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Author Topic: Worst case if I submit my passport to an exchange?  (Read 197 times)
Blitzfontaene
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April 02, 2019, 04:01:16 PM
 #1

Hello,

Bittrex is trying to force me to submit my passport. Otherwise they will lock my account, they say.

What is the worst case that can happen if I submit my passport? Isn't this extremely dangerous? For example, if any employee or a hacker or whoever uses my passport to register with any other exchange and does some shady shit like money laundering there, I can't prove that it isn't me, because authorities will say, that I provided my documents. Or let's say somebody creates an account with my documents on another exchange and my tax authorities come to know from this account, they will say I have to pay taxes for all trades with this account. Do I exaggerate this or can it ruin me in the worst case if I submit my passport to any exchange?

I hope I can get my funds out before they lock my account. But in case they lock it before, I don't know what to do at the moment.

And another question. Can I verify with my driver's license on Bittrex? I think the risk mentioned above would be lower, but I still don't wanna do this, because authorities could say the same, even if it's "only" a driver's license.
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April 02, 2019, 06:33:34 PM
 #2

Your personal information could be sold on the web. You can't know if the site can be hacked in the future. for example and since you talk about Bittrex, if I'm correct, it has lost some data years ago. Someone could duplicate your passport, go to a bank to open n account and get a loan within 24 hours. And you will be the one with the problem, even if you can prove to the bank someone used your identity, it can be a real nightmare.

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April 02, 2019, 06:38:05 PM
 #3

Then you don't have to submit your passport, and you can choose Binance for trading. In Binance, you don't have to submit any document, but you have limitations for withdrawing. The withdrawn amount will be 2 btc, and I think it's enough for you.

And that is what you need to do if you don't want to submit anything.

I think you can verify with your driver license, but I guess that you need to ask with their support system, so you get the right answer.

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April 02, 2019, 09:29:01 PM
 #4

Drivers license or passport.Its still the same because as long you do give out those personal informations you are really at risk of identity fraud if those documentations
do leak out or being sold into black market.This is the disadvantage of KYC thing when you do try to comply into those service who do ask it.In your case, you wont really have any choice but to comply
or follow on what they do ask out unless if you do let those funds locked by them then its your own choice.

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April 02, 2019, 10:18:47 PM
 #5

Identity theft is a big risk indeed. I wouldn't say that KYC verification is extremely dangerous thing if you're using reputed exchange. Offcourse, there is a risk that exchange may be hacked and hackers will steal personal data of users. They may even publish these things in public or sell it on marketplaces As @LeGaulois said, someone may use your documents to take a loan, do money laundering or another shady thing.
But question, is it likely to happen? I don't think so, risk is minimal and you don't to worry so much.




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April 02, 2019, 11:59:32 PM
 #6

Sending information online is really risky, the safety of your data depends on the website you used.

Maybe request for erasure of your personal data when you get your funds out of Bittrex (quoted below, but read more on "Bittrex, Inc. Privacy Policy - Version 3"). Idk how this thing works or the success rate though, as I haven't tried. They have the power to accept and reject requests.

10. YOUR LEGAL RIGHTS
Under certain circumstances, you have rights under certain data protection laws in relation to your personal data.

  • Request access to your personal data.
  • Request correction of your personal data.
  • Request erasure of your personal data.
  • Object to processing of your personal data.
  • Request restriction of processing your personal data.
  • Request transfer of your personal data.
  • Right to withdraw consent.

Regarding the authorities, most likely they will do further investigation if someone uses your information (ie. tracking of IP address, bank accounts, etc). Passport has an expiration date too.

Can I verify with my driver's license on Bittrex?
It depends on the country, driver's license is available for some. You can see that when you click Start Verification and choose your country. Anyway, Driver's license or Passport, it's the same, you still give your identification.

 
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April 03, 2019, 07:20:04 AM
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 #7

Wait. Are we talking 'bout a big amount here? 'cause despite how well-known and long-running bittrex is, those shady and unprofessional acts should never be forgotten. So if it's not a big amount, I really think you should just leave it as it is.

Well, if anything unauthorized occurred which could be related to identity theft, you'll be given time to defend yourself, but that is only possible if you file a report. And data breaches/selling of data usually does not only expose one or two users but a lot so eventually ppl would voice out, articles would be published etc... depending on how worse the situation is, the media outlets may increase.

