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Author Topic: KYC Demands - How Safe are my Personal Details submitted?  (Read 130 times)
desmonddesk1
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June 25, 2018, 10:49:32 PM
 #1

I am new to crypto guys. Some exchanges and high paying bounty sites are requiring KYC before you can claim your reward. What do you all advice?

I have recently been having some serious thoughts about the safety of my personal information supplied for KYC. Who else has ever thought about identity theft? Or am I the only one considering this? What if a scammer uses your details submitted for KYC to perpetrate some massive scam job and you are being hunted sooner or later for what you know nothing about? What's your say? 🏾‍

★ PRiVCY ➢ Own Your Privacy! ➢ Best privacy crypto-market! ★
✈✈✈[PoW/PoS]✅[Tor]✅[Airdrop]✈✈✈ (https://privcy.io/)
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June 25, 2018, 10:56:05 PM
 #2

I think it is safe to upload your documents to exchanges specially the big exchanges like Bittrex, Binance, and so on .. . Regarding ICO that requires KYC I usually do not join them but it became common requirement for most good ICOs to pass there KYC, I believe that with big known ICOs that have known strong team your documents is safe, they are most likely gonna raise millions of dollars I do not think they will be interested in selling our identity to collect few bucks . Also we kinda have no more options as I stated most if not all good now ICOs require KYC, they are just playing it safe .

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glowing10
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June 26, 2018, 06:11:48 AM
 #3

If you are submitting the details to the old and well known exchanges than it is safe. But if you are submitting to some newly open exchanges or to the one which is not heard or something which is fishy than you will be doing at your own risk. So better to avoid such instances else you will regret later.

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June 26, 2018, 06:18:26 AM
 #4

My advice is, treat all of these platforms with the highest possible distrust. If they are asking for your private details, then ask back for all their agreements on these details, how they are kept and what they will be used for and how you can ask them to remove it later. Make sure the company has a legal entity (that is, a company that you can verify or locate). This is so that, in case you are not able to ask them to remove the data later, as is will be your right, you can always report or lodge complaint with the right authority.

If they cannot provide any of that. Don't. Not worth it.

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buwaytress
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June 26, 2018, 09:18:15 AM
 #5

Bear in mind that most companies, exchanges, and even ICOs at the moment, actually do not have the right to request for your personal details, or do not yet provide sufficient requirements to protect your data. I'm talking about GDPR now, which likely affects all these companies, since they operate with EU markets. These requirements extend to you, and you should be aware of your own rights (particularly, the right to opt out or request removal of your data, once the purposes of KYC have been met).

How safe they are? You actually have no real way of finding out until enforcement gets to see their audits or you request information on how it is stored and secured. They must legally produce this to their monitoring authority anyway.

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June 26, 2018, 10:42:51 AM
 #6

Just a tip don't you ever send any KYC documents to the projects that doesn't have enough credibility, if they're legit or not, etc.

Even the facebook (Mark Zuckerberg) itself uses our personal information or our privacy right? There's no safe place in the internet and also a KYC documents is just for investors they used it to avoid money laundering also to know if the person itself is a legit investor to know their credibility. (Just according to my opinion)

So be careful on sending your personal information to the internet because if you've made a mistake and share it to someone unworthy they may use it to scam others or use your identity (Identity theft)
desmonddesk1
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June 26, 2018, 11:16:01 AM
 #7

My advice is, treat all of these platforms with the highest possible distrust. If they are asking for your private details, then ask back for all their agreements on these details, how they are kept and what they will be used for and how you can ask them to remove it later. Make sure the company has a legal entity (that is, a company that you can verify or locate). This is so that, in case you are not able to ask them to remove the data later, as is will be your right, you can always report or lodge complaint with the right authority.

If they cannot provide any of that. Don't. Not worth it.

This is helpful. It is becoming  a common requirement and it leaves me very sceptical. I will follow your advice on this. That's if they ever get to reply.

★ PRiVCY ➢ Own Your Privacy! ➢ Best privacy crypto-market! ★
✈✈✈[PoW/PoS]✅[Tor]✅[Airdrop]✈✈✈ (https://privcy.io/)
desmonddesk1
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June 26, 2018, 11:19:31 AM
 #8

Just a tip don't you ever send any KYC documents to the projects that doesn't have enough credibility, if they're legit or not, etc.

Even the facebook (Mark Zuckerberg) itself uses our personal information or our privacy right? There's no safe place in the internet and also a KYC documents is just for investors they used it to avoid money laundering also to know if the person itself is a legit investor to know their credibility. (Just according to my opinion)

So be careful on sending your personal information to the internet because if you've made a mistake and share it to someone unworthy they may use it to scam others or use your identity (Identity theft)

This is exactly my point. They some fraudulent individual coming in contact with my private documents or any one else's may use it negatively. If I need KYC to participate in bounty it is too much a requirement and I don't like it. How come more and more sites is requiring it now. This is risk I think.

