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In some cases regulations are necessary to put an end to fraud and corruption in the crypto/Blockchain industry. By requiring KYC compliance on centralized exchanges, the crypto world could become a better place. However, the mere fact that you'd need to provide some sort of ID verification would completely destroy the purpose of crypto. I've seen situations where centralized exchanges became hacked, putting customers' identities at risk. Last time I've heard, someone hacked Binance and threatened to expose customer's identities across the web.

This makes me to believe that KYC does more harm than good for crypto. Of course, regulation is necessary in order to legitimize the industry in its entirety. Institutional investors, conglomerates, and other entities will find crypto regulatory-compliant for their own needs. But knowing that KYC goes against crypto's principles, could make the entire industry similar to traditional banking.

What are your thoughts? ???

actually this kind of incident I also disagree but because the rules made require us to do the KYC, if not then we can not transaction in it. if the report for KYC does not affect all transaction activities maybe I will not give. because for me the identity must be properly protected because it is very dangerous to give to authorities that we don't know or may not even trust. because it could be the identity can be misused. this is a dilemma that must be resolved as soon as possible without reducing the essence of the goal for improvement.

I am not against KYC but KYC is against the purpose of crypto. In Bitcoin whitepaper shows the purpose of it, transaction without information about parties, and without hand of banks. Everything is incognito. It seems that we're going backwards when accept KYC when joining crypto.

Exposing our private details is very risky especially if it will go to the wrong hands as they can do whatever they like. And what worst is that they can use our private details in shady transactions if they like to do so without our consent.

But with regards to exchanges especially those centralized one, most of them are asking for KYC because they want to prevent any fraud so we don't have other option but to follow their rules if we want to use their exchange. It is bad for crypto if it will be use in shady transaction but if it will be use correctly then it will not that bad at all, let's just hope that every exchange will tighten their security so hackers cannot penetrate their databases.

As much as I dont want KYC, there are some things Ive done in the past involving KYC and yes I did regret about it giving information to receive tokens for bounty. But Ive changed now and limit the kyc process to a much huge environment.

Take a look on this post OP. Why KYC is extremely dangerous and useless (https://bitcointalk.org/index.php?topic=5221497.msg53726647#msg53726647) When I read this, it turns me back to the time I am doing it and I realize its really not good. Identity theft is worse and I dont want to put on that situation. Some agree on KYC but this is a process where decentralization will be destoryed if continue to patronize.

I have the same thought. since the exchange, and even the crypto project has KYC, but many of these projects have a decentralized system, which is certainly against the principles of crypto which are anonymous. besides that, KYC is indeed quite dangerous, especially if there are cases such as Binance. however, IDs can be misused in the wrong hands. I hope there will be a change in this matter, but since crypto became famous, I think the government needs to provide regulations like this so that a company can be held responsible. it's just that most of them are not responsible.

Well, KYC do have its good and bad side. Though it doesn't totally protect you from fraud, It could only do the tracking and tracing of these fraudulent activities easier for the authorities. The safes security is always on our hand. We just need to be more educated in possible fraudulent and phishing attacks.
KYC indeed destroy's the purpose of how Bitcoin was created, but we can't also blame the government for implementing such regulation because there are always a vulnerable people and that's inevitable.

In general, it is bad for the users if anything goes wrong but in the other hand, to comply with the rules and regulation of the states, business need the KYC. I was contacted by company to run a signature campaign but thwy said they were not able to send me the fund without KYC in their site because they owe legal response to their authority. So, it is needed and I would say it is good. Otherwise, taxation will not be possible for the authority.

The good thing about KYC is that it does track a money laundering, but to what extent is unknown to me because I have little knowledge in this field. But it does peg your exchanges to your name and thus allow the taxations to come in. Taxation is a necessary evil. In order to let the economy run and the free government services in many countries, subsidies etc, tax money is used to pay for those.

The bad thing about KYC is the possibility of identity theft. This is mitigated by having newer systems where the exchange does not get the name of the user but only a yes/no from the KYC agent and the data is not being stored. Cyber warfare actually never ends, so its useless to be paranoid, you will get sick if you think too much here.

Now bottom line is that bitcoin is a decentralized system but we tend to bring in centralization in it because without it we cannot use bitcoin properly.

KYC is currently widely enforced when we use exchangers for large transactions. But if we keep our coins in our own wallet, I think KYC is still not needed and this is why cryptocurrency is in demand because it is anonymous

There are positives and negatives of KYC. The positive side that can be taken is the process of adopting cryptocurrency in the economy or daily use will be faster because the government will regulate it and this will attract a lot of public interest to invest. While the downside is that transactions cannot be anonymous

depending on how the company you want to join, if the company is real and truly official, then it doesn't matter if you have to do the KYC procedure. but need to be careful before you do KYC because there are a lot of crypto scams. for me, KYC is done if in my opinion the company is really real.

I tend to agree on both of your explanation. Good side of it helping us save from too much corruption, but unfortunately everybody worries because we all knew how Government operates and we never know if they are the one who will use our identity for illegal things or worse fight on our own term.

Bitcoin is decentralized, but how many hear using centralized exchange for trading? Binance is good, Im using it and conducted KYC, not a problem I think. But many here are hypocrites saying centralized market are so mess up. Come on be real, id you are using these market then complaining here is pure nonsense right? Im not totally against KYC Ive just dont want to see it use as a way of fraud and illegal activity.

There are so many different sorts of regulations being on crypto market, In my personal opinion there is advantage and disadvantage as well...

The good : Lack of regulations in the crypto currency market has a negative feat, implementation of this could deliver more mainstream adoption.

The bad : Lack of similar regulations means more anonymity, which brought more fans. Also this has been crypto's backbone for the last several years...

I only see bullshit projects that require KYC, their purpose is to collect people's personal data for their purposes. And most of the bounties now require KYC participants to be able to receive tokens, KYC is not evil but if it is done by bad people then surely everything will be bad.

Oh man, if you have given your personal information for a supposedly free bounty then you paid a big price for it. Your personal data is worth a lot and can be resold as many times as someone wants to. You're also supporting the opposite of what we're trying to achieve but miserably failed..

I guess many of us have given personal data away at some point, but I'm lucky I always give every website a different and fake birthdate, name or username. :)

Kyc is actually not bad for crypto as it helps in curbing fraudulent activities on the space. However it is always necessary for those asking for kyc documents to protect these docs in the best interest of their users to avoid these documents leaking to a third party.

You have to understand what Kyc Means it means that you are sharing sensitive information with someone on the internet .I agree if there is a regulatory requirement saying investors buying in the project must do KYC but Kyc for bounty and airdrop means that they are selling your information elsewhere .

That is bound to happen, we are going to traditional banking if majority of the traders still do not support the Decentralized exchanges and Coins that adhere to anonymity like Monero, but it's part of the adoption of Cryptocurrency, the authorities would like to see that Cryptocurrency will not be used to illegal activities like they do in silkroad. 

As always, in everything you need to look for a middle ground. We have already seen that it is impossible to do without a certain organizational order in the cryptocurrency market, without this we are simply overwhelmed by anarchy and fraud, investors are already tired of investing in fraudulent projects. At the same time, we see that for participation in ICO bounty campaigns we are paid a few dollars, but we are required to go through KYC and our personal data are then unknown how they are used.
The one-year deadline set by the FATF expires on June 21 for the implementation of their mandatory recommendations on streamlining the KYC into national legislation. This organization has determined that KYC should only be applied if the transaction amount exceeds one thousand euros. Individual states have begun to enact their laws to introduce these recommendations. However, I still do not see them being executed by ICO teams. They offer us their new tokens for a total amount of several tens of dollars, and at the same time they still require us to go through KYC. It is unacceptable.

Cryptocurrency was designed as an opposition to traditional banking. KYC is an attempt to get the crypto industry under control. It contradicts to crypto primary targets, that's why I'm against KYC.

KYC is not bad in crypto but not encouraging either because many scam projects collects users KYC for personal gains, KYC is very useful but many project have abused it, something that should be for people's safety have turn into money making scheme, Your KYC info can be sell for $$$ to those who needs them

KYC is making everything more legal. Its not so good for crypto but important part of adoption unfortunately

If we talk about KYC or giving about our identity to others it is something that is very dangerous. especially dealing with the world of commerce. indeed if we do not complete this KYC process, then we will not be able to make transactions. if exchanged in my opinion it's the right of every platform owner. but even more unfortunate if the crypto project requires us to complete the KYC process, but in the end they never pay us.

