Cryptocurrency, KYC and Terrorism

[Tylev]

I believe that it is already necessary to stop resenting the relatively full-scale requirement to provide KYC to all cryptocurrency users on all resources and in all companies.  This trend will continue and will especially intensify when cryptocurrencies are legalized worldwide.  So far, this process is very slow.  But we have to take care not only about ourselves and about our money, from which we do not want to pay taxes, but also about the safety and well-being of others.  In most cases, people refuse KYC for this reason.  I don’t understand what the problem is if I don’t hide anything from the community.

On the contrary, I believe that after the full legalization of cryptocurrencies, we will pass KYC checks less. Now the FATF rules establish the general conditions for passing the KYC procedure - this is for transactions over one thousand euros. If we transfer smaller amounts of money in cryptocurrency, we will not have to go through such a check. Now, when this activity is still very poorly regulated, we are forced to undergo a KYC audit even with transactions for amounts that are much less than a thousand euros.
I also especially hope that when regulating cryptocurrencies by states, bounty hunters will not pass any KYC checks at all, since we do not invest money and we cannot be suspected of laundering dirty money.

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[teosanru]

I think the anonymity factor of Cryptocurrencies has been greatly hampered already at the time of ICOs due to this KYC thing and believe it or not you ids are definitely being sold over the dark web. On the other hand when it comes to question of having a whole terrorist network which is being funded using Crypto. I think it's not that difficult. All an ICO requires is a 8 year old domain, a dozen of paid faces to represent ICO and a developer who knows how to develop ERC20 token and boom you can raise money for your sunday movie with girlfriend too. So even Terrorist too would have got advantage of this. Who knows if they have even directly raised some ICOs we just don't know where the money is going.

[Xxmodded]

Some have speculated that terrorists have discovered a way to use the platform crypto currency to gather identities from different people from all over the world. use their identities for terrorist activities. From threads that i have seen, there are people thinking that some ICOs are used to fund terrorist acts by luring investors into investing into their companies, getting KYC in exchange of money, gather a large sum of it and then run away with big bags of bucks.
IMO, these scenarios have big possibilities since there is the anonymity factor feature of crypto currency, we really do not have the knowledge as to whom and where the money will go for when it was transacted in cyberspace.

what are your thoughts on this?

That's true that's the reason that I hate KYC there's too many risks on it, we can only give our vital information on companies and organizations that we know and are compliant, but with ICO that we are not sure who are the people running, there's too much risk attached to it.

I hate KYC too many risk using with our data, maybe for exchange market have limited withdrawal we need to submit KYC. Now many investment ICO need KYC if want to purchase coins where other side we have faced big risk how come our data using for bad or criminal cases? do you believe with ICO give trusted with your data safe?

[bassbity]

Some have speculated that terrorists have discovered a way to use the platform crypto currency to gather identities from different people from all over the world. use their identities for terrorist activities. From threads that i have seen, there are people thinking that some ICOs are used to fund terrorist acts by luring investors into investing into their companies, getting KYC in exchange of money, gather a large sum of it and then run away with big bags of bucks.
IMO, these scenarios have big possibilities since there is the anonymity factor feature of crypto currency, we really do not have the knowledge as to whom and where the money will go for when it was transacted in cyberspace.

what are your thoughts on this?

That's true that's the reason that I hate KYC there's too many risks on it, we can only give our vital information on companies and organizations that we know and are compliant, but with ICO that we are not sure who are the people running, there's too much risk attached to it.

I hate KYC too many risk using with our data, maybe for exchange market have limited withdrawal we need to submit KYC. Now many investment ICO need KYC if want to purchase coins where other side we have faced big risk how come our data using for bad or criminal cases? do you believe with ICO give trusted with your data safe?

I no longer believe in ICO because there are many cases of fraud so if there is an ICO must ask KYC to buy please be careful I fear it is being used wrongly for crimes and other frauds, our data is very important so do not carelessly give our data to projects that do not clear.

[Google+]

when you do KYC in an ICO or wherever it is I don't think you should do it because if you do that your identity and your privacy will be held by others and without your knowledge your identity can be used for something very bad, My statement is not to completely prohibit KYC but only to give advice to you traders as much as possible not to do KYC too often in any place.

[gunungkembar]

You can do KYC when you participate in ICO, IEO or at an exchange, some time ago the place to store bitcoin like blockchain has also started using KYC so I don't think there is any harm to KYC but you have to be careful when doing KYC.

