Strong kyc reason

[VDraci]

To be a rightful owner of a bank account you need to go through all the verifications, passports, identity card, electrical bill, home address etc all must be available to be able to open a bank account , this is for security reasons, there is no way to make money out of KYC verifications, it's absolute nonsense

[cabron]

Banks need to do it for the records where and who owns the money if not then there would be great ease for criminals to get away with money.

What I dont like about KYC is that internal revenue is going to fuck you no matter how small is left on your account.

[Leviathan.007]

KYC stands for Know Your Customer and it's necessary for the centralized organization such as as banks for the security reason. But since in bitcoin there not any organisation controlling or holding it and we are not customers, there shouldn't be any KYC for it. Actually the point of bitcoin is to be stay decentralized. Asking KYC is completely necessary when you are using traditional banks, but not in the crypto world.

[janggernaut]

It's not only in bank, in crypto world, you will noticed if almost all exchange sites require your KYC first before you can trade or withdraw your money to fiat. Actually KYC is a great tool to verify someone's identity, and to prevent people do any suspicious thing like use multiple accounts to abuse or something like that. But in other hands, KYC is much useless and very dangerous too, which i agreed with @1miau you can read more further the reason on here Why KYC is extremely dangerous – and useless

[dondonk]

Its the trick banx dont have money enough.
They just create digits but no cash equal ammount existing.
You want to sell crypto u do kyc congratulation you now made money for bank

I think that not way bank make cash . our crypto transaction not directly with bank . What I know, crypto transactions through exchangers then after that the exchanger will send (fiat) money to our bank account.

[mersal]

Reason are becouse banx dont have MONEY.

From kyc transactions they create money.

Bank will just add digits only if you verify ur kyc .
Banks can not use other people money thats a lia.
Banx creating money from kyc and aml
Old money is gone to proof this the all debt are erased in 10 years banx now nedd kyc to create new money

Hey wait, it is supposed to be BANKS not BANX, then you need to understand what is KYC which doesn't have anything to do with adding digits in their bank storage. Banks can't simply add money even if they do it will be considered as forfeited currency. There are lot of process involved in printing money which was never disclosed to a common man.

Banks ask KYC to track record of your transaction and every your transaction will be sent to the government for tax compliance purpose.

[bits4books]

I suggest that you first go and read how banks work in principle - one textbook on economics from the series "for the smallest"is enough for this. Then find out what KYC is. Then find out what money is.
And then re-read again what you wrote here and come to the conclusion that you wrote something as unintelligible as possible and completely unrelated to reality.
Good luck with your studies!

[OpenCryptoSystem]

I suggest that you first go and read how banks work in principle - one textbook on economics from the series "for the smallest"is enough for this. Then find out what KYC is. Then find out what money is.
And then re-read again what you wrote here and come to the conclusion that you wrote something as unintelligible as possible and completely unrelated to reality.
Good luck with your studies!

Well the bank will create money by taking from fed or ecb.
But only can take if ....kyc

[bits4books]

I suggest that you first go and read how banks work in principle - one textbook on economics from the series "for the smallest"is enough for this. Then find out what KYC is. Then find out what money is.
And then re-read again what you wrote here and come to the conclusion that you wrote something as unintelligible as possible and completely unrelated to reality.
Good luck with your studies!

Well the bank will create money by taking from fed or ecb.
But only can take if ....kyc

Banks don't create money - where did you get that from in the first place? None of the banks can just come and say "print me 100 kilograms of money". Moreover, the state itself can not just take and print the same 100 kg of money just for fun, based on the logic "the more money you print, the more money you will have". This is absolutely not how it works.
And what does KYC have to do with it? What does it have to do with the issue of money and the mechanism of confirming the identity for making transactions and using any financial products?

[livingfree]

Reason are becouse banx dont have MONEY.

From kyc transactions they create money.

How does they exactly make money if they ask KYC to their customers? they sell info to marketing companies and their product is the customers who would comply with the KYC they have required?

Bank will just add digits only if you verify ur kyc .
Banks can not use other people money thats a lia.
Banx creating money from kyc and aml
Old money is gone to proof this the all debt are erased in 10 years banx now nedd kyc to create new money

They use customers that have deposited money on their bank through loans and other investments that they have. But in KYC, I still don't know how they could generate money from it if that's what you think thus, it's the one that I've thought of.