In the actual fact, personally I'm not totally in support of KYC. But it this become necessary at times to claim reward or invest.  I have always been somehow afraid of releasing my international passport for KYC.  Imagine an exchange like Vindax that is probed to hacking almost every time.  Exchanges need to do more in term of safeguarding the identities of their clients.

I used to be worried about this, and every time I met the word KYC, I run). I didn’t want to show my passport and so on. But in the end I found a good option for myself, it seems to me. I learned and got a driver’s license. From now on, I provide them only.

It is only legal if the projects are really legit and work properly. They will need participants' KYC to eliminate countries constrained by their governments. But if KYC is done by scam projects then it is certainly a bad thing, your personal documents will be used for malicious purposes and it can even be sold to other organizations.

It's already 2020, guys
If you want the widespread distribution of crypto and global usage of it - then you need the KYC.
Without it, cryptocurrency will remain a marginalized topic for " geeks, drug addicts and fans of not-quite-legal weapons"
Truly popular money cant be without any control, so you will have to be ok with KYC

Yes, KYC is sometimes needed to protect fraud but this process in the centralized exchanges are sometimes may harmful for the members if that exchange got hacked. Last year, Binance has been hacked and hackers threatened that they will disclose the members identities across the online. Imagine, if they disclose our identity in the online, how we will face that problem?

I think KYC is not bad for the crypto industry, because we must understand that to gain adoption in the mainstream it should be legalized first and KYC is one of the requirements in the land for AMLC and it is a global requirement to combat the money laundering crimes across borders so it is not Bad for cryptocurrency instead it maybe boost the confidence to make cryptocurrency industry safe not just for investors but for everyone involved in the industry.

In my own opinion, i think kyc is bad for crypto.
Why do i say that ? unwarranted request for kyc is now paramount in the crypto space, with unnecessary excuses that profiles knowing who holds token.

The only necessity for kyc that i believe, is during high trades, and fiat markets, but projects such as digitalbits who request for kyc and ends up not paying brings doubt to the space. There are several more like that.

You will see an unrated airdrop campaign requesting for kyc, just like that.
its very unnecessary.

what is the worst possibility of the use of our identity by people who hack a platform? lots of data can be obtained from Google and the internet. I guess now for personal data nothing is covered. everyone can freely know the biodata of others. KYC is done either for bounty hunters or large exchanges I think is still in a reasonable stage. we should not be too negative about this problem.

If we deal with centralized system then we will find this situation. They will ask everything and it must be details if we give wrong decoment then they will never accept our appliciant and yeah that is a horrible thing so far.

We must through this way in some exchange especially new exchange, even they ask a picture of us who hold our identity, that's really f*ck. Seriously I don't like this part and I'm still thinking that I'm dealing with government aggencies like bank and etc. Crypto currency should be avoid it, we have to showing our freedom to those people who still didn't like it.

In theory, it does. In practice though, it's different. I have all respect for those companies implementing KYC the right way: wanna sign up? First, prove your identity. only THEN, you are allowed to register on the platform. Most companies, even some of the most known ones, abuse the policy to their own advantage leaving their customers without access to their funds.

So no, I don't agree at all with the KYC policy.

That means if KYC is a very bad thing to the crypto as this was always implemented by the authority to strict the crypto users. Crypto doesn't even need KYC and I have seen so many service didn't even need KYC and they are still fine with it. KYC is a bad thing but at the same time it can be used to help the crypto to avoid the scammers.

KYC for using crypto related services is not entirely bad for crypto market,as you said KYC can put an end to scammers or atleast will act as barriers for many scam attempts but when cryptos are being decentralized and anonymous it seems we are going against it for trading cryptos.

Actually kyc is not that bad but it is also not that good in which it is just balance in which it is already says that Kyc May be good because the identity of the bitcoin or crypto people are exposed and it will help to lessen the scamming activities that might happening. But the thing is in crypto identity must be remain unknown or the anonymous of the people for their own security purposes.

In fact KYC regulations are very harmful to us as users, because there we must enter a complete personal identity is certainly very harmful, if they apply then we will be victims then in this case we Just positive thinking it's all done to cope with the scamer, and we expect them not to deny using our data.

KYC is very inappropriate for cryptocurrency, this is a big mistake. Users do not need to do KYC, which is appropriate to do KYC is a large exchange so that they do not go with the user's money. For users, it might not be a problem doing KYC if they have a large amount of funds in the exchange in order to be able to save their funds when the exchange is hacked.

KYC is a typical strategy of a fraudster used to take advantage of people's funds and assets. It has positive and negative consequences, people have different thoughts with regards to it depends on their personal experiences. People are afraid to share their personal data because they are aware that it can easily used against them, particularly these days that fraudsters used different approaches to deceive people. However, it can be used to secure the funds and assets of investors from financial fraud. Implementing it isn't bad, it will only be if people aren't using it on an appropriate way.

Yes, it is! we are not safe in crypto even this is a decentralized industry, where anonymity, freedom is the first priority! We were good but some shit ICO projects started this KYC thing. I had to submit my KYC documents to some projects and now I feel not safe because those projects deceive investors and bounty promoters! KYC is harming the common nature of crypto, there were many talks against it but yet some projects/exchanges still asking KYC verification!  

KYC has a good and a bad side for the cryptocurrency market.
Bitcoin and the cryptocurrency market are designed to help people get rid of central banks and stay anonymous in the market. At this level it is clear that KYC is fighting the cryptocurrency market.
But KYC also contributes to helping people get rid of scams and helping people protect their assets on exchanges.

Cryptocurrency was initially anonymous or relatively anonymous. We are also lucky that the states did not unite in the struggle against it, since it completely contradicts the interests of each individual state. Through FATF recommendations of June 21 last year, KYC is introduced for transactions over one thousand euros. Cryptocurrency enthusiasts should enjoy such a compromise, otherwise events could develop much worse. I myself am against KYC and any identification when working with cryptocurrency, however, I understand the need for such a step in large transactions.

I wouldn't say kyc is good nir bad in Crypto but both has thier good and bad impact in crypto. Hackers hacks exchange that isn't strong and probably steals users kyc or expose it which meant to be private and also kyc is needed to secure once funds to avoid one scamming the system. I have seen a situation where someone's kyc was reviewed because hackers invaded the exchange and I know if exchange that doesn't accept withdrawal without kyc too.

I don't think crypto is bad at all, it has a purpose. How can you detect a scammer if there is no verification system? I don't think there is anything available in the open world that is 100% Anonymous! 100% anonymity is for the dark/dip web! KYC is necessary to avoid bounty cheating, exchange hacking. You can't run from it, because right now every good project/exchange asks KYC verification! 

I do not like KYC but I think that in some specific situations KYC is necessary for users in the cryptocurrency market.
Cryptocurrency markets still have to follow common rules so being completely anonymous is unlikely, governments want to collect taxes from cryptocurrency transactions and prevent criminals from using cryptocurrencies for illegal purposes.
Perhaps KYC will restrict the privacy of everyone in the cryptocurrency market but for the time being it is necessary for the market to grow better.

Exactly! KYC is not bad only, it has a good side too, that's why we need it! Once I hated KYC procedure but later I understood why new projects are asking KYC verification and why Binance, Kucoin asks KYC! This procedure helps to protect the crypto space from the bad people!

For me there are two factors for kyc on crypto like people say, good and bad.

Good and bad, it becomes a matter of conversation and debate.

* If an investor buys certain crypto that has good value in the market, it must be prioritized with KYC virification system, to prevent fraud.

* And if someone is in the bounty bounty and the token delivery rules are based on kyc verification, I don't trust it and will never give my original ID to the bounty token with no potential.

These two factors are pros and cons, one side kyc for crypto is good and on the other side kyc for crypto tokens is very bad.

On good side I strongly agree with the application of KYC because it helps secure the assets we have from some scammers
On bad side, I am very worried that our identity has been misused by them for a future crime
One of the concerns for me to date is the BCNEX exchange, they asked us to do KYC on their platform but now it looks like they are one of the exchange scam so if it is proven they are a scam in the future I only hope that my ID and documents leave it not in the wrong use

Yes it is. Cryptocurrency is about anonymity when you require people to pass through kyc especially those kyc process that's rigorous requiring detailed information about a person then it goes beyond what cryptocurrency stands for. I propose the case of kyc be scrapped from the space.

