've used that place for at least 4 years now. That being said the experiences that have came out of that place so far have been mixed. I've never had any bad experience though!

KYC is to verify that you are not part of the country where the ICO and crypto is not legal. If you have more love on crypto you may need to come out of the country or fight with your country's finance ministry to make it legal.
Without that trolling they are required KYC and blabla in the sense. No use at all.

Please check the ICO details before invest on it. May be they also a scammers.

They just need to regulate it; they need a better advisor that will make them see the reason that not all investor requires KYC, the main reason for KYC generally is to be able to flag down anyone that makes a money laundering move.

When it comes to money laundering, we are not talking of token here, because., for any money to be tagged as being laundered, it must have been a certain amount that is bigger than what the government support and since many of these investors are with little token, they should limit the KYC to a bigger transaction and not these smaller ones.

KYC is a terrible process that was created to destroy our community and, in general, it really did everything to destroy our world. They verify us and do not allow us to invest without a proper image.

Yup! Definitely a total hindrance. I loved anon investing. I still do

KYC on cryptocurrency is somehow setting up regulations on a decentralized system of blockchain technology. The anonymity brought by decentralized system is one of the reasons why some countries still do not recognize cryptocurrency. We can't deny the fact that some illegal transactions are taking advatage of this anonymity. Some people are hiding their transactions using cryptocurrency making those money transfers untraceable due to lack of identity. With the growing usage of cryptocurrency and the security involve, KYC seems to be inevitable even though it depicts the nature of cryptocurrency. Unless, we can think of a better way to prevent illegal activities here in cryptocurrecy.

I think you are right. Although I don’t like the idea of passing a KYC and submitting my documents, but I think that it is inevitable. Sooner or later, all users of cryptocurrency will have to pass verification.

Purpose of being use the decentralized cryptocurrency is to stay anonymous but the KYC is not needed here for decentralized market. When you are looking to invest on IEO or ICO and they are asking for KYC, please do not invest your money there.

If we feel easy to invest with the KYC verification even they will take it as easy and gather our passport details too.

I have the same opinion just like you Op.. I don't like the KYC stuff.. I don't love the way that companies grab and force us to send our own documents to persons we don't trust and we don't know.. Don't forget the fear of a data breach that could let the hackers grab our documents and sell them in black markets..

You were quite grumpy about this. The KYC will be used to identify the identity of each bounty hunters and to prevent participants from using different accounts.
That's the main reason they ask for your KYC.

most of us hate doing or submitting kyc..  ;D ;D.. for exchanges its understandable that we need to do KYC, but for some other activities like airdrop and bounty no that's not a good idea..

Of course for any investors and traders, KYC is annoy and complicated because we all afraid our informations can be loss into some bad people hands, thanks to cryptos itself, we can still keep our information private,but if we want to sell or trade, we surely need a exchange, that is when we have to KYC, if the exchange is good enough they will oblige us to do KYC to trade high value, this help the exchange safe from scammers but hard for bounty hunters who just want to sell their token for money, we maybe dont like KYC but we have to accept the risks in this market.

I guess satoshi lying low for now is just to show us example of how reliable the system can be when it comes to its advantage of anonymity, but like you mentioned, the good intention has been hijacked by scammers with their crazy activities.

What needs to be done now is not to condemn the KYC completely, but we just see how we can have a separation from the things that KYC is very necessary for and the things it is not necessary for, not the way everyone is just asking for KYC for both the necessary ones and the ones not necessary, take for example, investors and hunters, KYC is very necessary for investors while it is absolutely unnecessary for hunters.

I fear this. Even small trade on localbitcoins.com - I've had in the past people asking for my passport. Um, no! I'm not giving away my most valuable information to a single end-user. That's like daylight data robbery. Even if their intentions are good how do I know that their way of keeping my data is secure?


It's not just for bounty the KYC process. They ask for ID on exchanges, ICOs, small trade, you name it. Mostly when it's not needed either.


Right. How did they manage before KYC? Quite easily if I remember.


I think the lesson to be learned here is seek out smaller decentralised exchanges :)


I think this holds water in my eyes. KYC for the necessary things like big centralised projects and exchanges. No KYC for smaller projects and exchanges. AND no KYC for anything decentralised. In my opinion

KYC is required for several projects in some countries because governments in these countries need companies to publish the identity of the owner of tokens through investment. In the long run, KYC has become a mandatory factor in determining that it is a good project and should invest in that project.

Disagree. I've seen in the past some terrible projects that require KYC. I put 3 eth into one when in the days when eth was at its peak and it lost more than 80% of its initial value.

I understand the need to provide a package of documents for trading on a large stock exchange, which, in turn, regulates its activities in accordance with the laws of the country of registration.
But when documents require small one-day crypto-exchanges - this should be alarming.

This is exactly my thought about KYC, it contradicts the essence of Crypto which is anonymity irrespective of the facts that most projects now see it as a way of their assurance of transacting with the right people

They want to have a decentralized transaction but need to KYC? I don't know why some exchanges need also your KYC and some wallet companies including blockchain, maybe later coinbase will requires your identity before your withdraw.