[coolcoinz]

In a way that's how facebook tried to make money with Libra. They wanted to connect cryptocurrency to your account, so that they'd know all your private data and shopping practices and be able to target you with personalized ads that would be like instant buy options. You wouldn't have to register anywhere or log in to your bank account to process payments. A girl would post a photo of a prom dress and she'd get an instant ad with jewelry and accessories in the same color. If she clicked that her private data would be sent to the vendor for processing. You can make big money this way.

[bosede1]

In my country, before you legitimately open a bank account you will have to supply some document verifying that you are what you said you are and this does not add any kobo to their wallet as a bank. I think the main reason why bank want to know their customers is to avoid fraudulent act.

[XZERO1]

KYC is not how they make money, if they had sold their customers personal documents on black market or anything like that it would be a shitshow.

Banks main source of income is coming from borrowing your money to other people(specially to their biggest customers) and getting interest on that, and on the side they also charge you fees for all sorts of reasons, these two sources of making money are more than enough so that they make it big in just a few years by doing absolutely nothing that is too hard or too risky for them.

[atjiat]

Each person has a very negative attitude to the conditions for providing passport data, since very few people want to associate themselves with some kind of activity or some kind of situation. But if we leave aside negative emotions regarding KYC, then we must also understand that the presence of KYC allows a person to make claims, as well as defend their rights in a legal manner. According to the legislation. No one can demand compliance with any legal provisions if there is no specific name for an individual or a specific name for legal entities.

[DrBeer]

The best advice to the author of the topic - before making such, to put it mildly, dubious statements and conclusions, study the basic information on the issue you want to say. KYC - does not generate income for the bank / exchange. This is not a profitable operation, and its purpose is absolutely organizational - to make sure in the person of your client in order to comply with the rules.

[Lanatsa]

The best advice to the author of the topic - before making such, to put it mildly, dubious statements and conclusions, study the basic information on the issue you want to say. KYC - does not generate income for the bank / exchange. This is not a profitable operation, and its purpose is absolutely organizational - to make sure in the person of your client in order to comply with the rules.

Want to say that same thing on what the hell on this world on saying that banks do make out money into those KYC?

Is he really aware or do even know on whats KYC in the first place? This is just mattering on someones personal information in due compliance
on what had been set out by the government or simply part of regulation.Its heavily centralized which means its understandable.

or maybe he do mean on selling out those info/kyc into other means just like what you can see in black-markets?
Its just not really that enough to justify.

[youdacapt]

Reason are becouse banx dont have MONEY.

From kyc transactions they create money.

Bank will just add digits only if you verify ur kyc .
Banks can not use other people money thats a lia.
Banx creating money from kyc and aml
Old money is gone to proof this the all debt are erased in 10 years banx now nedd kyc to create new money

OP; Your thread topic says one thing; and your thread itself is very unclear. One thing about kyc is that it is used to keep records of platform users; be it a bank or a crypto currency exchange; it is also used to check mate fraudulent individuals. Secondly, banks do not need anyone's kyc to create new money; it is centralized by the government.

What point are you trying to drive at ?

[CarnagexD]

KYC, as in Know Your Customer? By how means will this lead more people to choose banks over crypto? I mean, the main reason bitcoin and other cryptos are a big thing right now is because it is anonymous, with little to no KYC. Plus KYC is not gonna give the banks more money, it's circulation from the government.

Weird post, man.

[redsun114]

Bank will just add digits only if you verify ur kyc .
Banks can not use other people money thats a lia.
Banx creating money from kyc and aml
Old money is gone to proof this the all debt are erased in 10 years banx now nedd kyc to create new money

To start with do you know the meaning of KYC? KYC means know your customer, so what exactly does knowing your customers has to do with clearing debts and creating money? If the central banks and governments wants to create money they will simply do that, not the way you have explained it .

The purpose of banks or any other third parties, like exchanges, doing KYC is so that they will be able to keep records and also it is used in regulation, that way they can tell where and who the money is coming from and where it’s going to. This process can helpto prevent money laundering and all that.

[Broly46]

This kyc is introduced in 2017, and it’s getting stronger these day, from non compulsory to compulsory, from custodial exchange to p2p, from new user sign up to everybody include existing user, from new depositing fund to every crypto balance, from usdt to every ICO to every coins, ridiculous, they’re trying to lure big whales to hunt them down one by one, and keep them in prison just like John McAfee and Assange Julian, many young bitcoin whales would go to prison too, wait for your turn.