Over times people have said it to be a necessary evil for this space. For the fact that it wasn't initiated at start and there was no regulation bodies to control thing has make it more difficulties to control. That's the stage we are now.

You are right! Bad people never stop, they always find a way to scam people! But you can't win every match, one day you will lose badly! It means maybe you can scam the KYC procedure, you can photoshop it. But if the project is strong then they will verify your KYC documents manually and you will be caught by red-handed if you fake the KYC! I have seen in temtum bounty, where all the scammers were washed out because the KYC was managed by a well-reputed party and they verified carefully!

KYC / AML in the crypto world indeed caused quite a debate. On the one hand it is necessary to create a conducive ecosystem that can strengthen trust between buyers and sellers, and minimize criminal acts. In this further stage, it can strengthen the opportunity for cryptocurrency as a legal alternative payment, right?

One point that I don't agree with:

The existence of KYC does not make the blockchain ecosystem centralized, this assumption arises because conventional systems are centralized using KYC, right? for me, the act of monitoring does not make the blockchain centralized, it is not that simple, on the other hand we know that the blockchain is very open.

In this case, I am talking about trusted exchanges with clear terms and conditions and want to provide consumer protection in accordance with applicable regulations. So be careful doing KYC, because it is your personal data, be selective in providing data, ignore shitexchange let alone airdrop asking for KYC with cheap rewards.

Well as we know kyc means know your customers,well might not be bad for investors but then we know the principal if Blockchain which is anonymity friendly, and in a decentalized crypto world,what do we need kyc for? Know your customer should be totally erased from the crypto community ,It defiles the Blockchain principle.

in general KYC is your personal data, in the event that crypto or a project promoter performs KYC against the risk with your data. because in the crypto industry is a free world and you need to be vigilant before carrying out the KYC procedure to get free tokens in the form of any gifts.

It is better we push for total decentralization, than to be partial about it. We say that we are dealing with decentralized coins and decentralized projects, but our personal data are not handled with the utmost privacy. Those projects team that come up with such rules will never tender their personal details to the public because they understand the implication.
We are just exposing ourselves to unnecessary problems if we decide to give out our personal details to strangers because they are people that we do not know. We might not even come across them in real life.

Obvioisly kyc requirements do go against the decentralization concept of the cryptos but now we have to accept the fact that without kuc no government or authority will let anyone to do financial transactions, so anything that involves money governments will want there data obviously for the purposes of taxation, source of money and to tackle money laundering and controlling financial data.

The cryptocurrencies wasn't meant for those KYC for those whom choose to use their identities. But for me am not usually compatible with the disclosure of my real identity. The real meaning of the existence of cryptocurrency wasn't for real identity but for anonymity. But many have chosen to sell out their real identities to exchanges all because of some little dollars from team developers. Personally, I will never get involve into giving out my real identity because of theft. Keep safe from hacks and keep your identity safe.

The concept behind blockchain and cryptocurrency was to provide a decentralized financial system where everyone have absolute control over there financial lives by having access to various mechanisms that will enable value transfer without the intervention of intermediaries and as such, it frowns against disclosure of identity as it's core function preaches anonymity of financial system. I think the cryptocurrency sector is pushing too far to get adopted by the outside world and government that's why regulartors are getting involve to set rules similar to that of the traditional system.

I think that it`s not always comfortable for people to pass KYC, because they came crypto due to anonymity. but it`s necessary step for exchanges and crypto projects, because there are a lot of abusers which can steal a lot of money from crypto projects

I think it's good because by applying Kyc I think it can help an exchange to filter out people who want to do money laundering, it's just that recently I saw a lot of new exchanges that apply KYC but it is very silly because applying a very large minimum withdrawal and not like a famous exchange like binance etc. that do not apply KYC and provide a fairly large minimum withdrawal (above 1 btc), and in my opinion a new exchange should follow them

Not entirely bad I think, after all, this will not change the decentralized system. Reliable and quality exchanges certainly have rules related to KYC, especially efforts to minimize the risk of misuse of crypto in criminal acts such as money laundering. So I think this is an effort in consumer protection. Well, some exchanges also do not require KYC with certain withdrawal restrictions. As users, we must be selective in choosing exchanges and really understand the rules carefully.

I don't think that anyone in crypto space would like to do submit KYC although KYC against crypto. Top exchange doesn't mandatory KYC process until you are making huge withdraw in one day. KYC process shouldn't mandatory something where I can't find anything good for crypto by KYC.

Actually i think the purpose of they KYC is to avoid giving cryptocurrency to the person that lives in a country where Cryptos are illegal.
So it affects the investors from that place

I don't think KYC has had any negative effect on the cryptocurrency industy, it's what's best for the industry right now since it prevent laundering of money through exchanges since cryptocurrency is somehow anonymous and they can't be trace but with KYC requirements, it becomes impossible to stay anonymous.

in my opinion personal is bad, because it forces us to prove our personal identity. meanwhile, the project team did not do the same thing so it looked unfair. when participants are forced to show personal data, but the project team does not do that either as evidence that they also work honestly for a good project.

Wallet and trading sites most of them are requiring to pass your Identity to them before you can be able to withdraw or make transaction to their website. Yes it is very risky for us because they have exchange and wallet who hacked and for sure the customer identity has been compromised by the hackers. But we don't have choice because we are only the user we are not the owner of the website but I hope they will protect also our information.

However, exchanges are not doing it in the best interest of the user. They are doing it only to be compliant. Also, your private and personal information are not safe. They are usually sold to 3rd parties for profit as normal practice. They also might give them to a demanding government.

I loss a lot of airdrops and coins because of this KYC that these bounty and airdrops implemented at the last minute, they are very cunning they know that many people do not want to undergone KYC, no value of any coins is worth in exchange to your sensitive information, you are putting yourself and your family at risk if your sensitive information is roaming around the net and being use illegally.

I think not all. The good thing about KYC is useful to avoid money laundering. The bad thing about KYC is that it can be sold to third parties. Preventive must be selective in choosing a project or airdrop, comparing profit and loss.

Many exchangers allow withdrawals without KYC but are limited to a maximum withdrawal of 2btc. In my opinion, the exchanger must obey the government rules regarding KYC because there is a fear of money laundering and I think this is a good thing to increase public trust

KYC is only good when we want to participate and use the exchanges. By doing this, the exchange will easily exist and there is no need to be too worried about legal issues. But KYC will become evil if airdrop and bounty projects require KYC of all participants, this action is not necessary and it is being abused a lot.

we all know that giving out identities to people we don't know is very risky, it's just that for popular exchanges it might be an exception. they did it because of regulations, and if there were no regulations, they might not ask for KYC. but, some people refuse to give their identity until now. Well, that's a choice.

Why do you think that "popular exchanges" (I guess you are referring to the exchanges like Binance) won't sell your personal information to 3rd parties? If you give them you personal information, you trust them. Isn't the main advantage of crypto the fact that a person doesn't have to trust anyone?

I also totally agree with you, it seems that he is too trusting the exchanges in this market. Anything that can happen in this market if we provide them with personal information, one day it will surely be exposed to the public in various ways.

even those Big and respectable exchanges Don't require KYC so why others will?and besides whats the essence of Cryptocurrency if we will require the personal details then where is the anonymous feature?yeah i know that the transaction are not that totally anonymous but at least we as users are undetected .

It doesnt mean that you dont want KYC is youa re hiding anything bad its just we wanted our privacy to remain and preserved .

Actually, this KYC has pros and cons and sometimes it is very helpful when in crypto. Yes, every one of us wanted privacy for our security but usually, it will abuse by some people participating and abuse bounty projects. Not only by that, but most cases also use in money laundering that it is very common. You can read this online article that says PROS AND CONS OF KYC WHEN IT COMES TO ICO TOKEN SALES (https://www.ellulschranz.com/pros-cons-kyc-ico-token).

I don't know what will if most exchange platforms now didn't implement KYC, probably hacking incidence on the exchange will continue spreading.

The original idea of crypto is the decentralized therefore KYC might break its original idea.
However, people has been shouting about how risky the market is, and that's because of lack of regulation.

When we ask for regulation, KYC is already embedded as that is the basic requirement for financial industry accepting clients to facilitate their business.
Therefore we have to follow and do the KYC as we have no choice, now let's weigh the two, and for me I would pick that we should follow the KYC and let the crypto space get regulated as it's the only way that it will grow in the long run.

