Has the purposed of kyc been diverted?

[Little_king]

I dont just a ven know why we call this a decentralized technology as many exchange now are even not good for trading and even bounty are asking for KYC which I dont think is even good for any thing to think off, and base on this fact they have made the purpose been rubbish because I dont know why dex will be asking people to provide ktc when blockchain purpose is mainly on privacy.

[Tosyn2]

Day in day out there are new projects requiring kyc from investors
Exchanges requiring kyc, for some in order to maximize your ability to withraw large sums of cryptocurrencies and some even before you can trade on the exchange
The bigger question is how safe are our kyc documents?

Personally I don't think there is guarantee of safety on any information divulged in the process of submitting kyc. Requiring kyc from investors are actually meant to know where they are from as we all know that some countries are not crypto friendly but when bounty hunters are required to undergo kyc, I do not agree with that.

[coin-investor]

Day in day out there are new projects requiring kyc from investors
Exchanges requiring kyc, for some in order to maximize your ability to withraw large sums of cryptocurrencies and some even before you can trade on the exchange
The bigger question is how safe are our kyc documents?

Generally, it is not safe and it will never be safe, especially in the ICO's, they are unregulated, you do not even know who are the people behind those faces, they are not compliant to any government and so they can sell your vital information in the market, without you knowing anything about it.

[justdimin]

I think there is already a law to support KYC and keep your information private in place for European countries and USA. I am not sure if it applies all around the world but that is basically all important places except Asia. There are laws that says if anyone sells or sends your information to a third party that is not agreed then they will be punished harshly, like both money and jail time at the same time.

Hence, no place would give your information away aside from government requesting it for something suspicious. Now considering they are defended in every aspect, there is still a chance it gets in the hands of bad people by hacking, if a website that collects that much personal information gets hacked then there is absolutely no way of stopping the hackers and you should be very careful.

[CryptoIyke]

I am usually very sceptic about any platform that requires my KYC details with exception to some notable exchanges social sites. Though I understand some privacy policies that go with this but I am not certain to how extent they can be protected, so the best is to stay off from bounties or Airdrops that require them

[Drai]

The sad fact is that most of the projects demanding for KYC verification are owned by anonymous teams that prefer hiding under the veil of anonymity but they would not extend the same courtesy to their users and community. It's really sad TBH.

[Patrix_1]

The security of our data is correlating with exchange or ICO that requires those documents. If you believe in this exchange/project there should not be any problem, but be careful and do not provide a full KYC to strange and questionable projects.

[tranduong123]

Currently, we cannot know how secure we are, Maybe we have to learn to adapt to it. I hope there will be regulations on this issue in the near future.

[forexandcryptoauditor]

I have seen the example of actually selling the private data to other entities, which was provided during the KYC process of the project. I have now keeping the projects aside, which requires KYC. We should be careful about the data we provide.

[Golftech]

The sad fact is that most of the projects demanding for KYC verification are owned by anonymous teams that prefer hiding under the veil of anonymity but they would not extend the same courtesy to their users and community. It's really sad TBH.

One of the concerned why it's not good to submit your information to the team which you also don't have any idea if whether legit or not, if they are requiring KYC but also hiding behind without any details about their personalities then why apply this requirements, it's safe to proceed when you know the team and you are trusting them for your personal data, it's still users preference whether to comply or not.

[cliber]

Almost all new projects require KYC. I think your KYC will be safe. Many are like you in terms of KYC. It's better not to participate if you are in doubt about a project that needs KYC. But what you need to know is that projects that need KYC have greater potential for success.

[sulendra12]

The bigger question is how safe are our kyc documents?

If you care with anonymity and don't want to give your precious credential and kyc is not your cup of tea, even if you give it to trustworthy exchanges don't mean it will be safe. Your data could be hacked in the future and would be used to make criminal crimes. I mean, giving your information online is already risky tho.

[valuater]

for as much as security, in my opinion, most are safe because usually the project hires the services of a company that is specialized in managing kyc, but if your kyc that manages it is a direct bounty manager, be careful, maybe your data can be misused because I have experienced it

[cepot9]

I do not believe that our identity is not safe, not to accuse but identity is an important privacy and can be bought and sold for easy misuse.

[Deallove9]

Kyc has been deverted in something else which is not suppose be, but the hunters aspect has no choice has every real hunters will want to get their token reward base on the hard work done , but on every exchange which require some kyc is necessary as that will be a kind of security for money laundering.

[Leyss]

Our KYC documents will never be safe. I see a way out in making transactions in the amount of cryptocurrency less than one thousand dollars.
On June 21, the Intergovernmental Organization for Financial Action (FATF) adopted recommendations for which, for transactions of less than one thousand dollars, the KYC check will not have to be passed. By June next year, more than 200 states will have to bring their domestic legislation in line with these recommendations, or they will pay heavy fines.

[goolesby]

We cannot ensure how safe is our KYC document. Exactly, we don't know the exact team or people behind the projects or behind the KYC requirement team. However, as long as they are real people, they stated that they guarantee the secret or security of the KYC document I think this is the one that we can trust. However of course, normally we will feel worried because sometimes, they can be hacked easily.

[InwardContour]

We have to be very careful when doing KYCs since our documents might not be safe. Some people do KYC even for unverified projects especially when they require that for free tokens (airdrop), this might be a trick to get your personal details. Well, for some reputable projects which comply with KYC requirements from authorities, KYC is not entirely bad. An example is doing KYC to make bigger withdrawals on centralized exchanges, it's fair since it's optional for most. Where it becomes bad is when KYC is a must to withdraw any amount at all.

[bitkanu]

The reply to this question is yes, the purpose for KYC has been diverted. Some projects which are not even supposed to require KYC now do that. I was shocked to see news that even IDEX will soon implement compulsory KYC. If that happens, then it shifts entirely from being a DEX.

They are foced to do that by the regulators because the government want to prevent money laundering which usually happen in a decentralized exchange albeit doesn't hinder the fact that money or cash is the most used way to launder money because it leaves no trace unlike cryptocurrencies.

If Idex refused to do that they will be in problem and I guess no one even want to get handcuffed and jailed just because refusing the KYC. even it is decentralized exchange there's nothing they really can do. That exchange still operated and owned by individual or team.

[barbara44]

Day in day out there are new projects requiring kyc from investors
Exchanges requiring kyc, for some in order to maximize your ability to withraw large sums of cryptocurrencies and some even before you can trade on the exchange
The bigger question is how safe are our kyc documents?

The fear with kyc as been that the company may sell the information provided for them, but I think the safety of your document depend on the company you are dealing with, in as much as the scammers has already corrupted the cryptocurrency industry and making it look unsafe, we still have so many countries that operates with integrity and would protect your document with everything within their power from being exposed to those that will misuse it.

We have already found ourselves in a situation where we cannot really do without this KYC, all that we just need to do is make sure that we also protect our data from our end, we only give out information that we feel will not be used against us in future, and also ensure that the company we hand over our information to are genuine and ones that will use it in a legal way only.