[Survey]Do we need to provide KYC documents in any cryptocurrency exchanges?

[darewaller]

Currently, most of the exchanges (CEX) are KYC required. As we all know, most of the crypto currencies (especially bitcoin) are decentralized and anonymous.

Because these exchanges are centralized they have to give the reports to the authority so while Bitcoins are decentralized the platform we are trading them are centralized and Bitcoins are not meant to be anonymous in my opinion it is just one property of being decentralized currency.

Why should those exchanges collect our personal information? Do you think KYC is necessary?

Because like I said they need to pay taxes on the gross income and they have to make sure there are no fraudulent traders and things like stolen funds or money laundering is not going on through their exchange.

I think doing KYC actually makes us strong because imagine if the exchange tries to scam we at least have our ID verified and clear from our side to file a claim.

[Renampun]

I think it's more personal...
I have no problem doing KYC as long as that on trusted exchanges like Binance, Probit, Bittrex, and others. Trusted exchanges will definitely keep secrets from consumers, in contrast to new exchanges which mostly impose KYC only for their future benefits.

[ScamViruS]

Currently, most of the exchanges (CEX) are KYC required. As we all know, most of the crypto currencies (especially bitcoin) are decentralized and anonymous.

Because these exchanges are centralized they have to give the reports to the authority so while Bitcoins are decentralized the platform we are trading them are centralized and Bitcoins are not meant to be anonymous in my opinion it is just one property of being decentralized currency.

This is an important issue. Traders who trade with small amount they do not have to do KYC on most exchanges, they can withdraw 2 BTC per day without KYC. I used a lot of exchanges without KYC, because I traded in those exchanges with small funds so I didn't need to do KYC anymore.

The exchanges will ask you to KYC only when you can make large trades, because there can be illegal activities when funds of large amount are traded. And centralized exchanges sometimes think of themselves as banks, so they confuse traders by adding any kind of rules at any time.

[Ridwan Fauzi]

Firstly, I'll choose an exchange who has been used by most people, like binance or OKEx I'll no doubt giving my personal identity to use the exchange. They will responsible for all the bad things that will happen and also they will make high security to protect it and so far I trust them to protect my personal identity. And second, seem like there is no exchange especially those who operate and have legalized in my country who don't ask KYC, all of them will ask a new user to give their personal identity to use the exchange. Besides that, I'll never give my personal identity especially for new exchange or unknown exchange who offer a lot of promotion.

[RokokGudangGaram]

If we don't have other option then we will be force to submit our KYC just to use a better service of exchange and to lessen the risk that we will end up to those scam exchanges.
But frankly speaking, in my end I really hate KYC but I don't have other option because there is only one local exchange that is available in our country and there is no easier way to cashin and cashout via it.

[Ucy]

My major problem with the current centralized kyc model is the risk it exposes people to. Your valuable private data could be hacked, abuse, misused, etc by those who have access to them. Imagine the risk you will be exposed to if your home address, your phone number, date of birth and other private information is access by dangerous people.

I think people should trade without kyc, but if kyc become necessary, a decentralized kyc system should be used instead. With this, everyone controls his/her private data, verification is done by the network in a crypto-friendly manner and verified information is hashed and used for authentications.

[AakZaki]

If there are no other options, I don't think KYC will be a problem when it is a trusted exchange like Binance.
Binance requires its users to verify KYC in order to access many of its new features and make larger withdrawals. Some people are not happy doing KYC, but KYC is very necessary to verify our identity. The platform selected must also be a platform that can truly be trusted to store your personal information. There is nothing wrong with doing KYC, but you have to be careful. Don't submit personal identities to foreign platforms you don't know.

[palle11]

I think it's more personal...
I have no problem doing KYC as long as that on trusted exchanges like Binance, Probit, Bittrex, and others. Trusted exchanges will definitely keep secrets from consumers, in contrast to new exchanges which mostly impose KYC only for their future benefits.

I think most exchanges that require KYC are obeying the rules of the country that they operate. KYC isn't wrong if data is kept as secret from even government but that is not possible since the government is having interest in the KYC.

[CryptopreneurBrainboss]

Why should those exchanges collect our personal information? Do you think KYC is necessary?

I voted yes as I have done several KYC and will still be open to doing more but here's the catch, my documents used for this verification are all fake including that of Binance and Luno that I use actively for all my transaction including withdraw to fiat. Yes this document has my passport on them but all other details are fake including my names. Now I'm not much of a centralized peer2peer patronizer since I have fallen to scam in my early days in the industry. In a scenario when this document gets rejected which has happened before, I abstain from using that particular platform.

I see no reason why my details are been needed by this platforms, the only reason why they have my passport is because some verification needs additional proof where I'll be required to send a selfie, assuming that wasn't needed, I would had proceed to using these fake documents in accessing all the KYC needed account.

