KYC matter?

[letteredhub]

 I don't know why many people frown at KYC verification but I think sometimes, it may be as a result of previous experience that is making people to be more conscious about dropping there data on exchange except the exchange has user data protection which will enable individual data to be well kept in a portfolio where no one has access to it even though the exchange get hacked.

That's because kyc encourages identity theft in many ways.

You're exposed to a third-party attack should such an exchange or company get hacked as your data/details can be stolen in that event and be used for impersonation and other criminal activities to your person. Etc.

You'll need to go through this thread to get the whole idea of why many people frown at KYC. Why KYC is extremely dangerous – and useless






 

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[Minecache]

 I don't know why many people frown at KYC verification but I think sometimes, it may be as a result of previous experience that is making people to be more conscious about dropping there data on exchange except the exchange has user data protection which will enable individual data to be well kept in a portfolio where no one has access to it even though the exchange get hacked.

That's because kyc encourages identity theft in many ways.

You're exposed to a third-party attack should such an exchange or company get hacked as your data/details can be stolen in that event and be used for impersonation and other criminal activities to your person. Etc.

You'll need to go through this thread to get the whole idea of why many people frown at KYC. Why KYC is extremely dangerous – and useless
 

I'm not afraid of exchanges being hacked and my personal data being stolen. What I think is even more worrying is that the exchange staff deliberately stole our information to sell it to third parties and they used it for things without our knowledge. It can be said that personal data is a very valuable commodity and is purchased by advertisers at very high prices, so it is difficult to guarantee that exchanges will be strict in protecting their personal data. 

But protecting personal data today I think is no longer effective when we are also using social networks, online payment applications...most of which require KYC to be able to use.

[AicecreaME]

What are the repercussions of failing to complete KYC on an exchange?

If you have yet deposited any cryptocurrency to your account on that exchange, nothing is serious because you won't lose any cryptocurrency there.

If you already deposited cryptocurrency into your account, you will lose your cryptocurrency if they reject or you fail to complete KYC with more attempts later.

One more risk, after you submit your documents for KYC, you lose those documents to that exchange or any third-party entity that is responsible for KYC verification.

• Why KYC is extremely dangerous – and useless

I agree.

that's why it is important to think first before depositing on a certain trading platform that requires KYC, since you'll be force to submit your KYC to continue using that platform and to save your funds. There are exchanges that doesn't require KYC so you don't have to submit any personal information, but make sure they are reputable enough for you to trust them when it comes to your funds.

[Sim_card]

What are the repercussions of failing to complete KYC on an exchange?

For not doing your KYC verification, you might not be given access to withdrawal, although exchanges differ in handling KYC issues. Some exchange would not allow you withdraw big amount of funds, but they will allow you to withdraw little amount of funds. While some wouldn't even allow you to withdraw at all, until you have completed the KYC verification. There are decentralized exchange too, these exchanges don't do KYC and if you care about your privacy, they are the best. Exanple of fecentralised exchange is bisq and Agora Desk, you can look at it here

[usekevin]

For not doing your KYC verification, you might not be given access to withdrawal, although exchanges differ in handling KYC issues. Some exchange would not allow you withdraw big amount of funds, but they will allow you to withdraw little amount of funds. While some wouldn't even allow you to withdraw at all, until you have completed the KYC verification. There are decentralized exchange too, these exchanges don't do KYC and if you care about your privacy, they are the best. Exanple of fecentralised exchange is bisq and Agora Desk, you can look at it here

The Kyc is based on the various exchanges,Some will do the kyc as an compulsory one.The exchange which ask you to verify the kyc will mostly trusted exchange,some fake exchanges also ask the kyc verification.The fake exchanges will do the sale of kyc which was submitted in the exchange,So they raise some funds from the kyc deal.Even though some exchanges ask you about the Kyc,it’s essential for the trader to check background verification.This help the young people who are fear on trading with the new exchange.

[Mr.right85]

What are the repercussions of failing to complete KYC on an exchange?

For not doing your KYC verification, you might not be given access to withdrawal, although exchanges differ in handling KYC issues. Some exchange would not allow you withdraw big amount of funds, but they will allow you to withdraw little amount of funds. While some wouldn't even allow you to withdraw at all, until you have completed the KYC verification.

Yeah, that’s some of the trick in the book. They try to leverage KYC by not making it mandatory but, ensure your limited to certain amounts per day, a week and in a month. While this might be disturbing, it not only ensures you stay within safe zones but in the event of a hack, your most likely to have most of your funds stay put while the hacker can make away with only the limits as the period of being in control allows (that’s in a case where your individual account is been hacked).
When it comes to hacks on the exchange itself, that’s a different story.