In the beginning, I was also very opposed to the existence of KYC for Bounty participants. However, I see that this has a good purpose, namely to reduce fraud. So this is not a problem for me now. But I also tried to find projects that did not use KYC.

You are right, but nobody asks you to do KYC for using crypto...Investing in ICO is do not the same thing, so project making their own rules, because you are investing in their business and raised funds must be clear.

not only you who don't like KYC, but almost everyone who is in the crypto scope doesn't like it.
but this only applies to centralized exchange rules and you can choose which exchange you want.

I feel the same. The KYC things are very annoying and the sad part is, it is bringing by all of the crypto related websites! I don't know how we become used to with it! Personally, I don't have a problem with KYC, because it can protect you from the scammers and hackers! But when I think that KYC is spoiling the crypto's nature anonymity, I feel bad!

Cryptocurrency specially BITCOIN is made to have a freedom to earn and have money or store it.
This KYC just implemented due to many restriction of some country. there are some people who wants regulation to make CRYPTO acceptable in many ways in every country.
But this KYC ruin the essence of cryptocurrency.

Not every cryptocurrency was created to be anonymous. Bitcoin is fully transparent and as soon as someone finds out who is the owner, everyone will know about all your transactions. And people are afraid about this, that is why they avoid KYC process if they can.

Today I saw on Reddit that US people received a letter from the IRS that they know about owning cryptocurrencies and pushing people to pay taxes.  :o
Coinbase KYC cause this situation.

I think this okay. You will now accept the reality that we are have ni choice but the accept this kind of regulation.  And I think they can only think our security and safety that can apply more if we foow in the KYC requirements. Take time to think it in positive way I think this is more acceptable specially for the investors who are in adjustment period stage.

At the very beginning, the cryptocurrency assumed the anonymity of the user. Neither KYC could not be required. Now there is a lot of money in the crypto and we must understand the desire of investors and exchanges to protect them.

It is indeed incomprehensible with new projects that require KYC, they are like destroying the cryptocurrency ecosystem. Though cryptocurrency is anonymous and maintains user privacy, transactions. Cryptocurrency fades and is used to seek profits only by irresponsible people who have dirtied it

There is no "being on the safe side" each country has different rules and decent exchange will have a daily limit of say 1 or 2 btc. Anything less then that is ridiculous. If you want to unlock the daily limit then you need KYC.
Then you get people who want your KYC just to use their exchange or put such a small limit. Get it in their heads that money laundry is done in mass not in small amounts. Just making things irritating for your regular users.

Sometimes I also feel the same way. KYC could be a threat to some investors whose country don't allow him or her to go crypto world. But, maybe it's good for other safety issues. Something like "Greater Good".

If you're sick of KYC, simply start taking advantage of the DEX solution out there. Most of them are trash, and got bad liquidity, but your privacy is intact at least.

Keep an eye on the Stakenet Lightning DEX, which is the first masternode based lightning based DEX. The cool thing about it is, that the masternodes running the DEX will get the fees collected by it's users transactions.
All the blockchains will be hosted by the nodes, so you wont need to SYNC with the network to start trading.

Perks:

Lightning fast
Very low fees
100% privacy
Peer 2 Peer, no central part

The Stakenet DEX is just ONE of many DApps provided by Stakenet, the project itself offers way more than that actually.

Do your own research ;)

Crypto upholds anonymity, so I wonder where this KYac thing came from. Well, I think during bounties, people are known to cheat with multiple accounts so the KYC has helped to curb that.

I think that we need to look at this problem more broadly, and this is not only a solution to the problem of using multi-accounts on bitcointalk.  The fact is that only through the provision of passport data is full legalization of cryptocurrency possible, when any state can allow all users to use cryptocurrency in their daily lives or work in a cryptocurrency market, earning good income.  Practical is one of the basic conditions for the further development of cryptocurrency in the world.

If I drop all my soothing thoughts, then yes, it is pretty damn annoying. Once again, influential people are trying to take control of the financial situation of all those who are trying to somehow materially improve their lives. And the governments, taking advantage of this, are trying to tax my honestly earned money. Oh, this reality, I understand you perfectly.
But all these annoying thoughts are very destructive for me (as well as for any other person). Therefore, we must try not to succumb to this negative.

That's true. KYC is a problem to the meaning of cryptocurrency. But another problem is we gave our identity to an unknown party. So how we sure about the security of our data. That is the biggest problem I seeing in this KYC system.

Cryptocurrencies were originally an independent tool for investing and trading, and nobody needed your personal data. Now I ignore the exchanges, where they demand to go through KYC and advise everyone to do so.

This is so true, the performance of Know Your Customer by people really affects the feature of anonymity in the blockchain industry but i guess we can't say much as this is also one of the security measures taken to prevent scammers from ruining the accounts of original users.

I prefer to use a portion of my limits daily till I'm done with the total amount I want to withdraw or deposit, I don't want to have my details being on the wrong hands.

