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.

[1714908649]

1714908649

[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.

[dunfida]

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.

This would be a good read up.
https://www.thomsonreuters.com/en-us/posts/investigation-fraud-and-risk/kyc-risk-based-approach/

KYC is something that do exposed all of your information and we know that it could leaked out and could be
sold off on darkmarket.Yes, you had done nothing illegal but do you allow on something like this.

[freedomgo]

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.

It's not really a good idea to share your personal information because aside from stealing your privacy, this will also be a threat to you when some exchanges are going to be hack so the fact that you have submitted your KYC form there, then your personal identities will also be triggered. Although there are still exchanges who are not yet requiring for KYC, but most of them even those reputable ones are already asking for it. So the least we can do is to look for exchanges that are transparent and that are trusted by everyone so we will not fall into victims. Although i know KYC will also make the exchange more legal, but i still prefer to look for exchanges that will not ask my personal data.

[Ryker1]

^[snip]
KYC is something that do exposed all of your information and we know that it could leaked out and could be
sold off on darkmarket.Yes, you had done nothing illegal but do you allow on something like this.

Well that is right --everything on the internet could be hackable and possible our personal data that was submitted was in the wrong hand and that is on the scammer's hand and sold it into the dark market and our identity can be used to steal or make fraud that using our identity. I always worried like this every time when I see a site that has KYC, so as long as possible I can find ways to avoid them it should be better. Because you don't know which company you trust your personal information.

[nelson4lov]

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.

My biggest concern with KYC demands is my privacy. While I don't do anything illegal, I do like the fact that I can just be anon and still get things done and in an event of a data bleach, KYC details easily become gold as they can be sold in the black market or use to do a crime and then the repercussions falls on the victim.

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.

Aha. I have the same opinion too. It's worrying that you can't really do anything in crypto these days without submitting KYC information.

[sherenikaw]

Personally, in the past I was quite worried about entering my personal data, I was afraid that it would be misused even if it was a small possibility. I know that KYC is important and we have to follow it properly but I also hope that our personal data can be safe in it so that we don't feel worried. but now I feel it must be done and so far it's safe as long as we do it according to the rules. in my country always use KYC and it must be followed so of course we have to follow the existing regulations.

[blockman]

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 we don't want someone keeping our identities. But we're all different, if it doesn't like by someone, you like it and that's totally fine to you. But we tend to pass it still when it's already required and enforced by the exchange where we trade. There is no other option and if we like the exchange, we're really going to pass on KYC no matter what other people will say. In the end of it, it's still a matter of choice whether you want to pass it on or not, you choose it as long as you know what you do and there's nothing to compromise with your identity and you trust where you send it.

[TelolettOm]

Simply, it is about:
1. Privacy
If we offer our data in KYC, it means that we give our privacy to the person who we don't really know and if we love about privacy, it means that we are forced to open our privacy
2. Security of the data itself
We don't know whether it  is secure enough or not, moreover we don't know them and we cannot trust anybody here 100%. And will they guarantee that our data is save?
3. Complicated ways
Some steps are commonly needed to do KYC process until approved

[Slow death]

I don't have a problem with KYC I just wonder how it is possible that an anonymous site where the owner is anonymous and has no corporate headquarters and you don't know where you keep our documents and doesn't have government supervision to make sure our documents are safe, how in this situation can you ask people to do KYC? that's not fair, it's wrong for governments to put this rule in place.

[Nahl]

Some people want to stay anonymous during using the particular sites so they don't liked if KYC system implemented to them besides it i think the main caused why people don't like KYC not for privacy only that most people worried to KYC because some of sites got hacked and people identities leaked by the hackers and abused especially there is no guarantee our datas will always 100% secure on those sites

[Coin_trader]

I don't have a problem with KYC I just wonder how it is possible that an anonymous site where the owner is anonymous and has no corporate headquarters and you don't know where you keep our documents and doesn't have government supervision to make sure our documents are safe, how in this situation can you ask people to do KYC? that's not fair, it's wrong for governments to put this rule in place.

Some of this malicious website that asking KYC are using this to gather details for customers in case they fck up big time while operating business. They can use it as collateral for all there user and sell it to other company that buying info for marketing purposes. I believe this is the reason why people receive promotional email even though they are not subscribed on its newsletter.

But some anonymous company has a license to operate on there respective country. They just don't want to share there info publicly since they are not obligated to share so because they are operating in a decentralized ecosystem.

[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.

This would be a good read up.
https://www.thomsonreuters.com/en-us/posts/investigation-fraud-and-risk/kyc-risk-based-approach/

KYC is something that do exposed all of your information and we know that it could leaked out and could be
sold off on darkmarket.Yes, you had done nothing illegal but do you allow on something like this.

That was hard to read, tbh. What's the gist of it? Any tldr by any chance?

[Ararbermas]

Most of the reason probably because of hacking issues wherein common issues when it comes crypto. And the fact that there's a chance hacker can get identities after that and of course they can use it as well from bad activities in the internet to scam others.. So it's very dangerous to be honest and it's a big problem , and you know there's already a victim on it. So that's the reason why people's still are scared to submit kyc nowadays even in some trusted platforms.. Well its their choice. 

[Anguwa]

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.

KYC (Know your Customers) is a means through which most crypto exchanges use to know your complete identity. But these details/identify happens to your own privacy, because these details can be used against the user in different forms and ways. Those people working with exchange can use your details to scam or set you up as the case maybe, many people decide to keep those personal details privately but unfortunately some exchanges made it mandatory before having assess to their service. Privacy and security issues are the main reason why people don't like doing KYC in an unknown exchange.

[davis196]

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 nobody knows how the sensitive personal data has been stored and how it's been used by the cryptocurrency exchange platforms.
Hackers are selling stolen IDs on the darkweb.Do you want your ID to appear for sale on the darkweb?
I definitely don't want this to happen with my ID.
The people,who are doing something illegal by using cryptocurrencies would never use their real IDs for verification.
They might use fake or stolen IDs to verify themselves.
KYC isn't really effective,when it comes to fighting crypto scams and illegal activities.
Anyway,we just have to abide by the rules.

