Why exactly is it that people don't like identifying themselves (KYC)?

[Turbolantern]

I get that it goes against the fundamentals of crypto currency, but exactly for what reasons though? Assuming you're not using it for anything illegal (if you are then it's understandable), why the concern? I'm asking specifically when trading.

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[jackg]

There's the want for privacy. If an exchange knows who you are and a hacker gets hold of that info as well as a withdrawal address, what if you're deemed as an easy target and they go after you? What if the "attacker" in question was someone working for the exchange or someone who could easily buy the data available. There was at least rumour that coinbase updated their kyc verifier because they suspected the company to be selling on information about people's ID.

Identity theft is also a real thing. Most stock exchanges in the UK just ask for a postcode and a name to do kyc - it's kinda surprising crypto exchanges don't do the same thing.

[Issa56]

I don't think revealing my data is really a nice idea, I don't have to reveal my identity because it can get to wrong hand, after verification I believe anything can happen to the exchange later in the future(hacked), which my data might endup getting to hackers hand and they might endup using it for illegal things that's why I don't really go with kyc idea. I heard of a website actually is not a cryptocurrency exchange after kyc verification they endup selling your data to scammers which is bad that's why I don't really like kyc.

[mocacinno]

Personally, i'm afraid of a $5 wrench attack....
It's nobody's business how much BTC i hold, and where i keep it... Eventough, if you're with a community long enough, there'll always be people that know who you are, where you live and whether or not you're a hodler.

[cabron]

You don't wanna submit your data if you are from Mexico or from Iran and you know what that means when you are from there. You don't wanna send it to them because
the owner of these exchanges like CZ or Brian Armstrong could be a very close friend of the government of the US or the government of China.  The rich guys don't want to give out their information to a system that could also fuck with them. Data is the new gold mine today and the rich guys like Elon are easy targets.

[Wexnident]

It's not so much as doing something illegal, it's literally just because people don't want other third parties to have their own personal info recorded in their storage. Wanting some privacy and anonymity doesn't equate to someone doing something illegal you know? A matter of preference so to speak.

To the question though, it's like giving the keys of your house to someone else to safe keep you know? Might be an extreme example but it's one example of the sort. This era pretty much shows how information that you can obtain could do wonders if used in the hands of someone who knows how to do their stuff. It's also why I've been staying away from social media. It's like a personal beacon saying where and what you are doing tbh.

[Rruchi man]

I don't think revealing my data is really a nice idea, I don't have to reveal my identity because it can get to wrong hand, after verification I believe anything can happen to the exchange later in the future(hacked), which my data might endup getting to hackers hand and they might endup using it for illegal things that's why I don't really go with kyc idea.

From the short replies i have read, majority of persons are skeptical about KYC verification mainly due to privacy issues, but really, who's to say your details that you are being private about cannot be obtained from another place or source that you have used it in in the past.

With the increasing cases of money laundering and all that, some of these financial institutions are instituting KYC to know their customers. As a user, it doesn't mean you should be quick to do KYC verification with every exchange you come across, exercise caution as well.

[YOSHIE]

Don't know other countries they identify KYC or not, clearly my country all crypto exchanges have to go through kyc process, If the kyc doesn't pass it means you can't trade on the crypto exchange, so nothing is hidden about data or personally identifiable crypto trading.

worry, of course not, as long as the government approves it your worries apply to countries that threaten the development of crypto, for legal countries it's fine.

[Beparanf]

I get that it goes against the fundamentals of crypto currency, but exactly for what reasons though? Assuming you're not using it for anything illegal (if you are then it's understandable), why the concern? I'm asking specifically when trading.

The problem is most of the company on crypto is not regulated which means you don't have any assurance that your personal information is really protected since there's a lot of crypto companies got hack and leaked database. Most of the people invest on crypto for privacy protection while investing so it means that they are not comfortable providing KYC info that has a high risk for database leak.

You will never if your identity is already being sold on deep web market and being used for illegal activities.

[Theones]

I get that it goes against the fundamentals of crypto currency, but exactly for what reasons though? Assuming you're not using it for anything illegal (if you are then it's understandable), why the concern? I'm asking specifically when trading.

Crypto is for anonymity while fiat is for KYC, simple is that. Bitcoin was created for p2p cash transfer with full privacy, we can say privacy or anonymity was fundamental part of crypto. Centralized exchanges are not part of crypto ecoytem and they are controlled by single entity. If you are on exchange then you dont need to get offended for KYC, that's wt they are created for.

[bL4nkcode]

I get that it goes against the fundamentals of crypto currency, but exactly for what reasons though? Assuming you're not using it for anything illegal (if you are then it's understandable), why the concern? I'm asking specifically when trading.

It's not just people don't want to provide these confidential information to any exchange, people just distinguish and only select few (trusted exchange/service) of them that requires kyc. Since p2p transaction using dex is way more harder I mean need lot of time to deal as its low in volume, few options, riskier and etc.