Where KYC usually is integrated? Exchanges and ico market. If you don't want to keep your coins on the exchange, just keep it on hardware wallet and sell on the OTC. This way no problems with kyc.

Things and perception has changed a lot. KYC may defeat the purpose of Satoshi or any privacy focused coin but with too much of fraud and scam, crimes and money laundering using the anonymous nature of crypto, most people now accepts the fact that crypto too should be regulated. Cryptocurrency word actually refers the underlying technology not the ethics. So, cryptocurrency is not a synonym of anonymity.

The purpose of cryptocurrency is for privacy and I think if we save in our own wallet, our privacy is maintained and there is no need to do KYC. KYC only applies on exchangers and I think the fair exchanger requires KYC for its customers to avoid money laundering in accordance with government regulations

I do not see anything bad or horrific in passing the KYC process. A lot of members of this forum are so scared about their data, but big companies like google already know not only your identity but how often are you going to the toilet as well. So what is the purpose of being afraid of a KYC?

They're afraid of the IRS.

It is not legalized but obliged to require KYC to stop money laundering since the government always puts suspicion when it comes to cryptocurrency even though their own fiat is the one that used frequently for money laundering people will still need to obey that law anyway.
However requiring KYC doesn't means being legalized, they just want to put some pressure towards the crypto for the sake of preventing money laundering and some things.

Yes kyc totally deviate from what crypto stands for - anonymous, decentralized, to become semi-centralized (to some extent), i guess as long as you have the intention of trading in a centralized exchange you are bound to follow the kyc procedures, the more reason why the crypto space needs more decentralized user friendly exchange around to limited this kyc thirst :-\

KYC is a deal-breaker for me. No way I gonna give up my identify just to trade or cash out, not in crypto anyway.
Lucky my country has indifferent about crypto so no KYC force on everywhere, yet.

KYC procedure in crypto to avoid fraud and scams. But I don't think KYC can remove the fraud people from the crypto industry, rather it is harming the crypto's decentralized nature. Most of the potential ICO, IEO projects are asking for KYC, we have no other options to avoid this centralized system. Because besides trading, IEO is a better investment, and to participate in IEO, everyone needs to perform the KYC!

Its annoying to see every project requesting for KYC for investors and likewise bounty. Cryptocurrency to my understanding is basically all about privacy and the need for KYC defeats it

I do not understand why every single project needs KYC. Furthermore, I do not like the idea of KYC, because if we are in crypto industry thats core aim is anonymity and security, why should we provide our identity to every single ICO/IEO/Exchange?

More and more exchanges and ICO require KYC and it annoys me so much. How can I be sure that later my documents will not come up in some muddy affairs. To whom I then have to make a complaint.

This exact thread and all it's replies is the EXACT reason why you should look into DEX projects like Blocknet, who was the first project to develop a working DEX.
It's by far the best DEX out there, and I believe it will outperform a LOT of alts next bull run for this very reason.

The fundamentals of Cryptocurrencies are decentralisation and transparency and most importantly, anonymity and this is evidenced by the fact that the creator or the premier Cryptocurrency in existence (Bitcoin) still chose to remain anonymous, while some exchanges still allow users to trade without KYC, they have made it increasingly difficult for non-kyc users to use their services and this is quite annoying.

I will never drop my identity just because you want to Claim  some good or bad coins. KYC isn't meant to take place in cryptocurrency because, cryptocurrency is a true meaning of anonymity. Although for one transaction not to be trace, there are other stuff to add to ones self transaction. I won't participate if there is KYC.

Although cryptocurrency is decentralized (not regulated by anyone) but this does not apply to central exchange. Because they operate according to local government regulations and laws that apply. The government stresses the exchange owner to require KYC verification for it's customers for security purposes. Considering cryptocurrency transactions are anonymous, they need KYC to avoid money laundry. So I think KYC is not a big problem.

Just when I thought I was alone on this. I'm also of the opinion that KYC in Crypto is inappropriate. I mean, one of the main reasons why myself and other users got involved with cryptocurrencies in the first place was because we had the financial freedom we've been yearning. One time I got my bank account on hold simply because I didn't have the specific ID they requested. Bitcoin paved the way for me to be financially free from the threshold of banks. Today the story has changed. KYC is now the order of the day. I understand the plighof centralized exchanges with regulators being on their necks. But I don't understand why decentralized Exchanges like idex and Bancor would require KYC too. It's absurd.

On the surface, yes it seems like it defines the essence of crypto.
In reality none is asking you for KYC when you are transferring crypto from one wallet to another, you can do it as much as you want.
The KYC come sin to play when you want to do FIAT to crypto exchnage, where FIAT is regualted by goverments and instutions.

Well I think you are right doing KYC most especially to scam projects puts your ID at risk but on the other hand I think its a way of reducing scam in the crypto industry IEO project team also go through KYC process before any exchange can accept any project for IEO which has drastically reduce scam and almost put an end to ICO at least investor funds are now safe with this process that's why I don't think about the negativity much.

