Cryptocurrency, KYC and Terrorism

[dentolas]

at this point in the crypto-world history, everything is possible... and this is much plausible
KYC is a very dangerous business as you'll share your personal info and documents with persons/companies you don't know and the devs rarely go through KYC... especially people doing KYC for bounties, these guys are probably getting into every dark web kyc sale list available...
I am very carefull with this...

[bestcoins1]

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 why I do not participate in KYC because of the risks. There are now a lot of issues about KYC because some of the identity have been sold online. Just stay out to KYC in order to protect our identity.

I am also worried about this issue right now. since there are many bounty projects that require participants to KYC, these participants didn't have any other choice because they will not be paid if they are not passing KYC, of course this is detrimental to the participants. Moreover, sometimes there are projects that inform the KYC must be done after the bounty project is finished, which means they did not notify from the beginning.

[n0ne]

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 why I do not participate in KYC because of the risks. There are now a lot of issues about KYC because some of the identity have been sold online. Just stay out to KYC in order to protect our identity.

Not everyone are into data selling. KYC was prioritized by ico projects to keep away investors from few countries as their regulatory compliance is against cryptocurrency usage. There are projects that don't ask for KYC, and these days it is hard to find ico projects that reward good for the promotion done carrying their signature.

Nothing to relate the KYC with terrorism, because if terrorism is happening through cryptocurrency it'll be mere 0.1% while the rest happens through USD.

[ice18]

This is true the blockchain technology can be a way to more easy for some criminals and terrorist to collect money and destroy governments this is one of the disadvantages I can see on it and authorities are having a hard time to control but I think every problem has a solution that in the future it may controlled totally by every jurisdictions. Its not proven yet that this speculations are real but maybe its true. 

[Kupid002]

Yes until now the KYC problem is still worrying because we know that our identity is very important, don't just give up our identity. It's better to stay away from Airdrop which requires KYC because in my opinion it is stupid to give an identity just to get "garbage".

that was true even in bounty ,you should not give your identity to unknown persons that promise giving you a tons of shit tokens  .  I mean your identity is much more valuable than those shit so dont exchange it that way.

[TrevorS]

Terrorists are financed by large organizations with huge resources and resources.
Obviously, these organizations want to remain anonymous, because if they are deanonized, the heads of the organizations' accounts will be blocked and someone will go to jail.
Bitcoin and cryptocurrency allows you to transfer funds while remaining in the shade, which, in turn, may contradict the laws of many countries. Not surprisingly, regulators require delisting of anonymous cryptocurrencies.
Whether the introduction of the KYC will cope everywhere with this problem, I think partly yes, because financing of terrorism requires huge funds, and ordinary documents bought on the darknet will not help here.

[jets567]

i think they are just people who are told by other parties so that other people have a bad view of crypto
we must know in detail the motives for the crimes they commited, therefore we cannot accuse without certainty of clarity

It is one of the reason why crypto image is beggining to look bad, but the other thing is, crypto is being used in illegal activities which is really hard to locate because of its anonymity. If bitcoin was introducedbformally in the public, they will know the true purpose and use of bitcoin, that this is not only for illegal things.

That is the bad side of crytocurrency which is very hard to erase, we adopt and like this new technology because of it's decentralization but those people who have some illegal activities took their chance by using the same technology and transfer their money in different countries without being noticed by the government and I think that it is one of the reason why KYC was implemented by SEC.

[meliodas]

i think they are just people who are told by other parties so that other people have a bad view of crypto
we must know in detail the motives for the crimes they commited, therefore we cannot accuse without certainty of clarity

It is one of the reason why crypto image is beggining to look bad, but the other thing is, crypto is being used in illegal activities which is really hard to locate because of its anonymity. If bitcoin was introducedbformally in the public, they will know the true purpose and use of bitcoin, that this is not only for illegal things.

That is the bad side of crytocurrency which is very hard to erase, we adopt and like this new technology because of it's decentralization but those people who have some illegal activities took their chance by using the same technology and transfer their money in different countries without being noticed by the government and I think that it is one of the reason why KYC was implemented by SEC.

KYC are just being used mostly in ICOs/IEOs or in an exchange but KYC doesn't really help the SEC or any government institution to lessen the amount of crimes that are happening with the use of cryptocurrency. Cryptocurrencies are so powerful and they are so decentralized and for me, we cannot do anything to avoid the illegal activities and the only thing that we can do is to lessen the decentralization to be able to monitor the flow of transactions.