[o_e_l_e_o]

doing KYC on big exchanges is not a threat because they will keep our identity safe.

So the least we can do is to look for exchanges that are transparent and that are trusted by everyone so we will not fall into victims.

No exchange is safe, regardless of how big it is, how trusted it is, how transparent it is, how long it has been around, and so on. Name any big exchange and you can find instances of customer data and information being leaked, hacked, stolen, or sold, from that exchange. You take a risk every time you send off your KYC documents to a complete stranger, regardless for which exchange this particular complete stranger happens to work for.

-snip-

I was completely with you right up to the last line of your post. We don't have to abide by the ridiculous rules that governments and exchanges force on us. Such is the beauty of bitcoin. If you don't like KYC, then don't complete it and don't use any exchange which demands that you do. There are dozens of decentralized and peer-to-peer options for buying and selling bitcoin which don't require KYC. If every bitcoin user in the world started refusing to complete KYC and refusing to use platforms which demand it, then you can guarantee these platforms would very quickly start lobbying governments to change the rules and finding loopholes. The reason KYC is so pervasive is because 99% of people just roll over and hand over their freedom and privacy at the first sign of any inconvenience.

[ven7net]

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.

Those people who do not want to go through KYC believe that their personal data will be at risk, namely, they can be used by other people. But I can say, as someone who has already gone through KYC many times, that there is no cause for concern. However, in the future, if you have passed KYC, for example, on Binance, then when using large amounts of money, questions may arise for you from your tax authority. Again, if you exchange cryptocurrencies for fiat money in large quantities and withdraw them. There is also another side, where KYC is needed to weed out bots and fraudsters and thereby give the opportunity to use trading tools only to relatable people.

[tvplus006]

...I'm asking specifically when trading.

Since most people associate cryptocurrency with large incomes, identifying you in real life with the contents of your wallet can be dangerous for your health. In addition, most participants of the crypto market categorically do not want to pay taxes, which will be impossible if they are identified.

[Botnake]

...I'm asking specifically when trading.

Since most people associate cryptocurrency with large incomes, identifying you in real life with the contents of your wallet can be dangerous for your health. In addition, most participants of the crypto market categorically do not want to pay taxes, which will be impossible if they are identified.

For most, paying taxes will be the biggest issue since we will be obliged to pay tax depending on the profit we made, and i think its quite unfair. And for others, maybe they just want to retain being anonymous since it will be risky if they know your own identity and the fact that you have lots of satoshis in your pocket, too dangerous to think.

However, since most of the exchanges are already requiring KYC and i know its for security reasons, i'm not already against on it since i'm not doing illegalities in the first place. Even reputable exchanges do so i think we don't have really choices left.

[chanler]

Personally, I've done KYC several times and I think it's safe so I'm not too afraid to do it because in my country KYC is a normal thing and there are regulations. maybe for some people they are afraid that the data provided will be misused, it's okay for everyone to have their own beliefs and it's good to protect our personal data from being misused. but as long as we follow and do it according to the rules then I think it will be fine.

[AmoreJaz]

Personally, I've done KYC several times and I think it's safe so I'm not too afraid to do it because in my country KYC is a normal thing and there are regulations. maybe for some people they are afraid that the data provided will be misused, it's okay for everyone to have their own beliefs and it's good to protect our personal data from being misused. but as long as we follow and do it according to the rules then I think it will be fine.

usually, that's the dilemma. we don't know where will our vital info ended up with. so as much as possible, a lot of us don't want to do kyc. but if there's no choice like if you want to trade in binance, you are now obliged to undergo the completion of kyc. or you want to use your local exchange and they are under the jurisdiction of your local central bank, you have no choice but to comply. i have no prob with kyc as long as it is necessary, in this step, you are entrusting a 3rd party organization to hold your info.

[Quidat]

Personally, I've done KYC several times and I think it's safe so I'm not too afraid to do it because in my country KYC is a normal thing and there are regulations. maybe for some people they are afraid that the data provided will be misused, it's okay for everyone to have their own beliefs and it's good to protect our personal data from being misused. but as long as we follow and do it according to the rules then I think it will be fine.

usually, that's the dilemma. we don't know where will our vital info ended up with. so as much as possible, a lot of us don't want to do kyc. but if there's no choice like if you want to trade in binance, you are now obliged to undergo the completion of kyc. or you want to use your local exchange and they are under the jurisdiction of your local central bank, you have no choice but to comply. i have no prob with kyc as long as it is necessary, in this step, you are entrusting a 3rd party organization to hold your info.

But honestly we've been already exposing our identity into the government long time ago which there's nothing we could really do in terms of of that privacy that we are seeking off but since we are dealing with online transactions with those online platforms now then its our choice
whether we could take risk on complying those verification or not but as much as possible we do really loves on not to verify everything
and able to make use of those service.

[o_e_l_e_o]

But I can say, as someone who has already gone through KYC many times, that there is no cause for concern.

And I can say, as someone who has driven drunk many times, that there is no cause for concerns. /s

Just because something bad hasn't happened to you yet, doesn't mean that activity is safe. I would also wager that, like most people who complete KYC with abandon, you haven't set up any kind of credit alerts or monitoring, and you wouldn't even know if your identity had been stolen and used to take out credit or for money laundering until debt collectors or law enforcement show up at your door.

[palle11]

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 simply goes against the privacy of an individual whether a trader or not. The online trading is suppose to protect your identity against theft because you don't know the next person, hackers are everywhere also. The reason also is that decentralised and digital economy doesn't really require the data disclosure of the next person, you need to be careful with who you are dealing with because it is not a safe environment.

[Finestream]

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 simply goes against the privacy of an individual whether a trader or not. The online trading is suppose to protect your identity against theft because you don't know the next person, hackers are everywhere also. The reason also is that decentralised and digital economy doesn't really require the data disclosure of the next person, you need to be careful with who you are dealing with because it is not a safe environment.

