KYC challenges

[olliecrypto]

Kyc is very crucial in getting to know your customer but me i feel snapping with you holding the projects name is asking for too much, when you alrdy have a picture of you holding the ID card.

yes its needed now that projects are excluding investors from some countries like US and china.
 but a photo of us holding a projects name would really be too much, they could use it to make you appear like you are part of the team. that is going to be the most scary thing. the Id card adn a photo of you holding the ID i think is enough.

I complied to a KYC requirement of an exchange so I would increase my limits and they can verify that I'm a legit customer. Don't just send your pictures holding your ID's to a very unpopular site that you are investing.

But if the site you are sending and complying KYC is trusted and fair, I guess there's no problem with it. With projects, I don't comply with those requirements and won't join any of them. There are incidents that our identities are being sold and used for different activities that's why I no longer trust those projects.

i've heard of people selling their kyc data during and after ico's but have no articles or news stating that.
anyway you can point me to a few so i can bring them up to friends while discussing the cryptocurrency realm ?

[jrrsparkles]

If someone has a real problem with KYC then there is a chance they are doing something that is wrong or they are hiding.
There isnt much that can be done with KYC so what if someone has your ID?
People are paranoid about KYC but the truth is it is not a big deal to hand over some paperwork if you arent hiding the truth.

Don't say it is nothing wrong when someone has all our details,do you know something data of people are the most valuable thing in the world and most of the social media sites are selling our personal data to the corporates and making millions of dollars from it.

You can also find the database of KYC documents on the darkweb so we need to be careful with our documets when we are submitting KYC.

[jhongzjhong]

If someone has a real problem with KYC then there is a chance they are doing something that is wrong or they are hiding.
There isnt much that can be done with KYC so what if someone has your ID?
People are paranoid about KYC but the truth is it is not a big deal to hand over some paperwork if you arent hiding the truth.

Don't say it is nothing wrong when someone has all our details,do you know something data of people are the most valuable thing in the world and most of the social media sites are selling our personal data to the corporates and making millions of dollars from it.

You can also find the database of KYC documents on the darkweb so we need to be careful with our documets when we are submitting KYC.

Let's just accept the fact that nowadays KYC/AML is very needed for companies to avoid possible abuse. When you are making social media that is a sort of sharing your identity so why you afraid of it unless if you find out that the site was obviously fake or scam. Then in that way your responsibility to do research before submitting your personal data. My point here is choosing a legit company were to share your information and I think that is not critical if only photos and ID.

[dunfida]

If someone has a real problem with KYC then there is a chance they are doing something that is wrong or they are hiding.
There isnt much that can be done with KYC so what if someone has your ID?
People are paranoid about KYC but the truth is it is not a big deal to hand over some paperwork if you arent hiding the truth.

Don't say it is nothing wrong when someone has all our details,do you know something data of people are the most valuable thing in the world and most of the social media sites are selling our personal data to the corporates and making millions of dollars from it.

You can also find the database of KYC documents on the darkweb so we need to be careful with our documets when we are submitting KYC.

Let's just accept the fact that nowadays KYC/AML is very needed for companies to avoid possible abuse. When you are making social media that is a sort of sharing your identity so why you afraid of it unless if you find out that the site was obviously fake or scam. Then in that way your responsibility to do research before submitting your personal data. My point here is choosing a legit company were to share your information and I think that is not critical if only photos and ID.

The difference of having social media personal information is that you can have the option to fake it out compared to the things being asked out by companies which your real time would match up on the informations seen on your id or any documentation which it is entirely different thing when it comes to possible risk of identity fraud once those info would leak out.

[jrrsparkles]

If someone has a real problem with KYC then there is a chance they are doing something that is wrong or they are hiding.
There isnt much that can be done with KYC so what if someone has your ID?
People are paranoid about KYC but the truth is it is not a big deal to hand over some paperwork if you arent hiding the truth.

Don't say it is nothing wrong when someone has all our details,do you know something data of people are the most valuable thing in the world and most of the social media sites are selling our personal data to the corporates and making millions of dollars from it.

You can also find the database of KYC documents on the darkweb so we need to be careful with our documets when we are submitting KYC.

Let's just accept the fact that nowadays KYC/AML is very needed for companies to avoid possible abuse. When you are making social media that is a sort of sharing your identity so why you afraid of it unless if you find out that the site was obviously fake or scam. Then in that way your responsibility to do research before submitting your personal data. My point here is choosing a legit company were to share your information and I think that is not critical if only photos and ID.

On social media you can give any pic you want so there is no necessary it to be yours and mostly we don't upload our passport or driving license pic on the social media,Did you?
Photos will be okay to share but any identity give by government will get us in trouble when if they abuse it.

[senin]

What's your general take then!!..you support kyc or not?
Any effective ways you can recommend to making kyc procedures effective??

