Can this resolve the KYC dangers? It's just a opinion

[HeatBit]

Since KYC verification is now a big risk on Bitcoin and crypto investors can't they just pass the KYC and get rid of the information right after?

Do you think this will work? Instead of keeping customers information on the platform why not delete them all after the verification is passed?

[Joy_learns_crypto]

Since KYC verification is now a big risk on Bitcoin and crypto investors can't they just pass the KYC and get rid of the information right after?

Do you think this will work? Instead of keeping customers information on the platform why not delete them all after the verification is passed?

the details can't just be deleted, for so many reasons, let's say you get logged out of a device or you want to change the your device the platform still have to refer back to your saved data, sometimes you need to pass some visual test. Also if you are making bank transactions using such platforms they require the name of your bank account to be similar to the name on the document you have sent before you passed the KYC so those details are important.

KYC is not a one time thing for them, they still need to regularly confirm that you their customer are the person still assessing their platform, it can't just be deleted because you passed it during registration.

[Cookdata]

Since KYC verification is now a big risk on Bitcoin and crypto investors can't they just pass the KYC and get rid of the information right after?

They will not. You have just given them what they wanted.

Do you think this will work? Instead of keeping customers information on the platform why not delete them all after the verification is passed?

You have to trust the company to do this which is a bad move. Many companies have promised to delete  customers data but most often they don't. Check the recent data breaches on some of hardware wallets, the third parties distribution companies promised to delete customers data after some months but they kept the data with them until hackers stole it from their servers.

The solution to no kyc is no kyc.

[OcTradism]

Since KYC verification is now a big risk on Bitcoin and crypto investors can't they just pass the KYC and get rid of the information right after?

Do you think this will work? Instead of keeping customers information on the platform why not delete them all after the verification is passed?

Get rid of KYC information, it's impossible.

Not all countries have existing laws on Forgetting your documents, but even there is such existing law, and you actually make a request to delete your documents, it's all you can do and you never know what will happen after that.

Like whether your request will be fulfilled by an exchange, a casino, a government agency, you made a request, waited for their confirmation about that, but you are never be able to verify what they actually do and don't do.

Art. 17 GDPRRight to erasure (‘right to be forgotten’)

[Emjay24]

Do you think this will work? Instead of keeping customers information on the platform why not delete them all after the verification is passed?

You have to trust the company to do this which is a bad move. Many companies have promised to delete  customers data but most often they don't. Check the recent data breaches on some of hardware wallets, the third parties distribution companies promised to delete customers data after some months but they kept the data with them until hackers stole it from their servers.

The solution to no kyc is no kyc.

This is just the truth, no data is ever deleted, A good example is Trezor and ShipMonk, for years Trezor was fed with guarantees that the user data were deleted, but it turned out they retained the data all through from the onset of their partnership. Even if you delete a data from the client-side of a platform, the data isn't truly deleted, but archived somewhere in the same or a separate database.

As long as your KYC has been given out, there is an equal possibility it gets leaked out. The only time it is safe is if it wasn't given out in the first place.

[Lontor]

I think this isn't a solution.

If they delete all KYC information after verification some humans will start using IDs two or three times to pass KYC verification, people will be the problem here.

It's best they either scrap KYC verification once and for all or

The government force every casinos and crypto exchanges to start using a military grade data encryption that's near impossible to break into, stating that if you must run a casino or an exchange you must keep users data out of sight by using this security method.

This is the only thing I can think 🤔🤔🤔🤔🤔.

Either end it or put their lives on line guiding people's data, going big on security or go home, nothing more or less.

[Smack That Ace]

It is futile to expect files to be deleted after verification.

That is because CEXs will not do so.

If any exchange were to delete KYC data immediately after onboarding, they would instantly lose their license or face massive fine.

However, there is a technology available. But it will still take time for it to become widely adopted as some user already said here.

If Zero Knowledge Credential become global standard in future, it will be possible to trade without providing any raw ID to the exchange.

Until then you could use P2P and self custody.