This is why you be careful when you ask for something, I don't know why some people feel the space will be left alone to run gaga, a million Dollar market is bound to attract regulations and that is what we are seeing now, if don't want to KYC make use of DEX and don't participate in ICO

Cryptocurrency is for decentralization, KYC is must need for centralize. KYC isn't cryptocurrency condition, you can mining, trading, staking and whatever you like to do. More critical to join IEO or ICO. KYC is going more critical when some exchange wants to see same signature and name in your all KYC papers.

I also don't like that KYC is now almost everywhere. This is against the purposes of crypto and it should not be introduced. But, unfortunately, it is impossible to cancel it completely and in the future it may be even more.

Bounties campaign are available for KYC keep from participants joined with multi account, but for ICOs investing in not available for KYC because they buy or invest ICOs coin and never use free way to get ICOs coin, if investor have use KYC for each investing on ICOs maybe they will back to trading and make ICOs world lonely from investor, why have KYC for every ICOs investor participants right now?

I dont actually hate the idea of KYC just like what everbody says here. Its for investors, and stipulated on the provision itself but some projects were done by IEO so its inevitable to do KYC cause some of them sent in the wallet of the exchange so if there's campaign users have no choice but to do the KYC. Its okay, but different case on the ICO since they could scam particpants.

The cryptocurrency market is now different from the crypto market conditions a few years ago. With a market cap value that is above $ 200 billion, the government will definitely want to regulate it so there is no misuse and one way to prevent it is by KYC. I think this is reasonable because crypto transactions are getting bigger and might be predicted to break through trillions of dollars in the next few years

imo the post is a bit misleading.
KYC/AML/WTF has nothing to do with crypto. you still can participate with zero requirements and any desired level of anonymity.
all this compliance fuckery is relevant if you want to work with fiat.

as some people here correctly pointing out - this is the price for adoption... and we should be glad its there. few years ago it was unclear if the suckers would ban crypto outright, but they seem to realize that the bans won't be productive, but will demonstrate the total inability to control it externally:)

generally it became much easier for people to get into crypto, and surely enough the establishment and money printers want to know all about your money there so you can find KYC requirements popping up in places they do not really belong.

BTW for better anonymity you may want to have visible profile(s) with KYC and the rest, which would clearly and transparently make sense:)

I would have side you if scammers and money laundering criminals are not here yet but think about it, what other ways to get criminals nailed? KYC is a start, it won't eradicate scammers but they can be caught once they drop their ID, when freedom is way too much people will start doing bad things, thank God there is law

Its not a must to drop your ID, just stay away from any project asking for KYC details and mind you this means you won't be able to participate in any IEO projects, you can still join bounties that says "No KYC" on their Bounty ANN page and you can still trade on exchanges that only ask for KYC when you reach threshold

It is really bad the way we are going about KYC in the crypto sphere these days. Every little thing, kyc is been require which is not supposed to be so. It can be very annoying seeing an airdrop of $1 asking for kyc, i actually don't blame them but i blammed those taking part in it.

I also never understood people who are ready to send their documents for some airdrop. people don’t understand how much their data costs and how scammers can use it

This is the candid truth, nobody is forced to participate in projects requesting KYC, investment in any tokensale or bounty where KYC is mandatory is optional. The subject of the topic saying KYC defeats the purpose of crypto has some sense anyway, but there are still centralized systems in crypto. I was astonished when some exchanges made it mandatory to do KYC before you can withdraw funds, at least putting a limit to say 1BTC daily like some other exchanges is not bad.

Kyc isn't ideal for cryptocurrency, it defeats the purpose of decentralisation which it's suppose to be but since it's like this we have no option, especially when trading in some exchanges, kyc has to be carried out. Also if you want to invest in an IEO , you have to submit kyc details else you ignore investing.

guys, KYS has absolutely nothing to do with "decentralization". whatever anyone knows about any participating individual doesn't make any influence on how the blockchain consensus of any particular chain is established or how decentralized it is.

Some cryptocurrencies exchange right now need KYC to verify their users.
So, as a user, I considering a little bit of discomfort with that. For example, Bittrex exchange.

KYC actually does not allow anonymous and untraceable transactions as blockchain technology is concerned. Although, the KYC becomes necessary to avoid money laundering and sponsorship of terrorism through cryptocurrency payment that is untraceable.

I'm one of those people who hates doing KYC. Sometimes even if the project is really trustworthy, doing KYC stops me from continuing. I guess I am just lazy enough to provide and submit any identification online.  :-\

Actually I also don't really like to do KYC, whether it's in exchange, airdrop, bounty or anything related to crypto.
The goal is indeed to find out who their customers are. In the case of exchange, if you do something strange or harmful, your identity is held by the exchange. So you can think thousands of times to do this weird thing.
But the strangest thing is that airdrop requires KYC, what the hell! Airdrop is free and only does simple tasks. But why do you have to use KYC ?! If the problem is to reduce cheaters, isn't it better to improve the airdrop system itself instead of asking for personal data? This is the same as exchanging your data with uncertain coins, this not an airdrop.

