Are You Afraid of KYC?

[20kevin20]

I don't mind KYC. I understand it from a legal POV, while at the same time I just wish there will still be a way you can exchange your cryptocurrencies without having to share your personal data with ANYBODY.

However, Bittrex was a big issue for me. As soon as they put 0BTC limits for unverified accounts, except the fact that they did not even warn me through an e-mail or a website notification that they changed their policies and CHANGED MY LIMITS, they let me deposit but they didn't let me withdraw. So I sent money to their website knowing there is a 2BTC (or $2000, can't remember) limit, it all went fine, I traded my coins to BTC without any issue and .. as soon as I wanted to withdraw, they requested my ID.

So there's no need for any KYC policy to pay you, but if I want my money back I am forced to do it?

I filled in my personal details and they sent me an e-mail telling me the details aren't enough and I should send them a photo of my ID. No thanks. I'd rather lose my funds.

That's my problem with the KYC policy: the fact that it's being abused.

[geopayme]

I found that most lack the understanding of a KYC and AML, at the end, all those who peddle tokens without regulations will have issues converting their tokens to fiat currencies.

[Cimmy_revenger]

I'am so be afraid about KYC / AML because I don't know where the exchanger Will save my ID.

[Naficopa]

I'am so be afraid about KYC / AML because I don't know where the exchanger Will save my ID.

It looks like you don't even know where to ask! If you do not want to provide your personal data, just do not provide it, and if you have doubts about how and when to do it, open the thread in the appropriate place, so "Begginers & Help" - you can easily find it in the main menu of this forum.

[asus09]

I'am so be afraid about KYC / AML because I don't know where the exchanger Will save my ID.

It looks like you don't even know where to ask! If you do not want to provide your personal data, just do not provide it, and if you have doubts about how and when to do it, open the thread in the appropriate place, so "Begginers & Help" - you can easily find it in the main menu of this forum.

I am ot afraid with KYC because I know which site have to verify KYC or not, many exchange right now needed KYC but I am looking for which one exchange market site really trusted and keep safety our KYC document, like Binance and Bittrex or Gate io I think are best exchange market for KYC and trusted site for safety KYC document for the future.

[Naficopa]

I'am so be afraid about KYC / AML because I don't know where the exchanger Will save my ID.

It looks like you don't even know where to ask! If you do not want to provide your personal data, just do not provide it, and if you have doubts about how and when to do it, open the thread in the appropriate place, so "Begginers & Help" - you can easily find it in the main menu of this forum.

I am ot afraid with KYC because I know which site have to verify KYC or not, many exchange right now needed KYC but I am looking for which one exchange market site really trusted and keep safety our KYC document, like Binance and Bittrex or Gate io I think are best exchange market for KYC and trusted site for safety KYC document for the future.

You can never really be sure that your data will not leak. It is not about how much trust you have in exchanges (Binance, Bittrex, Coinbase have huge trust in community on the cryptocurrency market). Unfortunately, but history has shown that even the largest exchanges and super-secured can be hacked. And unfortunately we can't do anything about it.

[Swordsoffreedom]

I don't mind KYC. I understand it from a legal POV, while at the same time I just wish there will still be a way you can exchange your cryptocurrencies without having to share your personal data with ANYBODY.

However, Bittrex was a big issue for me. As soon as they put 0BTC limits for unverified accounts, except the fact that they did not even warn me through an e-mail or a website notification that they changed their policies and CHANGED MY LIMITS, they let me deposit but they didn't let me withdraw. So I sent money to their website knowing there is a 2BTC (or $2000, can't remember) limit, it all went fine, I traded my coins to BTC without any issue and .. as soon as I wanted to withdraw, they requested my ID.

So there's no need for any KYC policy to pay you, but if I want my money back I am forced to do it?

I filled in my personal details and they sent me an e-mail telling me the details aren't enough and I should send them a photo of my ID. No thanks. I'd rather lose my funds.

That's my problem with the KYC policy: the fact that it's being abused.

You can always put a watermark on your ID photo. They should accept it anyway, as long as name, document number etc. are visible.
Other than that, I agree, Bittrex had double standards there. I wonder if they fixed that now and they warn you before depositing BTC, that you will need to pass KYC when withdrawing.

[zahed]

Kyc is a requirement of some countries' government as it is their way of regulating or being in touch with their citizens. I am not afraid of Kyc. Presently, most of the exchanges require Kyc. I have done kyc for trusted exchange only. I don't give my kyc for airdops because most of the airdrops are scam.

YES, KYC is the mandatory in the several countries and actually it's required to protect the money laundering that's why government set it. I afraid about KYC because if somehow my documents will be misuse. You don't know your personal information is safe or not in other 3rd part companies which trusted exchanges or other any project.

[Romeotom]

Actually I'm enjoying about kyc passing because i have still all documents which need pass kyc. I think if a project going to huge successful then we can do kyc fell free. So no need to worry it's simply and easy just you need take a good movement.

[malevolent]

What's there to be enjoyable with wasting time on such useless activities? Think of all the people who can't even pass KYC because they're from a 'bad' country.

