Are You Afraid of KYC?

[btcmegastar]

No, i am not afraid of KYC because before buying the coin i will check whether i need to pass the KYC, most of the major companies are asking for KYC till now. When we ask the company they are kept saying we are asking KYC for internal audit, maybe they need to submit this information if they face any problems with the government.

[Fatunad]

No, i am not afraid of KYC because before buying the coin i will check whether i need to pass the KYC, most of the major companies are asking for KYC till now. When we ask the company they are kept saying we are asking KYC for internal audit, maybe they need to submit this information if they face any problems with the government.

It is already a different talk when we do mention about major companies which i do somehow entrust my personal informations with them yet they do really need to comply with the government but as we speak into new companies or groups which do ask the same thing it would really give us some doubts and same as yours im not really afraid on KYC as long you do know how to choose up a worthy project even they do ask documentations its just fine but always mind up on the risk when submitting something online.

[leopard2]

OP is kidding right?

How would you not be scared to send your ID documents to some company who

a) will for sure send that to authorities so they can get you in hot water. Even if you think you do nothing illegal now, who guarantees you that crypto is not outlawed in the future, and they come for you?

b) possibly also fall into the hands of (non-government) criminals who can then do horrible things with these ID documents?

KYC is the biggest single risk when transacting in crypto. Just ask Coinbase customers how they felt when their documents were sent to IRS. Or ask Gox users, when Gox was hacked and ID documents were sold on Darknet markets. Or users of Indian exchanges, when government goons came and copied their customer databases!!

KYC is good for the government, it is very bad for the consumers...

[PropertyClub]

OP is kidding right?

How would you not be scared to send your ID documents to some company who

a) will for sure send that to authorities so they can get you in hot water. Even if you think you do nothing illegal now, who guarantees you that crypto is not outlawed in the future, and they come for you?

b) possibly also fall into the hands of (non-government) criminals who can then do horrible things with these ID documents?

KYC is the biggest single risk when transacting in crypto. Just ask Coinbase customers how they felt when their documents were sent to IRS. Or ask Gox users, when Gox was hacked and ID documents were sold on Darknet markets. Or users of Indian exchanges, when government goons came and copied their customer databases!!

KYC is good for the government, it is very bad for the consumers...

If we're only looking at ICO's KYC/AML is pretty much mandatory right now. I can tell you that no respectable law firm will work with your ICO if you don't do it at the moment and there's a good chance you'll have the SEC or local government regulators knocking on your door as well.

[Suharti12]

My concerns are one of them is the same as you, and sometimes we are also difficult if KYC requires us to use passport to fill KYC, because we do not necessarily have it.

[Vektrum]

In order to have the right to collect the identification data of citizens, the ICO teams themselves must undergo an appropriate check, which would make it possible for investors to be sure that they are transferring their digital money to fraudsters. The situation with the conduct of the KYC audit by the ICO development team was very threatening. According to various estimates, the teams conducting ICO are themselves scammers from 30 to 80 percent of cases and collect from investors not only their money, but also their personal data with copies of documents. Here, state bodies must intervene and finally put in order.
As for the identification of a person when performing operations with the crypto currency on exchanges and exchangers, it seems that in most of them we will really have to provide our personal data. The situation can be mitigated by decentralized exchanges and exchangers located in countries where there is no such requirement, for example, offshore zones.

[Hexah]

I guess not but in terms of its anonymity there is and some potential risk on security as well as privacy if documents and personal information will not be protected by the company or platform you'll send your information.

[imsotiredofmoviereboots]

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?

For me, passing my documents for KYC is already accepting the fact that it would be stolen. I'm sorry but I can trust any of the companies for now because security is still a big issue that we are all facing so if only they'll fix that then maybe I'll change my mind.

[sheenshane]

For me, passing my documents for KYC is already accepting the fact that it would be stolen. I'm sorry but I can trust any of the companies for now because security is still a big issue that we are all facing so if only they'll fix that then maybe I'll change my mind.

There's nothing wrong with KYC I guess, as long as your passwords of the email address was not there or just your private key.
If you are worried about that your ID passed or picture it the same like you are making social media account right? Like FB and Twitter, you almost have shown there your information in the profile.
KYC is good to avoid doing illegal activities that's why they implement KYC (Know Your Client) because scammers are everywhere and you don't know maybe also abusers.

[STT]

>>a) will for sure send that to authorities so they can get you in hot water. Even if you think you do nothing illegal now, who guarantees you that crypto is not outlawed in the future, and they come for you?

b) possibly also fall into the hands of (non-government) criminals who can then do horrible things with these ID documents?

There needs to be a set process to KYC so that Identity documents cannot be sold on as a commodity by these businesses demanding KYC information from their customers.   Like we saw with Facebook recently this is always possible that personal information can be used for commercial reasons to target certain users.

Hopefully it should be the case criminals can obtain this information but also there should be a protocol to KYC agreed on by all crypto participants where documents are destroyed after processing and confirmation of that person.  That seems best rather leaving it a liability for the consumer to deal with and also for the business who must now avoid being hacked of this info.

A business should not be able to profit from KYC demands.  I understand if a company must comply with some regulation but its also possible they seize funds and never enable the customer to regain access which should never be possible.

I'll be starting a petetion to gather signatures from the crypto community on this issue, so a due process is agreed across the industry.

[Arkyo]

I do not take part in the ICOs, where you need to pass the KYC procedure.  In addition, KYC is absolutely contrary to the idea of cryptocurrency anonymity . There are already examples of how some ICO scammers have used this information to sell on the black market.

[deardr]

no problem with KYC

[margarita_free]

What they could doing with your personal data?
They couldn't :

- open your wallts
- take credit from you
- doing something bad from your name.

There is no one reasons to fear KYC 

[GhostWithin]

In this procedure, there is nothing to worry about, but you need to monitor to whom you transfer your data and not scatter anywhere

[Kanvashardas]

I don't see the point of taking people KYC. I have enough courage to invest my money in some projects that have no guarantee that it will be successful, but giving my KYC is a little bit too much. I'm very picky to whom I will give the KYC.

[paresh nakar]

yes its afraid but its necessary to all country because fraud cases are control so it would be more helpful

[deslt]

you know I'm starting this new project
It's actually about how to solve this... but I am stuck (financially)
maybe some of you could check out my proof-of-human idea and give me a hand

https://github.com/desLT/dID

[Notcalculator]

it's concerning in a way that there are lots of exchanges being hacked now a days. If the government would require them to to implement such measures they should also take steps on making sure that the data we give them remains secure. However i do see why it's necessary. It's probably the only way to combat money laundering.

[jhongzjhong]

it's concerning in a way that there are lots of exchanges being hacked now a days. If the government would require them to to implement such measures they should also take steps on making sure that the data we give them remains secure. However i do see why it's necessary. It's probably the only way to combat money laundering.

I think the reason why having KYC implementation is to know more their client because there are some places that cryptocurrencies are banned so they think that to avoid users bypass the law much better to fill up the form of KYC. Anyway, KYC is not giving all you information that you have or might be lead by hackers access your account.
By KYC also monitor their participants for possible hacking or hack other member.

[ronealdenila]

KYC is what I hate most though it's really important to the project to know which user is a bot or not and what i'm scared of this maybe they will use our information to the bad things which can lead us to mistake.