KYC is bad for the sake of exposure but that is what price we have to pay if we must achieve regulation for this industry. There are instances where I submitted my KYC documents only for those projects to scam. I believe such scam projects are likely to sell customers' data in their possession on the darknet and thereby endangering the identities of their customers. If we can achieve regulation without exchanges demanding KYC documents, that would be fine and great.

I don't understand why KYC is used for bounty and airdrop, they don't need to collect our personal information if they're a legit project. Over the past 2 years I have seen thousands of airdrops and bounty asking KYC participants, and thankfully I have never participated in such campaigns. And just as you said, our material can be sold and used for malicious purposes

It is very suspicious, if airdrops and bounties are requested for KYC, especially for inappropriate gifts. but I used to do it to send kyc, because the prize I got was satisfying. but worry still exists, because it involves our personal data, but until now there are no problems, hopefully the project will develop in a healthy manner

Sad to say that it defeats the purpose, but agree with you that, for this space to grow, we have to play by the rules of the financial industry.

Perhaps we can remove the KYC part, and just use some sort of identity like BTC address in future, when financial regulations get eliminated, hopefully in our lifetime

Sure, if the rewards are too low and they ask for KYC then we can skip it. If the reward is good enough, we can go through KYC with a bit of worry. Once our information is exposed, there will certainly be consequences in the future

But hiw can you tell if it is worth to pass kyc or not. It has become common to ask to pass kyc before you receive bounty reward, and the token is still doesnt listed.

One can evaluate how fast the project reached soft/hard cap or how quick was ieo tokens sold. But all that data can be falsified.

Actually, I understand the point of requesting airdrop and bounty participants to do the KYC. That is the only way to be sure that only one account is registered per person. The problem is that most of those projects fail and in the end the only way to earn some money is to sell participants' KYC information. And even if the project succeeds, a little extra money earned by selling personal info often looks like a good idea.
I don't support that idea, I'm just saying why KYC is generally understandable in airdrop and bounty campaigns. If someone would find a way to do the KYC without sending personal info to each project, that would be perfect! But I won't hold my breath until that happen.

My simple advice is don't do KYC! It's just like selling your personal data for a couple of dollars.

It's not worth it if there's magically airdrop or bounty asking for KYC. I am not fully against KYC but, just please, do KYC on legitimate website only, a reputable one considering that, they built their reputation and they are running for years.

Don't do KYC on any new projects, it will be very risky!

That doesn't matter a lot caused by when the token is still not yet traded on the market and what you can do to create speculation about how much for minimum payment that you will receive that from the project. Basically, KYC is not so important to be applied for hunters.

I totally agree with what you say because now many airdrops are starting to need KYC to be able to get a prize and it is very cheap, whereas with the identity you gave when KYC could be used for crimes for their benefit without the victim's knowledge, such as borrowing money to banks and others.

I have to say that KYC is being implemented in ICOs in a very one sided manner. For example, a bounty hunter who may get $5 or $10 has to undergo the KYC process, while the promoters in many cases manages to avoid it. I am not saying that KYC helps to reduce the incidents of fraud in bounty projects, by removing multiple entries by the same person. But for that purpose, there are far better methods available.

KYC is not bad for crypto, with the tech you can control many things like stealing and cheating or even illegal embezzlement but what's making KYC looks bad are fake projects that aims only for investors fund or ID so they can sell to criminals in need of the identities

More reason why I hate the KYC of a thing. We should know on what ground was the cryptocurrency family was launched and what has been into use after the advent of cryptocurrency. Cryptocurrency is not fiats and should not be taken like the fiats but like  cryptocurrency from existence. The creation of cryptocurrency was as a result of anonymity and many have gone contrary to this. It is time we reverse our ways of like and back to the world of anonymity and Bitcoin

I am not against KYC but I only KYC in case of need, for example I will complete KYC at the exchanges where most of my assets are located.
KYC makes the market safer and it also makes it easier for the government to manage and collect taxes. If anyone doesn't like KYC, he just doesn't need to do it and keep the cryptocurrency on his own wallet.

Actually there is nothing wrong about KYC or Know Your Customer. It becomes wrong when someone expose our identity by using the KYC that we gave. The KYC is very important since that is our identity. People must not know it without even our consent. Cryptocurrency is created for us to be able to transact anonymously so I think KYC in crypto is not needed.

Depending on the project that requires KYC, because there is indeed a reason why they do KYC, of ​​course some people think this is incorrect, because there are some people who abuse KYC.
so kyc looks bad, but it doesn't depend on the people who judge it

Its 50/50 actually. In the beginning I was so mad at KYC and how it will make things harder for investors, hunters and private investors but then I realize that a lot of us have been scammed during certain projects and a lot of project had gathered illegal money during their ICO so KYC was mandatory from this point of view. If you don't want to use it , you will skip that project and find another but if you really want to join , make that KYC and hope your data won't be sell on dark web.

KYC is not bad for crypto, i guess it will depends on the purpose from peoples who using it.
For maximum security, KYC is required so the frauds and scams will hopefully reduced.
but for peoples who using crypto for privacy, i think KYC is not necessary, so it depends on the purpose.

In this situation, I observe a certain conflict of interest, as someone thinks about security, and someone thinks about his anonymity.  it is necessary to initially determine what we want to see about the future with the help of cryptocurrency.  But we must not forget the fact that there are a lot of attackers who use cryptocurrency in their activities.  In addition, you can recall the number of stolen funds and withdrawn from the cryptocurrency market in 2016 and 2017, when there was a peak in the activity of fraud on the cryptocurrency market.  how many investors lost funds due to fraudulent projects, and if the project developers provided their vile personal data and certain structures controlled this activity, then there would be less fraud and the opportunity to return stolen funds.  That is, cryptocurrency users have the opportunity to defend their rights in court, because in this case it would be someone to sue.  Based on this, KYC is not as bad as they say about it.

Personally, i dislike kyc and i agree and believe it is bad for crypto.
The only time kyc should be needed is when thousands of dollars are to be withdrawn, for example, exchanges require kyc for 100 btc and above for most exchanges.

But now, even the most useless airdrop programs asks for kyc, including projects that exit scams, kyc should be scraped.

Having Know Your Customer system as a security check on any platform is not a bad idea at all. However the company or organization should ensure that the data provided to them are securely kept from the breach of hackers. Conducting a KYC is for the security of both the company/platform and the users who interact on it.

Agree, it is one of the type of security which we need to verify from the company, but my only concern even fake companies are collecting our data. Whether these companies will use our identity or they sell our data for data breaching. We need to need to find other ways for security reasons in order to verify from the company.

I think selling our data to those who need data as a promotion is not a bad problem. I even think that some big companies do that. most important now we try to choose to verify data on a truly trusted platform.

True. KYC is destroying the soul of crypto entirely, which is why I predict DEX's will make such a huge impact in the near future. Being able to trade how Satoshi wanted us to trade in the first place is how it SHOULD be. Peer 2 Peer trading, no middleman. End of story.

I'm a huge fan of Blocknet, and their DEX. Which you can more about right here: https://blockdx.com/

I'm sure these DEX's will be used by millions of people in the future, as avoiding KYC is a blessing in the sky.  :D

Whether KYC is bad for crypto? it depends on the perspective ... either way if you think it's bad, you can use Dex as the Bisq;)

Completely agree with you, mate. For a technology which promises freedom and liberty (Blockchain), KYC does more harm than good to the entire crypto industry. Blockchain is meant to be free from middleman for a very good reason. Adding third parties to the system will minimize the security of users' assets. While at some point KYC manages to reduce fraud, it brings many risks with it that are not worth taking. Being anonymous is the way to go, for Blockchain to work as intended. Centralized exchanges may have greater liquidity than decentralized ones, but they're easily targeted by hackers worldwide. Your identity will be at risk, just like in the traditional banking system of today.

We've seen how many exchanges have been required to comply with KYC laws by the government. Shapeshift was once a good instant exchange which required no account to use it (hence no KYC). But it felt obliged to comply with KYC/AML regulations in order to maintain its business. Of course, decentralized exchanges are an option to take if you're considering avoiding KYC altogether. But their lack of liquidity, higher learning curve, and low popularity is what makes them highly inferior to their centralized counterparts.