[PostQuantumBTC]

Since KYC verification is now a big risk on Bitcoin and crypto investors can't they just pass the KYC and get rid of the information right after?

Do you think this will work? Instead of keeping customers information on the platform why not delete them all after the verification is passed?

What if the government want to investigate some illegal or scam transactions and they did and traced the scam transaction to a customer on the exchange. What if the government tell the exchange that they want to know information about the person so that they can arrest him? The exchange will tell the government that they have deleted their customers information after they were verified? Why did they let the customer get verified because that is like the person did not verify his account no difference.

[Orpichukwu]

Since KYC verification is now a big risk on Bitcoin and crypto investors can't they just pass the KYC and get rid of the information right after?  

Data is another digital gold; they won’t do it. They won’t want to lose any single piece of data they have in their customers. They care more about themselves than the privacy of the customers.

Do you think this will work? Instead of keeping customers information on the platform why not delete them all after the verification is passed?

It can work if they will get rid of it, but just as Cookdata mentioned, they will never delete those files even when they claim they have. The best solution is to abolish or limit the type of data needed for verification purposes.

Some will say they need the data in case of anything to verify if the owner of the account is still the one accessing it, but those are just excuses.

There are better ways to protect users' access from intruders; they just don’t care. The main focus is customers' private information, which they can’t even keep safe. That's if they don’t use their own hand to hand it over to whoever is willing to pay a better price.

[PostQuantumBTC]

There are better ways to protect users' access from intruders; they just don’t care. The main focus is customers' private information, which they can’t even keep safe. That's if they don’t use their own hand to hand it over to whoever is willing to pay a better price.

It is not as easy as you think, if hackers can be able to hack exchanges and steal cryptocurrencies, it is not what the exchanges want but I am not saying it can not be an insider work. Just like bank, you can see a bank worker doing something bad at the back of the bank. It is also like that on exchanges.

I think there should be a better way that customers information can be protected but they are not getting it. I do not think the exchanges want their customers information to be breached but hackers are wise and some exchanges workers are bad people working for hackers.

People need to be careful themselves, anyt information given out should be known that it can get to hackers hands.

[Abu-Naim]

Since KYC verification is now a big risk on Bitcoin and crypto investors can't they just pass the KYC and get rid of the information right after?

Do you think this will work? Instead of keeping customers information on the platform why not delete them all after the verification is passed?

Why will the erase the information because KYC is been done to platforms that require it before given you access to their service, if you agree to use their service, you have to pass KYC before using the platforms, and the platforms will keep your data with them; you can’t delete the information you submitted you mostly don’t have access to the information again, therefore, I don’t think you can get rid of the information you gave them, and if it happens that you can delete the information, then they will deny access to their service.

This is the reason why you should make up you mind before deciding given your information to any platform in form of KYC. There are other platforms that can offer the same service and did not demand for KYC. Do your research before making up your mind.

[Ruttoshi]

What if the government ask them for it , how will they provide the list of their customers and their data to the government. One thing with KYC documents is that they're not only asked by the company, they keep these data for record purposes and for future use. This is why even if they tell you that they will delete your data, they wouldn't. they only said that to make you feel free to give it to them.

[rbynxx]

Since KYC verification is now a big risk on Bitcoin and crypto investors can't they just pass the KYC and get rid of the information right after?

Do you think this will work? Instead of keeping customers information on the platform why not delete them all after the verification is passed?

The platform where they passed the holy grail of KYC? Hell nah, it's probable it will ve on their servers for cross checking as long as they need it. It will not. If they do that as I've said they'll not be able to verify if it's really the user that using it and besides what's the point if they'll just delete it and after they'll ask it again if something comes to verify again? Doesn't make some sense to me.

That is why most of the people nowadays want a KYC platform but I think it can only be counted who are those platform that performs it and most do require one, may it just a simple or sometimes to the complicated form of KYC that even requires a video verification.

[stadus]

Since KYC verification is now a big risk on Bitcoin and crypto investors can't they just pass the KYC and get rid of the information right after?

Do you think this will work? Instead of keeping customers information on the platform why not delete them all after the verification is passed?