Meanwhile, the limiting of withdrawals based on KYC will by some means push you towards having the verification down but, you’ve got to establish good reasons to let any exchange out there have your details and be sure of its safety.

[letteredhub]

 I don't know why many people frown at KYC verification but I think sometimes, it may be as a result of previous experience that is making people to be more conscious about dropping there data on exchange except the exchange has user data protection which will enable individual data to be well kept in a portfolio where no one has access to it even though the exchange get hacked.

That's because kyc encourages identity theft in many ways.

You're exposed to a third-party attack should such an exchange or company get hacked as your data/details can be stolen in that event and be used for impersonation and other criminal activities to your person. Etc.

You'll need to go through this thread to get the whole idea of why many people frown at KYC. Why KYC is extremely dangerous – and useless
 

.  

But protecting personal data today I think is no longer effective when we are also using social networks, online payment applications...most of which require KYC to be able to use.

Obviously it's difficult nowadays to effective or completely avoid kyc with what you have said I agree on that but at least in the areas you can avoid based on available alternative options that gives same pleasure or satisfaction it is important you do avoid it with your full chest.  helping in reducing a common spread of your data in so many kyc required platforms increasing your risk of exposure.

[abel1337]

What are the repercussions of failing to complete KYC on an exchange?

For not doing your KYC verification, you might not be given access to withdrawal, although exchanges differ in handling KYC issues. Some exchange would not allow you withdraw big amount of funds, but they will allow you to withdraw little amount of funds. While some wouldn't even allow you to withdraw at all, until you have completed the KYC verification.

Yeah, that’s some of the trick in the book. They try to leverage KYC by not making it mandatory but, ensure your limited to certain amounts per day, a week and in a month. While this might be disturbing, it not only ensures you stay within safe zones but in the event of a hack, your most likely to have most of your funds stay put while the hacker can make away with only the limits as the period of being in control allows (that’s in a case where your individual account is been hacked).
When it comes to hacks on the exchange itself, that’s a different story.

Meanwhile, the limiting of withdrawals based on KYC will by some means push you towards having the verification down but, you’ve got to establish good reasons to let any exchange out there have your details and be sure of its safety.

Exchanges just want to make you tired of having the heavy restrictions they put in using non-KYC account. More like you are using a demo account but with real funds, most of the features are limited and you can only enjoy the full platform by submitting the KYC they are asking. It might be helpful to have a limited withdrawal amount in scenarios like being hacked but most of the time it sucks especially if you are transferring your funds actively on different wallet and exchange.

[jrrsparkles]

I am not sure anyone mentioned about this but there are some exchanges that will give access to deposit addresses only after you complete your KYC which is a really good thing in my opinion cause if the user can't able to do KYC then he won't lose any money at all but it's not the same on every exchange where most likely you will be restricted to withdraw as many others said until you complete KYC.

There are very few no KYC exchanges left but even on them you will be restricted from a lot of things like low withdrawal limits, won't be able to deposit fiat, can't access more trading like futures and derivatives.

[xSkylarx]

 I don't know why many people frown at KYC verification but I think sometimes, it may be as a result of previous experience that is making people to be more conscious about dropping there data on exchange except the exchange has user data protection which will enable individual data to be well kept in a portfolio where no one has access to it even though the exchange get hacked.

That's because kyc encourages identity theft in many ways.

You're exposed to a third-party attack should such an exchange or company get hacked as your data/details can be stolen in that event and be used for impersonation and other criminal activities to your person. Etc.

You'll need to go through this thread to get the whole idea of why many people frown at KYC. Why KYC is extremely dangerous – and useless
 

.  

But protecting personal data today I think is no longer effective when we are also using social networks, online payment applications...most of which require KYC to be able to use.

Obviously it's difficult nowadays to effective or completely avoid kyc with what you have said I agree on that but at least in the areas you can avoid based on available alternative options that gives same pleasure or satisfaction it is important you do avoid it with your full chest.  helping in reducing a common spread of your data in so many kyc required platforms increasing your risk of exposure.

Stick to one reliable platform as it is almost impossible now not to do KYC. You are right just don't do KYC on multiple platforms as the risk of getting your information leaked is huge but still if we are talking about the fact that we have already given our information to one platform it is still possible for data to leak.

