Explaining the consequences of KYC

[dimox]

if you believe in some ico that require kyc, just do it. if you doubt about it, just leave it.
im sure if kyc is good for company. they know if crypto is different with bank, or the other company, so they will use your information as far as it important. ans you are right kyc is good if the company is big, it will keep company itself from unwanted things

[Dreamchaser21]

just short, if you believe that they will not abuse your identity, then we should follow the rules for submitting KYC documents for claim bounty rewards or registered on an exchanger if you really doubt and feel you should leave fear, nobody forces you.

That's right, it depends on the project you're dealing for. Its mandatory on one project and if you don't want to submit it then you have to leave that project and look for other project. I made a lot of KYC on the exchanges, and until now I feel my safety, so I believe if you really need to submit it then try to comply with that.

[Maslate]

just short, if you believe that they will not abuse your identity, then we should follow the rules for submitting KYC documents for claim bounty rewards or registered on an exchanger if you really doubt and feel you should leave fear, nobody forces you.

That's right, it depends on the project you're dealing for. Its mandatory on one project and if you don't want to submit it then you have to leave that project and look for other project. I made a lot of KYC on the exchanges, and until now I feel my safety, so I believe if you really need to submit it then try to comply with that.

That's our decision anyway and we are not forcing someone to do such thing that it only be hurting inside. Only we have just been affected by that news that our KYC has been used into illegalities which are not.

Well, I'm doing it also(KYC) but tell now I don't see that it was used by illegalities. Of course, we don't do that to questionable sites.

[Hallmader]

I am very worried not about the fact of submitting passport data to confirm my identity, but, first of all, who will control the safety of the entire database provided by users.  Moreover, even in state structures there is a clear list of requirements that have the right to be exposed in front of a person and who is authorized to demand passport information.  In any case, all companies that require KYC must be formalized.

As for me, I am a little worried when submitting KYC documents. As much as possible, I would really avoid sending images of my passport or even driver's license. Identity theft is getting common nowadays. Anyone who has access to that personal information could use it for some illegal purpose.

And who will guarantee us that these data on their hands are safe? For all we know, even wallets could be hacked. How much more to personal data which are not as protected as coins?

[bitsurfer2014]

All of this are valid points but the problem is that most people who wants an entry point to cryptocurrencies often needs to pass a KYC procedure on their local exchanges to cash in and cash out so that they can buy and trade crypto and consequently take profits from it so in effect, they have no choice but to abide with it even if they are somewhat hesitant to do it.

Experienced wise , indeed it's needed to passed this requirement around local exchange in order to enjoy working with this environment,the government rules needs to be complied by the local exchange to continue doing business from our authorities jurisdictions. Without any comply crypto traders will not be allowed to do the trades.

Exactly! I guess regulations will be embraced by most companies doing business with cryptocurrencies and its a kind of dilemma and irony but I think there is nothing we could do about it. If we want crypto adoption to prosper, then there must be a compromise between Government regulations and users privacy. Imho.

[Oceat]

Of course KYC can be dangerous, but in some cases it is necessary. The crypto community has become very large and fraud cases have increased. For some companies, this is just a forced measure.

It is dangerous if it is leaked or put in the wrong hands and that's what most people are scared about since it is not a government sector. But if you believe that it is not worthy to share your personal information to someone behind the internet or you are just too VIP in real life then you shouldn't pass your personal details to someone that you don't know. It's just that simple.

[Distinctin]

Of course KYC can be dangerous, but in some cases it is necessary. The crypto community has become very large and fraud cases have increased. For some companies, this is just a forced measure.

It is dangerous if it is leaked or put in the wrong hands and that's what most people are scared about since it is not a government sector. But if you believe that it is not worthy to share your personal information to someone behind the internet or you are just too VIP in real life then you shouldn't pass your personal details to someone that you don't know. It's just that simple.

You should be aware on the company your are trusting to comply with the KYC, not because they are private sectors they cannot be trusted, these private sectors as long as govern by the authority they will face the consequences of their actions in case they will leaked the information we provided.