Right, given that you are trading online, its most likely that you want to stay anonymous by not sharing your personal identity. Because if that's the case, then you should have gone out and just wait for the possibility that sooner hackers will start stealing your personal datas. But its not the case. As long as you are trading with cryptos that are supposed to be decentralized, then you will also expect that the thought of being in controlled by any group or entity will not be possible. But whether we like it or not, most of the exchanges today are now becoming centralized and its a requirement to submit KYC for legalization.

[passwordnow]

Most of the reason probably because of hacking issues wherein common issues when it comes crypto. And the fact that there's a chance hacker can get identities after that and of course they can use it as well from bad activities in the internet to scam others.. So it's very dangerous to be honest and it's a big problem , and you know there's already a victim on it. So that's the reason why people's still are scared to submit kyc nowadays even in some trusted platforms.. Well its their choice. 

This is what I'm worrying for. Since I've been receiving unsolicited emails and they're asking for KYC. That email of mine has been hacked and as much as that exchange is forcing me to do a KYC after registration, I don't have enough time to deal with their notifications and automatic emails to me. We don't want to our identities to be compromised since these hackers can use it for bad purposes if they've obtained it.

[martina14]

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.

There are some exchange especially new to this industry of crypto space, they are giving free amount of dollar$ like 5$ but for them to receive this amount they need to submit KYC first before anything else. But for me this type of style is not a good things to me because this is obviously there are hidden agenda for it where the information could be steal then in the future the platform could be down instantly.

[bounceback]

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.

So far, no exchange can guarantee 100% security of our identity, if we remember back in 2019 when Binannce exchange was hacked and hackers managed to collect information about users' personal data and they threatened Binannce CEO to pay ransom, otherwise they will leak the identity of its users, this is the reason I am afraid to KYC on the exchange.

[Mpamaegbu]

This is the same reason I don't do P2P on Binance even though I'm verified there. Personal details are vital and should be properly guarded. I want to have an idea where my bank account details are flying to, especially giving the goings on in my country with the relative ban on crypto activities by the inept government in power. One can't be certain who is at the other end trying to transact with one. For all I know, it could even be a government spy. I can endure my details being with Binance because it's the only way I get to transact there. But it's a different ball game exposing myself to some random peeps, other than the exchange. Privacy matters a lot. Leaked data can easily endanger one.

[AicecreaME]

Because nobody wants to give their personal information to someone they didn't even know in online world, even if it is an exchange, you don't know them so there's no reason for you to trust them with your identity, you don't even know if the purpose of their KYC is just for your account to be verified. That's the reason why most of the people hates it, others use fake IDs for KYC to not risk their real identity online.

[stomachgrowls]

Because nobody wants to give their personal information to someone they didn't even know in online world, even if it is an exchange, you don't know them so there's no reason for you to trust them with your identity, you don't even know if the purpose of their KYC is just for your account to be verified. That's the reason why most of the people hates it, others use fake IDs for KYC to not risk their real identity online.

Some people been saying that why they've been afraid off on exposing their identity if theres nothing you have done illegally? Yeah. that is some solid

point but not all would really be that confident on exposing their identity which could be potentially be used on other aspects which is a no joke.

This is why we are really that mindful when it comes to KYC on any platform we've been dealing neither on an exchange or other services out there.

[Silberman]

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 privacy is a right and not some sort of luxury that should be almost impossible to get and people have different standards when it comes to this, so the argument that many people use of having nothing to hide does not apply at all, for example with fiat if you want to exchange a 100 dollar bill for another currency or even you just want to get some bills of a smaller denomination you can do it without having to identify yourself, but somehow governments want to force us to go through KYC just because we want to exchange our bitcoin for some ethereum and that is simply not right no matter how we look at it.

[GreatArkansas]

Because nobody wants to give their personal information to someone they didn't even know in online world, even if it is an exchange, you don't know them so there's no reason for you to trust them with your identity, you don't even know if the purpose of their KYC is just for your account to be verified. That's the reason why most of the people hates it, others use fake IDs for KYC to not risk their real identity online.

Most of the KYC requirements on some platforms are indeed for compliance with the law. Since in some countries, there is AMLA (Anti Money Laundering Act) which identifies that you are not doing such money laundering like maybe your funds come from illegal things.

Most of the cryptocurrency exchanges these days started to require their customers to undergo KYC (Know Your Customer), which for me is a very red flag, to be honest, most the people using cryptocurrency don't want it as the feature of cryptocurrency is being disregarded.

Well, there are always solutions, like using P2P transactions or Decentralized exchanges.

[lienfaye]

Keeping your identity private doesnt mean you're using the platform for any illegal activities.

The main concern is the security of our personal data. What if the exchange got hacked and our information gets compromise? Thats the scenario that we dont want to happen.

Though its understandable that its part of their AML system and they just want to deal with their legitimate client, but still, if you can use the exchange without asking for KYC that would be better.

[michellee]

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.

There are some exchange especially new to this industry of crypto space, they are giving free amount of dollar$ like 5$ but for them to receive this amount they need to submit KYC first before anything else. But for me this type of style is not a good things to me because this is obviously there are hidden agenda for it where the information could be steal then in the future the platform could be down instantly.

I do not want to risk my personal information being sent to the new exchanges because I do not know how good they are and even if there is a $5 or so for the bonus of verifying the account, that will not make me tempted to verify. I already verified my account on the exchanges and I think that is okay for me because they have their reputation and can manage their member's data. We need to be selective if we want to send our identification to a third party and make sure they are good enough to take care of the data. However, we need to understand that there are not 100% safe on the internet, so you need to choose for yourself.

[Kasabus]

Keeping your identity private doesnt mean you're using the platform for any illegal activities.

The main concern is the security of our personal data. What if the exchange got hacked and our information gets compromise? Thats the scenario that we dont want to happen.

Though its understandable that its part of their AML system and they just want to deal with their legitimate client, but still, if you can use the exchange without asking for KYC that would be better.

Exactly. Having to disclose your personal information into an exchange where you are not sure if its secured totally will make you more panic thinking that your personal datas might have chances to be hacked by scammers or hackers in the future. So if you can find an exchange where KYC  is not required and as long as its safe and reliable too, then that would do much better compared to a centralized exchange. Sharing your personal information  to a group or any entity will only make your portfolio more prone to scammers and that's the thing we should avoid as much as possible.

