Know Your Customer

[bitbunnny]

why we should do KYC to trading on cryptocurrency exchanges given the fact that crypto came about out of the need for people yearning to stay anonymous .

not all cryptos mate . there are cryptos that are not anonymous while most are just partial anymous like for example btc . its still possible for someone to track you and know your balance or your name by using an explorer   .

when it comes to kyc , you dont really need to do a kyc before you can trade because there are those decentalize exchangers that you can use and there are some centralized exchange that dont require a kyc  .

Many people still beleive in illusion that cryptocurrencies including Bitcoin are anonimous, that is why are they so against KYC. But anonimity is past, at least for most coins and KYC is not a threat as many see it.
I'm not sure that exchanges who don't request KYC run entirely legitimate business and obey legal regulations so doing business with them is tricky.

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[freedomgo]

why we should do KYC to trading on cryptocurrency exchanges given the fact that crypto came about out of the need for people yearning to stay anonymous .

not all cryptos mate . there are cryptos that are not anonymous while most are just partial anymous like for example btc . its still possible for someone to track you and know your balance or your name by using an explorer   .

when it comes to kyc , you dont really need to do a kyc before you can trade because there are those decentalize exchangers that you can use and there are some centralized exchange that dont require a kyc  .

Many people still beleive in illusion that cryptocurrencies including Bitcoin are anonimous, that is why are they so against KYC. But anonimity is past, at least for most coins and KYC is not a threat as many see it.
I'm not sure that exchanges who don't request KYC run entirely legitimate business and obey legal regulations so doing business with them is tricky.

Most of the exchange I trust have a KYC requirement, but most of them does not require KYC for small amount, so that rules really gives comfort to small time traders, but what they don't understand is the future risk, that in case a site is hack or compromise for whatever reasons, those accounts that are not verified with KYC might have trouble getting their funds.

Therefore, my suggestion to those who are not willing to comply with the KYC requirement, they should not store their funds longer in an exchange.

[Argoo]

Soon, all states and exchanges will have to comply with the FATF recommendations of June 21 this year that KYC checks will be required for transactions worth more than one thousand euros. The Baltic countries and Europe have already begun to establish such rules. I think this is quite acceptable. Anyone who wants to remain anonymous can split their transactions into smaller amounts. There is no clarity so far whether this will apply only to persons who send cryptocurrency, or also to those who also accept it. I hope that bounty hunters in this case will not pass the KYC test at all when participating in ICO bounty campaigns.

[maman567]

Better next time KYC procedure only take face picture by video call or faced to faced with owner, they will know which one true or fake account for participants at bounty or airdrop project, I think is better keep save our identity.

[Magkirap]

For exchanges, ICOs that collect KYC information, when are they required to send information to the government.

If I remember correctly, in the US if you make a money transaction, such as through Western Union, or bank, $3,000+, within the same day, or smaller amounts during consecutive days, the institution must collect your ID information and Social Security and report it to the government. I forget which entity of the government.

Does that mean that if one participates in an ICO and puts in over $3,000, that gets reported to the government? Or if you move $3,000 out of an exchange, that gets reported?

I know it will not be reported to the government. Their purpose of having kyc is to know your personal details and to know that you are not a robot, or in other words you are a human and not a machine that is being program. Also, they are doing it to know wether you are abusing the use of crypto or when you are doing unrightful things regarding the transaction of crypto (giving false information)

[cutesgirl]

I can't count how many time I submit KYC for trading exchange market and many airdrop, bounty and ICO investment. I don't know about my KYC data is safe or not because I have submit with thousand kind of project real or not for keep our identity and never give our ID for something else to other people and other company.

[JeffBrad12]

I can't count how many time I submit KYC for trading exchange market and many airdrop, bounty and ICO investment. I don't know about my KYC data is safe or not because I have submit with thousand kind of project real or not for keep our identity and never give our ID for something else to other people and other company.

It is your responsibility to double check all the information of a project or an exchange before your submit any of your documentation about your identity. Submitting a KYC documents is easy and fast but you should also consider the risk of submitting your identity information to someone so I hope that this will served as a lesson for you to double check all the background information before trusting them with your personal information.

The more he submit his KYC verification to all those websites the bigger the chance his data is leaked somewhere else in the internet. Maybe submitting data to an exchange that is already regulation under the government is safe more specifically if the exchange has never done anything wrong with their business but submitting kyc for an airdrop I mean for real? even the developer themselves are looking to make an easy money through airdrop there's a really huge chance that they are doing the aidrop just to gather data as much as they can and sell it off in the darknet. People just really need to be aware, their data is as valuable as gold nowaday.

[dimox]

my opinion, exchanger no need to tell government about what user do. but exchanger must save every transaction made from user (actually all of exchanger will auto save the transaction) so if you make big transaction they not report you to them, but if any bad thing happen and traced to your transaction, they can report you, but you need to fill kyc first

[Flor1982]

This is the main purpose of the KYC is to ensure that the transaction of the individuals will  be monitored by the government specially those are involved with huge transactions. This will ensure that Bitcoin and the whole crypto currency will not be use in money laundering which is the most common problem of every government.