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April 03, 2019, 01:32:54 PM
 #8

It is a balancing act between what you are willing to take for your money and your privacy. If you have a large amount of money, kindly send the required files.

Everything is likely to happen, but your name will not be associated with big issues like money laundering, just stealing a picture of your data, especially if the platform report about losing it.

Next time do not put your money in a platform not far away from suspicions laws.

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April 03, 2019, 06:50:33 PM
 #9

Hello,

Bittrex is trying to force me to submit my passport. Otherwise they will lock my account, they say.

there are not many options for people, if someone wants to trade in some exchange, that person will have to be aware of doing KYC, just make sure never to use exchange that the exchange owners are anonymous people because you will be giving your passport to someone who owns an exchange and is anonymous. something that is not fair.

What is the worst case that can happen if I submit my passport?

Hmmm... you're worried if bittrex will sell your data? they would have to face the authorities and all news channels, that would be their ruin. so you should not worry too much about it, because if that happens, you will not be the only one who will be harmed. will be thousands of users, including the own owner of bittrex and the own bittrex will be harmed

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April 03, 2019, 08:00:21 PM
 #10

Wait. Are we talking 'bout a big amount here? 'cause despite how well-known and long-running bittrex is, those shady and unprofessional acts should never be forgotten. So if it's not a big amount, I really think you should just leave it as it is.

Well, if anything unauthorized occurred which could be related to identity theft, you'll be given time to defend yourself, but that is only possible if you file a report. And data breaches/selling of data usually does not only expose one or two users but a lot so eventually ppl would voice out, articles would be published etc... depending on how worse the situation is, the media outlets may increase.
If it involves big amount then letting it go wont really be that easy thats why you wont really have choice but to give out on whats being asked.
It would just matter if we can handle the risk behind it and as you said when these informations leak out,this wont only mention on single identity but thousands for sure.
Once those info exposed, keeping them safe or having retrieval is almost impossible.

 
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April 03, 2019, 10:54:24 PM
 #11

Hello,

Bittrex is trying to force me to submit my passport. Otherwise they will lock my account, they say.

What is the worst case that can happen if I submit my passport? Isn't this extremely dangerous? For example, if any employee or a hacker or whoever uses my passport to register with any other exchange and does some shady shit like money laundering there, I can't prove that it isn't me, because authorities will say, that I provided my documents. Or let's say somebody creates an account with my documents on another exchange and my tax authorities come to know from this account, they will say I have to pay taxes for all trades with this account. Do I exaggerate this or can it ruin me in the worst case if I submit my passport to any exchange?

Not necessarily. Identity theft is a crime very often investigated by police. People fraudulently open bank and loan accounts everyday with fake documents, which immediately provides lots of deniability for the identity theft victim. You might be sucked into an investigation and it will take time to sort out -- including on your credit report. But since no laundered proceeds, etc. could be linked back to you, I'm guessing nothing would happen in terms of criminal charges.

The main problem is you're exposed to these identity theft risks. Identity theft takes years to recover from and can make any situation involving credit or public record checks a nightmare.

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April 04, 2019, 03:58:02 AM
 #12

And another question. Can I verify with my driver's license on Bittrex? I think the risk mentioned above would be lower, but I still don't wanna do this, because authorities could say the same, even if it's "only" a driver's license.
Looks like they opt you in to their "Enhanced Verification" for some reasons and Driver's licence can be used for that, though it has the same risks.

Anyways, where did you get the message? Through Email?
Bittrex really does request for passports but make sure that it's them.

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April 04, 2019, 11:19:09 PM
 #13

Hello,

Bittrex is trying to force me to submit my passport. Otherwise they will lock my account, they say.

What is the worst case that can happen if I submit my passport? Isn't this extremely dangerous? For example, if any employee or a hacker or whoever uses my passport to register with any other exchange and does some shady shit like money laundering there, I can't prove that it isn't me, because authorities will say, that I provided my documents. Or let's say somebody creates an account with my documents on another exchange and my tax authorities come to know from this account, they will say I have to pay taxes for all trades with this account. Do I exaggerate this or can it ruin me in the worst case if I submit my passport to any exchange?