We are really forced to do KYC to completely use all the features of a platform. To be cautious we should always do this on the most established platform we are using and make sure it is not a fake website.

[wxa7115]

Stick to one reliable platform as it is almost impossible now not to do KYC. You are right just don't do KYC on multiple platforms as the risk of getting your information leaked is huge but still if we are talking about the fact that we have already given our information to one platform it is still possible for data to leak.

We are really forced to do KYC to completely use all the features of a platform. To be cautious we should always do this on the most established platform we are using and make sure it is not a fake website.

You are right, on the past when not going through KYC was still an option then it made sense to chose to exchange your coins on several platforms in order to not put all your eggs in one basket, but with the change on the regulations and the need to go through KYC then it makes more sense to use a single platform.

As in this way you only expose your information once instead of doing so several times, however this means the exchanges at the top become even more powerful to the point one of them could reach monopoly status.

[salad daging]

You are right, on the past when not going through KYC was still an option then it made sense to chose to exchange your coins on several platforms in order to not put all your eggs in one basket, but with the change on the regulations and the need to go through KYC then it makes more sense to use a single platform.

As in this way you only expose your information once instead of doing so several times, however this means the exchanges at the top become even more powerful to the point one of them could reach monopoly status.

Because in the past exchanges were given leniency with their regulations so that they still allowed users to use the platform without KYC, but now the regulations have become stricter and the attention of many governments has put pressure on the platform, including users, to comply.

It will be very difficult to use one platform, when you have certain coins as a result of an airdrop or bounty while the coins are on another platform, not the platform you use, then they will definitely register and do KYC to be able to sell the tokens, but it wouldn't make sense if can really survive on one platform.

Still use it wisely, because this is a small risk for you when submitting documents for KYC, even if there is other leaked data, we can't do anything except that only the platform can cover it.

[khiholangkang]

I am not sure anyone mentioned about this but there are some exchanges that will give access to deposit addresses only after you complete your KYC which is a really good thing in my opinion cause if the user can't able to do KYC then he won't lose any money at all but it's not the same on every exchange where most likely you will be restricted to withdraw as many others said until you complete KYC.

There are very few no KYC exchanges left but even on them you will be restricted from a lot of things like low withdrawal limits, won't be able to deposit fiat, can't access more trading like futures and derivatives.

You are right, we will experience limitations in using the features provided by the exchange if we do not carry out KYC, such as having a very small maximum withdrawal and so on, which you mentioned, I have experienced on several exchanges.

Maybe talking about the negative impact that will occur for users who carry out KYC, when the exchange goes bankrupt or is hacked, our personal data will potentially be disseminated and could be traded by irresponsible individuals for use in criminal acts.

You are right, on the past when not going through KYC was still an option then it made sense to chose to exchange your coins on several platforms in order to not put all your eggs in one basket, but with the change on the regulations and the need to go through KYC then it makes more sense to use a single platform.

As in this way you only expose your information once instead of doing so several times, however this means the exchanges at the top become even more powerful to the point one of them could reach monopoly status.

Because in the past exchanges were given leniency with their regulations so that they still allowed users to use the platform without KYC, but now the regulations have become stricter and the attention of many governments has put pressure on the platform, including users, to comply.

It will be very difficult to use one platform, when you have certain coins as a result of an airdrop or bounty while the coins are on another platform, not the platform you use, then they will definitely register and do KYC to be able to sell the tokens, but it wouldn't make sense if can really survive on one platform.

Still use it wisely, because this is a small risk for you when submitting documents for KYC, even if there is other leaked data, we can't do anything except that only the platform can cover it.

Including me personally doing KYC on several exchanges because it is necessary to exchange coins that I get from bounties or airdrops, like it or not I have to do that, because it is very varied, staying on one exchange also in my opinion is not logical for someone who depend on the world of crypto currency which takes advantage of various prize events.

Maybe the best solution is for people who store their eggs in an exchange that already has permission and supervision from the government in your country so that everything is safer.

[Learn Bitcoin]

What are the repercussions of failing to complete KYC on an exchange?

Of course, KYC matters!
If you do not submit your KYC, the platform may freeze your account and confiscate the available balance. If you care about your privacy, do not use such platforms which ask for KYC. I would suggest using agoradesk.com, which is a platform where users can trade between them, and there is no need for a KYC. There are a bunch of other platforms that do not ask for KYC. But you have to search for it and check if it meets your needs. Recently, coinbase started closing users' accounts even thought those users were KYC'ed there. I don't care about them since previously it was proved that they sold user information. 

