Why KYC is extremely dangerous – and useless

[tvplus006]

If you trade on the Binance exchange or other centralized exchange where KYC is passed to another person, you risk losing your Deposit. At any time, the exchange may require re-verification and if you do not have access to the documents of another participant that were used for KYC, your account will be blocked.

Never heard that someone (ie. Binance) asked to pass verification once again. Do you know how the exchange will act, if I provide other documents, than I used to pass verification before, because my previous are expired? For example passport's ID changes when you change expired to new one. Also expired one is taken away and it is impossible to provide old one and new one to exchange.

If you lose access to your account, you will need to re-verify it. And if your documents have changed, you will pass verification without any problems. But I wrote above that if you passed KYC on someone else's documents, you will not be able to re-pass it on your own, since there will be a different name and surname.

[robelneo]

If you are tempted to do KYC in any project other than reputable exchange then better take note or read all the points here over and over again KYC is the next dangerous thing after hacking, one submission to one bad projects and you are in danger anytime to being exposed, used your credentials to scamming people and the next time you know you are involved in a scam activity because of your submitted credentials.

[1miau]

We have a new translation, done by GazetaBitcoin and translated into Romanian:

Translations

Local board	translated by
____________________	____________________
Romanian	GazetaBitcoin

Many thanks @GazetaBitcoin for your translation. 

[jademaxsuy]

If you are tempted to do KYC in any project other than reputable exchange then better take note or read all the points here over and over again KYC is the next dangerous thing after hacking, one submission to one bad projects and you are in danger anytime to being exposed, used your credentials to scamming people and the next time you know you are involved in a scam activity because of your submitted credentials.

Yes and I am a little bit worried before because I have done KYC on some projects and exchanges. It may be used in another way like scamming other people and that using my identity. So, this means a good luck to me and to others also that are doing the same providng KYC.

Anyway,  I think there are thousands of us having this KYC issue. I just need to be ready if situations comes to worst.

[Kong Hey Pakboy]

If you are tempted to do KYC in any project other than reputable exchange then better take note or read all the points here over and over again KYC is the next dangerous thing after hacking, one submission to one bad projects and you are in danger anytime to being exposed, used your credentials to scamming people and the next time you know you are involved in a scam activity because of your submitted credentials.

Yes and I am a little bit worried before because I have done KYC on some projects and exchanges. It may be used in another way like scamming other people and that using my identity. So, this means a good luck to me and to others also that are doing the same providng KYC.

Anyway,  I think there are thousands of us having this KYC issue. I just need to be ready if situations comes to worst.

When a project or a gambling site is requiring a KYC, we do have doubts on submitting it to them because if a project or a site have turned out to be a scam, our personal information or identity could be stolen and can be used in illegal activities like a scam. But requiring KYC in a project and other sites could be helpful to them because it could avoid people for making multiple accounts.

[Rebisco]

That is the main reason why I always careful when I upload my identity online, I'm afraid that my identity will be sold and will be use in many criminal activities. Whenever there is a project that I want to participate, I identify first if they are requiring KYC before I join. There are now a lot of issues in terms of KYC and we should really be careful if we will upload any types of I.Ds online.

[alik111]

You described really well but now all Airdrop hunters are mainly victim of kyc scam.Because they hunt Airdrop tokens by verifying kyc from new launched exchanges or Airdrop sites.
By verifying kyc to the scammers means they are inspiring scammers indirectly.

[Tytanowy Janusz]

Of course, I would be happy to get a Polish translation. I've reserved it for you now:

Thanks. I'll let you know when it will be ready.

Just finished my Polish translation. Its been a while but i was busy doing xxxx xxx (hidden to protect personal data )

https://bitcointalk.org/index.php?topic=5263255.new#new.

Once again - great reading. Even translating was fun to do.
And a very serious problem that requires wide publicity

[Cryptoababe]

Even the bounties and airdrops that requires kyc are risky ones too
KYC is absolutely risky for cryptocurrency. With my experience. I've signed up for a cryptocurrency airdrop once and these which required kyc to be eligible for distribution. This is Tratok airdrop and after all the KYC verified, I still got nothing and the bad thing is they already have my information. I felt bad and since then, I stopped participating in any airdrop which requires kyc.
I've done a lot of kyc before then and I've been like. I've open my ass out too much. Seeing this thread made me know more risk behind kyc.

[Cryptoababe]

If you are tempted to do KYC in any project other than reputable exchange then better take note or read all the points here over and over again KYC is the next dangerous thing after hacking, one submission to one bad projects and you are in danger anytime to being exposed, used your credentials to scamming people and the next time you know you are involved in a scam activity because of your submitted credentials.

Even some reputable exchange will reject some Submitted information about kyc and most time when this happens, I use to feel like they already have this information they need but it seems they just needed to be sure its you.. Reputable exchanges as also risky as I can see.
I've had a lot of bad kyc experience and I feel kyc isn't the right thing to prevent fraud. Its just an act of fraud.