It is rightly written here that the KYC check should be conducted to prevent cases of money laundering and to combat the financing of terrorism. Therefore, a KYC check should be carried out only for large investors. With regard to bounty hunters, such verification is illegal. ICO teams are now overly abused by such verification, sometimes putting us in an impossible position and forcing us to provide them with our confidential data and copies of documents when such a KYC verification is announced at the end of the ICO. This can be interpreted as fraud by ICO teams. KYC verification should not be carried away, it violates the rights of people to the confidentiality of the individual and this should not be forgotten. The activity of the ICO needs to be regulated by the state.

[Tylev]

Please share any recommendations as to how to make kyc( know your customers ) effective!! and probably; is it even needed?

Bounty hunters check KYC is not only not necessary, it is illegal for them. We should not undergo any KYC checks. Such verification should be carried out only with the aim of preventing the laundering of dirty money and combating the financing of terrorism. It should not be pursued with any other, outwardly noble goals, since its conduct violates the human right to the confidentiality of the person. The KYC check is carried out by a small group of people who have temporarily united to conduct an ICO. Where and for how long will they keep our confidential data? They do not bear any responsibility for its use for mercenary purposes. In most cases, such information is not used at all. She is going to in the event that the law enforcement authorities of a country subsequently do not become interested in her and do not make the corresponding request. In fact, for the ICO team this is a dead weight and for us this represents a direct danger of its use for illegal purposes.

[Oilacris]

Please share any recommendations as to how to make kyc( know your customers ) effective!! and probably; is it even needed?

KYC checks should be conducted only for traders with large trading volumes and large investors in ICO projects. For other categories of people it is meaningless. With respect to bounty hunters, KYC checking is generally illegal. It should be used only for the purpose for which it was created - the prevention of money laundering. In any case, it cannot be used on this forum to combat the presence of multiple accounts for some users. Violation of our right to privacy cannot be justified by this.
 In general, KYC verification - this should be a problem of state bodies.

Should really be on this way but all of them do require it generally from big investors to bounty hunters which i can see it meaningless specially for bounters.Why would need such verification if

they are just part of marketing area.Just to tell my recent registration on a unpopular exchange, even withdrawing $50 do already required you to get verified.

I feel you bro . kyc is really a though thing and this is the hottest issue that we are facing nowadays  .  bounty and airdrops should be excluded in kyc's because people dont invest a money on these kind of activities  .   but it is okay if kyc can be included on wallets and exchanges even if the deposit or withdrawal amount isnt really large enough .  that is to avoid fruadsters and other illegal activities   . kyc is for our own good and it is really beneficial  if done properly  .

KYC do have advantage and disadvantage side but we are here on crypto and we know that we are aiming or do give out importance
about anonymity and giving out any personal docs is fully contrary on what we do like here on crypto space but as part of reality we are facing
these services and institutions would really need to comply on whats being asked by the government.

[greeklogos]

I do not know what you mean under the word "effect". Isn't it can be counted as effectively use of KYC instead of just let people to join incognito? The system has shown itself already and due to positive results now it seems like everyone wish to use it. That's what I call effective use of something.

[jakezyrus]

Please share any recommendations as to how to make kyc( know your customers ) effective!! and probably; is it even needed?

KYC checks should be conducted only for traders with large trading volumes and large investors in ICO projects. For other categories of people it is meaningless. With respect to bounty hunters, KYC checking is generally illegal. It should be used only for the purpose for which it was created - the prevention of money laundering. In any case, it cannot be used on this forum to combat the presence of multiple accounts for some users. Violation of our right to privacy cannot be justified by this.
 In general, KYC verification - this should be a problem of state bodies.

Should really be on this way but all of them do require it generally from big investors to bounty hunters which i can see it meaningless specially for bounters.Why would need such verification if

they are just part of marketing area.Just to tell my recent registration on a unpopular exchange, even withdrawing $50 do already required you to get verified.

I feel you bro . kyc is really a though thing and this is the hottest issue that we are facing nowadays  .  bounty and airdrops should be excluded in kyc's because people dont invest a money on these kind of activities  .   but it is okay if kyc can be included on wallets and exchanges even if the deposit or withdrawal amount isnt really large enough .  that is to avoid fruadsters and other illegal activities   . kyc is for our own good and it is really beneficial  if done properly  .

KYC do have advantage and disadvantage side but we are here on crypto and we know that we are aiming or do give out importance
about anonymity and giving out any personal docs is fully contrary on what we do like here on crypto space but as part of reality we are facing
these services and institutions would really need to comply on whats being asked by the government.

Why would they follow the government ? You already mention that cryptos are anonymous or decentralized , in short its independent .  no government can dictate it .  kyc does not makes no sense to me   .   kyc is only trashing the real purpose of cryptos  .  i dont do kyc and other users should not also do it   .  if no one will do kyc, no bounties/airdrops/ico's will also require it   .   trust me  .

[pushups44]

I suggest people do a thorough background check with any companies requesting KYC documentation because potentially this can be misused or sold into the black market. When possible, it's best to avoid KYC, but to the extent that it is needed for legal compliance and to trade cryptocurrencies, people should be very selective.