[asus09]

Use your KYC account ID only for trusted website and exchange, join an ICO if do not raised hard cap what for you have fill form your KYC account, with coin bounty campaign have lower price never give your data and sub,it your KYC. Use your KYC only for good ICO, exchange and have value coin of bounty campaign.

[Jorge158]

KYC is good for the crypto space because it is helpful in verification purposes for the project's management and also has some legal backings and purposes in countries which request for them. KYC helps project to identify and eliminate bot and double entries made by some greedy participants.

[DabsPoorVersion]

I can't count how many time I submit KYC for trading exchange market and many airdrop, bounty and ICO investment. I don't know about my KYC data is safe or not because I have submit with thousand kind of project real or not for keep our identity and never give our ID for something else to other people and other company.

It is your responsibility to double check all the information of a project or an exchange before your submit any of your documentation about your identity. Submitting a KYC documents is easy and fast but you should also consider the risk of submitting your identity information to someone so I hope that this will served as a lesson for you to double check all the background information before trusting them with your personal information.

The more he submit his KYC verification to all those websites the bigger the chance his data is leaked somewhere else in the internet. Maybe submitting data to an exchange that is already regulation under the government is safe more specifically if the exchange has never done anything wrong with their business but submitting kyc for an airdrop I mean for real? even the developer themselves are looking to make an easy money through airdrop there's a really huge chance that they are doing the aidrop just to gather data as much as they can and sell it off in the darknet. People just really need to be aware, their data is as valuable as gold nowaday.

It would be better to avoid submitting KYC even in bounty campaigns, it is to avoid getting your information to be used in any illegal activities. I dont consider submitting KYC such as bounty hunting or airdrops, I might consider it in popular exchanges, or in a wallet where it is regulated by the government just to be safe.

[TrevorS]

I do not think that everything is so, the exchange is located in a certain country and is subject to the jurisdiction of this country.
While people registered on this exchange may be from different parts of the world.
What is the point of sending data to people outside the jurisdiction of the country in which the exchange is located? After all, far from all countries there is an exchange of tax bases.

[Genemind]

That's the risk of passing the KYC though it's a legal requirement, we're still putting our personal information at risk. I still got no idea if they forward our personal information to the government but we still got no choice but to follow the rules to conduct transactions. I think it would be better if we'll choose where to submit our personal information. Get rid of bounty campaigns and projects which requires it.

[doomistake]

why we should do KYC to trading on cryptocurrency exchanges given the fact that crypto came about out of the need for people yearning to stay anonymous .

not all cryptos mate . there are cryptos that are not anonymous while most are just partial anymous like for example btc . its still possible for someone to track you and know your balance or your name by using an explorer   .

We could all track the addresses we have using an explorer, but they will not know who you really are. All cryptocurrency have the ability to make us invisible to the eye of the Government, I don't what you are saying that they could also know our name by just searching using an explorer, can you please explain how this works, and kindly please drop the link of this explorer that you were saying, I'd appreciate it if you do that, I'm curious.

[Meowth05]

Use your KYC account ID only for trusted website and exchange, join an ICO if do not raised hard cap what for you have fill form your KYC account, with coin bounty campaign have lower price never give your data and sub,it your KYC. Use your KYC only for good ICO, exchange and have value coin of bounty campaign.

Exactly. Don't just give your identity on random campaigns. Make sure that the bounty you were going to give you data with is legit. To identify the credibility of a ICO you should have provide some research with regards to their project. We shouldn't put our identity at risk because it may be used to hurt somebody. KYC is a good thing because some businesses such as exchanges must know their customers for the security of their site but also for the safety of the users as well.

[imstillthebest]

We shouldn't put our identity at risk because it may be used to hurt somebody.

not just it will possibly hurt somebody but that also has a double impact because you will also hurt your self passively  . you wont know until you woke up one day that you are now wanted and fbi is now at your doorstep . not just these but you can get also charge by tax and other expenses because your name are the ones that will be used if ever you gave your kyc at the wrong hands  . its like you are being tortured alive . imagine ? that so scary

[Tungsten-1]

I can't count how many time I submit KYC for trading exchange market and many airdrop, bounty and ICO investment. I don't know about my KYC data is safe or not because I have submit with thousand kind of project real or not for keep our identity and never give our ID for something else to other people and other company.

It is your responsibility to double check all the information of a project or an exchange before your submit any of your documentation about your identity. Submitting a KYC documents is easy and fast but you should also consider the risk of submitting your identity information to someone so I hope that this will served as a lesson for you to double check all the background information before trusting them with your personal information.

Yes I agree with you my friend that one should double check his or her information before submitting his or her information to some authorities because when you will once submit your KYC, then those authorities will be using your information in the way they want and if they are not having any good mindset, then no one can give you any surety that you are on a safe side.

[Xxmodded]

Why you want to fill your KYC data with bounty campaign have lower price on exchange market, is your data have lower price or how much you pay your data value, keep save your data fro many bounty campaign have lower price and never fill form you KYC, but for an exchange have limited withdrawal is possible to submit KYC account data because to get more withdrawal.

[cutesgirl]

I hate with KYC because I worry will my KYC data use for saving online payment, my country is easy for getting saving online payment just show our identity and show our faced hold our ID, the same thing like how KYC needed for an ICO or bounty campaign, so far many saving payment cases take many people do not borrow the money but they have pay and called every day with their money loan.