[arifteguhr]

You can do KYC when you participate in ICO, IEO or at an exchange, some time ago the place to store bitcoin like blockchain has also started using KYC so I don't think there is any harm to KYC but you have to be careful when doing KYC.

For the KYC process on the exchange when they have large funds in my opinion it is indeed the right step. but right now my focus is when there is an airdrop that requires participants to carry out the KYC validation process. and this is very risky with someone's personal data that could be misused. rewards given are also not suitable in my opinion

[error08]

Even though it might not be right, it can happen one way or another.
KYC is obliged if someone has to deposit or withdraw fiat currencies.
All of those ICO or IEO which requires KYC is not necessary to submit your id docx to them unless the bounty hunters thought it's alright to hand over private docx which can be misused

[Murat]

Of course. it contains a lot of risks when you provide your KYC to the fully unknown platform, there could be a possibility to hack your whole information as well as it will get at threat for you anytime, So it's not a good thing for this cryptocurrency platform, I think when a person faces this type of problem then it must go straight to the bad reputation of this platform, this type of incident will bring a lot of negative feedback unless we can't protect this platform. I don't mean any terrorist group, I mean all the fake and scam project these are the main barrier of getting accepted to the general people. so it should be stoped at the early stage.

[Anonylz]

when you do KYC in an ICO or wherever it is I don't think you should do it because if you do that your identity and your privacy will be held by others and without your knowledge your identity can be used for something very bad, My statement is not to completely prohibit KYC but only to give advice to you traders as much as possible not to do KYC too often in any place.

In most cases you are compel to do kyc even if you wouldn't have done it,  as long as you want to trade or transact in an exchange, it is a requirement you must fulfill,
some exchange won't allow a withdrawal of any amount if you are yet to complete the kyc process,  they don't exactly leave you with any choice, so it is up to the exchange in question to keep your identity safe and don't let it fall into the wrong hands.

The only solution is to look for exchange without kyc and from the look of it such exchange are few, and there is also a possibility that the coin/token you intend to exchange may not be listed on that exchange, then what will you do.

[LUCKMCFLY]

Many options have now been created to combat crime and terrorism worldwide, and as is well known, many criminals use blockchain technology through Bitcoin and cryptocurrencies, although the highest rate of crimes against humanity and terrorism belongs to transactions made directly with fiat money, mainly through dollars, now Cryptography cannot be blamed, since some nations take advantage of this claim to plant their rules and regulations that make no sense, only to control .

In a California-based Silicon Valley company, it has expanded intelligence using blockchain technology, which allows it to track more than 700 tokens with 87% coverage, so far the best in the world.

This to track possible cases of terrorism and crime, according to Shannon Holland, who is director of the company, said that the work of recent years has been intense but worth the effort, this in collaboration with regulators and financial investigators from Las last 4 years.

Pamela Clegg's research director says that through Bitcoin many transactions arise due to its central liquidity, but that the Altcoins have movements of billions of dollars every day:

To close cryptocurrency money laundering gaps, we must expose more of the true number of illicit transactions that occur across the entire ecosystem. This platform expansion does just that by providing regulators, exchanges, and investors visibility into more than 87 percent of the virtual asset market trading volume.

Source:https://bitcoinist.com/worlds-most-comprehensive-crypto-tracing-announced-with-87-coverage/

[Apaxy]

I do not have any problems with providing passport data and therefore I will not oppose the requirements of KYC.  I believe that the real openness of the cryptocurrency market and its users will make our world more secure, because the threat of terrorism is very strong.  No one accuses cryptocurrency of helping criminals, but any possibilities for criminals to use cryptocurrency should be avoided.

[kapalmabur]

I do not have any problems with providing passport data and therefore I will not oppose the requirements of KYC.  I believe that the real openness of the cryptocurrency market and its users will make our world more secure, because the threat of terrorism is very strong.  No one accuses cryptocurrency of helping criminals, but any possibilities for criminals to use cryptocurrency should be avoided.

KYC really needs to be in crypto currency, but we must know and be careful who asks KYC for us,
if the company does not clearly and not strong ask KYC for you you, should not need to give it, because it is very risky to be traded on the dark web

[NewRanger]

I do not have any problems with providing passport data and therefore I will not oppose the requirements of KYC.  I believe that the real openness of the cryptocurrency market and its users will make our world more secure, because the threat of terrorism is very strong.  No one accuses cryptocurrency of helping criminals, but any possibilities for criminals to use cryptocurrency should be avoided.

