Has the purposed of kyc been diverted?

[Darker45]

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?

As to the safety of our personal information, that we cannot guarantee. They may claim utmost care and privacy in treating our personal information, but it still remains open to hack attempts. However, since they are requiring KYC, traders and users of centralized exchanges are left with no other option but to comply. But if you cannot afford to divulge any of your personal information, opt for DEX or peer-to-peer transactions.   

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[funnec]

By now you should know that given your information to someone you don't know can be very risky because they can do anything with it.

[SquallLeonhart]

By now you should know that given your information to someone you don't know can be very risky because they can do anything with it.

Yes they know, but how can they avoid it, look at the industry you are, you will see that most new projects that you see now request for KYC, and even DEX exchange that has nothing to do with KYC has also started requesting for KYC. So tell me how people can avoid it, except maybe they do not want to have anything to do with cryptocurrency things at all.

So I think right now, it is not all about accepting KYC here or not, but the type of information that we give out. I believe that they all have different I formation being required for their KYC, and if we see any projects that is requesting for any vital information that we feel could dent our image or not that necessary, then we should possibly avoid such projects at all cost no matter how promising it looks.

[bittick]

In top exchange your KYC information is always safe. To keep away autobot or scam people, KYC is mandatory for almost all project and exchange.

The real purpose of KYC is not to keep away from the bot or scammer but the real purpose of KYC to be compliance with the regulation in some countries, not only that but that's to prevent some people from some countries were banned crypto or these countries don't give the approval to invest in the crypto or put crypto in the red area.
But not only KYC because this time there is AML verification too.

[bluesnup]

KYC is just whast the government needs to know your information. They know how much you trade they can control your funds, this is simply a way to control you through an exchange.

You don't need to participate in this. People need to realize that KYC also means no control of your funds and oversharing all your data, you can trade without KYC in Switch.ag for instantly trades or actual DEXs like SwitchDex.ag. Also don't trust all the DEX that are out, recently idex went kyc and more to come out soon. Be careful in this market.

[sammy21]

In top exchange your KYC information is always safe. To keep away autobot or scam people, KYC is mandatory for almost all project and exchange.

The real purpose of KYC is not to keep away from the bot or scammer but the real purpose of KYC to be compliance with the regulation in some countries, not only that but that's to prevent some people from some countries were banned crypto or these countries don't give the approval to invest in the crypto or put crypto in the red area.
But not only KYC because this time there is AML verification too.

yes, now to invest crypto or participate in an investment in a new project it is indeed a little complicated. not like before, which we can buy very simply, and we can get profits quickly. now the project is very considering how to adjust their project to the regulations in their country or the user's country of their platform.

[Chemcrier]

If it is not a security token offering that has gone through all the regulations required by the governing bodies, I do not like providing my personal details to them, to be honest, I perform KYC in only exchanges and the recent hack of KYC materials from Binance shows that even documents uploaded in reputable exchanges is not so safe.

[Doranile432]

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?

Its a must to submit your ID documents if you want to withdraw large sum of amounts from exchanges and even some ICO projects do requires KYC but i'm not sure how safe our IDs are and bad news are been spread on the internet about people's  identity been sold through darkweb,if you are not feeling comfortable about your ID just stay away from KYC projects

[calya]

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?

Its a must to submit your ID documents if you want to withdraw large sum of amounts from exchanges and even some ICO projects do requires KYC but i'm not sure how safe our IDs are and bad news are been spread on the internet about people's  identity been sold through darkweb,if you are not feeling comfortable about your ID just stay away from KYC projects

actually in decentralized market kyc didn't need at all.if exchanges or projects required to verify their investors they could use another methode.but required personal data from them was very risky.as we know in dark web there is no limitation in any section.it could happen if our personall data in wrong hand, they could sell it.

[wxxyrqa]

It seems to me that we should put up with the requirements to provide KYC, because in the near future there will be an acute question of the legalization of cryptocurrencies, and for this it will be necessary to identify each cryptocurrency user.  We have no other choice, so KYC conditions will now be met even more often.

[Mrcharles]

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?

In my opinion, kyc documents submitted to exchange are not safe. There have been countless issues of public documents sold out to third parties, who use this information for illicit activities. I learnt that personal information of people are traded on the dark Web and this informations were in most cases given out in good faith for kyc verification.

[indah rezqi]

For those who are afraid of KYC security, it means that they are not serious in participating.

Your identity is really important and I don't think anyone who would go against KYC if the project is shady af is not serious. Your seriousness should reflect on your actions, but when a case like that comes out, you should think twice before you submit your KYC especially when the project team identity is not even clear.

Don't gamble too much on your identity. I'd never go with KYC even if a project told me they'll give $1000 worth of tokens for a simple click when they don't even told me who run the business.

What you are saying is true, that risking too much KYC can be dangerous, because it is personal identity. But KYC requested as one proof of our seriousness and them. In this case, we do not arbitrarily submit KYC.

[Lolox]

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?

How safe KYC is, it depends on the project you are following. The important thing is that it is not easy to do what they ask for. We should be able to examine because not all projects that use KYC, are trustworthy.

Our personal data is more important and if used by irresponsible people, of course, we will have a loss.

[Argoo]

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?

We know that our documents submitted as a check to KYC exchanges will never be safe. There will always be some risk of hacking and theft of this data. Everything on the Internet, everything is at risk of being hacked. Especially attract the attention of various fraudsters of the exchange, where multimillion-dollar amounts are concentrated. Therefore, it is better to transfer small amounts through exchanges and not undergo such checks, and keep your money on the exchange if possible, not for long.

[Shepard777]

My opinion is this. Everyone is trying to do such things so that they would not prohibit the trade in American on their exchange, because they have a service that regulates cryptocurrency laws (SEC). And in America there is a lot of money that will arrange good liquidity. After all, the SEC has banned a lot for the citizens of their country.

[Bonwin]

KYC issue should not be taken lightly. You can make use of block chain, cryptocurrrency, such as trading them, investments, without getting your personal details involved. Some exchanges allow you to trade or withdraw particular minimum amount without KYC. Meanwhile, most of us do not exchange those minimum withdrawals per day.

[cytpoway121]

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 purpose has totally been diverted and it’s a betrayal to the Decentralised world

Most especially bounty managers that uses kyc as a restriction to corner hunters reward to them self
The principle is concise and clear; avoid kyc related projects if you have doubts

But ensure to always dyor

[cryptonewbie]

One of my fears is that one of these days, all those scam projects that conducted kyc will run out of the stolen funds and will end up selling people's data to big organization. I do pray that this day never comes. KYC is being abused too much

[sehoon]

For me, it depends on the information that they are going to ask. As long as it's not going to have any information about my bank accounts or where I live exactly, I am just good with that. I use my real name on facebook and my real picture so I don't have any problems with those information.

[dcomomal]

The problem is that nobody knows how safe are they. But I am pretty sure that exchanges, especially shitty ones are making huge money on selling those docs on the black market. It just makes sense, thats why I prefer to stay on decentralised exchanges.