Are You Afraid of KYC?

[Ozero]

The KYC check was often previously used by unscrupulous ICO project teams in order not to pay earned tokens to bounty hunters. Since June of this year, the FATF recommendations came into force that such a check should be applied to transactions worth more than one thousand euros. Very rarely, bounty hunters earn more than one thousand euros in new tokens for participating in ICO bounty campaigns. Therefore, I hope that bounty hunters will practically not be asked to pass the KYC test, and we will have one less problem.

[fvb]

At the moment, all and Sundry use the KYC. Even airdrop began to use this method and now I have to make a choice. Whether to make the company Bounty or Airdrop. I understand verification on the exchange. But to distribute your data for all I don't disagree. So you have to be careful of scammers at every turn.

[7788bitcoin]

If it is about doing kYC for an exchange site, I will willingly do it without any problem but if it is for a bounty campaign, I won't participate in it cos you might be giving out your ID to fraudulent fraudsters trying to look real

There were many bounty projects that asked for your KYC in the past claiming that they are doing that in order to prevent against bounty abuse and that was the scammers pitch and god knows what they were going to do after collecting all these identification, there were many who submitted their identification for a few cents and i am not comfortable verifying my ID in each and every exchange and the worst is gambling sites asking for it radomly.

[tourist2079]

I am not afraid of KYC, because I understand the need for this procedure, it at least creates the appearance of compliance with the law. Everyone knows that KYC is not an absolute security system and there are weaknesses in it, but new rules appear and now all exchanges must establish the identity of the recipient and sender of the cryptocurrency and also monitor their transactions.

[reliable]

If it is about doing kYC for an exchange site, I will willingly do it without any problem but if it is for a bounty campaign, I won't participate in it cos you might be giving out your ID to fraudulent fraudsters trying to look real

Giving KYC can turn out to be dangerous things as you do not know to whom you are giving it and how they can use it. Unless if its most trusted site or you know any one form the site and has being full trustworthy then only one ca think to do KYC, else many of them would not be interested in doing KYC because of the misuse which can happen.

[dansus021]

i also afraid when site that used to collect our KYC got hacked or selling to third party and all our data leaked out. and yeah you can do anything with that.

and in my country itself you can get easy loan just using your ID and selfie holding your ID what will happen if hacker or someone who have our data to do loan and run away who's gonna paid for it except us.

and right now even you want to join airdrop or bounty program you need to do KYC 

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[Spaffin]

i also afraid when site that used to collect our KYC got hacked or selling to third party and all our data leaked out. and yeah you can do anything with that.

and in my country itself you can get easy loan just using your ID and selfie holding your ID what will happen if hacker or someone who have our data to do loan and run away who's gonna paid for it except us.

and right now even you want to join airdrop or bounty program you need to do KYC 

I share your concern regarding the safety of personal data.Lately, I have observed a very interesting situation when new projects in which I participated as a Bounty Hunter, to date show very good results, but at the same time no one asked me to provide my passport data and Cartesi can be cited as an example. And if you remember such projects as BCNEX, DOGEX, then in this case you had to provide KYC and at the same time these projects probably died and no one will be sure that his passport data is safe and sound.

[dansus021]

~SNIP~

I share your concern regarding the safety of personal data.Lately, I have observed a very interesting situation when new projects in which I participated as a Bounty Hunter, to date show very good results, but at the same time no one asked me to provide my passport data and Cartesi can be cited as an example. And if you remember such projects as BCNEX, DOGEX, then in this case you had to provide KYC and at the same time these projects probably died and no one will be sure that his passport data is safe and sound.

yeah people like us bounty hunter for living its kinda dangerous right, when the project like you mention before died, and if you know not just the coin but there's some new exchange popped off right now and ask you before u trade and if u remember there some exchange even the bigger too got hacked that what i consider

[Upgate]

KYC on big exchange, I can easily send out my documents to them. But if it for ICO's project, it's a big NO for me. Cryptospace has about 90% scam project. Sending my identity to them is like exposing myself to danger for penny gains which am not ready for the dilemma that will come out from it.
I learnt my lesson in a big way when I did a KYC verification test with an ICO project not knowing it's a scam project

[husencoe]

I am also worried about KYC which is often asked about at this time when participating in bounty projects, because it could be that our personal data is used for negative or illegal things, hopefully there is security about our personal data.