[Silberman]

Keeping your identity private doesnt mean you're using the platform for any illegal activities.

The main concern is the security of our personal data. What if the exchange got hacked and our information gets compromise? Thats the scenario that we dont want to happen.

Though its understandable that its part of their AML system and they just want to deal with their legitimate client, but still, if you can use the exchange without asking for KYC that would be better.

And this is just one aspect of it, it is true that exchanges can be hacked and then once your information is on the hands of the hackers and the black markets were they trade that information it is impossible to get it back, however this is also simply about privacy, the governments through different measures and platforms seem to not want people to have any privacy at all with the excuse of fighting criminals, but this unacceptable and as such some will simply avoid services that try to force them to go through KYC.

[yhiaali3]

Most of those who work in trading like to maintain their privacy for several reasons, first: because KYC goes against the concept of decentralization and financial freedom, most people want to work freely without the watch of governments trying to spy on everything and control your financial freedom by knowing everything about Your financial assets and monitoring of all your activities.
Second: KYC exposes you to danger by obtaining your personal documents from exchanges, which can be subject to theft by hacking the exchange or even selling information for money, and then your personal documents may become in the hands of thieves and be used in illegal things and then you can find yourself inside Prison.

[TheUltraElite]

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 major concern is always an identity theft, however considering that you are using a smartphone and a carrier your data is already being sent to many tech companies and hence your identity has already been stolen to some extent.

Dont rule out the "illegal" scenario just like that. Majority proponents of the no-kyc trend are done by criminal groups and who are into money laundering and I am not talking about your average street muggers, these are bigger corporations who are investing in cryptocurrency and own money that they have obtained by illegal means and trying to offshore it using bitcoin's pseudo-anonymity and lack of taxation.

When you are using someone's exchange, you are bound to be their terms, you like or not.  This has nothing to do with crypto's ideals.

Otherwise just go to OTC markets and exchange, but dont ask for safety concerns, liquidity and availability over there.

[Strongkored]

If we can hide our identity in online world why should we reveal it?
Personal data really must be kept confidential not only in the crypto world but all things that have to do with the internet but nowadays it is difficult to find where exchanges especially CEX, do not require KYC.
The main concern why our personal inf must be kept confidential is so that it is not used by other people or party who could put us in a dangerous situation.

[wajik-tempe]

If we can hide our identity in online world why should we reveal it?
Personal data really must be kept confidential not only in the crypto world but all things that have to do with the internet but nowadays it is difficult to find where exchanges especially CEX, do not require KYC.
The main concern why our personal inf must be kept confidential is so that it is not used by other people or party who could put us in a dangerous situation.

But if the users of crypto keep hide their identity cryptocurrency won't be adopted as world currencies because it's hard to detect the ownership of transaction that could be lead into any bad transaction without responsibility.
Anyway there are 2 sides of people about this problem, there are also some people who likes to keep their identity private because that's why they choose crypto for transaction.

[Wind_FURY]

OP, I hate KYC simply because I’m lazy. I’m lazy to take pictures of my ID, other requirements, and uploading them. I hate taking a selfie of my ugly face with my ID and a piece of paper showing the date, and I hate that exchanges don’t secure them very well.

[Cling18]

Traders have different reasons regarding KYC. Some of us just aren't comfortable with it. We have chosen cryptocurrency because of the privacy and anonymity that it provides so KYC isn't for us. Others want to keep their identity private and just want to be careful because there are cases where our private information is being used in illegal activities no matter how legitimate a site is while others only see it as a waste of time.

[Pasa32]

Because they are afraid of leaking data online, being hacked by hackers, or data selling. I also don't like to do KYC on exchange it is very risky. None knows the future of exchange, it can be hacked or their owner can sell your identity data.

[tvplus006]

Every person regularly encounters such verification in everyday life, such as a bank, hotel. And no one is outraged by this, since everyone knows that this is a necessary condition. In cryptocurrency, the fact that your identity can be linked to your wallet is of particular concern. And the more money there is, the more you will worry about keeping your privacy.

[Fatunad]

OP, I hate KYC simply because I’m lazy. I’m lazy to take pictures of my ID, other requirements, and uploading them. I hate taking a selfie of my ugly face with my ID and a piece of paper showing the date, and I hate that exchanges don’t secure them very well.

Hahaha I had actually laughed on that ugly face part which i do really have those same feelings whenever i do asked out with that selfie with ID plus having that paper telling the current date.As for requirements then it would really be depending or vary whether you could accept or take the risk on where those information would be stored.
Some peoples mindset that what should they would be afraid about? As long it could bring out convenience then it doesnt matter at all.

[24Kt]

OP, I hate KYC simply because I’m lazy. I’m lazy to take pictures of my ID, other requirements, and uploading them. I hate taking a selfie of my ugly face with my ID and a piece of paper showing the date, and I hate that exchanges don’t secure them very well.

Hahaha I had actually laughed on that ugly face part which i do really have those same feelings whenever i do asked out with that selfie with ID plus having that paper telling the current date.As for requirements then it would really be depending or vary whether you could accept or take the risk on where those information would be stored.
Some peoples mindset that what should they would be afraid about? As long it could bring out convenience then it doesnt matter at all.

I believe the main reason why most don't want to submit their KYC is not about taking their ugly faces (  ) or taking photos with ID, but the worry of identity theft. As we have no idea who will get a hold of our docs and if they will do the right thing and not sell it to the highest bidder. This may further cause problems to us if they decide to sell our info, and later on, we will have problems that someone is after us for something we didn't commit. That's a nightmare.
So as much as possible, if you have no choice, just complete the KYC requirements to known reputable sites and limit the exposure of your vital details to these sites.

[Huppercase]

I have come to understand that privacy is a very necessary thing to keep on check, you shouldn't allow anyone mess with it. This is what the government doesn't respect, they want to know everything that happens to your life as if you own them your life.
The government want to know how you spend your every last money, that's not a good thing even if we are in democratic system of government.