[tbct_mt2]

Of course, KYC matters!
If you do not submit your KYC, the platform may freeze your account and confiscate the available balance. If you care about your privacy, do not use such platforms which ask for KYC.

If that exchange is not scam and does not plan to scam customers, they will announce their KYC policy change and give their customers enough time to decide one of two options:
- Withdraw all money, refuse to complete KYC.
- Submit KYC, finish it and use full service of the exchange.

But as a customer, when you see such KYC announcement and given time to withdraw your fund, you should withdraw all your funds first. Then if you like, you can submit KYC and wait for approval. If your KYC is completed successfully, you can deposit your fund again.

But Reminder: do not keep your money in online accounts

[Huppercase]

What are the repercussions of failing to complete KYC on an exchange?

For not doing your KYC verification, you might not be given access to withdrawal, although exchanges differ in handling KYC issues. Some exchange would not allow you withdraw big amount of funds, but they will allow you to withdraw little amount of funds. While some wouldn't even allow you to withdraw at all, until you have completed the KYC verification. There are decentralized exchange too, these exchanges don't do KYC and if you care about your privacy, they are the best. Exanple of fecentralised exchange is bisq and Agora Desk, you can look at it here

This is not entirely true, the circumstances will determine if you are going to be allowed to withdraw or they will not. First of all, when you register with a centralized exchange, the first they disallowed you is making deposit, they will not allow you to deposit any coin into the exchange and if you already have coins on the exchange prior to the announcement of KYC i.e if they don't allow accept KYC before and later change their mind, they will open withdrawals for some people to remove their coins if they don't want to do KYC but will not be allow to do trading on the exchange.

There are some exchange that ask your primary details which you can provide with false information and use the exchange if you want to use that particular exchange but it doesn't worth it because if they suspect you of anything, they will ask for other details and if it doesn't match the first information you provided, they can seize your coins till further investigation is carried out.

[Jocuserious]

You can easily verify kyc on major exchanges like binance and kucoin but your personal information will be sent to third parties but your account will be protected. In that case it is dangerous to submit documents for kyc verification in low quality exchange, so first be specific about which exchange you want to pass kyc. KYC is essential for processing large fund deposit and withdrawal both because this customer is valuable. But i think using kyc anywhere else without exchange is dangerous because they can seize your documents and use them for bad purposes.

[lixer]

 I don't know why many people frown at KYC verification but I think sometimes, it may be as a result of previous experience that is making people to be more conscious about dropping there data on exchange except the exchange has user data protection which will enable individual data to be well kept in a portfolio where no one has access to it even though the exchange get hacked.

That's because kyc encourages identity theft in many ways.

You're exposed to a third-party attack should such an exchange or company get hacked as your data/details can be stolen in that event and be used for impersonation and other criminal activities to your person. Etc.

You'll need to go through this thread to get the whole idea of why many people frown at KYC. Why KYC is extremely dangerous – and useless

Identity theft is already there but I think thefts are more interested in money than a simple data. I know many people still hates a KYC for different reasons but they should understand that it is also important and it could discourage the fraudsters of doing an illegal deed because this makes them easily tracked.

KYC is not the ones that are dangerous but it is when someone steals it from you and impersonates you but we shouldn't worry as long as we know that we are using a very trusted platform with no or less history of being hi-jacked. And they definitely improve their security from time to time because it can affect them once something bad happen to them or to their customers.

[Crypto Library]

What are the repercussions of failing to complete KYC on an exchange?

KYC does matter in my case. To me KYC seems like a hassle process Because I feel embarrassed to present personal data to anyone else.
So when I am going to exchange my fund then I am seeking for those exchangers who don't asked for KYC verification.
However, the exchangers say that as aml (anti-money laundering) they keep these know-your-customer(KYC) terms. But I think it's wisest to keep your data safe so you can use trusted exchangers that don't require kyc verification. These exchangers can seize funds for your kyc verification at any time.

[Bitcoin_people]

Many people who do KYC think it is a hassle and they are not at all prepared to do this KYC, rather they don't do KYC to protect themselves. However, there are many exchanges where you must complete KYC as they will not give you access if you do not have KYC for withdrawing your funds. Although there are some exchanges that provide access for small withdrawals but when withdrawing large amounts you can never do so without kyc. If you want to withdraw large amount, you must complete kyc verification, but you will be allowed to withdraw from the exchange. Also, if you care about protecting your privacy, you can definitely use decentralized exchanges, where KYC does not matter, and these are the best for protecting your privacy.