Lol, so you want to dictate the regulators here?

It does not work that way, KYC will remain part of the system from the very start, including whatever changes they make later.

We have to accept the reality, KYC is already part of it. Anything that requires KYC will have to comply, otherwise the government would not give them a license to operate. So if we want to use that platform, whatever it is, exchange or wallet, and they require KYC, we have no choice but to comply or simply not use it.

[bitLeap]

Since KYC verification is now a big risk on Bitcoin and crypto investors can't they just pass the KYC and get rid of the information right after?

Do you think this will work? Instead of keeping customers information on the platform why not delete them all after the verification is passed?

Remove it in what way? even if you delete it yourself, it does not make your data completely disappear from the system. Anyway if we are talking centralized exchange and you do KYC verification then the data is stored for audit, AML and legal obligation. it can be considered permanent entry into data storage. If you delete your account or no longer use the exchange, it doesn't make any trace of your identity disappear.

[Botnake]

Since KYC verification is now a big risk on Bitcoin and crypto investors can't they just pass the KYC and get rid of the information right after?

Do you think this will work? Instead of keeping customers information on the platform why not delete them all after the verification is passed?

You clearly don't understand how it works, regulators are looking for proof that the client really completed KYC, and that proof has to stay in the platform's server or with a third party if they are connected to them.

It's part of compliance and they may need to show it once regulators audit them, so if they just delete it they are putting their business at risk.

[Agbe]

Centralized Exchanges must ask for KYC because they regulated by the government and they are many reasons KYC is asked. It is to filter scammers and trace any one who scam another person or default the system so they can't just delete the KYC information and they are keeping them for future uses. I am not a technical personnel though I have an idea on technical things. I can develop a website from scratch. And if I can (probability) create exchange, it is decentralized exchange of No KYC.

And I was thinking those people that developed open source wallets can't they create No KYC p2p exchanges or integrate p2p section in the wallet softwares?

[Questat]

And if I can (probability) create exchange, it is decentralized exchange of No KYC.

The problem is that we are no longer in the early stage, before we really liked to use non-KYC exchanges or decentralized exchanges because we could keep our identity private, but honestly look at them now, in terms of volume where are they ranked?

The biggest ones are still the regulated exchanges, so its safe to assume that most people trust centralized or regulated exchanges because they know who they are dealing with, and that is where KYC comes in. We know them, they know us, but they also have the responsibility to keep our information safe and confidential because the moment they leak that, they can face serious legal liability.

[Sammye3]

Since KYC verification is now a big risk on Bitcoin and crypto investors can't they just pass the KYC and get rid of the information right after?

Do you think this will work? Instead of keeping customers information on the platform why not delete them all after the verification is passed?

It would be safer for crypto enthusiast and investors who fear for their personal information being leaked in cases of hack and other internal problems. But it should be contained in the Terms and Conditions during registration for most exchanges, why KYC is needed and the legal process that supports that too.

One could place a request for deletion but it would not be automatically deleted, some details will still need to be retained for a period of time for legal and other regulatory purposes. Upon account closure, it is still no guarantee that KYC information is also deleted too.

[Agbe]

The problem is that we are no longer in the early stage, before we really liked to use non-KYC exchanges or decentralized exchanges because we could keep our identity private, but honestly look at them now, in terms of volume where are they ranked?

I will use myself as a case study in this. I liked to use decentralized exchange but when I crosscheck the two, the in the p2p is very low in decentralized exchanges while it is high in the centralized system. Exactly if centralized exchanges are buying BTC with $83,896, decentralized exchanges would be buying with $76,890. This is just an example not a real figure and when I looked at it, I was at the losing side of the p2p, in that case, I have to chose Centralized Exchanges.

And I believed 99% are not using decentralized exchanges because of this p2p rating and since the users are not much base on their rate the competition rating became low. And if today decentralized exchanges increase their p2p high, and comes here to advertise their services. Guy I will be the first person to use it. I can't lose up to $10+ because of KYC. If open source wallets developers can integrate p2p, it will be a good development.