I am also reluctant to send personal identities to a project because personal identity is a very sensitive matter to be known by the others who are not known, we do not know where the data we provide will be used by them and of course it can just get us involved in a big problem if later the data we send will be used by them to commit fraud or negative things.

Yes, but if You are not limited to participation in the bounty, then KYC is currently requested by almost everyone-exchanges, ICO and so on.All less promising projects are afraid for their reputation and they just have to ask For your documents.It's good and bad.I can not give a definite answer! And his essentially not can be!

Yeah i think KYC is not recommended to do since we don't know what they will doing with our identity and also if something bad happen we have no power to sue them because we do the KYC because of our own will.
I will only do KYC when i really have to do it, such as for withdrawing assets in big amount from an exchange or something that makes me really have to do it, if KYC for airdrops or bounty i would definitely won't do it

Is it true that transactions cannot be traced? In my opinion, cryptocurrency can be tracked. because a few times the case of hacking bitcoin will also be revealed. The bitcoin returns to its owner. it is not difficult to track transactions as long as each exchange cooperates in this case to detect bitcoin sales

Only anonymous coin like monero can't be traced the rest of crypto could be tracked easily because they publish all the transactions into the blockchain and save it forever. But, if no one knows the owner of the address it's as good as knowing nothing so that's why there's KYC which its function is to avoid money laundering and many criminals thing (gambling included in some region). Well, KYC is what's required if people wants it to be known worldwide otherwise it will get instaban.

KYC defeats the purpose of bitcoin or say the dreams of satoshi. Crypto is a word given to a wide range of digital currencies that are recorded and transferred through blockchain.
It's a technology and anyone can use it for any purpose. You can't force someone to name only the anonymous coins as crypto. But you can always select what you want.

If the project is a legit one and has a licence from the government itself, will for me KYC is just alright, Its a matter for protection for the investors that's why its a badly needed. and it was not against of the crypto-currency principles KYC was made because of changing landscape of money laundering modus! terrorism financing and because crypto-currency is vulnerable due to its anonymity in nature, that's my opinion about that topic.

If you hate to do KYC, how do you use exchange? because every exchange has already applied KYC to every user, if I prefer to make KYC if the project is really good and promises great benefits, the KYC problem is indeed a matter of personal data, but if it can benefit us, then no it also hurts us to give.

as you have said that ... the whole idea of ​​cryptocurrency is anonymous peer-to-peer trading without government intervention, so the intent of the idea is contrary to personal identity (KYC), but the reality is (KYC) can help reduce fraud (multi -account). and the most annoying when I have completed (KYC) to claim the project token but not paid.

I agree. The purpose of crypto and it's decentralized nature is to stay away from data breach. Scam projects that required KYC could have an easy access to your accounts and credit cards if they have all your information. That is one thing that I hate about KYC. No privacy and very intrusive.

1$ only for KYC data, are you kidding me?
it's not comparable, KYC data is very important even they could use it for something illegal. and people easily provide that data only for tokens worth 1$.

I don't think this is a wrong rule, but those who easily provide KYC data that have to be questioned. KYC is good for accelerating adoption because KYC is one part of the prevention of anti-money laundering. if everyone agrees with this maybe the government can more soften and legalize crypto completely.

Honestly, the idea behind the KYC is good because it enables bounty managers to actually know if the participants in the bounty project are the real persons who ought to receive their token after the completion of a project. I think KYC was introduced to mitigate cyber theft within the cryptosphere but with the way Bounty managers are now operating is very obnoxious in the sense that they now make unnecessary and stringent policies to deprive participants from receiving their tokens due them.

My bitter experience was when i participated in a particular project and had issues with my laptop for a month, afterword i went back to claim my token for the job i did, all efforts to claim my token was proven abortive at the end of the day and i went home with nothing but with pains and sadness.

Therefore, in as much as some persons will support the idea behind the KYC, they should also consider the contingencies involved in the use or adoption of KYC.

Scammers took advantage of the non-kyc approach in the first instance. Kyc is brought to reduce such scams to certain extent. Any financial theme needs its own way of regulating things. kyc could be easiest one.

Some say that KYC makes everything more secure but I think there could be a way to prevent scams without sacrificing our identity in the public. I understand that many banks or financial institutions will require KYC for you to cash out your money in fiat form but I don't understand why there are KYC in many trade transactions right now. Some platforms require it and it does not really make sense. KYC has become the way to regulate us, I know that it can be good but what is being decentralized for if other peole knows who we are behind our wallets.

KYC can help lessen the scams in the industry but it removes our anonymity. Many do not agree with KYC because they do not even withdraw money to cash. KYC should be only implemented for those who will withdraw money but then many trading platforms has that feature so I guess that is why they have adopted it. KYC is also required to other countries in their law for cryptocurrency. There's nothing we can do but to follow first because making them understand the issue is a difficult and long process.

As difficult as it may seem to believe that some people will give up their KYC information for only one dollar that is the truth, once they reveal their information to one of those bounties then it becomes easier to do it for the next one, and if their information ends up in the hand of scammers if they have done this several times then it is likely their information was out there already anyway.