[cryptovigi]

Please share any recommendations as to how to make kyc( know your customers ) effective!! and probably; is it even needed?

KYC checks should be conducted only for traders with large trading volumes and large investors in ICO projects. For other categories of people it is meaningless. With respect to bounty hunters, KYC checking is generally illegal. It should be used only for the purpose for which it was created - the prevention of money laundering. In any case, it cannot be used on this forum to combat the presence of multiple accounts for some users. Violation of our right to privacy cannot be justified by this.
 In general, KYC verification - this should be a problem of state bodies.

I completely agree with your opinion, although it seems to me that you can not say that KYC is illegal in relation to bounty hunters. Companies are not obliged to collect data in their case because the purpose of introducing KYC was definitely different (as it has been said many times) but I am afraid that there is no law that prohibits the collection of personal data. So it's always your decision whether you will want to take part in bounty and pass your personal data or not.

Personally, I am an opponent of such a solution and I try to protect my data as much as possible - that is why I would not risk losing my sensitive data for a few miserable dollars.

[Spaffin]

Please share any recommendations as to how to make kyc( know your customers ) effective!! and probably; is it even needed?

From the point of view of stock exchanges and ICO teams, conducting a KYC check cannot be effective at all. KYC checks should be conducted to prevent the laundering of dirty money and combat the financing of terrorism. Therefore, only law enforcement agencies of states that used the information collected about them about the clients of the stock exchanges and the ICO can assess the effectiveness of such verification. I think that there are not so many cases in the world when the collected information made it possible for someone to expose in the laundering of dirty money or the financing of terrorists.

[smyslov]

Please share any recommendations as to how to make kyc( know your customers ) effective!! and probably; is it even needed?

It is up to the company that asks for KYC, but if you are running a company and you want your customers to do KYC, a single pic with him holding his legal ID be it passport or driver license is sufficient enough it is needed for compliant but I'm not going to do this for any ICO.

[NavI_027]

It is up to the company that asks for KYC, but if you are running a company and you want your customers to do KYC, a single pic with him holding his legal ID be it passport or driver license is sufficient enough it is needed for compliant but I'm not going to do this for any ICO.
[/quote]
We have the same sentiment regarding this issue mate . I am into KYC if it is only implemented for acquiring long term services of a particular company. The best example I could present is when I sign up to coins.ph (the digital wallet I used right now). I have no hesitations to tell them about my credentials (including my full name, address, birthday, government issued ID and my picture) because first and foremost, they are a trustworthy company and second, I understand that they need those parameters in order to reach out their customers when complaints occurred and as well as protecting their company against dirty transactions. But saying that it will be implemented for every ICO we join? Nah, I don't think it would be necessary at all because it absolutely makes as feel uncomfortable knowing the fact that our personal infos are handled by a team in which credibility still remains a question.

[aioc]

Please share any recommendations as to how to make kyc( know your customers ) effective!! and probably; is it even needed?

Are you the one asking or are you the one who is going to submit KYC to the site, passport and driver's license is enough you can do or ask selfie, this is how they ask or do a selfie and I think that's enough to verify one's account.     

[Hamphser]

Please share any recommendations as to how to make kyc( know your customers ) effective!! and probably; is it even needed?

Are you the one asking or are you the one who is going to submit KYC to the site, passport and driver's license is enough you can do or ask selfie, this is how they ask or do a selfie and I think that's enough to verify one's account.     

I wont make any complaint on KYC process as long I do know the team/institution/company that do requires it out is legitimate and non-shady but if those things aren't clear to me then
sending out personal informations would really be a big hindrance to do so.
Verification is needed due to legal process but this had been abused by some just to collect data or documentations into its users.

[BeGoods]

Please share any recommendations as to how to make kyc( know your customers ) effective!! and probably; is it even needed?

It is up to the company that asks for KYC, but if you are running a company and you want your customers to do KYC, a single pic with him holding his legal ID be it passport or driver license is sufficient enough it is needed for compliant but I'm not going to do this for any ICO.

some users have certain criteria, they may not be a problem for telephone verification, or an id card only.
but for hold id and a self photo it is a form of dismantling one's identity? I also won't do that, even though they have large rerward

[coin-investor]

Please share any recommendations as to how to make kyc( know your customers ) effective!! and probably; is it even needed?

If you ask me it's not recommended and would not even recommend to any project, unless they can prove that you are going to set up a company that is compliant to any government rules and guidelines, but if you are  working on a company, don't do it, unless you are 100% sure that you are working in a real project.

[Netnox]

Please share any recommendations as to how to make kyc( know your customers ) effective!! and probably; is it even needed?

Depends on the laws and regulations in your territory. In many of the countries, KYC is mandatory if you are dealing with currency or financial assets. The level of KYC required can vary. In some nations, just a phone number may be enough. In some others, passport details and address proof may be required.