Topic: A question about AML KYC (Read 513 times)
Why is the KEC model so safe / unclear with people being understood by so many people in such a place? In the current KIC, trusted individuals should probably take their clients from affiliated affiliates. It is possible for clients to fully create people who care about the emergency who are here.
Adam might surely has his own reasons for avoiding the use of KYC which is to ensure the absolute privacy of its customers. Know Your Customer security checks are good and it helps secure against any form of illegal withdrawals. Also, in cases where there is a breach of the exchanges wallet stolen funds can be traced and get to know the accounts that made the withdrawal. Frankly speaking, I don't like trading on exchanges that don't ensure that members perform KYC.
it is not the problem of the exchangers but the government that requires it as part of the condition for having a business in the countries where the exchange platform is based. Also, issue relating to money laundering is a serious offense and it could be perpetuated through the use of crypto too so I think it is part of the reason why AML/KYC compliance is needed
KYC may help the forums stop these type of shit posters who are just trying to earn a little coinage off their signature.
Jk
it is not the problem of the exchangers but the government that requires it as part of the condition for having a business in the countries where the exchange platform is based. Also, issue relating to money laundering is a serious offense and it could be perpetuated through the use of crypto too so I think it is part of the reason why AML/KYC compliance is needed
It is not necessary to pass KYC on the exchange when registering, but when the transaction amount exceeds one thousand euros. If I go to the stock exchange and make small transactions, it makes no sense to demand KYC from me.
Agree. I would not want to do KYC if only for small transactions, I would prefer OTC
At the same time, we must understand that states will restrict or even prohibit the circulation of cryptocurrency if it is completely anonymous and they cannot control it.
I think crypto crypto cannot be more anonymous than cash and will not complicate the procurement of criminal investigations if needed.
the reason for prohibition crypto in some countries in my opinion is caused by excessive fear of something new
Blockchain is a new technology and policy makers need time to find ways to integrate this new technology with formal financial system regulations
Many, of course, will be against KYC, since no one wants their personal information to be provided to intelligence agencies. Indeed, many exchanges simply collect databases on cryptocurrency holders, leaks often occur. But on the other hand, the KYC procedure helps to avoid financial thefts, because criminals will not be able to confirm their right to stolen tokens.
After so many years buying and selling coins on OTC market, my observation is that KYC is a must for any larger amount of purchases like more than 30 USD. Because if you don't do it, then a single man-in-the-middle fraud scheme will send money from many many victims all to your account and the fraudster get away with bitcoins, and you end up being called by police to explain everything
Unfortunately, even that is only one fraudster out of 1000 legit customer, if let it go unchecked, 90% of your sale volume will be driven by this guy
It is not that anything less than 30 USD is immune to fraud, still can be a fraud, but it will cost the fraudster significantly more energy and the return is limited, and people most likely won't call police for a loss of 30 dollar
Anything, if money related, will first attract frausters, since that is the easiest way to get money, unfortunately that is the world we are living in
Recently these kind of fraud takes a new form of bitcoin investment scheme, so that people buy coins and send to the fraudster, which pretended to be a large institution in some tax haven country. Even KYC can not stop this kind of fraud
Unfortunately, even that is only one fraudster out of 1000 legit customer, if let it go unchecked, 90% of your sale volume will be driven by this guy
It is not that anything less than 30 USD is immune to fraud, still can be a fraud, but it will cost the fraudster significantly more energy and the return is limited, and people most likely won't call police for a loss of 30 dollar
Anything, if money related, will first attract frausters, since that is the easiest way to get money, unfortunately that is the world we are living in
Recently these kind of fraud takes a new form of bitcoin investment scheme, so that people buy coins and send to the fraudster, which pretended to be a large institution in some tax haven country. Even KYC can not stop this kind of fraud
The CEO of Digitex exchange Adam Todd decided to publicly oppose the KYC system, believing that this system only repels customers from the service and destroys the business. I myself am not a big fan of KYC, but it is definitely not without meaning and helps to prevent laundering and so on. I wonder what goals he can actually pursue by making such a decision.
What do you think about KYC and its appropriateness? Do you separate KYC by the types? Like going through KYC to just get the access to exchange platform (as it is now with Shapeshift), or simply register with any email, but knowing that you might be one of the 0.1% and might be asked to confirm your identity (as it is now with Changelly)?
KYC, of course, is a very negative point for cryptocurrency users. However, in certain cases one cannot do without it. It is not necessary to pass KYC on the exchange when registering, but when the transaction amount exceeds one thousand euros. If I go to the stock exchange and make small transactions, it makes no sense to demand KYC from me.What do you think about KYC and its appropriateness? Do you separate KYC by the types? Like going through KYC to just get the access to exchange platform (as it is now with Shapeshift), or simply register with any email, but knowing that you might be one of the 0.1% and might be asked to confirm your identity (as it is now with Changelly)?