[adzino]

It's because some people aren't comfortable sharing their information with others. They don't know how their data will be handled. They have no clue if their data is going to be securely stored by the platforms they are using. They are scared that people might abuse their data. Even if I won't be doing anything illegal, I would not want to be sharing my IDs and personals documents with anyone. You do know that servers can be breached and your data can go into the wrong hands. You shouldn't be surprised if you see someone selling your data and ID on the blackmarket.

[Obito]

Easy, it's because they want privacy and they want to uphold that right so they will be able to make sure that they don't get targeted mostly for harassment or other malicious stuff if their identities are revealed, I mean the advent of identity theft is going to make these people want those privacy more.

[Wind_FURY]

OP, I hate KYC simply because I’m lazy. I’m lazy to take pictures of my ID, other requirements, and uploading them. I hate taking a selfie of my ugly face with my ID and a piece of paper showing the date, and I hate that exchanges don’t secure them very well.

Hahaha I had actually laughed on that ugly face part which i do really have those same feelings whenever i do asked out with that selfie with ID plus having that paper telling the current date.

Hahaha yeah. Anyone would find it laughable if you could access a database of faces of people holding their I.D. and a piece of paper showing the date. They’re like wanted posters.

As for requirements then it would really be depending or vary whether you could accept or take the risk on where those information would be stored. Some peoples mindset that what should they would be afraid about? As long it could bring out convenience then it doesnt matter at all.

KYC for me would be OK, if security of the data is perfect, and anon-set of Bitcoin could be set and reset, which is possible.

[Alert31]

In my country, it is necessary to undergo kyc before you can start trading and even in remittance center where you will cash out your money                    from crypto also implement kyc. I think this is the way of the government to be able to trace your accounts even in crypto. But I'm not afraid of kyc because it is the only way I can trade and earn money. Our privacy may be violated but we can do nothing but follow their rules and regulations.

[Vaculin]

In my country, it is necessary to undergo kyc before you can start trading and even in remittance center where you will cash out your money                    from crypto also implement kyc. I think this is the way of the government to be able to trace your accounts even in crypto. But I'm not afraid of kyc because it is the only way I can trade and earn money. Our privacy may be violated but we can do nothing but follow their rules and regulations.

I must agree on you. Even if it violated the privacy of a trader, most of the exchanges today are already requiring KYC so if we really want to trade and aim profits, we will just abide with the rules. Although there are still some exchanges who are not asking for KYC, but majority are really into it. But in my honest opinion, if we want to make it more legal and to prevent from fraudulence and scamming, i guess this is a better way than to stop trading at all just because of KYC.

[Wind_FURY]

In my country, it is necessary to undergo kyc before you can start trading and even in remittance center where you will cash out your money                    from crypto also implement kyc. I think this is the way of the government to be able to trace your accounts even in crypto. But I'm not afraid of kyc because it is the only way I can trade and earn money. Our privacy may be violated but we can do nothing but follow their rules and regulations.

Then if you have your savings that are HODLed in Bitcoin, I believe it would be better for you to separate that from the Bitcoin that you remit for fiat. But if you convert everything in fiat, maybe it’s OK not to do extra steps for privacy. You have nothing in the blockchain.

[breathlessz]

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.

I personally really want freedom in the crypto world, but indeed some exchanges including the largest exchanges require KYC even though crypto is not yet legal. Actually there is no significant problem if we are KYC, but sometimes we think that if our identity is misused it will become a problem, especially without clear legal protection.

[Luzin]

KYC for me would be OK, if security of the data is perfect, and anon-set of Bitcoin could be set and reset, which is possible.

But, there is no guarantee of the confidentiality of the data we use as a condition that it is safe.  Actually, I am very afraid if later my data is misused. All of a sudden came people collecting debts, it made me dislike KYC. See when some of the hacks regarding KYC bayak occur. One of them is in my country in one of the online buying and selling service providers Tokopedia, that the data has been hacked then in Binance in 2019.

[smartaction]

Everyone wants to hide their personal identity in this decentralized crypto world. Because crypto has many real projects as well as scam projects.  And many projects take kyc and sell KYC documents on the black market. So everyone is reluctant to submit kyc.

[TinaK]

Everyone wants to hide their personal identity in this decentralized crypto world. Because crypto has many real projects as well as scam projects.  And many projects take kyc and sell KYC documents on the black market. So everyone is reluctant to submit kyc.

Not only by that, once your identity were disclosed and you have millions of dollars in crypto, but you and your family will also be put in danger. Possible outcome could be a subject of kidnap and ransom that the hacker will ask a big amount on your crypto once they know that you have a huge asset in crypto. There are certainly worse scenarios that we must be avoided and we should reluctant upon submitting KYC where we entrust our privacy.

Most of those people don't afraid of KYC are those small-time investors.

[kaya11]

Well for personal privacy and for security also. You may never know when an exchange could be compromised and aside from your crypto currencies your identity is at risk at the black market. It is going against fundamentals of BTC which is to be anonymous. Also if you are not that a so called whale which has so many BTC and could reach the daily limit of withdrawals then you are probably fine, I know Binance is giving us a 100 BTC limit you know.

[tbct_mt2]

Well for personal privacy and for security also. You may never know when an exchange could be compromised and aside from your crypto currencies your identity is at risk at the black market. It is going against fundamentals of BTC which is to be anonymous. Also if you are not that a so called whale which has so many BTC and could reach the daily limit of withdrawals then you are probably fine, I know Binance is giving us a 100 BTC limit you know.

Non KYC exchanges will not stick with non KYC policy forever. They can change policy when more regulations implemented by governments. You just don't know when they do it.

On exchanges with KYC but have free KYC with limitation, if you reach it, you will have to complete your KYC to be able to use it again. If you fail, it's terrible. So if you use centralized exchanges, the best approach is complete KYC first. Then you won't have nightmare later.

If you seriously against KYC, let's use DEX.

[OrangeII]

well, this is a privacy issue. many exchanges are often hacked. because of that, people are afraid to use their data to do their KYC verification. however, I only do KYC on some local exchanges. however, if want to KYC register on a new exchange, I might just do KYC Level 1. anyway, this is all just a matter of privacy. In addition, many people are afraid to use their personal data for other things.