★ PRiVCY ➢ Own Your Privacy! ➢ Best privacy crypto-market! ★
✈✈✈[PoW/PoS]✅[Tor]✅[Airdrop]✈✈✈ (https://privcy.io/)
desmonddesk1
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June 26, 2018, 11:24:40 AM
 #9

Bear in mind that most companies, exchanges, and even ICOs at the moment, actually do not have the right to request for your personal details, or do not yet provide sufficient requirements to protect your data. I'm talking about GDPR now, which likely affects all these companies, since they operate with EU markets. These requirements extend to you, and you should be aware of your own rights (particularly, the right to opt out or request removal of your data, once the purposes of KYC have been met).

How safe they are? You actually have no real way of finding out until enforcement gets to see their audits or you request information on how it is stored and secured. They must legally produce this to their monitoring authority anyway.

Thank you for the in put. Regarding my right on internet, cryptocurrency and bounty involvement. Is there a guiding document that stipulates these rights? Becuse I don't know my right on this really. And just so you know, these details, once submitted I do not seem to know when it could be withdrawn. It may be with them for as long as they exist. With is another concern here.

★ PRiVCY ➢ Own Your Privacy! ➢ Best privacy crypto-market! ★
✈✈✈[PoW/PoS]✅[Tor]✅[Airdrop]✈✈✈ (https://privcy.io/)
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June 26, 2018, 04:43:15 PM
 #10

I think it is safe to upload your documents to exchanges specially the big exchanges like Bittrex, Binance, and so on .. . Regarding ICO that requires KYC I usually do not join them but it became common requirement for most good ICOs to pass there KYC, I believe that with big known ICOs that have known strong team your documents is safe, they are most likely gonna raise millions of dollars I do not think they will be interested in selling our identity to collect few bucks . Also we kinda have no more options as I stated most if not all good now ICOs require KYC, they are just playing it safe .

Cryptocurrency promised us decentralized platforms and as such anonymousity should be promoted. I also was wondering why the need for KYC why I wish to remain anonymous in an anonymous platform.
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June 27, 2018, 11:08:15 AM
 #11

Bear in mind that most companies, exchanges, and even ICOs at the moment, actually do not have the right to request for your personal details, or do not yet provide sufficient requirements to protect your data. I'm talking about GDPR now, which likely affects all these companies, since they operate with EU markets. These requirements extend to you, and you should be aware of your own rights (particularly, the right to opt out or request removal of your data, once the purposes of KYC have been met).

How safe they are? You actually have no real way of finding out until enforcement gets to see their audits or you request information on how it is stored and secured. They must legally produce this to their monitoring authority anyway.

Thank you for the in put. Regarding my right on internet, cryptocurrency and bounty involvement. Is there a guiding document that stipulates these rights? Becuse I don't know my right on this really. And just so you know, these details, once submitted I do not seem to know when it could be withdrawn. It may be with them for as long as they exist. With is another concern here.

There are several documents that provide guidance... and these are all specific to GDPR, which doesn't exclude internet, crypto, bounty, etc. Almost every single service you use now that collects so much as your IP address, must now be compliant to this new data privacy regulation (point stressed on regulation, not a mere guideline).

This is a simple starting point for you as an individual: https://ico.org.uk/for-organisations/guide-to-the-general-data-protection-regulation-gdpr/individual-rights/

In particular, you should refer to the right to erasure (or the right to be forgotten). While not absolute, the people whom you give your data to must be able to demonstrate cause for keeping your data, should they refuse to erase.


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June 28, 2018, 10:14:45 AM
 #12

I think it is safe to upload your documents to exchanges specially the big exchanges like Bittrex, Binance, and so on .. . Regarding ICO that requires KYC I usually do not join them but it became common requirement for most good ICOs to pass there KYC, I believe that with big known ICOs that have known strong team your documents is safe, they are most likely gonna raise millions of dollars I do not think they will be interested in selling our identity to collect few bucks . Also we kinda have no more options as I stated most if not all good now ICOs require KYC, they are just playing it safe .

Cryptocurrency promised us decentralized platforms and as such anonymousity should be promoted. I also was wondering why the need for KYC why I wish to remain anonymous in an anonymous platform.

There are other company who requires KYC due to regulation on certain countries but this KYC and we must be careful upon giving our data's since some of the ICO companies are placing that just to steal someones information. We need to be careful on this since Privacy is more important than money and we should be vigilant always and stay cautious or else we maybe slowly digging our own graveyards if we are so fool to research on the companies who requires it to do so.


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June 29, 2018, 10:26:26 PM
 #13

I am new to crypto guys. Some exchanges and high paying bounty sites are requiring KYC before you can claim your reward. What do you all advice?