At the same time, we must understand that states will restrict or even prohibit the circulation of cryptocurrency if it is completely anonymous and they cannot control it.
I am selective in doing KYC, inevitably I have to do that if I want to get services from an exchange for example. However, I'm selective, I only choose exchanges that have a high level of trust. Fortunately, some exchanges that are of poor quality don't require KYC to withdraw under 1 BTC, so that's no problem. If it has become the terms and conditions then we inevitably have to obey it, on the other hand, it is very useful to confirm if there is a problem in your account.
Permanent. (until we go out of business or whatever, but no plans on that
we have been slowly but surely growing since 2015 under my leadership.)We can wave that 1 BTC listing fee if we think the affiliate program would be better for us long term.
We reserve the right to not list a website though (like we rejected Stake.com because their TOS is sketchy af.)
Thanks for inquiring <3.
No worries, appreciate your response.
Stake's TOSis sketchy? That's... interesting, seeing that they're quite popular here.
Just because something is popular on Bitcointalk doesn't mean it isn't sketchy! Bahaha
Stake.com affiliate system is sketchy. They contacted us and offered 30% rev share. However, after we did the work and I noticed on the last page of their affiliate information that it basically says that they can hold whatever out of your pay for bonuses and stuff... so affiliates really get shafted royally and are unable to balance their accounts to make sure they are paid fairly. Mega sketchy.
If you offer me something, I expect it to be like that... not have fine print with lose terms that say you can take our stuff willy nilly.
The CEO of Digitex exchange Adam Todd decided to publicly oppose the KYC system, believing that this system only repels customers from the service and destroys the business. I myself am not a big fan of KYC, but it is definitely not without meaning and helps to prevent laundering and so on. I wonder what goals he can actually pursue by making such a decision.
What do you think about KYC and its appropriateness? Do you separate KYC by the types? Like going through KYC to just get the access to exchange platform (as it is now with Shapeshift), or simply register with any email, but knowing that you might be one of the 0.1% and might be asked to confirm your identity (as it is now with Changelly)?
I understand why KYC is implemented but I do not have to like it or even be in favour of the measure, to me it is a very lazy approach to try to catch those that are doing bad things with cryptocurrencies, after all they could always fake their documents and keep doing their illegal activities while the 99.99% of the people in this market that are not doing anything wrong now have to deal with all kind of difficulties just to get their accounts approved and begin to use an exchange. What do you think about KYC and its appropriateness? Do you separate KYC by the types? Like going through KYC to just get the access to exchange platform (as it is now with Shapeshift), or simply register with any email, but knowing that you might be one of the 0.1% and might be asked to confirm your identity (as it is now with Changelly)?
Permanent. (until we go out of business or whatever, but no plans on that
we have been slowly but surely growing since 2015 under my leadership.)We can wave that 1 BTC listing fee if we think the affiliate program would be better for us long term.
We reserve the right to not list a website though (like we rejected Stake.com because their TOS is sketchy af.)
Thanks for inquiring <3.
No worries, appreciate your response.
Stake's TOSis sketchy? That's... interesting, seeing that they're quite popular here.
We don't KYC on FreeBitcoins.com because we don't deal with fiat or anything that tries to act like fiat (stable coins).
As I understand it, we would be subject to a lot more regulation if we did so because it taps into resources/investors that have faith in the backing of those systems (regulations).
You need to choose which system fits well for you in that regard or figure out how to spend your Bitcoin accordingly.
I think a business that uses KYC at their will are close to criminals. It shouldn't be a guessing game or bullshit made up rules like what Poloniex tried to do.
As I understand it, we would be subject to a lot more regulation if we did so because it taps into resources/investors that have faith in the backing of those systems (regulations).
You need to choose which system fits well for you in that regard or figure out how to spend your Bitcoin accordingly.
I think a business that uses KYC at their will are close to criminals. It shouldn't be a guessing game or bullshit made up rules like what Poloniex tried to do.
I just noticed that Freebitcoins.com charges 1 Bitcoin for a faucet listing. Is the listing permanent or time-restricted?
Permanent. (until we go out of business or whatever, but no plans on that
we have been slowly but surely growing since 2015 under my leadership.)We can wave that 1 BTC listing fee if we think the affiliate program would be better for us long term.
We reserve the right to not list a website though (like we rejected Stake.com because their TOS is sketchy af.)
Thanks for inquiring <3.
We don't KYC on FreeBitcoins.com because we don't deal with fiat or anything that tries to act like fiat (stable coins).
As I understand it, we would be subject to a lot more regulation if we did so because it taps into resources/investors that have faith in the backing of those systems (regulations).
You need to choose which system fits well for you in that regard or figure out how to spend your Bitcoin accordingly.
I think a business that uses KYC at their will are close to criminals. It shouldn't be a guessing game or bullshit made up rules like what Poloniex tried to do.
As I understand it, we would be subject to a lot more regulation if we did so because it taps into resources/investors that have faith in the backing of those systems (regulations).