Deals with crypto to fiat mostly exchanges need KYC for more secured environment, fast deals and etc. but there are still p2p with non-kyc exchange for those who doesn't want to risk their information.

[mk4]

1. submit KYC to exchange
2. exchange's database gets leaked, including your sensitive personal information
3. criminals now know that you're into crypto, and know where you live
4. congratulations, you and your family are now at risk

[Mauser]

I get that it goes against the fundamentals of crypto currency, but exactly for what reasons though? Assuming you're not using it for anything illegal (if you are then it's understandable), why the concern? I'm asking specifically when trading.

For me the big risk is identify theft. We are sharing so much personal information via Facebook and Instagram that it becomes very dangerous in today's world. If someone has a copy of our passport he could do a lot of harm. There is the risk that our personal information is being misused for some illegal activity which could harm us in the end. Our credit score could be negatively affected like that. And the even bigger risk is that people want to steal from us. From social media criminals easily know when we are on vacation and with all our personal information they know where we live and can break in. Maybe I am too paranoid.

[maju69]

This is only about the identity of taste and whether it is so important or is it necessary to provide personal data to other parties. Although there is currently no identity of which one. But at least it is things that are out of control, if at any time your data is used for crime. Leaks can no longer be contained, no one is completely anonymous 100%. Regarding trade in the exchange and your data is submitted, in addition to maintaining security, of course this is to identify to whom and where large assets enter.
Therefore, most do not like layered KYC just to trade cryptos under 1 Btc per day.

[o_e_l_e_o]

Assuming you're not using it for anything illegal (if you are then it's understandable), why the concern?

Can you post all your bank statements going back to the date you first opened a bank account on here so we can all take a look at them? I assume you're not doing anything illegal, so you should have no concern doing this.

Can you share your email address and password on here so we can all rummage around in your emails and read anything which looks interesting? I assume you're not doing anything illegal, so you should have no concern doing this.

Can you share all your credit card transactions, all your shopping receipts, all your social media passwords, all your WhatsApp conversations, and your browsing history on here so we can examine them? I assume you're not doing anything illegal, so you should have no concern doing this.

No? Didn't think so.

It's the exact same principle. I don't want a bunch of random strangers sticking their noses in to my affairs, using that data to build a profile on me, and then sharing and selling that profile with governments, political companies, ad agencies, and anyone else who wants it.

[noorman0]

The exchanges still can't convince me why I should KYC. Actually they don't care how evil you are and they themselves are sometimes even worse than you think, they just want to get pass from regulation and still be able to operate.

I've played a lot with random kyc on several exchanges (2 of which are what the public call "top"), and most of their kyc systems are shit. They don't really implement KYC according to regulatory standards. From this point on, there is no real effort to fight crime.

[sheenshane]

Though people keep trying to avoid KYC for privacy purposes, on the other side, the central agencies that under by the government must always hardly implement this to get in touch with their citizens to avoid being a fraud because without having KYC sometimes because abuse in many platforms that could be lead into more worst of a hack.  We know since the start, the government has combating many kinds of fraud just to protect people.

In fact, KYC isn't a problem here, why?
The problem is where we can entrust your information to any certain platforms and yes, that's very risky on our part to disclose any information related to use especially when we talked about money which is very hot to the eyes of scammers and hackers.  So, if you trust them and don't have a choice, then, we can't avoid KYC verification but make it sure that's trusted enough and has strong security.

[doremonchina]

KYC (Know Your Customer) is to give organizations that you are the person who is associated with the character distinguishing yourself with an organization. You can nearly imagine it like an enrollment card at a store. It is to realize that you are a recognized individual who will be adding to the organization. Not at all like at a standard market or a shopping center everybody should be confirmed through either KYC in light of the fact that for person's advantage and the organization's so neither one of the characters is contributed by illicitly elaborate work force or putting resources into an unlawful association.

[kanayaTabitha]

I get that it goes against the fundamentals of crypto currency, but exactly for what reasons though? Assuming you're not using it for anything illegal (if you are then it's understandable), why the concern? I'm asking specifically when trading.

Because most people are investing on crypto because crypto has it's anonymousity that people could hide their wealth and could doing any transaction (legal or illegal) , that's why some people won't do KYC because they won't reveal their identity to anyone on the crypto space.
But most people on exchanges have to do KYC due to withdrawal limitation so they must do KYC if they want to trade confortly and doing KYC on big exchanges is not a threat because they will keep our identity safe.

[irsykes]

My reason is simple, i just not want to share my personal data to anyone or anything else because personal data is important and it include my address, phone number, etc. And in other side, data selling is happened in all over world no matter who behind it. That is why to be honest i am not really agree with KYC, but some exchanges now force people to do KYC in them.