Is kyc verification dangerous?

[LogitechMouse]

KYC is the most dumbest thing that's ever created that's related to cryptocurrency.
I mean we all want privacy as much as possible right. The problem right now is that, if we really wanted to buy some coins, we need to do KYC in various exchanges. I don't know if there are some exchanges (aside from DeFi) who aren't doing KYC for their customers.

As much as possible, we don't like KYC, but it's required and will be required if we really want to buy and sell cryptocurrencies. TBH, I've also done KYC in Binance just so that I can buy certain cryptocurrencies. I don't like it, but it's needed in order for me to use their other services, and there's nothing that I can do. Yes, it's dangerous, but is there other way for us to use a particular platform without sharing personal information to them?

In the end, it will be a choice between just sharing your personal information, or not using the platform at all.

[yat97]

KYC is the most dumbest thing that's ever created that's related to cryptocurrency.
I mean we all want privacy as much as possible right. The problem right now is that, if we really wanted to buy some coins, we need to do KYC in various exchanges. I don't know if there are some exchanges (aside from DeFi) who aren't doing KYC for their customers.

As much as possible, we don't like KYC, but it's required and will be required if we really want to buy and sell cryptocurrencies. TBH, I've also done KYC in Binance just so that I can buy certain cryptocurrencies. I don't like it, but it's needed in order for me to use their other services, and there's nothing that I can do. Yes, it's dangerous, but is there other way for us to use a particular platform without sharing personal information to them?

In the end, it will be a choice between just sharing your personal information, or not using the platform at all.

There are still ways to buy bitcoin without KYC. And there are still exchanges that don't require it. I highly recommend to buy some anonymous bitcoin while you can.

But anon bitcoin and hold it. You can still use your KYC bitcoin but anonymous bitcoin might become more valuable one day just because of the anonymity.

I'd personally pay a little more for mined bitcoin that hasn't been traded on an exchange, and, I'd pay more for older mined bitcoin than newer mined.

Too bad there exists no area where people can just meet each other IRL (in my area) and buy or sell bitcoin. Everyone in my town exclusively wants to buy and no one is selling.   

[yat97]

I do not see anything that could go wrong way by providing ID.

Until the gov decides to ban bitcoin, or impose some new tax on unrealized capital gains, or a million other things it could do. And they know exactly who owns bitcoin, so they would be coming directly to your doorstep wanting to have a chat with you.

My question to people who like KYC is why risk your future when you know how historically governments tend to want to limit the freedom of their people?

[Ultegra134]

Actually KYC verification has become an obligation in using sites that have high security and have been protected by the government, but KYC can also be dangerous if we do it on unofficial sites and they only use our data to commit crimes, so we also have to be careful in doing KYC if the application we use does not have special protection then do not try to give your personal data, and very many oknoms commit crimes by collecting KYC data for the sale of data, but the government is very concerned about the problem so if it is needed then never hesitate to do KYC.

These sites are obligated by European laws and governments to acquire their customers' information, but they are not protected by them. The issue usually isn't the websites themselves; Binance is unlikely to use that information against you. Some others may do that as well, but I find it unlikely to happen. However, a possible scenario that has occurred on websites or even exchanges is finding a loophole in the platforms and acquiring your data without your consent with the risk of using it for malicious purposes. KYC itself isn't as dangerous as we describe it, but the above scenario is.

[rat03gopoh]

There were tons of scammers that had used stolen IDs just to get money and withdraw

Exactly, now imagine the stolen ID is yours.

I do not see anything that could go wrong way by providing ID.

Seeing from various perspectives is actually a problem in itself, this will involve trust in the service that requests your ID. Let's say you're trying to prove that you're an honest guy, but who are you dealing with?
We are never far away from the vicinity of criminal activity, all kinds of unexpected things can happen. Hiding ID doesn't mean we are perpetrators, it's just that we don't wanna be victims.

[tygeade]

recently and some other online blogs which said that kyc verification is extremely dangerous. If this is true, why do most crypto apps or other business ask for it, shouldn't it be banned or removed.
Most apps usually request for kyc verification before you can withdraw any coin or money from their wallets as this is very necessary to verify or certify you as a customer.
Kyc verification for long has helped prevent identity theft, financial laundering or fraud, terrorism and all financial crimes.
   
Is this true that kyc verification can put your funds and personal data at risk? Should we stop using any app that ask for kyc verification?

Not really, people who are afraid of KYC verification should realize that unless they are living in the woods off the grid type of life and screaming "they are all watching us!!!" with no tech, then I am sorry but your information is already shared.

Every time you use your phone, every time you use your cards, every time you fly, basically every time you do something that requires you to show some sort of ID, that means you are already in the open and government can find you. Hell USA found Saddam in ditch in the middle of a desert. So do not worry about your KYC, you can share it and it can even be public, and nothing wrong will come out of it.

[sarahbutcher]

It is not if it is done by some reputed kyc sellers out there. The person must know all there is to know about kyc verification

[Z-tight]

It is not if it is done by some reputed kyc sellers out there. The person must know all there is to know about kyc verification

This is an old thread, so i don't know why you are bumping it. However, what do you even mean by 'kyc sellers', kyc is dangerous, even if you submit it in services and platforms that people call 'reputable', many reputable crypto services have been hacked and they have also experienced data breaches, even ledger lost their complete customer database, these examples are enough to tell you how dangerous kyc can be.