[lucky80]

What is the real purpose of KYC? In my opinion, KYC is the only way to bind your identity with a bitcoin or other coin address now. Then who needs it? Exchanges where you convert cryptocurrency into money, controlled by the government. They must pay taxes on their income. Or to prevent crime explained by op.

I think that's the main reason why KYC is needed. However, it turns out the identity is sources of income that can make data owners tempted to sell it. No offense, it is human nature.

At present, Doing KYC is mandatory, and there is nothing we can do. Therefore be careful when doing KYC because a trusted place is consist of human.

Where is the trust inside an untrust environment?

[SquirrelJulietGarden]

KYC is the way governments like to control their citizens. Where are KYC from initially? If not from governments' forced requirements on exchanges. In the future, all centralized exchanges will be required to do KYC on their customers. The future will belong to decentralised exchanges

[Lucasgabd]

KYC is the way governments like to control their citizens. Where are KYC from initially? If not from governments' forced requirements on exchanges. In the future, all centralized exchanges will be required to do KYC on their customers. The future will belong to decentralised exchanges

there's still a lot of room for DEXes, you are right
I like the work blocknet is doing.
they're unstoppable.

[lucky80]

KYC is the way governments like to control their citizens. Where are KYC from initially? If not from governments' forced requirements on exchanges. In the future, all centralized exchanges will be required to do KYC on their customers. The future will belong to decentralised exchanges

there's still a lot of room for DEXes, you are right
I like the work blocknet is doing.
they're unstoppable.

I don't think dex is a solution to removing the KYC process, because you can't exchange your crypto for money. You still have to use your local exchange. I think P2P is a solution, but it can't be implemented now because not everyone understands and accepts crypto. Now it is better to stop and avoid those who ask for your identity.

[Lucasgabd]

KYC is the way governments like to control their citizens. Where are KYC from initially? If not from governments' forced requirements on exchanges. In the future, all centralized exchanges will be required to do KYC on their customers. The future will belong to decentralised exchanges

there's still a lot of room for DEXes, you are right
I like the work blocknet is doing.
they're unstoppable.

I don't think dex is a solution to removing the KYC process, because you can't exchange your crypto for money. You still have to use your local exchange. I think P2P is a solution, but it can't be implemented now because not everyone understands and accepts crypto. Now it is better to stop and avoid those who ask for your identity.

have you heard about Bisq?
there are descentralized solutions in the market already operating to make the bridge fiat-crypto.

[bct_ail]

Bisq?

I haven't use it. I installed it few years ago, just to have a look how it works and so on.
But what I have been heard is, that it can be problematic if you do a Crypto-Fiat trade with someone who under suspicion about money laundering. Problem is, that you don’t know that but suddenly you get a letter from the prosecutor.
Can anyone verify this?

[Lucasgabd]

Bisq?

I haven't use it. I installed it few years ago, just to have a look how it works and so on.
But what I have been heard is, that it can be problematic if you do a Crypto-Fiat trade with someone who under suspicion about money laundering. Problem is, that you don’t know that but suddenly you get a letter from the prosecutor.
Can anyone verify this?

never heard about it.
would be good to have sources on it.

fiat-crypto trades can be on deposit or even w/ personal meetings (observing some security practices of course)

[1miau]

Of course, I would be happy to get a Polish translation. I've reserved it for you now:

Thanks. I'll let you know when it will be ready.

Just finished my Polish translation. Its been a while but i was busy doing xxxx xxx (hidden to protect personal data )

https://bitcointalk.org/index.php?topic=5263255.new#new.

Once again - great reading. Even translating was fun to do.
And a very serious problem that requires wide publicity

Hi! 

Great to have your translation, I've added it to my list:

Local board	translated by
____________________	____________________
Polish	Tytanowy Janusz

And nice, that you had fun to translate it. 
When I was researching different sources, it was very interesting to see, what fallacies KYC is actually based on.

[lucky80]

have you heard about Bisq?
there are descentralized solutions in the market already operating to make the bridge fiat-crypto.

Hmmm, I just found out that Bitsquare has rebranded to Bisq. Yes, I use their software. At present, we cannot use it as a solution. Using a third party will add more cost and a wall for most unbanked. They must add more currency and remove the trading limitation.

Binance limited account may be a temporary solution to avoid the KYC process. However, I believe someday someone will provide the answer.

[bct_ail]

Hmmm, I just found out that Bitsquare has rebranded to Bisq. Yes, I use their software. At present, we cannot use it as a solution. Using a third party will add more cost and a wall for most unbanked. They must add more currency and remove the trading limitation.

Where did you get the information from? I cannot find anything about it in the internet. I see that bitshares will upgrade their protocol to release 4.0 at July 30, 2020.  But not anything about that bitshares rebranded to bisq.
I would also be surprised if this was the case, because bisq is a stand-alone software and is built completely different than bitshares.