Are You Afraid of KYC?

[philipma1957]

KYC is terrible if the company taking your kyc is hacked or if they sell your info you can be doxxed.


I am doxxed with a false statement about me.  But the info on my name and address is correct.

I know it is one of 5 or 4 kyc people that could have caused this.

The phone number in the dox is an older number I no longer use.

Facebook
Yahoo
Bitmain
Binance
Cryptopia

All had my name and address and the older phone number. All were “hacked”

So now the dox shows up and I can’t do much at all.

The website won’t take info down and does not reveal the Doxer to me.

Worst is it simply is not true.
So I wonder what happens next.

[Whittiesense]

Hello There! This is a very old post but fortunately it popped up among the top topics in this section. No i'm not afraid. I do understand that KYC vet requires some sensitive information so i get skeptical when i'm required to input my BVN (bank verification number) details, especially when the projects/exchanges are not well known or trusted yet. So i do research concerning that project/exchange , ask questions from trusted and reliable sources before i complete the process. But if the company/project is running their ICO and requires KYC vet... Its a NO-NO for me.

[elisabetheva]

the only thing that concerns me is my vital information will be made public or a third party which has nothing to do where I submit my information will have access on it, I am ok with doing KYC to a bank because they are compliant but never to ICO which admin we don't know are indeed real.

I also feel what you are afraid of what will happen with KYC, because after all giving personal data to people we do not know is very dangerous, especially those who ask we do not know that their credibility is different from that of banks that certainly can be trusted. the problem is that the number of crypto is not explicitly there will be KYC when it starts but after the middle they ask. so finally I was very disappointed about that, because I didn't like KYC.

[jvdp]

the only thing that concerns me is my vital information will be made public or a third party which has nothing to do where I submit my information will have access on it, I am ok with doing KYC to a bank because they are compliant but never to ICO which admin we don't know are indeed real.

I also feel what you are afraid of what will happen with KYC, because after all giving personal data to people we do not know is very dangerous, especially those who ask we do not know that their credibility is different from that of banks that certainly can be trusted. the problem is that the number of crypto is not explicitly there will be KYC when it starts but after the middle they ask. so finally I was very disappointed about that, because I didn't like KYC.

KYC is the process of collecting data and selling it to the information centre. Apart from that nothing helpful for anyone.

If the people want their wallet to be secured they can enable the sms authentication and google authentication. I am not sure why people getting the KYC verification for decentralized exchanges and wallet. If they want to verify it for centralized things means we can do the KYC with the government protocol site.

[blockchaincroatia23]

I m not afraid of KYC but still prefer exchanges without it. Use to trade on Kucoin, but not anymore.
That's simply what I want to stay anonymous

[blockchaincroatia23]

^^ I prefer that option where an established KYC processor is employed to verify and they have a standard to maintain while doing so.   Obviously many companies are new during an ICO and not ideally suited to the task

This becomes a real problem for me. Why should they be interested in my personal data at all? And what if I have many accounts?

They require personal data primarily to off set any worries on laundering or even criminal activity.  With the rise in BTC and ETH prices came larger interest from many sections of the normal economy including tax and revenue for governments.   Companies want to stay compliant with laws in countries they operate so theres that strong incentive for them.

I also want to have a few accounts, moreover price of btc/eth raise about 2-3 years ago, but companies mostly start KYC one year ago

[CryptoBry]

^^^ I am not surprised. I have seen this many many times here in Bitcointalk. These bounty campaigns never mention about KYC in the beginning. And initially they are supposed to run for one or two months. They extend this duration several times and in the end the campaign which was supposed to be over in one month takes more than one year. And once it is clear that they can't extend the campaign anymore, the next trick is revealed. KYC. They announce that KYC is mandatory, in case the participants want to receive their rewards. Now this KYC process is going to take a few months and by then the team will be able to complete the ICO process, pocket the funds, and vanish. Here KYC is one of the many tools being used to scam people.

There had been many victims of this whole mess. In this connection, KYC became the tool to limit what they are supposed to distribute to bounty participants as there can be some that can't and will not do KYC. I know of some projects that promised no KYC but after the end of the crowdsale they changed their stance without consulting the participants. And what can be worse than seeing the project gone from here to nowhere...executing the exit scam so they can themselves enjoy the money they generated leaving their loyal investors nothing but empty plastic bags. Sadly, these many problematic projects made the ICO platform very bad and messy stuff.

[Iqra.s]

I don't get afraid anymore from KYC now it's secure for everyone
It's saved and secure

[Jan_Vl]

I don't get afraid anymore from KYC now it's secure for everyone
It's saved and secure

We shouldn't be afraid, but we should be careful with our information and know that the uploaded documents are in safe

[yohananaomi]

I don't get afraid anymore from KYC now it's secure for everyone
It's saved and secure

Maybe you are the one who does not mind that your data will be misused by people who might not know you yourself. that is the principle of you but I still cannot trust 100% that with Kyc there will be no misuse of it. because we know a lot of projects that fail and have asked Kyc from the beginning, what about things like this.