[arandon]

KYC on big exchange, I can easily send out my documents to them.

No shit. Have you not heard of the Binance KYC leak?

hopefully there is security about our personal data.

LOL

Have you bothered to google "KYC data leaks"?

I am not afraid of KYC, because I understand the need for this procedure, it at least creates the appearance of compliance with the law. Everyone knows that KYC is not an absolute security system and there are weaknesses in it, but new rules appear and now all exchanges must establish the identity of the recipient and sender of the cryptocurrency and also monitor their transactions.

Another example of brainwashing. KYC is NOT FOR YOUR SECURITY.

KYC is so exchanges can cover their ass.

KYC works AGAINST YOU.

Google all the KYC data leaks.

Then ask yourself what happens to all the hacked and failed and exit-scam exchanges that have KYC data. Do you think they've securely shredded it? Ahaha. Go to some darknet markets and see how easy it is to buy KYC data (IDs, passports etc.) Where do you think some of that data is coming from?

We don't NEED KYC any more. The DEXes have arrived.

If we all said FUCK YOU to KYC and centralized exchanges, DEX would have have a shitton of volume too.

[Oppo57]

The kyc method needs to be simplified a bit. Through what has happened many of our legal documents must have gone to a group. Many of our legal documents must go to a group through kyc. This can lead to problems in the hands of bad people in their own country or anywhere else. So KYC method needs to be made very simple.

[Melloiga]

Here is my take on this. I think exchanges and companies asking for KYC is normal now as they're required to do this by law. And even though they promise that our personal data is safe. We all know that it is not the case. Many companies were hacked in the past where they themselves claimed that they lost all the personal data. And they sometimes blame a bad employee. Who knows they might have even sold it themselves.

But this is why I think we should always send our documents watermarked with stamped date and usage. Many companies don't allow this. Then I'd say that those companies are not worth using. You can have my data but I will not let you misuse it. So, next time some exchange asks you for KYC, tell them that you're going to put a watermark on it and if they allow that, send it. Otherwise leave it.

[Spaffin]

Of course, there is no end to my indignation if the team requires the Bounty Hunters to provide KYC, especially if the reward for the work does not exceed $ 50 or $ 100. This is generally some kind of chaos. But if my activity brings a thousand dollars or more, then in order to use these funds, one way or another I will have to provide KYC in order to avoid problems with the law, and in this case I calmly react to this. In any case, if I see the results and therefore understand why I provide passport data, and not in the case I mentioned above.

[BayAreaCoins]

KYC is extremely dangerous in the Bitcoin world.  Trade local and you can avoid all that.

People who are asking for social security #'s for $50 transactions are criminals 9 times out of 10.

[Igor17Krik]

It seems to me that our passport data is already known to everyone. I am not very worried about this, but I do not provide them to everyone.
Of course there are a lot of scammers. And they can do whatever they want with our data.

[AOL]

Neither I have ever done KYC, nor I will ever do. Long live P2P exchanges.

[Upgate]

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?

The issue of KYC is one of the challenging factor affecting crypto accessibility globally due to majority of individuals are scared to disclosing their identities to exchanges or ICO's.
People wants to get involve in crypto but they are not willingly to give out their identity freely.
No demand of KYC for trading is one of the reason uniswap exchange is on the rise now 

[Defimwh]

I honestly fine if KYC is needed on exchange. Because i think it's gonna be safe if it's on big exchange like binance, but there's no guaranteed for that. also KYC can help when your account hacked or even the exchange get hacked like what just happen lately with kucoin. if this happen what they can do is lock your account or the balance, and when you want to claim it back you need to give new KYC that matched with prevous KYC. but i do not want KYC on Bounty or ICO.