[Silberman]

Most of those who work in trading like to maintain their privacy for several reasons, first: because KYC goes against the concept of decentralization and financial freedom, most people want to work freely without the watch of governments trying to spy on everything and control your financial freedom by knowing everything about Your financial assets and monitoring of all your activities.
Second: KYC exposes you to danger by obtaining your personal documents from exchanges, which can be subject to theft by hacking the exchange or even selling information for money, and then your personal documents may become in the hands of thieves and be used in illegal things and then you can find yourself inside Prison.

And yet another reason is that if you are a trader that has a lot of bitcoin if you go through KYC then anyone can link your identity to the amount of coins you are holding, and this is a huge danger, this is not as bad when it comes to banks because even if someone were to discover how much money you have and it got stolen you can always get it back as banks can freeze your account and get those funds back regardless of where the money ended up being sent, but in the market of cryptocurrencies once your coins are outside of an address you control getting them back is way harder, so a high level of privacy is needed in order to completely secure your coins.

[dunfida]

Most of those who work in trading like to maintain their privacy for several reasons, first: because KYC goes against the concept of decentralization and financial freedom, most people want to work freely without the watch of governments trying to spy on everything and control your financial freedom by knowing everything about Your financial assets and monitoring of all your activities.
Second: KYC exposes you to danger by obtaining your personal documents from exchanges, which can be subject to theft by hacking the exchange or even selling information for money, and then your personal documents may become in the hands of thieves and be used in illegal things and then you can find yourself inside Prison.

And yet another reason is that if you are a trader that has a lot of bitcoin if you go through KYC then anyone can link your identity to the amount of coins you are holding, and this is a huge danger, this is not as bad when it comes to banks because even if someone were to discover how much money you have and it got stolen you can always get it back as banks can freeze your account and get those funds back regardless of where the money ended up being sent, but in the market of cryptocurrencies once your coins are outside of an address you control getting them back is way harder, so a high level of privacy is needed in order to completely secure your coins.

Once you do comply off KYC then your identity would be known but doesnt mean that if you do own lots of bitcoin then you are already putting yourself in danger in physical aspects but for online matter then you should really mind off on how to protect yourself on getting scammed or hack and i cant really blame out people on being too paranoid when complying out those verifications and if someone does have that many coins
then i dont find that they arent aware about those things.

[Wind_FURY]

KYC for me would be OK, if security of the data is perfect, and anon-set of Bitcoin could be set and reset, which is possible.

But, there is no guarantee of the confidentiality of the data we use as a condition that it is safe.  Actually, I am very afraid if later my data is misused. All of a sudden came people collecting debts, it made me dislike KYC. See when some of the hacks regarding KYC bayak occur. One of them is in my country in one of the online buying and selling service providers Tokopedia, that the data has been hacked then in Binance in 2019.

My post wasn’t clear. It is possible to set, and reset Bitcoin’s anon-set, but no, it would not be possible to ensure perfect security of data in some other entity’s server. Not your server, not your data.

I believe this applies if it was given the right context. A decentralized exchange, running on a centralized server. Hahaha.

https://mobile.twitter.com/dydxprotocol/status/1468293558360805381

Due to a major AWS outage, dYdX exchange is currently down. We are experiencing greater latency across services and impaired functionality with endpoints not working and the website not loading

[PhucS]

KYC is the process to identify and verify the identity of customers when participating in opening accounts on exchanges, this ensures against illegal activities such as money laundering. Currently, on major exchanges, KYC is a mandatory condition to be able to trade, withdraw and deposit. However, many people do not like KYC because they are concerned about the issue of personal information being exposed. Information used for KYC such as passports and driver's licenses may be exposed if the exchanges are not well secured.

[boyptc]

well, this is a privacy issue. many exchanges are often hacked. because of that, people are afraid to use their data to do their KYC verification. however, I only do KYC on some local exchanges. however, if want to KYC register on a new exchange, I might just do KYC Level 1. anyway, this is all just a matter of privacy. In addition, many people are afraid to use their personal data for other things.

Yeah.

It's all about privacy and that's why many don't like to comply with KYC. But if there is no option for which you have to comply and that's all you need to do.

You will have to comply even if it's against to your will. You'll be fine doing that with the exchanges that you trust.

[Oilacris]

well, this is a privacy issue. many exchanges are often hacked. because of that, people are afraid to use their data to do their KYC verification. however, I only do KYC on some local exchanges. however, if want to KYC register on a new exchange, I might just do KYC Level 1. anyway, this is all just a matter of privacy. In addition, many people are afraid to use their personal data for other things.

Yeah.

It's all about privacy and that's why many don't like to comply with KYC. But if there is no option for which you have to comply and that's all you need to do.

You will have to comply even if it's against to your will. You'll be fine doing that with the exchanges that you trust.

All matters with trust and acceptance because there are instances  that you wouldnt really be having no choice but to comply on whats been asked if you are really that badly needing their service which means you wont have any options left but to deal on whats into your front.

Privacy thing is always been our primary concern which means that we would really be hesitated whenever we do meet up some verification
and that would be on possible reasons on which we dont like to expose our personal identity and we dont like for those informations
to leak online.

[palle11]

However, many people do not like KYC because they are concerned about the issue of personal information being exposed. Information used for KYC such as passports and driver's licenses may be exposed if the exchanges are not well secured.

Yes there is possibility that information disclosed can be sold out to someone else or used for illegal transactions. Not only in exchanges, bounty companies sometimes require KYC after you have participated to help them but after you submit your documents and passport they may not fulfill the release of reward and you end up regretting it. KYC is not suppose to be introduced in an online transaction because privacy should be protected.

[jaberwock]

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.

One most probable reason would be unpredictable questions from government authorities in future. Basically I do hate clearing KYC for no concrete reasons. While I am into this crypto space, I prefer straying anonymous hence I do not want to to submit any of my documents just for the reason of continuing trading in reputed exchanges (this way I have stopped trading on few long running exchanges).