I have recently been having some serious thoughts about the safety of my personal information supplied for KYC. Who else has ever thought about identity theft? Or am I the only one considering this? What if a scammer uses your details submitted for KYC to perpetrate some massive scam job and you are being hunted sooner or later for what you know nothing about? What's your say? 🏾‍
For KYC requirement on exchanges i do feel somehow safer but not totally 100% since they do only ask KYC when you are upgrading your account and you can still use them without any verification but there are some exchange which it is mandatory.Most of them are regulated which is somehow we would be confident on the risk of leakage of such personal informations but risk will be there if those info is mishandled.
For bounty or ICO's then this is the thing would really put me on hesitation risk is higher thats why im really out when we do talk about KYC on investment unless on some exceptional situations.


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July 01, 2018, 07:07:03 AM
 #14

I am new to crypto guys. Some exchanges and high paying bounty sites are requiring KYC before you can claim your reward. What do you all advice?

I have recently been having some serious thoughts about the safety of my personal information supplied for KYC. Who else has ever thought about identity theft? Or am I the only one considering this? What if a scammer uses your details submitted for KYC to perpetrate some massive scam job and you are being hunted sooner or later for what you know nothing about? What's your say? 🏾‍

Your personal details are safe with a third party until the day you discover they have been sold. It does not even have to be an ICO or exchanges, just be rest assured that your details will be used for nefarious activities one day as long as you keep on submitting KYC on every platform that exist.

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July 02, 2018, 10:30:58 PM
 #15

I am new to crypto guys. Some exchanges and high paying bounty sites are requiring KYC before you can claim your reward. What do you all advice?

I have recently been having some serious thoughts about the safety of my personal information supplied for KYC. Who else has ever thought about identity theft? Or am I the only one considering this? What if a scammer uses your details submitted for KYC to perpetrate some massive scam job and you are being hunted sooner or later for what you know nothing about? What's your say? 🏾‍

Your personal details are safe with a third party until the day you discover they have been sold. It does not even have to be an ICO or exchanges, just be rest assured that your details will be used for nefarious activities one day as long as you keep on submitting KYC on every platform that exist.
It never would be safe when you already pass up those informations into other hands.We have seen even on this forum that theres some do sell out email list- Im not still able to see selling out informations publicly but usually this do happen underground or on blackmarket.This is completely illegal in any sense but we cant do nothing if info is on others hands,it can be used on any purposes they do like.

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July 04, 2018, 12:19:49 AM
 #16

I am new to crypto guys. Some exchanges and high paying bounty sites are requiring KYC before you can claim your reward. What do you all advice?

I have recently been having some serious thoughts about the safety of my personal information supplied for KYC. Who else has ever thought about identity theft? Or am I the only one considering this? What if a scammer uses your details submitted for KYC to perpetrate some massive scam job and you are being hunted sooner or later for what you know nothing about? What's your say? 🏾‍

This has been the serious problem for everyone since KYC verification has been implemented into several exchange and ICO's. Identity theft would be the first thing that comes up to our mind, but have you ever though that most of the people around the world are already exposing their identity through social media in a more detailed way?
KYC verification enables us to be protected legally financially. But, I understand the risk as well, I might not use an ID verification that contains a very essential information such as SSN, instead I'll be using company ID's and such alike. I am in between the line of favoring KYC and not, as long as the ICO's and exchanges doesnt ask for too much information, then that would be partly fine, but the risks are always there.
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July 04, 2018, 01:50:44 AM
 #17

In my opinion, you should check first if it is legit. It is using your personal information thats why you should check its background of the company or how long does it exist.
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July 08, 2018, 08:04:47 AM
 #18

Hmmmm.... almost all ICOs use KYC this days... what really are they doing with our details.?
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July 11, 2018, 08:52:57 PM
 #19

I am new to crypto guys. Some exchanges and high paying bounty sites are requiring KYC before you can claim your reward. What do you all advice?

I have recently been having some serious thoughts about the safety of my personal information supplied for KYC. Who else has ever thought about identity theft? Or am I the only one considering this? What if a scammer uses your details submitted for KYC to perpetrate some massive scam job and you are being hunted sooner or later for what you know nothing about? What's your say? 🏾‍
If you are not ready to work with KYC,then you have nothing to do on the crypto market.Recently, KYC is required even for many bounty hunters,not to mention investors. I am sure that in a year or two KYC will be almost 100%. This is due to the constant attempts of many countries to introduce regulation of the crypto sphere. Naturally, on this way some of our personal data can be stolen. But again,if you are afraid of this, you have nothing to do in this market.

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July 26, 2018, 12:19:14 PM
 #20

It sounds easy to do in real from their side. I also was wondering why they need for KYC why I wish to remain anonymous in an anonymous platform. Cryptocurrency promised us decentralized platforms and as such anonymity should be promoted.
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