Are You Afraid of KYC?

[palle11]

Know your customer (KYC) is a very good protective measure to secure investment. The banks do it and when you lose your details, all you need is to provide the duplicate credentials you gave the back at the time of registration and you have your account bank. If the exchanges introduce that too, it will be a nice way to further secure the coin locked with them so that third party won't have access to them.

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[chinaprofitpro]

If you're are afraid of using your documents illegally, you must follow follow this steps:
1. Go to https://www.watermark.ws and type some words as: DO NOT RESELL ,or FOR ICO ONLY on your docs.
2. You can change one letter in your docs carefully and it will be ok.
3. Of course  learn your ICO and you will not deceived .
If ICO is scam: it's faster to delete your docs instead of bother with it.

[trinhdinhthang20007]

I did not like it, it made me hesitate

[Lancusters]

I'm not afraid of KYC but I don't like it. These are the first attempts to regulate cryptocurrencies. For me it does not matter the reason for these requirements. The fact of such requirements suggests that is not respected the first rule of cryptocurrency is privacy. Then there will be a requirement to provide information in order to verify the correctness of the payment of taxes. And after that, the cryptocurrency turns into Fiat.

[BitcoinGirl.Club]

Am not afraid of KYC but what scares me the most is how our data will be used after we give these guys our information,

and as much as regulators have a keen interest in these token sales, data protection should also be tackled to protect our info from getting in the wrong people's hands.

[squatter]

I can see that soon almost exchanges and even ICO programs will be requiring us to do the KYC procedures where we are required to pass copies of our legal documents before we are granted entrance or the use of the services or programs we are interested with. This can be as common as having a password or 2FA.

Not necessarily. My impression is that exchanges (as well as ICO operators) are mainly concerned about major world superpowers like the US and China -- emphasis on the US. Who else has actually shut down exchanges for noncompliance, or come after ICOs for securities violations? The EU is all bark and no bite.

As expected, over the last couple years, several exchanges have started either barring US residents entirely or otherwise requiring strict KYC. This is the new dichotomy. On one side, KYC is not enforced and VPN/TOR can be used to circumvent prohibitions. On the other side, KYC is mandatory (e.g. where US residents are explicitly allowed).

Now, personally I have no big problem with it though just like anybody else am also concerned that my personal information can be divulged to anybody or a group that might use it for any illegal purpose. This is one risk we are facing once we are actively living in the online world. Evil people who can be thousands of miles away can now be just one click away.

I'm extremely paranoid about my documents getting into the wrong hands. As a general rule, I avoid ICOs that require KYC (but I generally avoid ICOs anyway and focus on trading after launch). You can always use decentralized exchanges to trade tokens without KYC.

Eventually, trusted identity services (maybe Civic and others) will emerge and will act like credit reporting agencies for identity verification. This is better than every ICO doing their own KYC, but it still requires centralized PII storage, which is fundamentally dangerous for us.

[Greenkarki]

KYCs are not the problem here. The problem I see is where you are entrusting your information to.  Because their are certain ICOs that will only fish out your information as it has more value for them rather than the token they are creating. KYCs are a requirement of some countries' government as it is their way of regulating or being in touch with their citizens. What I would normally do before trusting my personal information to other entities such as ICOs or even exchanges I will research on them if they have a good background.

Yah here where even I am worried about disclosing my documents. Its bit hard to predict as who is the real ICO here. Its like keeping 50 percent of believe blindly though we spend time in analyzing the details of ICOs like their project details, the team members' profiles, the service they are renting and the size of amount spent for their projects. But there is another possibility to have trust in. Like, if you are being in this forum for a long time and you are sure about a manager handling the bounty. I believe on a manager as he always takes charge of ICOs that he is very sure about. For such ICOs, yes KYC can be provided though its risk giving.

[countryfree]

Everything depends on where you live... If you don't pay tax like me, you have nothing to fear from KYC regulations.

[BitHodler]

Nope. In a situation where you aren't yet signed up, you are free to make the decision for yourself. If you value your privacy over the benefit of using an exchange with all its convenience, then you can just skip it.

The situation is different when your exchange suddenly starts asking/forcing you to walk yourself through their KYC verification process. If you don't have any coins of significant value, you can simply abandon your account.

If the coins you have in your account add up to a serious amount, then you are basically forced to verify yourself, and that's when things get interesting. Most people will proceed and verify, just not to lose their funds.

It's a nasty practice that an exchange just blatantly blocks an account without giving people the option to withdraw their digital assets. That's the risk tied to making use of an exchange that doesn't yet requires KYC verification.

Exchanges are known to change their terms at any time, and this is something you have to take into consideration when registering. Not yet being forced to verify yourself right now doesn't mean that you never have to later on.

