[Survey]Do we need to provide KYC documents in any cryptocurrency exchanges?

[CryptopreneurBrainboss]

Forgery of government issued documents is a serious offense, punishable as a felony in most (if not all) countries in the world. This is not something I would brag about on the forum, especially if it potentially encourages others to commit a similar criminal offense.

True and so are VPN yet they're still been used and recommended even after it has been banned by obviously the government that are non friendly to Bitcoin and cryptocurrencies in general. What I illustrated above isn't something I am proud of but it just had to be done and I'll redo them if I was to start all over especially as the exchange services this days aren't concerned about our privacy and take advantage of any opportunities they have to get hold of our personal/sensitive information and auction them to the highest bidder or pass them down to the authority.

I didn't think I'll ever trust any service provider to the extent of sending them my personal details as far the industry is concern so your statement becomes absolute, and I won't advice any individual to do the same (and if I might have mistakenly pass the impression of supporting such in the past, disregard that statement).

[FatFork]

True and so are VPN yet they're still been used and recommended even after it has been banned by obviously the government that are non friendly to Bitcoin and cryptocurrencies in general.

I had no idea that using VPNs was illegal somewhere. That's really stupid. VPN is just a tool and tools aren't inherently good or evil - it's how we use them that matters.

Now, as I read about it, I see that there are a handful of countries that have actually banned VPNs. For example: Belarus, China, Iraq, North Korea, Oman, Russia ... I am really lucky that I do not live in such countries.

[MCobian]

In fact, many exchanges have implemented KYC procedures because they are forced to follow government regulations. If exchanges
does not enforce KYC, the exchanges will not legalize, and after all, they will enforce KYC in order to convert crypto to fiat. Actually
I have no problem doing KYC by providing the personal data that I have as long as the exchanges are trusted. After all, all of us who are
accustomed to transactions using banks must also do KYC. So now when using exchanges to do KYC there should be no problem.

[StephenJH]

For prohibiting money laundering, asking the personal documents, and proving the ownership is required because of the age limit. It is the same in the gambling world, the suspicious activity on exchange and price manipulation will be easier if there was no KYC. Well-known exchanges have the right to request KYC and I will not hesitate to send it in order to continue using the crypto exchange. Maybe multi-accounting or using the same IP address due to VPN-proxy services can cause this but having a verified account is always the best choice.

[Myleschetty]

Currently, most of the exchanges (CEX) are KYC required. As we all know, most of the crypto currencies (especially bitcoin) are decentralized and anonymous.

Every CEX exchange are expected to implement KYC/AML but Bitcoin is only decentralized and not anonymous cause it was pseudonymous.

Why should those exchanges collect our personal information?

That's because they operate under the rules and regulations giving to them by SEC or their license provider.

Do you think KYC is necessary?

If you want to make use of CEX exchange site? Yes, KYC is necessary.

[DoublerHunter]

For prohibiting money laundering, asking the personal documents, and proving the ownership is required because of the age limit. It is the same in the gambling world, the suspicious activity on exchange and price manipulation will be easier if there was no KYC. Well-known exchanges have the right to request KYC and I will not hesitate to send it in order to continue using the crypto exchange. Maybe multi-accounting or using the same IP address due to VPN-proxy services can cause this but having a verified account is always the best choice.

^ We have nothing to do just to accept the fact.
KYC now is a part of a licensed exchange that everyone would know about it through your post. But I like the move of Binance, having their own rules that implemented and the none KYC verification. Nevertheless, just follow what they mentioned above, it's quite useless.

[nelson4lov]

I voted Yes in the pool. I know that KYC/AML is heavily frown at here in crypto due to the fact that it tampers with people's privacies (privacy is one of the reasons people get on board the crypto bandwagon). However, providing KYC still has it own benefit. For one, you can retrieve your exchange account if you lost access to it - like losing your phone, PC crash etc. In such a situation, all you have to do is to provide the same ID docs and if it matches, you'll be given access back into your account. This and other benefits which I won't mention.

For the records, I'm not a fan of KYCs either but I participate in the exercise when it becomes a necessity.

[UmerIdrees]

True and so are VPN yet they're still been used and recommended even after it has been banned by obviously the government that are non friendly to Bitcoin and cryptocurrencies in general.

I had no idea that using VPNs was illegal somewhere. That's really stupid. VPN is just a tool and tools aren't inherently good or evil - it's how we use them that matters.

Now, as I read about it, I see that there are a handful of countries that have actually banned VPNs. For example: Belarus, China, Iraq, North Korea, Oman, Russia ... I am really lucky that I do not live in such countries.

How can any country Ban the VPN ? VPN are avaible on the net and you can use them and no govt. authority will be able to know that you are using VPN. This ban is just like crypto currencies ban which cannot be enforced.

For the KYC in  cryptocurrency exchanges, we don't have much options. Either do the KYC or don't trade. 

[Yatsan]

Before, KYC was not actually a requirement on some exchanges. I have first experienced filling up for KYC verification on the times of bounty campaigns where bounty managers as well as the team developers of the project do wanted to ensure that the people they will be paying with is a real person having real identity. At first, that looks strange knowing that we are working anonymously using usernames to work in the forum then this KYC get through initializing a transparency when it comes to identity which the exchanges do adapt in order to secure its customers having a safe place to work with.

Now that because the government of a certain country wanted to ensure its people's welfare not to get into a scam exchange, KYC verification process is now being a requirement to be able to secure that people are really true and for security purposes. If it is not intended, I will not do the KYC process but since it is a requirement nowadays, then there is no choice but just to follow for why worry if you are having a clear intention on doing transactions.

[Mahanton]

Before, KYC was not actually a requirement on some exchanges. I have first experienced filling up for KYC verification on the times of bounty campaigns where bounty managers as well as the team developers of the project do wanted to ensure that the people they will be paying with is a real person having real identity. At first, that looks strange knowing that we are working anonymously using usernames to work in the forum then this KYC get through initializing a transparency when it comes to identity which the exchanges do adapt in order to secure its customers having a safe place to work with.

Now that because the government of a certain country wanted to ensure its people's welfare not to get into a scam exchange, KYC verification process is now being a requirement to be able to secure that people are really true and for security purposes. If it is not intended, I will not do the KYC process but since it is a requirement nowadays, then there is no choice but just to follow for why worry if you are having a clear intention on doing transactions.

Back in the past where KYC isnt really that too mandated yet crypto isnt really making some noise back then and when the market had become saturated and get involved with
lots of scams and frauds then government had already recognized its existence not only to this matter but also in taxation purpose as well and even on money laundering issue.
Nowadays there are platforms that do offer tx on maximum of 2btc per day which is sufficient but for people who do goes above that limit then there
would be no other options but to abide on whats being asked out.

[Josefjix]

Many of the exchanges require KYC, but some don't like binance without kyc already being able to trade. But KYC is very necessary to maintain security For example, when you lose 2FA, KYC accounts will be easy to handle

You're right but you don't need kyc to trade on Binance. It is when you need to withdraw to fiat instead of wallet address you are required to submit your documents for KYC. Or when you are to withdraw a large sum of Bitcoin. But KYC helps most CEXs to trace scam wallets, like the person who hacked Kucoin, if he had user CEX wallet who he/she submitted KYC. It would be easy to be traced and apprehend along the accomplices.