Financial value of KYC verification

[George199]

Hello, I would like to ask:
1. For how many dollars could you give someone KYC verification?

2. Do you know what value our KYC has for companies (such as Coinbase), why do they pay for it? They sell them to someone?

Thanks

[eckmar]

Hello, I would like to ask:
1. For how many dollars could you give someone KYC verification?

2. Do you know what value our KYC has for companies (such as Coinbase), why do they pay for it? They sell them to someone?

Thanks

Lol...

KYC info of your users should not be sold... Companies such as Coinbase are required to have that information by law because of the AML regulations.

[George199]

Why are they willing to pay for it?

Hello, I would like to ask:
1. For how many dollars could you give someone KYC verification?

2. Do you know what value our KYC has for companies (such as Coinbase), why do they pay for it? They sell them to someone?

Thanks

Lol...

KYC info of your users should not be sold... Companies such as Coinbase are required to have that information by law because of the AML regulations.

[Harlot]

So far I haven't heard or seen any news about Coinbase buying KYC, since in the first place they don't need to as they are already requiring their clients KYC to give it to them for their accounts to be verified. You maybe might just have misread some news about people buying verified accounts of exchanges with KYC of other people which is a prevalent thing happening right now not only in Coinbase but in other exchanges, just to remind you that this practice is illegal in every way and you are literally impersonating someone.

[Bikerbmt47]

Hello, I would like to ask:
1. For how many dollars could you give someone KYC verification?

2. Do you know what value our KYC has for companies (such as Coinbase), why do they pay for it? They sell them to someone?

Thanks

kyc is not for sale, it is just a verification that you are a real user. In terms of law, ID is an asset, anyone who buys or sells papers in any item is a violation of the law.

[o_e_l_e_o]

You can Google the answer to these questions. A basic identity sells for around $20-40. Add in things like a bank or paypal details and a picture of your passport and you are maybe looking at $100 from what I can tell. If you also add in bank or paypal logins, you are pushing up around $500. The reason big exchanges do KYC is so they comply with regulations. The reason most random ICOs do KYC is so they can sell your data.

Also, Coinbase have admitted that they sold customers' data without their knowledge or consent: https://cointelegraph.com/news/coinbase-former-provider-sold-user-data-to-third-parties-prompting-neutrino-acquisition

[pragna]

Hello, I would like to ask:
1. For how many dollars could you give someone KYC verification?

2. Do you know what value our KYC has for companies (such as Coinbase), why do they pay for it? They sell them to someone?

Thanks

I don't know about coinbase for selling KYC but i think KYC invented to catch illegal person who doing fraud to another. On the other hand exchanger using KYC that may be government rules of that country as per money londering case. But finally i believe that if you want to bounty or trade or business in crypto currency and if they need KYC you have to pass. Otherwise you are not able to work. So you think what you will do.

[1miau]

Hello, I would like to ask:
1. For how many dollars could you give someone KYC verification?

I would never give it away for money and I'm sure all of the knowledgeable users here will do the same and keep their personal data safe instead. 
Why selling personal data for money? Just imagine what the buyers can do with it and finnally you are the one who will have the problems if they commit crime in your name and with your personal documents.

I don't know about coinbase for selling KYC but i think KYC invented to catch illegal person who doing fraud to another.

Yes great, then people with bought documents will "pass" KYC to make their illegal business. I like the logic behind KYC very much... 

[joniboini]

2. Do you know what value our KYC has for companies (such as Coinbase), why do they pay for it? They sell them to someone?

Not sure if Coinbase did pay you for your KYC, but other exchanges (especially those new ones) pay you some tokens if you registered and complete KYC verification. The higher tier you belongs to, they give you better rewards. But of course, I'd rather not do KYC just for the sake of some tokens which can be worthless pretty soon.

IIRC Blockchain and XLM also do requires KYC to participate in their XLM airdrop, but believe it or not I know some people who have more than 5 IDs (either steal it or copy it from their friends) got their airdrop without failure.

[r1s2g3]

Hello, I would like to ask:
1. For how many dollars could you give someone KYC verification?

Tough question, but I decided against KYC for Polymath Token that was around $250 at that time.

2. Do you know what value our KYC has for companies (such as Coinbase), why do they pay for it? They sell them to someone?

Thanks

I hope o_e_l_e_o  has the right numbers.

Anyways you should avoid giving your KYC document to anybody if you are not sure about the businesses.

[stomachgrowls]

Also, Coinbase have admitted that they sold customers' data without their knowledge or consent: https://cointelegraph.com/news/coinbase-former-provider-sold-user-data-to-third-parties-prompting-neutrino-acquisition

Wasnt aware on this news  Thanks for sharing it up yet i havent checked out recently with these media outlets.This really proves out that nothing on this world can be trusted no matter how reputable they would be.

Hello, I would like to ask:
1. For how many dollars could you give someone KYC verification?

2. Do you know what value our KYC has for companies (such as Coinbase), why do they pay for it? They sell them to someone?
Thanks

It depends because some would really jump in to give out their information for $20-40 just like on that airdrop of XLM.

[o_e_l_e_o]

It depends because some would really jump in to give out their information for $20-40 just like on that airdrop of XLM.

It's ridiculous. Just because your info might sell for $20-40 (or a few hundred dollars, depending on how much you give away), it can cost you tens of thousands of dollars to recover from identity theft. If someone opens credit cards or takes out loans in your name, you will initially be liable for them, and you will have to pay hefty lawyers charges to investigate and resolve them. They can use your details for tax fraud, and land you in serious trouble with the IRS or your nation's equivalent. They can commit insurance fraud, and claim against your insurance policies (including medical). They can even land you with a criminal record.