[bering]

for trustable ICO projects or trustable exchange i think i would not doubted to give my KYC to them and i have already done to give my KYC to my local exchange because this is standard requirements for being verified consumers and untill now i hever have any problem regarding my KYC

[enhu]

I am afraid of it. This is why most of investments I do is bought on exchanges but even exchanges these days also asks for ID, bittrex hold my BTC for quite awhile until I finally submit my ID. Disclosing out personal information can definitely hurt us, someone could be using our data after they got it, the banks this which is why there is a bank secrecy law.

[botany]

I am worried about the security of data submitted for KYC, especially from a new ICO which has sprung up overnight. In an ideal world, KYC should not exist in a space for decentralized currency. But at all gateways to cryptos (exchanges and ICOs) KYC will slowly become inevitable. There are a few exchanges I would trust (actually I am forced to trust) to handle my personal data, but I don't go beyond that.

Everything depends on where you live... If you don't pay tax like me, you have nothing to fear from KYC regulations.

The fear of KYC is not just about evading tax. Identity theft is a concern. You wouldn't want your details to be used by a drug ring to launder money.

[elena_rose19]

Personally I feel skeptical about it, giving of your personal info is very risky. Our details can be linked and easily use by anybody else especially its digital age, anything is just a click away. There should be a level of security between client and vendors where client can be at ease providing them the personal infos. For now, Im not comfortable with KYC. Hope that there will be better alternative to that or if not enhancement.

[vallentvi4]

KYC really sucks, they do not want us to cheat by asking for important data, but in this case it does not guarantee for sure that it is safe from data theft. They should not ask for it because it is very vulnerable to theft. Besides, if all ICO apply KYC, then everything becomes a relation. When a burglary happens, any investments from ICO followed will be at risk for hackers

[veleten]

I'm yet to find anything positive about KYC verification
as a customer,I see it more as a risk of my data going into the wrong hands
rather than it serving to protect me from anything,it only serves the centralised institutions who want to make sure everything is controlled and not anonymous
banks,govermental services online etc. at least have some distant hope of keeping my data safe
what about a random internet casino registered under  a Cuaracao license that demands my passport so I can withdraw 100$? do you feel safe sending your identity to them?
I find it ridiculous and disturbing

[King Koy]

I can see that soon almost exchanges and even ICO programs will be requiring us to do the KYC procedures where we are required to pass copies of our legal documents before we are granted entrance or the use of the services or programs we are interested with. This can be as common as having a password or 2FA.

Now, personally I have no big problem with it though just like anybody else am also concerned that my personal information can be divulged to anybody or a group that might use it for any illegal purpose. This is one risk we are facing once we are actively living in the online world. Evil people who can be thousands of miles away can now be just one click away.

What are your apprehensions about the KYC procedures that will soon be as popular as noodles?

I think this is not a problem as long as my information is secure within the exchanges and ico groups which are asking for my personal information. I experienced it once from the last campaign I'd been joined. But there are times that I am feeling regret because I submitted my personal information.
But if this will be implemented in the future time I have a feeling that the participants will decrease in number due to the fear that their personal info can be stolen.

[Spazzer]

I think case in point recently with ICO's not properly protecting peoples KYC information. I would like to see a company start where there is a universal KYC platform similar to what bloom.co is doing.

[RodeoX]

KYCs are not the problem here. The problem I see is where you are entrusting your information to.  ...

That is a different problem, but certainly worth considering. AML/KYC laws are laws and not optional. If you don't like it  you will need to petition your government. However a poorly run security policy at an exchange should scare us all a bit. It helps spearfishers greatly to know you have coins.

[stingraydiver]

Unfortunately KYC is necessary because of scammers and money launderers.  Any US based ICO must do KYC.

[DeadCoin]

I can see that soon almost exchanges and even ICO programs will be requiring us to do the KYC procedures where we are required to pass copies of our legal documents before we are granted entrance or the use of the services or programs we are interested with. This can be as common as having a password or 2FA.

Now, personally I have no big problem with it though just like anybody else am also concerned that my personal information can be divulged to anybody or a group that might use it for any illegal purpose. This is one risk we are facing once we are actively living in the online world. Evil people who can be thousands of miles away can now be just one click away.

What are your apprehensions about the KYC procedures that will soon be as popular as noodles?

Feel need to be more careful when handlong with KYC. Hear news on misuse of documents given. Though 50 percent of ICOs are legit, other 50 percent of ICOs seem to be scams. Hence need to study thier project, road maps, advisors, invesment amount, the promotion offered at the market and etc have to be analysed before handing over the documents to the ICOs. This would certainly help  be secured with scam ICOs.