Did Binance Just Make KYC Process More Private?

[Editbar]

Binance has come out with what they're calling their KYC NFT KYC stands for know your customer usually it's all the hoops that they make you go through to create an account on a centralized cryptocurrency exchange giving away your information

like your name your date of birth your address

your phone number your email

if your us citizen your social security

number your the amount of money you're

bringing in every month

how much you're investing in crypto what

you're planning to do with that crypto

 what you ain't for breakfast and what

you plan to do with the rest of your life

I still stand by that because they are making you vulnerable by giving them your very personal sensitive vulnerable
information to be stored by someone else and then you are ultimately trusting that that third party who doesn't know
you will protect your information as if it were their own never happens and identity theft and hacks happen online
all the time and this is why so Binance they have to comply they have to make their customers go through KYC
but a cool tool that they've built if you can get best if you can get past the fact that you have to give your
information to them in the first place to receive the nft if you can limit how many entities you are giving this
information out the better especially if you don't if you aren't interested in going the fully decentralized fully private route of cryptocurrency

this binance KYC nft basically it's a non-fungible token that proves that you went through the KYC process with
binance it is not transferable you can't trade it you can't send it to anyone else you can't list it to be bid on
it is your unique token that is tied to your identity in the Binance ecosystem.

I think it's a cool idea you can say you have this nft and you want to go on a different
platform and they're requiring KYC you can just prove your ownership over the nft
and then that can qualify you to have access to their platform rather than you giving your information out yet
another third party to be potentially compromised

[noorman0]

Maintaining privacy is your choice and your responsibility, some people don't think it's a problem and don't care. On the other hand, no third party can be trusted. When you submit your identity, you are selling information to enjoy the service. The information requested is generally based on the requirements of applicable legal standards, not their desire to ask for more that is beyond procedural.

by the way, is there no punctuation marks on your keyboard?

[dkbit98]

OP try to make your post shorter and readable by human beings.
I really don't understand what are you trying to say, and there is no privacy at all in Binance KYC procedure.

by the way, is there no punctuation marks on your keyboard?

He used it... one time in this post after the word ecosystem

I just checked all his post history and it looks like a bunch of nonsense, and probably mix of copy-paste translations and random thoughts from his head.

[bitmover]

OP try to make your post shorter and readable by human beings.
I really don't understand what are you trying to say, and there is no privacy at all in Binance KYC procedure.

I think he is trying to say "binance just made the kyc process more personal/sensitive"

 Anyway  kyc is just the same as always  and any othrr exchange. Just  basic documents and phone number and email.

[hugeblack]

I don't understand how the new system works, will you get an NFT token once they identity is verified? This token enables you to pass identity verification to all third parties that exchange information with Binance? Or will you just get unique NFT token?

In any case, if you do not guarantee yourself that they will destroy the data once verified, they will keep it.

[examplens]

In any case, if you do not guarantee yourself that they will destroy the data once verified, they will keep it.

they will keep the information from KYC, that's for sure and they can justify it with good reasons. For example, if a specific country introduces a crypto ban, where they have to comply with that decision, how will they know which user comes from that country? An IP address cannot be 100% reliable info, and they certainly won't ask all users to re-KYC (to be deleted after all) after every similar change.

[logfiles]

Stupid move meant to fool gullible users into believing that their personal data is now safer, yet it not the case. They are using the NFT buzzword because they know that lots of noobs would wet their pants on just hearing the word.

Nothing new here, Binance and Cz have always come up with "innovations" that are just copied and pasted from somewhere else, and then eventually they die out as the hype reduces.

[bbc.reporter]

Stupid move meant to fool gullible users into believing that their personal data is now safer, yet it not the case. They are using the NFT buzzword because they know that lots of noobs would wet their pants on just hearing the word.

Nothing new here, Binance and Cz have always come up with "innovations" that are just copied and pasted from somewhere else, and then eventually they die out as the hype reduces.

We should not be very disapproving about new developments in the cryptospace. Very much similar when bitcoin was created and developed, many people misunderstood it. NFTs might be in a similar type of situation. I agree that much of the NFTs that are presently minted are worthless, however, this does not imply that NFTs will never have any good use cases.

I predict that the next great crypto phenomenon that will bring millions of new adopters in the cryptospace will be through NFTs.

[hugeblack]

they will keep the information from KYC, that's for sure and they can justify it with good reasons. For example, if a specific country introduces a crypto ban, where they have to comply with that decision, how will they know which user comes from that country? An IP address cannot be 100% reliable info, and they certainly won't ask all users to re-KYC (to be deleted after all) after every similar change.

This is not the problem, but the problem is what you will do with the data after verifying it. For example, the passport contains data in addition to your name and country where it contains your real age, place of birth, your passport number, your fingerprint and other data, if it is not destroyed, they get more information Just your name, country, and IP address.

I still don't understand how NFTs could make things better.