Nonetheless, we'll see what happens with the crypto industry in the future as governments continue to enforce KYC/AML laws. If we see more hacks as a result of this, people will be forced to look into other alternatives that are safer. This could lead to the increase of decentralized exchanges and P2P exchanges in the crypto space as we know it. If developers focus on ease of use within DEX solutions, people will be able to use them more thoroughly. Only then, liquidity will rise making centralized exchanges a thing of the past. After that, there will be no reason to require KYC in a completely decentralized world secured by Blockchain technology. Just my thoughts ;D

That same thing is my concern when it comes to KYC (Know Your Customer) way back when I have experienced one into one of the bounty campaigns I have joined way back 2017-2018 wherein they are requiring me to do a KYC so that they can assure that I am a real person that is having just one account joined into their bounty campaign. I get the point that they are just doing it to assure that there is no alt account being joined into the campaign so that everyone will be given a chance to have an opportunity to earn through it. But with such way, we cryptocurrency users are exposing our real identity which is supposedly to remain anonymous. Doing KYC can have a big disadvantage like people might stole your identity and use it into fraud or scams since providing identification cards which is already a legal document to identify your real identity can be used. For me this is not good because the privacy of our identity is being put into stake.

I think KYC is bad for crypto. If I talk myself I don't want to give my personal identity for security reason and bitcoin is created to use money anonymous but if I give my identity I am not anonymous. Also there are lot of incidents of stealing personal information. I always try to avoid KYC.Overall in my thinking KYC is bad for crypto.

both transactions are great, it is hard to select if which of these two is perfect without doing anything wrong, which is KYC and Crypto has a good combination, and its a part of a trade team and every group has a good goal with principles and policies, however, it is not possible to prevent a mistake, because their abilities cannot be equaled, due to each one of them has weaknesses, if any damage occurs it is caused by lack of protection.

KYC is sometimes required due to regulatory reasons. I see no problem verified if it is conducted by let's say a certain group or department trusted to keep personal information. The risk that requires KYC provide is serious because information provided through participants can be used for illegal activities.

we should not generalize all kyc requested by bad person or exchanges. we must filtered which is the right place to give our personal identity. for example if reputable exchanges such as huobi or okex request our data due the local regulation , we must follow them if want to use their services. i think kyc still debatable is it needed or not for crypto.

hacking was mostly unpredicted and kyc datas are not the only one that is exposed here but also money  . people should be care more of thier money more than their kyc . if a service ask for a kyc , i still dont consider it as simillar not unless if your dealing with simillar to banking  services .

 if kyc is bad for crypto then they shouldnt have put it in the first place but no they insist it , luckily there are others service that is optional and  can be used with or without a kyc

To be honest I really hate exchanges with the KYC procedure, which can be detrimental to users. Because our personal data can be used
for illegal activities, so KYC is bad for cryptocurrency. We recommend looking for other ways to overcome the problem of crime in the crypto
world, don't immediately apply KYC. This is very unfair to users, because crypto is supposed to protect the user's privacy.

Well, i don't really mind to KYC IF the platform is genuine and legitimate
Some platform are forced to KYC their customer due to AML regulations

Somehow its fine but yeah like what you pointed out
If one platform got hacked, our privacy are breached and its quite risky for our personal data to be leaked because our identity are not change-able/reversible like how we create Crypto addresses  ;)

In my own opinion, kyc is good if the bounty or project is handled by a trusted manager and staffs, but if the project has a fraud team, it would be definitely dangerous to undergo kyc into their project. Identity theft would be get for you if you have done through their kyc. So we should be careful upon joining kyc programs.

You seem right, it is really needed to protect a project from fraudulent! I don't see any other option that can replace it. I have no problem of giving my documents to Binance team, but I can't give my personal data to the IDAX, EXRATES exchanges, right? So, people shouldn’t hate the KYC system rather everyone need to be careful before giving data to any project!        

Kyc is the total opposite of what crypto represent when it comes to anonymity and privacy, before the introduction of kyc, using crypto is suppose to give users some level of anonymous and privacy to transact but that features has been greatly reduced with the help of kyc, however, we can not overlook the many security issues associated with crypto, although I think kyc should be restricted to exchange only and not from the project,
Because we have many different project in the market by the time people are required to do kyc for any project they intend to participate in will mean submitting personal information to too many unknown people which is not healthy and very risky, so the issue of kyc has it good and bad side, but at the end security is important.

because this is why KYC is quite dangerous. The bounty manager is not responsible for the project, so I don't think they know which team is really serious, and which team is greedy. however, I also avoid using identity if I feel it's really unnecessary.

Its both Good and Bad, Why bad? because bitcoin and cryptocurrency should be anonymous, that's it. It is for our security and privacy. But enable to be adopted in the community some exchanges and wallets needs KYC to verify its customers to avoid fraud/scam/abuse/illegal activity/etc. and it is to comply with the regulations. I guess we need to accept the fact that KYC is needed now. Not for cryptocurrency but for those platforms using crypto. But the downside is what if the platform got hacked our data is not safe.

The only one who should provide KYC are those people or companies that wants their projects to be promoted, bounty hunters and investors doesn't necessarily need to provide such as information since we're just wanted to adopt and promote their projects, simple as that. KYC doesn't harm crypto, the truth is, the people who provides KYC on a certain project because it is required to receive their bounty are the one who is in danger.

KYC is one way to avoid cheating in everything, including in the cryptoqurrency industry. KYC needs to be applied to project developers, teams, investors and other important parts that cover the crypto industry. my advice is simple, never do KYC carelessly and make sure you don't do it just to get a free token. reconsider

I am the same, I only do KYC on the exchanges I participate in. I have never done KYC to receive a small amount of money from bounty, it is really too dangerous because if the project is scam, they will surely sell my information to others people.

I also don't understand why new projects now require KYC from bounty hunter, they are not part of the project. They only perform promotional work here and social networks to get paid. It is the most ridiculous request that I disagree from new projects, they overused it to collect people's personal information

The first thing that we need to know if if the team running a crowdsale is legit or not, because if they are legit they are registered to the authority and the authority can go after them in case they cheat, and therefore we will not worry passing our KYC for compliance.

Now, let's look at the reality, the fact that people believe that majority of the IEO and ICO are scams, then our information are at risk now so I think passing the kYC information is quite riskier compared to investing with little amount as your information can be sold online.

That's an adequate point of view. We all should understand that KYC basically is not a bad thing and was made to protect us, but things turned out way wrong.
It is a personal decision either to pass kyc or not.

KYC procedure is really necessary to stop illegal activities, funding and much more illegal attempts but I think kyc procedure should be necessary for those cryptocurrency traders who does higher trades everyday, for an average or small cryptocurrency traders it should be optional and the most important thing we should do kyc only on notable cryptocurrency exchanges.

I only pass KYC on exchange, if I have tokens to be sold there for $100+ and passing KYC is obligatory to withdraw. Everything other I count as "not worth even doing something". And of course I dont pass KYC before I got tokens for bounty. Specially when the project ask to pass it after campaign is over. Doing that is the most stupid thing I've ever know.

Correct, It’s damn sure KYC documents selling in many platforms i see some threads with proofs. I have been submitted a few bounty campaign, there’s a project right now scammed. I don’t know those bounties how will treated with my personal data. But any project can abusing which is legit or scammed bounties it’s not a fact. Only new projects are risky i don’t think, only suspecious projects are too much risky.                           

They always says this excuse "We need that to verified that you're a legit investor or a person" I mean, we're not stealing any of their money, so why should we bother filling that up or why they would required such thing if they are the one who should give it to people to gain public trust here in the cryptocurrency world, KYC is so very fishy for me. So as much as possible, I always ask first if they would required KYC in the process of after their ICO, but it's always disappointing cause they are just sugarcoating the "No we don't" statement, since it's up to them whether change the rules or not.

What would you do if the exchanges that do not require KYC with maximim withdrawals of 2 bitcoins changes their policy on you and lock your account and ask for KYC?

Also, KYC does not appear to be increasing trust. KYC can also be used against you. We have already seen this.

Actually KYC is very important to catch up thief. At the same time it also problematic if any exchanges hacked and hacker also stolen the identity of all members. Finally what will have to do actually that is every online site or exchanges site must be more secure.