It can cost huge sums of money and take years to recover from identity theft. You can end up with a useless credit score or a criminal record. It just simply isn't worth it for a $20 airdrop.

[CryptoBry]

KYC is a very controversial kind of a tool which is required by law and financial service providers have no choice but to implement on their platforms otherwise the teeth of the law and the government can be descending on them anytime. Unfortunately, there are unscrupulous players which have the gall to sell KYC data to ready takers. This is the reason why there are those who are nervous in dealing with the KYC requirement most especially if the KYC receiver may not be that trustworthy. I am then wondering is there a case of a firm or an individual imprisoned and fined for selling KYC data to third parties?

[shield132]

Hello, I would like to ask:
1. For how many dollars could you give someone KYC verification?

2. Do you know what value our KYC has for companies (such as Coinbase), why do they pay for it? They sell them to someone?

Thanks

Not actually me buy almost for rest of the world it worths 25$, yeah, I mean blockchain.info
2. It was already answered by user above me. It's prohibited to sell your customers' info to someone but it doesn't except that someone from staff/it worker may sell it. If they are sold, that's all, you can do nothing but at the same time you have no other choise but to use services with KYC and that's normal if our informations are really secured.
Also for a lot of people their ID card is nothing but some random shit written on card, they don't care about it, a lot of people send KYC documents to scam casinos with hope of free no deposit bonus but in overall, these kind of people are meaningless, so is information about them.

[stomachgrowls]

It depends because some would really jump in to give out their information for $20-40 just like on that airdrop of XLM.

It's ridiculous. Just because your info might sell for $20-40 (or a few hundred dollars, depending on how much you give away), it can cost you tens of thousands of dollars to recover from identity theft. If someone opens credit cards or takes out loans in your name, you will initially be liable for them, and you will have to pay hefty lawyers charges to investigate and resolve them. They can use your details for tax fraud, and land you in serious trouble with the IRS or your nation's equivalent. They can commit insurance fraud, and claim against your insurance policies (including medical). They can even land you with a criminal record.

It can cost huge sums of money and take years to recover from identity theft. You can end up with a useless credit score or a criminal record. It just simply isn't worth it for a $20 airdrop.

I think KYC information is not so expensive!

Simple google search might help you to open your eyes.

https://www.xstragroup.com/shining-a-light-on-the-dark-web-how-much-is-your-personal-information-selling-for/
https://www.experian.com/blogs/ask-experian/heres-how-much-your-personal-information-is-selling-for-on-the-dark-web/

Don't know if these are accurate but atleast it will give you some idea. 

[Kemarit]

It depends because some would really jump in to give out their information for $20-40 just like on that airdrop of XLM.

It's ridiculous. Just because your info might sell for $20-40 (or a few hundred dollars, depending on how much you give away), it can cost you tens of thousands of dollars to recover from identity theft. If someone opens credit cards or takes out loans in your name, you will initially be liable for them, and you will have to pay hefty lawyers charges to investigate and resolve them. They can use your details for tax fraud, and land you in serious trouble with the IRS or your nation's equivalent. They can commit insurance fraud, and claim against your insurance policies (including medical). They can even land you with a criminal record.

It can cost huge sums of money and take years to recover from identity theft. You can end up with a useless credit score or a criminal record. It just simply isn't worth it for a $20 airdrop.

I think KYC information is not so expensive!

Of course it's not expensive, but the effect of it might be. Imagine if your personal info was leaked somewhere and uses it to scam people.

That's why smart people here doesn't give their info in a bounty just for peanuts because there could be a chance that they can sell or in a event of a hack, all your details are out in the dark web.

[webtricks]

Hello, I would like to ask:
1. For how many dollars could you give someone KYC verification?

2. Do you know what value our KYC has for companies (such as Coinbase), why do they pay for it? They sell them to someone?

Thanks

I don't think reputed companies like Coinbase UK, Ltd. are engaged in illegal activity of selling users' KYC data. All such companies maintain 'Privacy Policy' statement and breach of such statement can land them in big danger.
There is a trend going among crypto-based sites recently, they are paying users some amount as a token of appreciation for KYC Verification, for example, Blockchain.com is paying $25 in Stellar (XLM) for KYC. I think such giveaway is having negative impact on their reputation. People are believing that such websites are buying KYC data like you mentioned. But the reality is law requires them to do so. All such websites should adopt the Bittrex policy. Bittrex straight away limited the account of users who didn't done KYC and had no reward policy for KYC Verification.

[o_e_l_e_o]

I don't think reputed companies like Coinbase UK, Ltd. are engaged in illegal activity of selling users' KYC data. All such companies maintain 'Privacy Policy' statement and breach of such statement can land them in big danger.

You should maybe try reading the thread before blindly replying to OP. As I said above, Coinbase have absolutely been selling their customers' data, and have admitted as such:

Also, Coinbase have admitted that they sold customers' data without their knowledge or consent: https://cointelegraph.com/news/coinbase-former-provider-sold-user-data-to-third-parties-prompting-neutrino-acquisition

Also, calling Coinbase reputable is a pretty big stretch. Big? Yes. Well known? Sure. Reputable? No. They sell data, they insider trade, they violate their own rules to list new coins which just so happen to be the bags their owners are holding. They care only about profits and not at all about bitcoin or the community.

[LeGaulois]

In some countries, you can surely be sued in court for selling personal information. Especially in Europe..
I wouldn't sell any information for some dollar. If you need to buy such thing then your business is surely not clean.
However, I could do it out for free if it's for something I need. There is info you agree to share and some not. Like there are people you agree to share it and some not.

[qmclak]

A lot of airdrop and bounty now that requires kyc. The worst thing is for just $5 airdrop they requires KYC. What the heck 2 years ago crypto airdrops and bounties seems better than now.