[Naficopa]

What's there to be enjoyable with wasting time on such useless activities? Think of all the people who can't even pass KYC because they're from a 'bad' country.

I think this topic is mainly about the fact that many ICO projects required KYC verification from bounty campaign participants. Unfortunately, many of them turned out to be scams and it is likely that some of them were created only to collect people's data.

If you ask me, it is because of such a large number of scams among the ICO projects I started to completely give up all kinds of registrations requiring KYC verification. I know I should think about it much earlier, but it's better now than when it's too late.

[Xxmodded]

I don't afraid of KYC beside i want it to become more strict and difficult because i could see that the current existing KYC is useless as the thieves are still able to stole from the people. I have nothing to be afraid of KYC as long as the project is legit and we have nothing to hide too.

I think why have afraid with KCY if joined with trusted site for bounty campaign, airdrop project and KYC for exchange account, I have pass many time KYC with bounty campaign project for receiving reward coins and get much profit but only with trusted bounty campaign manager and coin worth with higher price, if find coin bounty have lower price I miss KYC and not receive payment.

[Naficopa]

I don't afraid of KYC beside i want it to become more strict and difficult because i could see that the current existing KYC is useless as the thieves are still able to stole from the people. I have nothing to be afraid of KYC as long as the project is legit and we have nothing to hide too.

I think why have afraid with KCY if joined with trusted site for bounty campaign, airdrop project and KYC for exchange account, I have pass many time KYC with bounty campaign project for receiving reward coins and get much profit but only with trusted bounty campaign manager and coin worth with higher price, if find coin bounty have lower price I miss KYC and not receive payment.

Even a trusted bounty manager cannot guarantee that the project developer will not sell your data. Unfortunately, but all ICO projects are really only sturtups and we do not know what the intentions of the owners are. I avoid all projects that require KYC verification at the very beginning of their activity.

[TRONTON]

they need kyc, but official documents will never deal directly with the government of the country concerned, I have never read cases of serious violations that are revealed only through kyc (crypto), this is actually confusing even though I am not too concerned about it.

as a solution, every country is very strict with a sim card that is first activated. Kyc can use this only and don't need any other complicated documents that don't have a clear usability effect.

[hv_]

Interesting concepts for compliantly handling data / identity on the blockchain

https://www.youtube.com/watch?v=u-TzVoLbL6Y

[~Money~]

well I am not afraid of KYC but I am afraid of misuses of my documents cuz I have no idea what they will do with my documents after getting them on the name of KYC,Infect its only the reason for not going for KYC and avoid the projects where KYC is must.

[Ridwan Fauzi]

I don't afraid of KYC beside i want it to become more strict and difficult because i could see that the current existing KYC is useless as the thieves are still able to stole from the people. I have nothing to be afraid of KYC as long as the project is legit and we have nothing to hide too.

You will be safe if you have an analyst to differentiate legit and scam project. Thus far, as far as I know to differentiate them is really difficult, moreover with the project that open an airdrop and offer a lot of money. Such as an exchange, have you know there are a lot of new an exchange popping up and they give several dollar for new user and through refferal? That hard thing to guessed IMO and when you give your KYC for airdrop event you will get used to give it.

[imstillthebest]

I don't afraid of KYC beside i want it to become more strict and difficult because i could see that the current existing KYC is useless as the thieves are still able to stole from the people. I have nothing to be afraid of KYC as long as the project is legit and we have nothing to hide too.

You will be safe if you have an analyst to differentiate legit and scam project. Thus far, as far as I know to differentiate them is really difficult, moreover with the project that open an airdrop and offer a lot of money. Such as an exchange, have you know there are a lot of new an exchange popping up and they give several dollar for new user and through refferal? That hard thing to guessed IMO and when you give your KYC for airdrop event you will get used to give it.

you mean to hire an analyst ? but that would cost us  while we only want to apply for a job to earn  . we can always be analyst our self if we educate our self  well  . good for you that you are already a good analyst   .

airdrops that i join have a kyc but i choose to not give my kyc for thier pennys  . kyc is a sacred thing and we must be kyc fearing at all times  . that is the only way to lessen the scams that currently happening  . the longer we do it , scammers will get tired and  move  on  .

[suvo05]

well I am not afraid of KYC but I am afraid of misuses of my documents cuz I have no idea what they will do with my documents after getting them on the name of KYC,Infect its only the reason for not going for KYC and avoid the projects where KYC is must.

Everyone is afraid of KYC only because there is a big chance that our privet information will be misused. There are lot of situation where in name of KYC in airdrop some people collects the privet informations.
And afterall KYC simply destroys the decentralized nature of the cryptocurrencies. And now almost every trading exchanges want KYC. So it's impossible trade ignoring the KYC.

[zeingrind777]

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 have no problem with KYC in an exchange that I trust. giving personal data to large exchanges such as Binance and Kucoin, in my opinion, is not at risk. But I would never do KYC on an ICO project. Because we know that a project in ICO is very insecure even though I have never heard of a case of misuse in the ownership of other people's data in ICO, I still doubt it.