Anyone here. Don't you think that giving your sensitive details to a company might be a risk ?. I know we have to send those details if we are asked to do so. But how can we know which company to trust and which to not ?. most of the time they ask for the passport. Can they steal our identity ?
How else do you deal with cryptocurrency exchanges?
If you don't deal with cryptocurrency exchanges how do you buy or sell Bitcoin from / to fiat currency?
The KYC laws are appropriate. Any company can fraud you, regardless of whether they know who you are or not.
I am also wondering the same.The anonymity of bitcoin/cryptocurrencies is valid only when we are doing transaction in them. Moment you want to cash out then it is not an anonymous thing.
KYC is correct for companies so that they can know about there customer.
In turn, we should also do our due diligence while giving our money to company.
Since crypto currencies can be changed to fiat currencies, so both company and customer should take care that investment/transactions might not promote illegal activities or coming from illegal activities.