We cannot predict what kind of stand government will take in future against cryptocurrency and when they are having the list of people who are already into cryptocurrency then they might start watching them at first hand when they will be taking any negative stand against cryptocurrencies. So, for the reason of avoiding future problems, I personally prefer to clear KYCs in exchanges.

[tvplus006]

...Information used for KYC such as passports and driver's licenses may be exposed if the exchanges are not well secured.

By itself, the disclosure of information contained in a passport or driver's license is not particularly secret. The problem arises when the disclosed data is linked to your wallet and it becomes known to attackers. Although if the tax authorities know about your cryptocurrency income, then this will also cause you additional problems.

[Natalim]

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.

Privacy, crypto is designed to have our privacy that's why we have a decentralized blockchain, but it turns out as crypto is getting more popular, it's also getting regulated as well. With the intervention of a centralized exchange, there's no choice for us but to comply with the KYC requirement, otherwise we will have a hard time converting our crypto to fiat.

[el kaka22]

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.

I can't speak on behalf of everyone else, but I can say that the clearest thing for me is the fact that we are talking something that is seriously important in privacy for me. Why would I want that data to be shared with anyone? Like what could be the reason to "want" something like that?

If we do not want it, then the feeling drops to "being okay with it", like it is not something I want, but if I am forced to do that to continue then I would be okay with it. Suddenly it becomes a lot more logical to understand why people do not want to share it, they do not like it because it is not something they want to do anyway, so it is forced on them.

Secondly and more importantly, I do not trust them to keep it safe, I have seen too many places that got hacked and all that information shared with others, that is enough reason to not want it because bad people could get their hands on it.

[crzy]

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.

Hackers and scammers can easily use your personal details to access your accounts online, and to scam many people as well using your identity and this raise a concern for your own safety as well. I do not support KYC in cryptomarket because first there’s no regulations here that can protect yourself from any kind of fraud and of course I’m concern about my safety and the safety of my money online. KYC should not be mandatory, that’s cryptocurrency for me.

[nurilham]

I think there are several possibilities that they are afraid of misuse of the personal data that they send and also as we know KYC requires quite strict processes and regulations so not everyone is able to do that, some people may have difficulty with that. but for me as long as I follow KYC properly then I don't need to be afraid that my personal data will be leaked, after all if we enter the crypto world then we cannot escape the KYC process. but it all depends on the opinions and beliefs of each, of course follow the existing rules because it will also make it easier for us to do things.

[Sihab76]

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.

People don't like KYC process because sometimes people avoid governments taxes . If they participate with KYC process , it obviously have documentation though they can't avoid governments taxes.

[boyptc]

well, this is a privacy issue. many exchanges are often hacked. because of that, people are afraid to use their data to do their KYC verification. however, I only do KYC on some local exchanges. however, if want to KYC register on a new exchange, I might just do KYC Level 1. anyway, this is all just a matter of privacy. In addition, many people are afraid to use their personal data for other things.

Yeah.

It's all about privacy and that's why many don't like to comply with KYC. But if there is no option for which you have to comply and that's all you need to do.

You will have to comply even if it's against to your will. You'll be fine doing that with the exchanges that you trust.

All matters with trust and acceptance because there are instances  that you wouldnt really be having no choice but to comply on whats been asked if you are really that badly needing their service which means you wont have any options left but to deal on whats into your front.

Privacy thing is always been our primary concern which means that we would really be hesitated whenever we do meet up some verification
and that would be on possible reasons on which we dont like to expose our personal identity and we dont like for those informations
to leak online.

Most likely that's the situation.

That, we don't have a choice but just to pass it on and comply because we like the exchange, our coins are hostage and we don't like to ship from exchange to exchange.

We're concerned about leak because hackers are also going for those very important information.

[nhaila]

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.

So far, no exchange can guarantee 100% security of our identity, if we remember back in 2019 when Binannce exchange was hacked and hackers managed to collect information about users' personal data and they threatened Binannce CEO to pay ransom, otherwise they will leak the identity of its users, this is the reason I am afraid to KYC on the exchange.

Kyc (Know Your Consumer) just  an identity process in take part in ico and sto process in cryptocurrencies but some people refusing kyc because they don't focus themselves on the government taxes. In the exchanges ,kyc just a phenomenal because Binance, bitmart, Kucoin centralized exchanges already hacked but all are kyc verified exchanges...

[VanityWallets2015]

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In relation to what was mentioned, KYC is somehow being seen as a threat to privacy, thus people doesn’t really like it. Also, the issue of the security of their identities from being acquired by third parties is another reservation. I think that people seem to look at KYC as something that opposes their desire to have private transactions, without having to disclose personal information.

[sulendra12]

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.

Have you seen so many hacking incidents on the past? They could get all your data if they want to and especially if the exhanges have data stored in their server which makes your real life data in danger. Those hackers usually using your data for crimes, which is why your data is valuable even the little one such as your date of birth.

[Hamphser]

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.

Have you seen so many hacking incidents on the past? They could get all your data if they want to and especially if the exhanges have data stored in their server which makes your real life data in danger. Those hackers usually using your data for crimes, which is why your data is valuable even the little one such as your date of birth.

Some doesnt mind because they would be having on mind that.What they have done? They arent doing something illegal so theres nothing to be afraid off that kind of mindset thats why some people doesnt really bother

on complying out those KYC and exposing their identity as long they could really proceed on things that they've been doing and majority is really that itching when they do hear off such word.

We do put up important with our identities thats why we do much prefer on having that privacy and this is where crypto do really sets in.

[Silberman]

...Information used for KYC such as passports and driver's licenses may be exposed if the exchanges are not well secured.

By itself, the disclosure of information contained in a passport or driver's license is not particularly secret. The problem arises when the disclosed data is linked to your wallet and it becomes known to attackers. Although if the tax authorities know about your cryptocurrency income, then this will also cause you additional problems.