[Tylev]

At present, KYC is a procedure that must be completed by every investor and bounty hunter.
I am a bounty hunter, apprehensions that I face in resolving KYC is when I cannot pass KYC to get some ICO token.
However, with KYC all the actors involved in the ICO, can prove that they are not fraudsters or bots. It is feared that the absence of this procedure could increase the losses incurred by ICO's company.

I wonder what your confidence is based on, and that every bounty hunter must go through the KYC verification procedure while participating in the ICO bounty Can you specify a regulation that obliges us to do this, or is your confidence based only on what others say? I advise you not to repeat nonsense, if you yourself are not convinced of this.
KYC checks should only be carried out in order to prevent the laundering of dirty and to combat the financing of terrorism. With some other good intentions, for example, to identify violators of the rules of this forum, the KYC check should not be carried out. Sometime the procedure for checking KYC will be established, but for now the ICO teams simply abuse their right, taking advantage of the fact that this activity of the ICO is not yet regulated by the states.

[Spider A4]

I will soon do a KYC in Adabsolutions, I believe in the project and have promoted the project for 4 months I don't want all my efforts to go to waste and besides, Adabsolutions is one project that I believe has a good potential even though some people think it's a scam, it's everyone for himself when it comes to investing.

You are talking about the Adab exchange, right? I would be more cautious, as the user who had posted the ANN and bounty threads is having red-trust. Also, I checked their bounty thread and there is no requirement for KYC there. If SOME people think that it is a scam, then study the allegations carefully before sending your scanned copy of the passport to them.

EDIT: I think that the Adab project is indeed a scam.

Their first bounty campaign ran for almost one year and became dead last month. Obviously, no one received any reward. The thread is here:

https://bitcointalk.org/index.php?topic=4722627.0

The second bounty campaign is currently running:

https://bitcointalk.org/index.php?topic=5133048.0

for further details on whether the project is scam or not, we better discuss it at the forum

Scam Accusations, Reputation |

so those who know about this project give the truth of the project ... is it a scam

Also i know that ADAB is a SCAM project but this project IEO started in two big exchange and 5 million raised from 1st round.
Yeah it's long time project around 1 year but again started new bounty lol.
https://medium.com/adab-solutions/the-second-round-of-the-ieo-on-bitforex-exchange-cef92e4cd979
https://medium.com/adab-solutions/the-second-round-of-the-ieo-on-bit-m-exchange-23704a45f546

[lepbagong]

Until now there are still many who argue between those who are not the problem and those who blame. for me until now kyc is still a scourge that cannot be considered trivial, because this is personal data that is sent without us being able to find out who is responsible for the data and for what data it will be used for. because a lot of asking but there is no continuation with what has been requested because many projects currently fail in the middle of the road and even after ico.
where is our personal data if it happens like this?

[diazepam666]

Not only me people whoever wants to stay ANONYMOUS will never wish to sign up the KYC at any site or anywhere unwantedly.

Here on this forum also people signing up with the kyc details to get the few tokens in the airdrop campaigns. These kind of greediness makes the people supress among the centralized marketplace.
Now it is affecting the decentralized market as well.

[bitcoindusts]

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.

Its true, and even if you know for sure that the company you are trusting your personal information documents with have a good background, still you could not be sure that these informations will not slip out of their hands. You know, you don’t know the people processing your KYC even though you know the company. They can use it for their personal interest and you can just be shocked that one day someone  has used  your identity already for some illegal activities.

[phamminhtan]

I am not afraid of KYC but I am concerned about the security of user information, it can be used illegally for many different purposes, adversely affecting users.

[ambcoin]

Certainly not.  It will boost investor confidence and investor security.  With KYC it will isolate scammers and bad people from investing.  It will promote safety environment in the crypto space.  I hope all application for ICO, bounty or airdrop should enforce KYC.  I know some people dont like KYC due to breach of personal data but this still can be control.  All in all i am in 100% support of KYC enforcement in the crypto space.

[DoublerHunter]

Certainly not.  It will boost investor confidence and investor security.  With KYC it will isolate scammers and bad people from investing.  It will promote safety environment in the crypto space.  I hope all application for ICO, bounty or airdrop should enforce KYC.  I know some people dont like KYC due to breach of personal data but this still can be control.  All in all i am in 100% support of KYC enforcement in the crypto space.

^ Were just the same here, I didn't worry about submitting KYC if I know that company is legit when I submit my personal data is safe. AML/KYC is very important to track down the possible hacks or in that kind of usual cases. And through this also it will possible minimized the hacker and scammer of the project related cases. Well, I have a strong feeling that KYC verification will become a majority document before you can join any project.

[boyptc]

I am not afraid of KYC but I am concerned about the security of user information, it can be used illegally for many different purposes, adversely affecting users.

You just have to choose the exchange or casino (if they require) that you will comply KYC.

It's truly happening that there's a black market for IDs that has been gathered somewhere because they aren't disclosing where they got it.

[lepbagong]

I am not afraid of KYC but I am concerned about the security of user information, it can be used illegally for many different purposes, adversely affecting users.

Actually KYC is right what you say need not be feared, if it is true we know who is asking and can be saved and not misused for what we do not want and we do not know in the future. but not the users you say will have a bad impact. it is difficult in the future to demand what happens with illegal data usage.