KYC really needs to be in crypto currency, but we must know and be careful who asks KYC for us,
if the company does not clearly and not strong ask KYC for you you, should not need to give it, because it is very risky to be traded on the dark web

did reward amount worthed with our personal data? If it did we may pass kyc in any exchanges or projects.before we sent it   understanding the risk must be an obligation so we will not regret if someday occur problem with our data.actually kyc implementation good enough to prevent any financial crime in cryptocurrency market.

[haidil]

I do not have any problems with providing passport data and therefore I will not oppose the requirements of KYC.  I believe that the real openness of the cryptocurrency market and its users will make our world more secure, because the threat of terrorism is very strong.  No one accuses cryptocurrency of helping criminals, but any possibilities for criminals to use cryptocurrency should be avoided.

KYC really needs to be in crypto currency, but we must know and be careful who asks KYC for us,
if the company does not clearly and not strong ask KYC for you you, should not need to give it, because it is very risky to be traded on the dark web

well like this that we must be aware of, if the company does not clearly ask kyc, because it could be used for crime.

[jamesndungu1]

Terrorist organizations can use cryptocurrencies for their missions because the crypto market is growing at a fast rate, and there is widespread adoption of second-generation cryptos, this means that funds can be easily transferred and liquidated, the use of privacy coins also comes with advanced privacy features making the systems more prone to usage by terrorist organizations. The issue of regulatory oversight in some countries could also make transactions hard to trace if a trade occurs thus such countries would be a breeding ground for terrorist activities. Its also important to note that FIAT Currency has also been used by terrorists even when using third parties and highly regulated market.

[Edraket31]

I do not have any problems with providing passport data and therefore I will not oppose the requirements of KYC.  I believe that the real openness of the cryptocurrency market and its users will make our world more secure, because the threat of terrorism is very strong.  No one accuses cryptocurrency of helping criminals, but any possibilities for criminals to use cryptocurrency should be avoided.

KYC really needs to be in crypto currency, but we must know and be careful who asks KYC for us,
if the company does not clearly and not strong ask KYC for you you, should not need to give it, because it is very risky to be traded on the dark web

did reward amount worthed with our personal data? If it did we may pass kyc in any exchanges or projects.before we sent it   understanding the risk must be an obligation so we will not regret if someday occur problem with our data.actually kyc implementation good enough to prevent any financial crime in cryptocurrency market.

If it is for airdrop purpose, then would not take risk my personal info, I would rather not to earn a penny just to make sure my personal data is safe. I am doing KYC when required by the exchange such as when needs in withdrawal, and I have fund to withdraw.

Even KYC in exchange a terrorism can hack it, just like what happened to some exchange, wherein they are asking for money to exchange owners for them not to leak the KYC info of their users.

[cryptoknightt]

indeed KYC will be pros and cons because every time there will always have an endless debate, but for KYC it is very sensitive meaning it is privacy data that you have so when you do KYC then your identity is no longer anonymous and the developer knows the identity you will be dangerous.

[Oneandpure]

so many people sent their documents lightly, and someone took advantage of it.
My advice is first of all to trust only companies that meet the minimum security requirements, secondly if you suspect that you have sent documents to the wrong people, the first thing to do is immediately request a new document so as to avoid a fraudulent use (and subsequent problems)

Only with trusted site available for sending our document, do you want to sell your document with bounty campaign but less value and some ICO without have exchange market why you need submit your document, I agree with your opinion only trusted site we can sent our document for KYC and too risk with using real document for fake website.

[FlamingFingers]

Terrorism, drug trafficking, money laundering etc existed many centuries back before the inception of cryptocurrency. This raises the question, ''then why do you associate cryptocurrency to terrorism funding?'' I think this is just one of the strategies adopted by the banks and governments to tarnish the reputation of cryptocurrency because before the inception of cryptocurrency, what were used to funds terrorism?

Truly terrorism has been before cryptocurrency but it's no more a hidden fact that terrorist has been using cryptocurrency as means of funding themselves, it's much more easier in transferring cash as compared to moving fiat,  that is why people are advised to not give out their kyc details easily online because they are being sold perhaps to this people