[buwaytress]

It's not a new idea... blockchain-based single sign on identification that can be used across multiple services, sort of like Google account signup, with the key difference that no third parties or KYC requesters store or even see your docsm  with only AI interaction interfacing with your documents and then keeping a token to denote you've passed your ID.

Not much different from an NFT I guess, but I'm not exactly a technical guy.

[bittraffic]

Social security is the most private information, this is not going to end well for you if you provide this data. I don't think anyone is willing to give this up unless they are not aware of what it could do to them.

In any case, if you do not guarantee yourself that they will destroy the data once verified, they will keep it.

they will keep the information from KYC, that's for sure and they can justify it with good reasons. For example, if a specific country introduces a crypto ban, where they have to comply with that decision, how will they know which user comes from that country? An IP address cannot be 100% reliable info, and they certainly won't ask all users to re-KYC (to be deleted after all) after every similar change.

Every time users encounter some issues, they are going to ask for KYC once again. This I guess is just to verify your previous KYC doc if its matches still. They must be aware users are selling Binance accounts.

[o_e_l_e_o]

Whenever a centralized exchange offers any new product or service, you need to ask the question "What is it in for them?" Exchange have always been about their own profits first. Whatever new service, product, reward, interest, prize, etc., that they offer to their customers, you can be 100% assured that they will be making more profit out of it in some way.

So what does this NFT cost them? Literally nothing. They attach an NFT to some address in your Binance account, which you cannot move, trade, or sell. It costs them nothing. What do they get in return? They get a bunch of users now signing up with ever more invasive KYC in order to receive this amazing prize! So a whole bunch more data which they can monetize and sell to third parties.

What does this NFT cost the user? Complete privacy invasion, as well as the new ability for Binance to tie all your data to an on-chain entity and share that information with third parties, allowing you and your coins to be intricately tracked. What does the user get in return? A completely useless NFT.

This is just the next step in government surveillance and centralized exchanges invading your privacy, but with a shiny thing slapped on the front to make it seem palatable to idiots.

[logfiles]

We should not be very disapproving about new developments in the cryptospace. Very much similar when bitcoin was created and developed, many people misunderstood it. NFTs might be in a similar type of situation. I agree that much of the NFTs that are presently minted are worthless, however, this does not imply that NFTs will never have any good use cases.

Bitcoin was one of a kind when it was introduced. NFTs are not, just a bunch of money generating tokens for the creators hiding behind the "decentralized blockchain innovation" slogan. That's a major difference. These are just buzzwords

Remember ICOs? Do we have any more use cases for ICOs, STOs etc? Is the interest still high in them?
People are already detesting DeFi's, I think you know why.

I predict that the next great crypto phenomenon that will bring millions of new adopters in the cryptospace will be through NFTs.

The token OP talks about is not supposed to be called an NFT as such... they call it an SBT (SoulBound Token). Apparently, it's going to be the first SBT 
See? Buzzwords! They are already moving onto the next one.
After a few years, people will forget NFTs

[o_e_l_e_o]

Remember ICOs? Do we have any more use cases for ICOs, STOs etc? Is the interest still high in them?
People are already detesting DeFi's, I think you know why.

Here's a post of mine from over 3 years ago, which is just as relevant today as it was then: https://bitcointalk.org/index.php?topic=5181053.msg52340461#msg52340461. I'd encourage anyone to go and click on the various ICOs I linked to in that post and zoom out on their charts.

My prediction was during the next bull run we would see newbies throwing their money away on shiny new projects which turned out to be complete trash. This is exactly what has happened. Centralized lending platforms promising >10% interested gone bankrupt. Countless DeFi projects, staking, yield farming, or whatever else, abandoned and worthless. The value of Metaverse "land" down 94% with only a few dozen active users.

Lots of money for the creators, and a bunch of disillusioned newbies losing everything.

The token OP talks about is not supposed to be called an NFT as such... they call it an SBT (SoulBound Token). Apparently, it's going to be the first SBT  

Can't wait to hear about how SBTs are the next big bitcoin killer, how they will revolutionize the internet, how they will change the world, how they are the best thing since sliced bread! Fast forward 5 years and no one will talk about them, just as no one talks about 2017 ICOs now.

[dkbit98]

This is just the next step in government surveillance and centralized exchanges invading your privacy, but with a shiny thing slapped on the front to make it seem palatable to idiots.

It's funny that even some rich people jumped into NFT train thinking they are going to be even more rich, and look how that turned out for them.
People think Bitcoin and stock markets crashed, but nobody is looking into NFT market, it literally don't exist anymore and nobody wants stupid monkeys anymore.
But don't worry I am sure in next bull run exchanges like Binance will offer everyone brand new digital ID KYC deal. 

Remember ICOs? Do we have any more use cases for ICOs, STOs etc? Is the interest still high in them?
People are already detesting DeFi's, I think you know why.

Rinse and repeat, NFT are already in that list, and they are already thinking how to semi-scam people in next bull run.