That is the real danger, if your holdings are small then this is not so much of a problem, but if your holdings are big then that could make you a target to hackers or to common thieves, this is why probably the first step needed to secure your coins is to never tell anyone the actual size of your holdings, and if someone ask just tell them that you have a few dollars worth of bitcoin and nothing more, but by going through KYC this information is impossible to hide anymore ,and if the exchange is hacked, something incredibly common, even if the hackers do not get your coins at least they will link your activity in the exchange with your identity and that is extremely dangerous.

[Rengga Jati]

Most people like more about his own privacy, moreover privacy around the world and also privacy to tell somebody or parties about who he is.
It means that many people don't believe the platforms that require KYC because they don't know whether they are really trusted or not, because mostly there are no guarantee that their platforms are exactly safe or even their personal information is exactly saved secretly.
Moreover many bad experiences are here in the online world when KYC  documents are sold and used for irresponsible activities by platforms that are doing that KYC. and this will be very dangerous for someone.

However on the other hand, KYC may be required in the very trusted platform in order to prove that the user is the exact holder when something bad happens.

So, this will depend on your own analysis to like or don't like KYC.

[andriarto]

KYC is the process to identify and verify the identity of customers when participating in opening accounts on exchanges, this ensures against illegal activities such as money laundering. Currently, on major exchanges, KYC is a mandatory condition to be able to trade, withdraw and deposit. However, many people do not like KYC because they are concerned about the issue of personal information being exposed. Information used for KYC such as passports and driver's licenses may be exposed if the exchanges are not well secured.

especially if the exchange is a local exchange which requires kyc. indirectly, our identity can be known and I think the tax office will find it easier to know each of our transactions. We know that the exchange is already a legal entity and has received permission from the government, while the government has the right to collect taxes.

[sarmrakib]

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.

Its true that if we are not using it for any illegal purpose why the kyc is concern .Its really a complicated issue .All top exchange wants to make everything securely and most of the top exchange asking you for kyc when you are trying to withdraw a huge amount of crypto .They actually wanna know their customer details before doing a big deal .They don't wanna make any hesitate situation after doing a transaction .It has a lots of advantages and also disadvantages .If your data somehow become leaked you will be on risky point .So that nowadays DEX are become more popular .It always an accident when an exchange fall into any scammed or hacking .So there is everything what i know about this concern.

[justdimin]

Most people like more about his own privacy, moreover privacy around the world and also privacy to tell somebody or parties about who he is.
It means that many people don't believe the platforms that require KYC because they don't know whether they are really trusted or not, because mostly there are no guarantee that their platforms are exactly safe or even their personal information is exactly saved secretly.
Moreover many bad experiences are here in the online world when KYC  documents are sold and used for irresponsible activities by platforms that are doing that KYC. and this will be very dangerous for someone.

This is exactly the reason why I give my KYC information to some places and do not give it to some other places. There are places that I shared my KYC, like I did give it to coinbase and binance and few other big exchanges in my nation but that's about it, I do not do it for other places.

This is why I keep saying that the best places are fine but when you are dealing with a place that you are not really sure about then why would I want to give all those private information regarding myself to somewhere I do not trust? People expect you to give it to everywhere when you give it to just few places but that is not how it works, those places I shared have my trust but the other places I decline to share do not look trustworthy enough for me.

[LUCKMCFLY]

Its true that if we are not using it for any illegal purpose why the kyc is concern .Its really a complicated issue .All top exchange wants to make everything securely and most of the top exchange asking you for kyc when you are trying to withdraw a huge amount of crypto .They actually wanna know their customer details before doing a big deal .They don't wanna make any hesitate situation after doing a transaction .It has a lots of advantages and also disadvantages .If your data somehow become leaked you will be on risky point .So that nowadays DEX are become more popular .It always an accident when an exchange fall into any scammed or hacking .So there is everything what i know about this concern.

The government requires them to do so due to anti-money laundering laws. For them to keep their license and to continue operating they are requiring it with certain rules. On our part as investors and traders, we must do diligent research on whether that exchange is worth using. Does it support their laws? And have a good support system for our queries and at the same have a reputable image. We can not guarantee the exchange that didn't require KYC as legit same as those who require it, so better research before depositing money in it.

Well, in general, platforms should always watch their backs for the possible problems that they can cause from the countries where they work, there is something that I did not like with Binance a long time ago, and that is that it blocked the accounts of Colombians, just because the police from another country asked to investigate them, and this seemed disrespectful to me, because they take advantage of people's data to track their transactions, so this seems unfair to me, in fact the Colombian authorities complained about this to the exchange because they do not have the right to do such acts that go against the identity of their country.

[wildan88]

Of course privacy thing. You don't want to see your personal information around deep web or receiving random advertisement on your email or someone using your identification right? Also the cryptocurrency are decentralized and was made to be decentralized and probably anonymous that's why KYC will just destroy it. But for something like legal service such as trading site it's better to provide your personal information so your investment will be safe.

[VanityWallets2015]

Some people are just really do care about their private information. Well if it is for legal purposes, for me I don't mind sending it knowing that they are operating legally and it was really required to use their service or to invest on their project but sometimes people don't know which projects are legitimate and fake ones they can sell and use your personal information to their own advantage and most people just want to avoid that.

[Luzin]

But for something like legal service such as trading site it's better to provide your personal information so your investment will be safe.

This is what sometimes makes people want to do KYC. Because of compliance with the law. Although sometimes we, KYC actors are not given security about the KYC data that we have sent. Security is a major factor, and it goes against our will. But that's the risk of how the work we do in every crypto activity, we have to dare to take risks.

[dunfida]

But for something like legal service such as trading site it's better to provide your personal information so your investment will be safe.

This is what sometimes makes people want to do KYC. Because of compliance with the law. Although sometimes we, KYC actors are not given security about the KYC data that we have sent. Security is a major factor, and it goes against our will. But that's the risk of how the work we do in every crypto activity, we have to dare to take risks.

If you wont take the risks then you wont able to make use of the services which we do mostly deal or make use when making out conversions specially on exchange platforms which it would be normal that you would really be making out some verification for you to proceed on.

We do value anonymity but there are times which we cant really avoid it because we do mainly need it but if not then you can opt out not to do so but honestly
it would really be hard.

So its up to someones preference in the end of the day.