KYC is good only for big investor or traders and it is a bad habit by Bounty programs as in my opinion KYC is not needed for those crypto traders which have assets less than 02 BTC and some exchanges like Binance is doing good that they allow the traders equal to 02 BTC without KYC.

totally agreed, there should be an adequate level below which you can buy up without giving up your personal data.

Kyc is not bad in some instances, like for some crypto exchanges it is necessary . i think kyc is not necessary for creating an web wallet .

- Although bounty hunters only participate in the project as an advertiser, verification of information may not be necessary but you also should not forget that many scammers always want to go through bounty to receive many benefits, the case we often see is that a person who uses multiple accounts can take over half of the bounty pool, if they pour this award into the market, the project will really collapse. Therefore, KYC for projects is only a requirement for mutual benefit but overall, bounty hunters quite hate this problem when so many projects use their information for personal purposes.

but sometimes the multiple exchange system also allows multiple account ownership. so one member can have two accounts in one exchange. they can do KYC with the same documents. but unfortunately, some new projects that ask bounty participants to do KYC mostly do not make money even many say that the data used for charging KYC can be used for fraud.

This is not only about the worry on theft, however. Many of the services are selling your private information to advertisers and other 3rd parties. I reckon some of those 3rd parties might be owned by big technological companies or the government to track you down and predict your every movement on the internet and the real world.

Some day our world will become similar to the world of Westworld season 3 hehehehe.

KYC have advatanges and harm the user of the crypto, for the advatange of this once a a user do something bad he is possible to locate where they came from and who is he, but the bad effecrs of this a person who wants to be unknown will not anymore because they requiring KYC a user need to follow because if they don't they did not able to use their platforms for sure and another disadvatanges ofthat is once a system hack the details of customer possible to see of the hackers and use to the illegal activities and the user will be sacrifice in the future.

KYC (know your customer) is by no means bad for crypto. In fact, it is much needed if the goal is for cryptocurrency to be taken seriously on the world stage.
When cryptocurrency was in its infancy, it was an almost entirely unregulated industry. There were very few measures put in place to check who was trading what, how much of a particular cryptocurrency they owned, or whether they could be considered trustworthy.
While this might sound reckless today, many people viewed it as a perk of cryptocurrency as a whole.

What KYC is really about is installing a level of trust between both buyers and sellers. It helps business owners to build a relationship with their customers. Without KYC, sellers are entirely in the dark about who their clientele is, meaning that they are left unable to protect themselves from malicious activity.

I hasten to inform you of news that are interesting and not interesting to me. At one time I sent a lot of copies of my data (passport). And they called me yesterday. I don’t know how, but they tried to give a microloan in my name !!! To be honest, it excited me. No more desire to take KYC ...

That's certainly true, mate. Personally, I've been skeptical about KYC since it open the doors for hackers to steal your utmost personally identifiable information for illicit activities. Governments require this in order to prevent money laundering and terrorist financing, but it totally defeats the purpose crypto was invented for. Considering that the entire crypto/Blockchain space is dependent on centralized infrastructure, you cannot trade crypto without submitting your ID to centralized exchanges. This is mostly required when trading crypto to Fiat, greatly introducing a security risk as we speak. So far, it's the only path to take if you want to cash out your crypto for your own financial gain.

Shapeshift and nearly every other popular exchange within the crypto/Blockchain space are required to comply with KYC if they want to keep their businesses operational. That's the not case with decentralized exchanges as they're not operated by a middleman. Maybe with the introduction of atomic swaps, there will be no need to go through KYC for crypto trades? Even without atomic swaps, it's still possible to cash out your crypto without KYC in a P2P manner. This route will be used by most crypto enthusiasts like you and me. But the average Joe will have to go through the hurdles of KYC just to get access in and out of crypto as we speak.

Nonetheless, time will tell us if KYC compliance is worth the government's efforts on the crypto space. The least they could do is declare crypto illegal for mainstream use (if KYC fails in the long run). But Blockchain networks will continue to operate regardless of government's actions within the mainstream world. Just my thoughts ;D

In my own personal opinion, KYC isn't bad for cryptocurrency because the only reason why a project requires a KYC to avoid multiple accounts and for them to trust their participants. The bad thing about KYCs is if a project is a fraud or scam because they can steal your informations and used in their illegal activities.

KYC involves sending the scanned copy of your passport (or some other important national ID document) to relatively unknown people. And in today's world, this is one of the riskiest things to do. If you are investing $10 or $20 in a project, will you be willing to take this risk? If the real intention is to prevent multiple applications from the same individual, then some other method such as telephone verification can be used.

KYC is not a bad initiative for the entire crypto space looking at the concept behind it. KYC helps project developers to know their customers as well as help them to know the rate of adoption of that project and its product/service. It is only fitting to let investors or bounty participants aware of the need to pass KYC at the beginning of the investment or bounty program in order not to raise any argument in the end.

Kyc is not bad because of its function. Kyc helps secure accounts to avoid hackers and also helps to protect one should incase there's issue on exchange so as to claim ownership. Kyc does so many private functions and shouldn't be neglected. It's a privacy tool.

If the report for KYC does not affect all transaction activities maybe I will not give. because for me the identity must be properly protected because it is very dangerous to give to authorities that we don't know or may not even trust. It is bad for crypto if it will be use in shady transaction but if it will be use correctly then it will not that bad at all, let's just hope that every exchange will tighten their security so hackers cannot penetrate their databases.

To me I would say kyc isn't a bad idea in crypto but many are scared of doing kyc because of privacy as not everyone likes seeing his or her details being exposed outside and of an exchange gets hacked it will definitely affect kyc users as it has happened before with an exchange. But good of kyc is, it protects users account that's if the exchange is strong and it helps to resolve disoute, also helps to avoid outsider from hacking users details.

When projects started integrating KYC and making it mandatory for participants to comply, it was like a joke and gradually, others were also bringing in the idea and imbibing it. Had it been we ignored them, they would not have succeeded at it and others would not have conceived the idea. I think now, it has almost become and norm, which cannot be changed again. Most exchanges very soon will start mandating it for every one of their users.

Yes that is the official reason why they say that every service should require KYC. However, the real reason is to monitor each person's movement. I reckon next would be to create an artificial intelligence algorithm to predict your every movement on the internet.

Also, do exchanges declare that they do not share or sell your personal documents to advertisers and other 3rd parties in their terms of service?

I don't think exchanges will be able to protect your personal information from advertisers or other third parties. They could do anything once they notice suspicious activity on your account. Centralized exchanges could easily notify the authorities against any transaction (trade) they see suspicious performed on the exchange platform itself. In the case of advertisers, central exchanges wouldn't want to miss some "extra profit" so they wouldn't care more or less sharing your personal information with them. The mere fact that KYC poses a security risk to crypto users, has a lot to tell. I know that governments want to tackle illegal activities performed on centralized exchanges, but KYC is not the way to go. Maybe there's another way to do this? After all, your ID verification documents stored on centralized exchanges' servers could be easily exposed by a hacker. Instead of submitting personally identifiable documents, governments could require exchanges to biometrically scan your fingerprint or even iris to confirm your identity. I believe it's much safer to do this than sharing your ID documents to an exchange. With WebAuthn on the works, something like this could be made possible.

Anyhow, crypto users have a variety of options to choose from if they're skeptical about KYC. There are many alternatives to existent instant exchanges (like ShapeShift), which don't require KYC. The same way, there are many decentralized exchanges that don't require KYC and are a great alternative to popular centralized exchanges on the crypto space (like Binance and Bittrex). Additionally, you can trade crypto to Fiat or vice versa in a P2P manner (in-person). The real problem is that the newcomer into crypto is not aware of these workarounds, leading him/her to submit his/her ID verification documents on a centralized exchange. As long as governments are requiring KYC on centralized exchanges, there's nothing we can do to prevent malicious actors from stealing your identity. Just my opinion :)

you are seeing the best possibility that would happen in the long run, this market will soon be regulated by the authorities and they will impose the KYC regulation, and no one will be exempted. Some people say to to "p2p" if you want to avoid KYC but then again, trading in centralized exchanges are more convenient to majority of us so we will certainly still comply with the KYC.

Most exchanges are located in offshore and other areas that are not subject to the laws of developed countries. This means that they can set their own rules and they do not obey anyone, but they require to pass the KYC. What for? This means that they transfer the data to someone else or use it for their own purposes.
Bitcoin was created in order to give anonymity in making payments between people, the increasing use of KYC undermines this idea.