[Oneandpure]

Cryptocurerncy never support of using for some thing wrong like for terrorism, bitcoin can use for making transaction become easy for one country to other country with faster payment and less fee for every transaction, never allowed use for terrorism and why using bitcoin you need to submit your KYC data, when you make an exchange market you need to use your data ID and the exchange will know bitcoin and altcoin is not for terrorism.

[Genemind]

That's possible but I don't think cryptocurrency would allow it. They will surely do something to get rid of crimes and terrorism. If you're doubting of exchanges and projects that require KYC then let's just look for exchanges and projects that don't require it. Projects are just requiring it for security purposes so we have to look for a legit one to have an assurance that our personal information is safe.

[Palider]

Cryptocurerncy never support of using for some thing wrong like for terrorism, bitcoin can use for making transaction become easy for one country to other country with faster payment and less fee for every transaction, never allowed use for terrorism and why using bitcoin you need to submit your KYC data, when you make an exchange market you need to use your data ID and the exchange will know bitcoin and altcoin is not for terrorism.

I agree with this, but we cannot avoid it especially since it cannot be controlled by anyone. So even terrorists can use it easily. And for KYC, yes KYC is only used on trusted platforms like wallets, exchanges. So we should not give it away immediately to ICO campaigns in exchange for their promise of no value coin.

[sulendra12]

I strongly agree that KYC is the most important for me because it stores personal data that is very easily misused or tracked by someone, very risky to give KYC useless, money is not everything but personal data is played by every cheat project,

How about paypal? or even social media in general where you can literally give critical informations to them such as home address, phone, or even your real life photo. It's really weird to see stuff like that where on social media, everyone could literally use your stuff for crimes.

[gantez]

what are your thoughts on this?

This is speculative, you could have provided a link or the thread. Such actually has been said but I consider some of such as fud which work against cryptocurrency.

These heinous activities have been in the society even when crypto wasn't dreamt. What do you think of "slave trade" in the past? Drugs, terror acts have all been existing giving different governments challenges to curtail.

[Brunus]

It is certainly possible, but there are many other - an simplest -  ways of obtaining the data of people without having to resort to crypts.
Not only that, usually those interested in crypto are more careful about what they put on the net, but most users are totally naive and ignorant.

[carriebee]

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?

I don't hear anything like this news but it's really important that before we give our identification make sure that project is really have future in crypto. Always be careful to give your personal data because it's trend now in dark web the buying of identification from Kyc in some crypto projects and websites. Think many times before give your personal identity in any websites because the generation now is so harmful.

[djselery]

I don't think that this is happening right now. There are a lot of places where terrorists can buy easily real identity documents for cheap prices ( especially on the dark web websites), without passing per the whole procedure of creating a startup project, which is a lot more complicated for them and a lot more expensive too. But I agree that you have to make sure the ICO project is legitimate before sending any documents to its team members.

[blckhawk]

It's not impossible to happen. Transactions in blockchain are transparent, however they are hard to trace and since only addresses and amounts are included, and we don't have a database for who is the owner of these addresses, we cannot track these illegal activities.

KYC information is valuable, that's why some companies sell it to some sort of illegal markets, which should be punished by law. But since no names are included in the crypto-ledger, we cannot really track who's doing it or who's not.

[Oneandpure]

If you confused with many ICO submit KYC you can buy an  ICO coin after listing with exchange market, you can use an exchange have limited withdrawal in daily without KYC like kucoin give about 2 btc withdrawal every day without submit KYC adn using binance exchange give 1 btc for withdrawal without KYC, you can start your investment without have submit KYC if you want your data and your ID safe and not use for some thing wrong by exchange or ICO project.

[bryant.coleman]

If you confused with many ICO submit KYC you can buy an  ICO coin after listing with exchange market, you can use an exchange have limited withdrawal in daily without KYC like kucoin give about 2 btc withdrawal every day without submit KYC adn using binance exchange give 1 btc for withdrawal without KYC, you can start your investment without have submit KYC if you want your data and your ID safe and not use for some thing wrong by exchange or ICO project.

These limits exist only on paper. The moment an exchange notices any suspicious activity with your account, they will raise a KYC request. It doesn't matter how much you are trading or withdrawing every day. I have seen KYC being asked for users who had less than 0.01 BTC in their wallets. Nowadays this KYC requirement is becoming more and more intrusive.

That said, I have to agree that Binance is still better than many of the exchanges out there. I heard reports of Bitsamp not just asking the KYC from users, but also asking them to give sources to the funds (including signed messages from Bitcoin wallets and Blockchain logs). The new FATF regulations (which were implemented this year) are not helping the matters either.

[atjiat]

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.