[Reflection] REMEMBER: KYC gets people kidnapped!

[SeriouslyGiveaway]

Before forwarding any sensitive data online you have to do a KYC (know your company), it is the law. Law always works two ways otherwise it is not a law.
You need to get the information for anyone who has access to your data once you satisfied with the people you are dealing with you my proceed and forward your data.

KYC is about customers or clients, not about the companies. I am really surprised to see you are confusing and misunderstood about KYC.

https://en.wikipedia.org/wiki/Know_your_customer

Know your customer or know your client (KYC) laws, regulations and guidelines in financial services require regulated businesses and professionals to verify the identity, suitability, and risks involved with maintaining a business relationship with a customer. These procedures fit within the broader scope of anti-money laundering (AML) and counter terrorism financing (CTF) regulations.

[FinneysTrueVision]

It is high time for the government to implement ZK-KYC and exchange or any centralized service which requires KYC can use the ZK proof.

If they are taxing us they can at least protect us from the wrench attack.

We don't need to do KYC over and over again across several centralized services just to prove our identity and increase the chance of KYC leak.

A zero knowledge solution would be significantly better than what we have now. A better idea would be to do away with it altogether since it has never been an effective way to prevent crime. I know that’s unlikely to happen, but I would at least like to not be asked to scan my face and upload a picture of my passport to buy a $15 gift card. There are even more absurd examples where you must agree to a complete privacy invasion to access certain websites or products.

Buying $0.75 worth of Telegram stars on the Fragments marketplace, that requires KYC too. I don’t see how this is beneficial in any sort of way for the amount of damage that might come as a result of a data breach or rogue employee.

[uchegod-21]

It is high time for the government to implement ZK-KYC and exchange or any centralized service which requires KYC can use the ZK proof.

If they are taxing us they can at least protect us from the wrench attack.

We don't need to do KYC over and over again across several centralized services just to prove our identity and increase the chance of KYC leak.

A zero knowledge solution would be significantly better than what we have now. A better idea would be to do away with it altogether since it has never been an effective way to prevent crime. I know that’s unlikely to happen, but I would at least like to not be asked to scan my face and upload a picture of my passport to buy a $15 gift card. There are even more absurd examples where you must agree to a complete privacy invasion to access certain websites or products.

Buying $0.75 worth of Telegram stars on the Fragments marketplace, that requires KYC too. I don’t see how this is beneficial in any sort of way for the amount of damage that might come as a result of a data breach or rogue employee.

I just laughed reading this. The government will never admit that KYC implementation is causing more harm than good, even when we can all see that scam rates and tactics are increasing by the day. How will they explain how a fake site got people's email address to send scam messages?

How will they explain how scammers got the phone contacts of individuals to call them with the aim of scamming them?

How will they explain the rapid increase in impersonation, which, of course, we can all tell has something to do with KYC?

The government is never going to admit that KYC is endangering lives. They will rather keep imposing it on the people.

The government is never going to help anyone. People should help themselves by avoiding KYC. Starting with their bitcoins, they should avoid KYC; it is putting them at risk.

[Synchronice]

What I noticed on this forum is that many people have gone for the KYC way which are the centralized exchanges, but which is very dangerous if the data get leaked to the bad hands. They use it for P2P.

Some people do not know that their decision to buy Ledger Nano directly from the company can lead to bad people knowing that they have bitcoin and they know their homes

Some of the wrench attack is because of KYC, but not all.

KYC is extremely dangerous till today.

Do we have any other options if we want to comfortably trade daily with different of coins? Do we have an option to trade futures (long/short positions) with leverage? We don't have options and governments allow and demand exchanges to collect KYC while nobody caring about how those documents are handled. Honestly, I'm shocked that governments aren't concerned when the KYC data gets leaked because it should be the priority of each government to maintain the privacy of the sensitive information of their own citizens but strangely, nobody cares.

P.S. Ledger is already an extremely bad wallet to buy. This is a shady company with shady practices. There are Coldcard and Passport for real privacy and security.

[_act_]

Do we have any other options if we want to comfortably trade daily with different of coins? Do we have an option to trade futures (long/short positions) with leverage? We don't have options and governments allow and demand exchanges to collect KYC while nobody caring about how those documents are handled. Honestly, I'm shocked that governments aren't concerned when the KYC data gets leaked because it should be the priority of each government to maintain the privacy of the sensitive information of their own citizens but strangely, nobody cares.

Our government only care about tax.

See how many scam ads are on Google, the government will not also do anything because they are earning huge amount of money from Google.

There are options. You can use Hyperliquid, Asterdex, Light and some other decentralized exchanges. They are not fully decentralized, but they are better than giving out your KYC.

There are derivatives also on other ones like Pancakeswap with no KYC.

[Agbamoni]

Maturity is realizing that believing the above statement from an exchange and any crypto platforms is at your own risk.

It is hard to find one to trust, but considering their reputation on several discussion forums, it's fair to choose one or more to use.

Perhaps it should be wondered why a platform would even make the KYC mandatory which means they want to have the access to your datas so that they can easily trap you at any given time with it.

Without evidence, the bolded statement is seen as an accusation.

The primary reason why crypto platforms make KYC compulsory is that they want to comply with legal and regulatory requirements.

[Mpamaegbu]

KYC is extremely dangerous till today.

My question to you would be – What about you? Are you free from KYC on Cexs? Haven't you done that before on any site?

If we keep saying it's bad, do we also overlook the fact that our hands are tied? What genuinely do you think is the way forward for anyone who gave out their KYC already?

My bank account got blocked, and I went to the bank to notify them. I was told that I needed to upgrade my data to include my house address. I was troubled because I am in deep shit if they have access to my financial transactions and also know where I live.

So, how did you resolve it? Did you abandon that account? I'm curious to know how it ended.

I will avoid any CEX that asks for a house address.

Did Binance not ask for it in their verification upgrade or you don't have an account with them? Though I can't be too sure now if they did. I will like those who did their verification recently to respond here.

[Obim34]

My question to you would be – What about you? Are you free from KYC on Cexs? Haven't you done that before on any site?

If we keep saying it's bad, do we also overlook the fact that our hands are tied? What genuinely do you think is the way forward for anyone who gave out their KYC already?

Our hands are not completely tied, It's optional for those who refuse to use CEX, but also a big claim that we've never had to give personal data to centralized platforms, sometimes we wouldn't mind compromising privacy for convenience.

If we keep saying it's bad, do we also overlook the fact that our hands are tied? What genuinely do you think is the way forward for anyone who gave out their KYC already?

Seriously, nothing can be done once KYC has been given out, it cannot be retrieved. What's left is to stop giving it out anymore.

[_act_]

My question to you would be – What about you? Are you free from KYC on Cexs? Haven't you done that before on any site?

If we keep saying it's bad, do we also overlook the fact that our hands are tied? What genuinely do you think is the way forward for anyone who gave out their KYC already?

If you are holding coins, use noncustodial wallet.

If you are a trader, use Hyperliquid, Asterdex, Pancakeswap perpetual and other no KYC exchanges.

If you use P2P on centralized exchanges and you have huge amount of money on your wallet, best to first mix the coin before sending to the exchange and make sure you do not leave coins on the exchange. If your country is United States, EU or UK, or if your country people are having many ads on fiat decentralized exchanges, use the decentralized exchanges.

[Mpamaegbu]

~

Kindly go back to my post, I believe you missed the three questions I directly asked you as you didn't address any. The last question is the most important of them all because I believe you must've fallen into that too. What's genuinely the way forward? I ain't trying to put you on the spot. It's for educative purpose so that others like me can learn from you.