In addition, passing the KYC is also dangerous because your data will be linked to your wallets and you can be tracked. Therefore, if you have the opportunity, it is better not to pass the KYC.

KYC is not a big deal for when someone asking it provide that it is a good intention and I know who is asking that. But something it turns out that giving our KYC to another person especially in crypto isn't a good idea. Having some instances that scammers are using other personal identities just to continue their bad intention will make people not to submit KYC anymore. And I hope that newcomers will be aware of this and they will not become a victim.

This post here is laden with too much sense. Besides unscrupulous teams and their devs selling KYC documents for monetary exchange or scampering with it, KYC defeats the essence of anonymity which Bitcoin stands for. However, I think what makes people indulge in KYC projects is either their belief that the project will give them a good ROI or they're deceived/tricked into such. We see this latter scenario in bounties. I have been a victim of this where teams change the rule and asked for KYC at the end of bounty as part of the condition for distribution. This is really sad and unfortunate.

Yes, it isn't fair that the members need to pass KYC while the exchange itself is suspected to not obey any rules. In this case, I think it is better to avoid joining the exchange. It seems the best solution. But for the exchange which is clearly located in a well-known region having legal rules, it can be understandable if we pass KYC there. So, the point is on the status of the exchange itself. If it is trusted, requiring KYC is acceptable (more secure, even if no guarantee for our data). DWYOR  :)

When you trust the platform, you are not afraid to complying with their KYC requirement, unfortunately majority of the projects in the altcoins market are scams, so most likely we will be scam too. Some projects looks really legit in the beginning but in the long run their true colors will be revealed so we still have to be careful as our information is very valuable to us.

for me, so identity verification is a standard procedure, the question is that there are now many ways to verify this

Actually, KYC distrupts user's privacy which makes them prone from identity theft. I'm personally not favorable of KYC but I have to comply as I understand why they are requiring it. In submitting KYC, it's vital to be picky. Submit your KYC only to huge companies thus the possibility of being prone to identity theft is lesser though the risk is still there. I think without KYC abusers will just abuse crypto which isn't good overall.

It is not bad for crypto but it is bad for the investors and participants.  I do not like kyc because my identity will be at risks. What do I say?  There is a recent thread here in the forum that saying that KYC in different projects and exchanhes are selling in the black market. It is too bad for me if someone use my identity and there is possibility that I can be accountable for what will he do because it is my name.

Agreed! These people who accept KYC as a standard procedure assume that giving their personal privacy is acceptable in exchange for security. They were scammed. They always end with neither hehehehe.

Kyc is needed

Crypto will never go mainstream without it as to go mainstream you need regulation

It's okay I think since if you guys made any social media account and then you already agree that they can collect your information for their own needs. But, it defeats the purpose of crypto where the anonymity is a main thing on crypto.

For people whose already joining crypto for a long time, they won't share their data even for the closest friends because they don't want people to actually know who are they. It's just up to you to actually describe what is good for crypto or not.

KYC is really a total opposition of what crypto is since it ruins our being anonymous. But if it will be used correctly, it will be a big help to stop scammers from their bad intentions. But if you really want to keep your privacy all the time, choose those exchanges that don't require it even if most of the centralized ones are already requiring it for more security.

The whole idea of kyc verification is entirely against what cryptocurrency and blockchain technology stands for, in as much as kyc verification, to certain extent help in reducing the rate of fraud in the sector, left to me, i'd it's not neccessary as virtually everyone that tends to adopt the use of a decentralized digital asset should know the risk of anonymity associated with it. Overtime , we've seen even start up projects request kyc verification from there investor and at the end of the day, they exit scam and take this identities to black markets to sell them. The bottom line is, verifying your identity on this space is extremely dangerous because you don't know the guenuity of the team behind such project

Yep, what I fear when I give out an identity for the bounty or to register with the exchange (usually to increase the limit on withdrawals and deposits) they will sell it on the black market or on other organizations for personal interests even though not everything is like that but still have to be careful heart when giving an identity.

KYC issues are time consuming and separate issues, because many require participants to do KYC even though they do not know what the fate of the requested personal data is. if you don't follow KYC, you cannot participate. that should have the authority to be able to bring order so that all who are associated with KYC cannot be included in BTT, because it violates the principles of crypto itself. but it is best to avoid anything related to KYC, which is better than a dilemma at a time that we don't know about because personal data is scattered.

KYC is a frightening specter for some cryptocurrency users, especially those who want to maintain their privacy here. KYC in accordance with its understanding is intended to recognize consumers of a company so that it will be effective to keep the company away from consumer fraud efforts.

But finally KYC has been misused by most cryptocurrency fraud companies including ICO, IEO and also exchanges. Because all users cannot control their data after the entry is sent to the company, it will provide an opportunity for the company to use important data for various purposes.

Finally, each user must be careful to send their KYC entries to ICO, IEO or the exchange company. If you must trade, then you should consider choosing a safe and reliable exchange. Some large exchanges that have implemented the KYC system might be considered because they have adopted regulations issued by the government to prevent user crimes such as money laundering and so on and KYC is for those who withdraw large amounts of funds.

For many cases, the ICO project by asking all campaign participants and their potential investors to send KYC entries before the distribution of tokens is done is one of the main targets for KYC abuse. Never entrust your important data to others if you cant control it or don't approve it.

Though I'm somewhat in support of kyc to end fraud and corruption in crypto but I think it also devoid the anonymity user crypto tends to give. But looking at it it has more good than bad , though that doesn't make it all good but still it's okay to have kyc.

There are many countries that do not have cryptocurrency exchanges in their jurisdiction. Thus, it turns out that citizens of such countries will not be able to engage in trading. Therefore, the option you suggested is not suitable. The best option is to choose an exchange that you have a positive image of.

For exchangers who already have a good reputation, KYC is a mandatory requirement if you want to conduct transactions with large values. This happens because the exchanger wants to avoid legal problems and can be used as an excuse to be charged with money laundering

I just told everyone what my decision was. In my country, there are several exchanges operating within the framework of the legislation of my country, and the law provides for a bonus, individuals do not need to pay tax on profits received by withdrawing funds from these exchanges.

Everyone is free to decide where and how to pass the KYC and whether to pass it at all or trade only on exchanges where it is not required.

I have already written that there can be no single correct solution to this issue. But I am very happy that my country was among the first to legalize cryptocurrencies.

There are different aspects to look while describing whether KYC are good or bad for crypto. Cryptocurrency are a new ways of storing and transferring data and value. And different people have different perception of crypto. Bitcoin and most of early crypto currency and some of newer ones are developed with anonymity and choice of privacy as the central intention. With many types of crypto in market and people utilizing it as a way to fundraise and invest made it a center for financial frauds and it's anonymity made it a tool of choice for criminals and terrorist that's why it keeps on having a hostility with the government and agencies who voice a KYC to be needed for people to transact crypto.

it is the most feared general thing. however, until now, like it or not, the use of KYC is almost everywhere throughout the exchange. but, the good news is, you only need to do that when you want to make a large withdrawal, otherwise you don't need to do KYC. Well, I will only do KYC in a trusted place.

It's better for us to choose only the exchange which requires KYC if it's really necessary like it's the only choice we have to exchange our coins. We should also research about those exchange that are new to the market because some of them are just want our identity to reveal. It's better to exchange coins does not require KYC to secure our identity towards the people who want to get it. I only follow kyc for those exchange that I know I can trust to them my identity especially for local crypto exchange.

Did you choose an exchange that is located in the jurisdiction of your country, or a well-known exchange with a professional team?) In cryptocurrency, there should be no division between your exchange and our exchange. Everyone should choose a cryptocurrency exchange that they trust, regardless of which country it is located in.

The point of using crypto currencies of me is my privacy.
I don't want the government or any other person know how much money I have and how I spend them all.
Unfortunately, some websites (Including exchanges) are usually asking for all your personal information and that's the reason why I stop suing the services asking me for the KYC. the don't even understated the point of crypto currencies... I has to be peer-to-peer. without of involving any third party.

You dont need to force yourself to obey KYC if you dont want to. You have the right to find other options that you like to maintain privacy. Everyone has their own perceptions about KYC, but considering all the risks that may arise from this action is important.