I understand the need of KYC but only in the case of people moving huge amounts of money but now governments want to apply KYC policies to everyone making even a transaction of a few cents and that is something I do not agree with.

Every one seem to hate KYC because many turned scam but i think its not that bad, for example if you want to participate in any IEO presale on good exchanges you can't escape KYC, the most annoying part about KYC is airdrops that pays 2$ for joining

But there are a lot of other projects which have started their airdrops and bounty without any KYC requirement. Many of my friends are collecting airdrops and they do not participate in those projects which ask KYC for airdrop and do you know they do not have much time even for rest. It need your search you will find a lot of bounties and airdrops with no KYC.

maybe you can ask him what percentage of the airdrop that is followed eventually has a price. This type is mostly coins that have passed the ICO stage, so there is no need for kyc because it is only an incentive for the next promotion phase. I personally think that KYC is only effective for the distribution of coins with a value above $ 500, this is indeed different from the purpose of crypto anonymity, but it is necessary for their transition to global business if possible, because it must be clear in accountability.

I'm sorry, I think missed it. After I started to participate almost all bounty has required KYC process. But how could you know about the time before you started to participate in bounty campaign or ICO rules. I want to be free but this rules I have to follow.

We can actually say that the KYC platform is very intrusive if you're trying ones is in the process of convert crypto to fiat because the reason why the KYC scheme was implemented was because of the high rate of crypto scam and tax abuser but if we are talking about bounty hunters KYC is very intrusive in such state.

Right, the reason the platform is implementing KYC is because it is possible to avoid negative activities like possible about money laundering etc. We are always worried about KYC on an ICO scam project or whatever, but when we realize KYC has been applied for a long time on an exchange platform. So I don't think it's really a problem if we put KYC on the right platform and its security is guaranteed, instead we only worry about KYC on the scam project which basically is not safe for us to continue by sending personal identities.

A lot of scams in ICO. So, i think KYC needed only for creators of specific token. Because investors need to know whose project they are investing in.

I will support this process because when CEO or devs needs KYC then scam projects could decrease more. I don't like KYC process from first although it's getting harder each day by submit location information. I think you didn't mean KYC for specific token.

Yeah exactly mate. People here are afraid of KYC process in most project but when their tokens has sent to them and they wanted to dump it, there's a barrier called exchange that also asked for KYC and openly commit in submitting kyc just to sell tokens. See the difference? What if the exchange itself is scam so much threat foe everyone right?

The cryptocurrency market is different from a few years ago. The cryptocurrency market is valued at more than $ 200 billion dollars and of course this must be regulated so that there is no abuse and it is not a place for criminal activity. With KYC, the potential of the cryptocurrency market as a criminal activity will be reduced and in my opinion this is a good thing so that people's negative perspectives on cryptocurrency disappear

It's part of reality that once you have been breached out your information is no longer secured. That's the negative sides of providing KYC most happened with scam projects that the real intentions is to try hacking accounts or selling it from the darkweb.

Still the best way is being wise not to fall right away but with due diligence try to seek for more information regarding to the project before submitting your personal information.

In fact, I also do not really agree with the KYC concept, how else do most of those who apply KYC because there are regulations in the government business system they come from. Crypto's business is widely known by the government, so the government has a stake in implementing regulations as a form of supervision. KYC is also believed to reduce the level of hacking on the user's system.

KYC doesn't defeats the purpose of the cryptocurrency. KYC is a good form of regulation instead. It is helpful because when you undergo KYC in a certain website then it will be harder for other people to steal your cryptocurrency because you have the proof of ownership since you submitted documents supporting your identification. One of the best example of the advantages of KYC is being KYC verified in an exchange, it will make your account more secure and your limits higher.

same as you I also don't like charging KYC because it's like selling our personal data to people. and I sometimes also fear that my KYC is used for bad things. so from now on I am more selective in choosing projects I will not join projects that use KYC requirements. and actually cryptocurrency does not require KYC because it is decentralized and anonymous. but now some IEO projects must also include KYC.

That is a positive side for KYC system. and a lot of us crypto hodlers are agree to it. this what they do is to avoid any problems and demand a high secured platform. but still be careful of what others intention, there is still other projects want to use this kind of regulation to know people identity and sell it anywhere. trust the kyc process and observe whoever uses it. we are reminded to those who have experience, better to note it.

In fact, there are many popular projects using KYC because it is important for them to avoid fraud, KYC is indeed important for us where our assets will be safe if something happens to your account, and it is true that you are selective in choosing it must be because not all projects are honest .

For me, KYC procedure is not a good thing, and I do not want to send my KYC details to the person or organization I do not know really. The bad incident I have encountered is that most of the bounty campaigns or airdrops for which I have sent my KYC details did not provide me with my rewards. But there are many bounty campaigns which did not require KYC documents gave me good amount of rewards. KYC system is bad.