I hope I can get my funds out before they lock my account. But in case they lock it before, I don't know what to do at the moment.

And another question. Can I verify with my driver's license on Bittrex? I think the risk mentioned above would be lower, but I still don't wanna do this, because authorities could say the same, even if it's "only" a driver's license.

Identity fraud is obviously the worst case scenario. You could have fake bank accounts opened in your name, your info being sold on markets or whatnot, you name it. Though with somewhat more trusted exchanges, the risk of this may be less.

If Bittrex is asking you for identification then there is really nothing that you are able to do. They have sole discretion over your funds at this point, and they are going to continue to cite this KYC issue when you try to get funds out of your account. You should have realised this sooner though, since legacy Bittrex accounts have been long removed from being valid.

Perhaps you could timestamp and watermark the images that you are submitting, although I'm not sure if Bittrex will accept a version that has been marked like that. This is the reason why I prefer using anonymous exchanges, even if it means switching exchanges from time to time. There is less hassle when it comes to this. Also, I don't think that drivers license will be less prone to abuse, given that they are usually listed in the same category as passports in terms of weighting in verification.

 
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April 05, 2019, 07:04:52 AM
 #14

Every time when I see that a site asks me for my passport I have a feeling that someone may use it for taking of loans on my name and all of the fight with the law to prove that its not I who took the loan, but just my private info used in a wrong way.
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April 05, 2019, 07:21:55 PM
 #15

In general multiple things can happen when you submit your id and most are summed up above. A site get sold to a party and now they have your id as well. this could be done multiple times with the risk your id will end up multiple times in more records with no control over it.  
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April 05, 2019, 09:14:57 PM
 #16

hehe i also stopped the verify process on bitfinex be course they want massive data from me.
But i can use Coin exchange without verify.


regards
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April 05, 2019, 11:37:43 PM
 #17

Everything is getting centralized steadily but moving that way.
Do we have much choice except to verify our identity to the exchanges? Small amounts that's ok, but what about those people with large amounts?

What is the solution then? Who will actually stand by the victim if such case happens, identity theft? Nightmare?

 
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April 07, 2019, 09:55:57 PM
 #18

Bittrex is a major exchange, you should not be that worrying about uploading the profile page from your passport to them. They will not sell your info, and even if they did, it can not damages you. A copy of your passport would never be enough to take a loan or something like that in your name.

If you travel outside your own country, then you will also see hotels, travel agencies and car rentals, that want a copy of your passport. Some of those companies actually sell your info, but you will most likely never think twice about handing over your passport for a few seconds.

But generally only do KYC on trustworthy exchanges, and only do it if it is necessary.
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April 08, 2019, 03:04:24 AM
Merited by whotookmycrypto (4)
 #19

Bittrex is a major exchange, you should not be that worrying about uploading the profile page from your passport to them. They will not sell your info, and even if they did, it can not damages you. A copy of your passport would never be enough to take a loan or something like that in your name.

Bittrex has done some shady things in the past, the most recent one, they failed to do proper DD on their first IEO. When they sell your personal data, it can certainly damage you. They or somebody might use your data to do KYC on another site or buy things using your name. They might use your passport in order to go to other countries, using a mask that is made specifically to replicate your face.

If you travel outside your own country, then you will also see hotels, travel agencies and car rentals, that want a copy of your passport. Some of those companies actually sell your info, but you will most likely never think twice about handing over your passport for a few seconds.

They see your data but they don't store your actual/copy of your passport, so maybe we feel safer when we do that. And it is not possible to avoid that unless you can find a hotel where they won't ask you for details and just go straight to accept payment when you rent a room. In exchange or this crypto world, sensitive data is hard to protect when you carelessly spread your personal info on the internet. Don't be surprised if your emails were bombarded with crypto ads.

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April 08, 2019, 06:25:17 AM
 #20


Hotels store your data, like your passport, that's the law in most countries, each country has its own rules. Taken a copy of passport or other ID cards, makes perfect sense, as authorities want to know who stays in the hotels and if something is broken in the room, or you didn't pay your bill, or in the event, something happens to you, they can find out who you are. Some hotels also make a paper copy of your credit card, on top of the deposit they charge on your card  
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