To get a broader knowledge about the risks or dangers that can be caused by KYC, you can read and understand it in this thread:  Why KYC is extremely dangerous – and useless (https://bitcointalk.org/index.php?topic=5221497.0)

KYC Is not good for me because our idenitt will be compromised once our wallet and the exchange that we use are hack.
Maybe the hacker after getting our money they going to use also the information about us and using it to bad activities like we are doing like hacking or maybe they scam people by using others identity so Im not agree with this now because of that they us put in danger.

Believe it or not, as much as we don't want any of this regulation and anything that requires KYC verification, time will come that the main purpose of how Bitcoin was created will be forgotten and everything about cryptocurrency will be centralized. Though, there are a lot of downside about kyc, but there's also a good side in it. Legalizing it means compromising details, but protecting our assets. Thus, KYC is necessary.

For me, KYC is useless in this market. Why do new projects require KYC? and bounty campaigns require KYC to be able to receive rewards? Apparently they only want to steal information from investors and participants to sell or serve for malicious purposes

This is exactly why we need DEX's. Being able to trade peer 2 peer without trusting nobody is how crypto SHOULD be.

I'm personally using the Blocknet DX Exchange, also hold the coin itself as I predict demand to increase for these DEX coins long term :)

All things considered, KYC do have its great and terrible side. In spite of the fact that it doesn't absolutely protect you from fraud, It could just do the tracking of these fraudulent activities simpler for the authorities. The safes security is consistently on our hand. We simply should be progressively enlightened on potential fraudulent and phishing attacks.

KYC without a doubt invalidates the point of how Bitcoin was made, however we can't likewise reprimand the regulators for actualizing such guideline in light of the fact that there are constantly a helpless people and that is unavoidable

Exactly, didn't make any sense at all. I mean exchanges shouldn't required their users to submit KYC, because their job is to list coins that mostly used by cryptocurrency users for them to earn profits as well, it is not their job to know who we are, whether we are legit or not, as long as we're paying the fees, they should let us in to Trade, cause that's what's the first purpose of cryptocurrency, to remain anonymous and to feel secured because no one knows who we are.

Actually exchanges would love that, but they can't violate the law also as they are regulated by the government and it's the order of the regulators to require KYC to exchange clients so they can monitor transactions in case there's an investigation.

We have to understand that while submitting a KYC info, that information will not only stay in an exchange, regulators can also access it not through a request but on order, that's how powerful they are.

no offense but for the cryptocurrency market KYC becomes a big joke, I'll explain why:

It does not make any sense that an anonymous exchange that has an anonymous owner requires its customers to deliver their documents such as: passport, water bill or electricity bill or internet bill

How can it be fair that the owner of the exchange is anonymous, but the people who use the exchanges are not anonymous?

another very important point:

where are people's documents kept when they do kyc on anonymous exchanges?

If exchanges don't have a license and don't have a physical office why do governments force exchanges to do KYC?

I think you should group exchanges into two classes: (1) unregulated, and (2) regulated. The anon one surely is an unregulated exchange; thus, it's stupid if you want to do KYC in such exchange because it's not required by the government anyway. But DYOR, no one will protect you from any criminal activities there.

As for regulated exchanges, they need to comply with KYC + AML rules. In return, (ideally) users will be protected because of laws. But DYOR, the government can also become the criminal.

KYC is actually not bad for the world of crypto currency, instead it will be the most important thing in my opinion, KYC can reduce fraud projects and digital crime, but there must be a condition, crypto projects must have a strong license from the government, if not, should you avoid to KYC  :)

As you said, there are two sides. At one end it's very much needed for anti-money laundering, to avoid frauds and at the same time, there is always a risk to our personal information getting exposed to new projects or exchanges.
I see only a way to solve both problems is to have a centralized(yes, even though its for decentralized systems :) ) system doing KYC which should be acceptable in the entire world. I am not sure how feasible it is but this way we can ensure KYC and AML along with keeping away our personal information exposing to different entities.

i think web wallet is the new trend given its security and easy interface. like with the ilcoin project where you can check its own development: https://ilcoinwebwallet.com:5001/

It depends on who you're talking to. The way I see it KYC is another level of security that I'm quite happy to undergo because these days even a little security is better than no security at all.

As for the crypto I think is good because it helps companies feel that they're falling into a regulatory grey areas so they'd be more likely to utilise cryptocurrencies as part of their daily operations.

one thing I know for sure, the more controlled the legislation is, the faster it develops! If we want to hang out at the bottom, we don't need KYC

Yes I agree it's still depends in crypto exchange or wallet which we're going to undergo KYC like in our local exchange. It's okay for us to pass KYC since it's only for local exchange and it's add more security towards the more safer transaction. If anything goes wrong we have our rights to get back our assets since it's regulated by our government. While in other crypto exchange I don't want to risk any of my identity to anyone that I don't even know. This will be a big problem if anyone's identity will be revealed and use to any illegal activities.

By protect our privacy we like to do use all currency. But we're doing it to protect our funds from scam. I think we can believe several exchange, trusted exchange is more than 20-higher exchanges. You don't want to hold your all funds in centralized exchange and don't withdraw all currency in one day. Without KYC you can withdraw enough money.

When the first time i heard about KYC i dont really trust on that. Well, i dont want to give my personal data to someone/company that i dont know its too risky. Im afraid they will use my data for their purpose or do fraud things. I hope there is a new safety system.

For me, if the exchange is kinda shady, it's bad. And KYC may actually compromise your financial and security information.

But if the exchange is reputable, KYC is good. Although it might be easier said than done, so that's all the more reason why it's very important to do research before trusting your fiat or crypto.

KYC is bad for crypto if their are projects that are doubtful  because they can used your personal information in their illegal activities, that is why there are people that are scared in submitting KYC.

It is not for Crypto but Bad for the people inside crypto,Most of us wanted our privacy to remain and same reason why we are here.
I know that KYC is only here to protect us from possible scams or other related cases but the thing is this has been abused now,many things happens bad for us sending our KYC that is why the community are divided into what is Good and which is Bad.But i Believe that if the requirements for KYC is legit?for sure people here will change mind but until there is scammers here around this will never take from Victims mind.

KYC is never good, even the top exchanges in this market. If the exchange is hacked, all information of the user will be stolen. In 2019 I saw an article about Binance, this exchange was hacked and hackers stole a lot of users' KYC files and sold it to others. For me, we should not KYC anywhere to be absolutely safe

KYC beats the purporse of cryptocurrencies entirely. The better option is to trade on DEX's where you stay anonymous at all times, since you don't need accounts or anything else to make use of them.

Personally looking forward to Stakenet's Lightning compatible DEX, which allows instant off-chain trading. Lightning hubs will be hosted by masternodes, so you don't need to be "tech savy" to make use of it.

Here's a preview of what's coming:
https://i.imgur.com/gxwew00.png

This whole crypto market is full of scammers and cheaters. And maybe kyc is one of the option that could help to fight this scammers. We all know kyc is fully against the purpose of crypto ,the whole scene. So better if we could manage other ways to fight scams. But now when many countries are adopting crypto the kyc or id proofs a stuff are going just common. So somehow we have to accept it. But for me kyc is not one and only option we should find other ways cause it's violate the basic idea of crypto.

Although you could see it like that, we still never know that a scam project is a scam project as KYC document could be easily faked by someone. We're using crypto almost in a decentralized way anyway so implementing KYC is gonna be hard and not necessary at the same time, just my two cents though as this isn't regulated frankly by the governmennt.

     I think KYC is necessary, but it does not contain all the personal data. A document such as an ID card does not think it should be exposed on the crypto market to people we don't even know. A KYC is still needed because it is the only way to get rid of fraud and corruption in the crypto market. In conclusion, I agree with KYC, but I think that the way of identifying the users must be changed.

Actually, KYC is beneficial for any types of financial project. though it is beneficial but it is risky too, if you are a consumer then it is risky to give your sensitive personal data to someone you don’t know. so it is not a good idea, to pass KYC if you don’t trust that project. KYC can be used to stop fraudulent activity, but there should be some restrictions, such as there is no need to pass KYC for general users. Those who do transactions over a certain amount only they should be verify KYC not all user.

KYC only needs to be done for the project team, investors, developers and some other important members and even for prize hunters it also needs to at least reduce multi-accounts. if you want to do KYC in a centralized exchange I think you should be more vigilant, only with large, truly official exchanges like Binance.

https://cointelegraph.com/news/crypto-payment-network-partners-with-id-screening-service