You are not a grumpy old man because you are actually making a reasonable sense, KYC was not the original idea of the cryptocurrency blockchain technology, it was still government way of exerting control over its citizenry. KYC totally disabuse the concept of decentralization and anonymity by which the crypto world is all about. I personally don't support KYC in any form. We want to do it in our own way- freedom

I don't understand, if you are pertaining to investors and bounty hunters, it is impossible to call them scammers, they are the one who is waiting to the bounty, and they are the ones who invested first, it is more relevant if the ICO or IEO is the one who will be called scammer, cause they are (some of them).


KYC doesn't reduce scams, it doesn't do anything about it, to be honest, those campaign who didn't require KYC at the start but suddenly requires at the end are most likely the scams.

It all could be resolved only if the project that demands KYC being reviewed by the government thoroughly until it is proven that their intention is no harm or even the government itself is the one who provides the kyc verification.
It is just silly to think that the government demanding the project to obey the regulation regarding money laundering but they are also risking the safety of many people here.

I do not think that it is the problem, if you think that you are anonymous by using cryptocurrencies like Bitcoin or Ethereum you are naive.
By browsing on the internet you left a lot of information about you, so if you are not super paranoid and you do not use VPN + TOR + Linux + anonymous cryptocurrencies, there is always chance that you will be revealed.

KYC can resolve problem with bounty campaign participant join using multiple account, many bounty participant cheat bounty campaign to earn much reward coin, with KYC system keep away from cheater bounty campaign. KYC for ICO investment is not match for investor have submit KYC and giving their data because they invest ICO without get free coins.

But not that much as doing KYC, you giving your personal identity to random person that you don't know their faces is a bad thing to do. And also almost every people has dynamic IP addresses right now and they don't even need VPN to disguise their identity and even our IP is trackable, it's still has a long way research to investigate the real identity

the use of kyc is to reduce fraud, but the data can be misused by people who are not responsible, for example, their bounty hunters are targeted by scammers by people who want to use the kyc

To the OP yes, but the question is can we still use that any exchange wherein every exchange was required users to submit kyc either to entry or to withdraw. Generally KYC is bypassing our identity on any exchange if we want to submit.
Crypto is obviously not been used as is for its purpose. In the end its either we follow this KYC's or to be left behind.

The Kyc stuff does not depict the true identity of blockchain but in situations where you have to do it, the only option is to do it as long as it is coming from a genuine company. Just like when you want to invest in an initial exchange offering, you just have to go through kyc or you ignore.

Well, not exactly.

Using cryptocurrencies does not provide 100% anonymity. If you want extra anonymity, you should use privacy coins.

Besides, KYCs are often used to ensure customer safety. These KYCs are much safer when used on decentralized exchanges. Using this feature is entirely in your hands.

Nobody forced to provide KYC to buy and sell cryptocurrencies. Maybe there are some withdraw limits; that's it. But it's not for all exchanges.

Well not all cryptocurrencies have  the same purpose as bitcoin anyway, i agree that KYC defeats the purpose of some cryptocurrencies especially in bounties why do we need kyc if your token/coin purose is decentralization? Although in exchanges, it kinda sucks that we have to do kyc in order to make a withdrawal or bank transaction from them but we don't have a choice since some countries are required to do kyc to comply

Agree, KYC is needed by the exchanger or the developer team in the sales period because they are bound by the regulations set. One of the things that you want to prevent from using KYC is money laundering and I think this is reasonable because the government wants to get tax and transparency from every transaction made

I totally agree with you. I see it as a temporary necessary evil until there is greater adoption.

But what happens then, will they one day outlaw ATMs.

I mean, there are no KYC rules for buying/selling gold as far as I know. Maybe one day when it becomes easier to buy and sell coins, they will have to abandon KYC for everyone except the people who are already doing it for fiat (big banks) or say anything over 10,000 USD (amount of currency you can normally cross a border with without declaring it).

Cryptocurrency may not require KYC but because it involves many people in transactions in the market, government regulations are needed to protect investor funds. KYC is a component of regulation because without KYC, people can use the cryptocurrency market as a means of money laundering

That's right KYC defeats the purpose of cryptocurrency, because of the advantages of decentralized cryptocurrency which means
we can be anonymous and our privacy is protected. And free to manage our finances without anyone controlling it. With the KYC
the initial purpose of cryptocurrency was undermined, moreover many exchanges and airdrops enforced KYC with money laundering
and terrorist reasons. So, it is not surprising that many crypto communities are looking for exchanges without KYC procedures. And
frighteningly there are some exchanges who deliberately trade their users' data. But local exchanges in the country where I live apply
KYC because of government requirements so that users can subject to tax. As a good citizen I inevitably follow government rules.

it just preventing action from many scammers in cryptocurrency market.regulation or kyc was an action that needed although many people thinking this is different with decentralized concept from crypto.we should not worry and over thinking about negatives affect from kyc.money flow in cryptocurrency market was so huge and if government didnt regulate it there are many threat that will steal investors money.

indeed to be able to protect from cyber crime this can use the KYC facility in the government will find out who owns the assets, but you must know that when the government knows all the identities and the amount of wealth owned by the owner of the wallet, the government will try in various ways to be able to controlling other people's assets, it's better that cryptocurrency remains anonymous so no one knows and no one can control the circulation of cryptocurrency.