[noorman0]

In my opinion it depends on the size of your deposit or personal trading, and Binance and other trusted exchanges imposing kyc on a certain portion of the asset is very appropriate.

I would not say kyc is a must for traders as long as it is can be avoided no matter how difficult it is (legally) and the slightest chance even though the exchange has their responsibility to the local government regarding the identity of the customer. But if the kyc request is related to personal risks using CEX such as locked accounts, withdrawal limitations, and so on (big risk), I will still do it forced and there is no other way on the condition that their kyc system is up to standard, not corrupted and has been tested. Here is an example of a bad KYC system that I have done my own research.

In so far as I have been trading on CEX, I have only sent kyc once on an exchange where I have exchanged my crypto to fiat. And I have regretted it after I found out that some members of this forum have crypto to fiat exchange services.

[Shasha80]

I am one of those who disagree with cryptocurrency exchanges to have KYC, because there is a possibility that the exchanges
could sell their user data. I always use exchanges that do not require users to perform KYC procedures, because for me personal
data is important and valuable. The only exchanges that I am willing to do KYC procedures are local exchanges originating from
my country, I did that so I could cashout.

[Janation]

I don't want to provide, TBH.

There are a lot of decentralized exchanges, proven and tested. It is just that, I am using an exchange that requires KYC because it is more efficient since I could make that exchange as a middleman to some transactions that I wanted to. It is a mobile exchange so I could pay some bills, buy load or buy some in-game currencies if I wanted to.

[GreatArkansas]

I already made a mistake before, when I have funds trapped in an exchange. Because before, when I started to sign up on that exchange, there were no KYC things at all, but after few months, they updated their Terms of Services and their new update is to submit KYC before you can withdraw your funds, so I have no choice, that's why I submitted KYC documents. Even I don't want to, I don't have choice.

[lovesmayfamilis]

Today, many major cryptocurrency exchanges are introducing appropriate measures to implement KYC policies. This is an established policy, thus the exchanges reject all suspicions from the government authorities. On the other hand, exchanges that do not require KYC from customers are subject to risks and all sorts of legal claims. The presence of verification serves as a kind of guarantee that the exchange does not engage in dark machinations.
As for the clients themselves, this is their choice. There are many options for registering on exchanges today. Providing personal information on reputable exchanges is quite normal.
Moreover, as much as we care about the confidentiality of our data, today, unfortunately, it becomes increasingly difficult to achieve this. The only thing that depends on us is to more carefully choose the places where we leave information about ourselves.

[gabbie2010]

Some government need some stringent rules to guide against shady deals like money laundry by some Exchanges both centralized or decentralized ones in order to trace or track such fraudulent transaction KYC is mandated for some customers that usually transacts with huge amount of coins, transferring huge funds can be well suspicious thus requires proper monitoring to know maybe it will fall into the wrong hands particularly terrorist organizations terrorist are looking for various avenues to fund for their nefarious activities therefore there is a need to checkmate these exchanges.

[XCANA]

Though, the world of cryptocurrency is full of individuals with different motives which involve their ways of handling their respective personal data. Some have their privacy important with them why others don't, so, back to your question: the choice is yours if you want to give out KYC or not. Personally, i don't give out my personal information for any reason becasue my dignity depends on my privacy online and offline.

[Dorodha]

Crypto has many exchange sites but not all exchange sites need to provide KYC documents later. These are new techniques to scam sites that ask you to kyc trying to hack ID by stealing our personal information. cryptocurrency is better not to use kyc exchange sites for your own protection as there is no possibility of leaking our personal information. I can exchange KYC very securely on other sites.

[buwaytress]

Always a matter of principle mixed with practicality for me. If I lived alone and only had myself, I'd be doing P2P all the way, and little to no KYC.

As it stands, I actually don't live alone, and have many many co-dependants, and because of my current residency situation, I would very much like to set my affairs in place so as to make it easy for living conditions and all that. Hence, my decision to KYC at a couple of exchanges. A necessary evil, but it makes things just so much easier and predictable.

[pawanjain]

I would try my best not to give KYC details to any exchange and I would rather find alternative ways to do the exchange.
But if there is no other way around to perform the particular transaction then I will not hesitate to give the KYC details.
This is because of 2 main reasons

1. I am not doing anything wrong and so I would not be afraid to do any transaction
2. I would be using the best reputable and safest platform to whom I would be giving the KYC details.

Despite these reasons if there's something unfortunate that happens then I will be prepared for it.

[FatFork]

...I would had proceed to using these fake documents in accessing all the KYC needed account.

Forgery of government issued documents is a serious offense, punishable as a felony in most (if not all) countries in the world. This is not something I would brag about on the forum, especially if it potentially encourages others to commit a similar criminal offense.

True, sending your actual IDs can be risky and dangerous, but if you don't trust a particular service or organization, the only thing I can recommend is - don't use them.