Basically, KYC should be a mandatory for the ICO team and it's not for investors. But remember not so many people are doing big transaction and is that make sense for those people are giving tips to others must complete KYC verification?
Mostly people verified their KYC on exchange site which is used only to verify the user's identity to make sure if that is not coming from the restricted country.
Even exchange site itself is manipulating its market and not all of people have intention to do money laundring.

If the government regulates the ICO, the developer team and the investor should carry out the KYC, this is for the safety of investor funds and also for the developer team to comply with government regulations. KYC should be a common thing in any market and because the cryptocurrency market has begun to be recognized by some governments, it is only natural that investors must carry out KYC in regulated exchangers

very strange to me the KYC procedure performed by the exchange, at least the exchange requires the KYC procedure on certain asset limits, for example under $100 there is no need to perform the KYC procedure or there are transaction limits. I am increasingly confused lately, crypto with a decentralized nature but there is interference from the current government into anonymity is no longer there.  ???

I only do KYC on some exchangers only for withdrawal purposes, if it wasn't for the withdrawal limit i wouldn't want to give my identity card to exchangers that could be hacked at any time. And for now i rarely join bounties because most have to KYC

KYC is really killing the decentralization or anonimity of cryptocurrency . I hate it but we have no other choice on investing we need to send and verified first same as the exchanges right now . its not a good idea it is like we are risking our identity if anything happens like in the past months there was an issues and leaked identification id cards in the public. asmuch as possible if they let me enter and not required kyc i will go in that investment or exchanges it is not a problem for me beacuse i don't have that big amounts to release if they want to require me to send kyc .

I'll be honest, this KYC doesn't prove anything at all, even if the ICO team will provide it for us, because we have no assurance that the personal information they are going to submit is legit, that goes the same for the bounty hunter who do this, they are just fooling each other for the sake of shit coins (mostly).

i dont think that KYC is a disadvantage. Because I can say that it is only the way to prevent farm accounts to warn money just to be fair. KYC is important in many terms because you can safely trade and you deserve it. It actually depends if you are doing wrong but if not why not to obey the rules. It is good also for the exchange it is easy to identify who is farming earning a money with different accounts. It is actually unfair. For us to be fair earning equal money. The one who are complaining maybe they are not honest. In a different project it is important. Why to be confused of that maybe because the KYC is a long process but it is worth it.

I also enjoyed the free trading time of coins without having an identity. ensure a lot of personal information of investors. Why do you need so much identity information?

Funny reading this, as I'm currently loading up heavily on BLOCK, which is the market leader on DEX solutions.
No accounts, personal details, KYC, or any of that BS needed. Just trade peer 2 peer.

I'm sure people will wake up eventually, and use these DEX's instead of using those bad exchanges, that puts everyone at risk to exchange hacks and what not.

Crypto currencies were created for anonymity and any kind of KYC process is just destroying all crypto principles. But on the other hand, in my opinion it is necessary to pass KYC for investments above the average.

I agree with you that giving our personal identity to certain conditions in cryptocurrency is not a natural thing because we have privacy that we cannot easily give to others, and I further agree that trading and anything that is in cryptocurrency can be done without giving a personal identity we tell some people who of course we don't know whether they will abuse it or not.

Where did you get this information? Look at the Bitcoin blockchain, could you track every transaction? You can. Do you know who owns the address? In most cases, you don´t. But, if someone connects names to the address then we will see everything. We call that Bitcoin is pseudo-anonymous. It is good? Of course it is because goverments wil never allow privacy coins to use because it could easily destroy the system.

Government will never allow such things that will potentially harm their financial system. Still same reason the local exchange ask for KYC to make sure that AMLA rules will never be disregarded. There's no way to withdraw huge amount of money from an exchange that will not ask for requirements most once you are converting your crypto to your local currency exchange needs to imposed what government ask them to do.

They will definitely ask the KYC for only those airdrop which will have more than $500 value but if we want. If we will not join any those airdrops which ask for KYC and pay less than $500 then they will either change their rules of KYC or they will increase their coins amount which value will be more than $500.

But that is not the intent behind those policies, KYC has been part of this market for years and if you have seeing any decline in the criminal activity on the market I would like to hear it because I do not see it, KYC has benefited criminals since now they can steal your identity and not only your money like in the past, KYC is an attempt to control the market and to know what are you doing your money.

Do not fall in their trap, governments are experts at saying they want something only to be discovered later they wanted the opposite, KYC has made this market even more unsafe and there is no way around it.

Although KYC seems to contrasts the essence of  anonimity feature of crypto, its undeniable that this Know your customer is really very helpful especially for those who are making big transactions and needs to guarantee safety. Your annoyance won't matter to them and won't do anything because everyone is still traceable despite of the anonymous feature that was introduced to us.