You need to choose which system fits well for you in that regard or figure out how to spend your Bitcoin accordingly.
I think a business that uses KYC at their will are close to criminals. It shouldn't be a guessing game or bullshit made up rules like what Poloniex tried to do.
I just noticed that Freebitcoins.com charges 1 Bitcoin for a faucet listing. Is the listing permanent or time-restricted?
We don't KYC on FreeBitcoins.com because we don't deal with fiat or anything that tries to act like fiat (stable coins).
As I understand it, we would be subject to a lot more regulation if we did so because it taps into resources/investors that have faith in the backing of those systems (regulations).
You need to choose which system fits well for you in that regard or figure out how to spend your Bitcoin accordingly.
I think a business that uses KYC at their will are close to criminals. It shouldn't be a guessing game or bullshit made up rules like what Poloniex tried to do.
As I understand it, we would be subject to a lot more regulation if we did so because it taps into resources/investors that have faith in the backing of those systems (regulations).
You need to choose which system fits well for you in that regard or figure out how to spend your Bitcoin accordingly.
I think a business that uses KYC at their will are close to criminals. It shouldn't be a guessing game or bullshit made up rules like what Poloniex tried to do.
no user like kyc but lets faced it we already done a kyc before , it cant be related to crypto or lately when were involved on crypto because other wallets and services require kyc .
i have done a kyc on a crypto wallet that i use because i dont have a choice , this is the only wallet that is popular and easy to use on our country . a legit company wont not spread your data but if you think that is risky for your side then better if you dont do it and find other alternatives . you are not forced tho
i have done a kyc on a crypto wallet that i use because i dont have a choice , this is the only wallet that is popular and easy to use on our country . a legit company wont not spread your data but if you think that is risky for your side then better if you dont do it and find other alternatives . you are not forced tho
Most of us did it when we set up a bank account but there are alternatives. Some online banking systems like Revolut require only the most basic information.
We still have a lot to say in this matter. I've never did extensive KYC like the one where they require you to take a selfie with your ID or participate in a video conference.
But you have no choice if you want your crypto to be converted it to your local fiat. Most of the local exchanges or remittance centers require KYC like showing your valid ID. Unless you will change your crypto to fiat with other means and that I think is not secure. But you can choose which exchange you can submit that doc, at least verify it is a legit business to avoid falling your doc in wrong hands.
Have you heard about p2p trading or physical exchanges where you come in with your phone and leave with cash? ATMs also require minimum data.
There are ways to get fiat without KYC.
To be honest I don't really like the KYC but if it would help a lot to solve some problems then why not.
The only problem that I see is that there are so many people who could cheat the KYC process.
I like crypto because of it's anonymity but I guess there would always be a problem regarding to the anonymity and illegal use of crypto that is why KYC is being implemented.
The only problem that I see is that there are so many people who could cheat the KYC process.
I like crypto because of it's anonymity but I guess there would always be a problem regarding to the anonymity and illegal use of crypto that is why KYC is being implemented.
No user likes KYC. Business owners also don't like KYC because it's an unneeded chore.
The only people who like KYC are all those office clerks maning desks at the IRS and similar government offices.
KYC doesn't work because smart scammers buy IDs. They buy whole stolen databases and register as other people. If you did KYC chances are they are already using your documents elsewhere.
But you have no choice if you want your crypto to be converted it to your local fiat. Most of the local exchanges or remittance centers require KYC like showing your valid ID. Unless you will change your crypto to fiat with other means and that I think is not secure. But you can choose which exchange you can submit that doc, at least verify it is a legit business to avoid falling your doc in wrong hands.
To be honest I don't really like the KYC but if it would help a lot to solve some problems then why not.
The only problem that I see is that there are so many people who could cheat the KYC process.
I like crypto because of it's anonymity but I guess there would always be a problem regarding to the anonymity and illegal use of crypto that is why KYC is being implemented.
The only problem that I see is that there are so many people who could cheat the KYC process.
I like crypto because of it's anonymity but I guess there would always be a problem regarding to the anonymity and illegal use of crypto that is why KYC is being implemented.
No user likes KYC. Business owners also don't like KYC because it's an unneeded chore.
The only people who like KYC are all those office clerks maning desks at the IRS and similar government offices.
KYC doesn't work because smart scammers buy IDs. They buy whole stolen databases and register as other people. If you did KYC chances are they are already using your documents elsewhere.
no user like kyc but lets faced it we already done a kyc before , it cant be related to crypto or lately when were involved on crypto because other wallets and services require kyc .
i have done a kyc on a crypto wallet that i use because i dont have a choice , this is the only wallet that is popular and easy to use on our country . a legit company wont not spread your data but if you think that is risky for your side then better if you dont do it and find other alternatives . you are not forced tho
To be honest I don't really like the KYC but if it would help a lot to solve some problems then why not.
The only problem that I see is that there are so many people who could cheat the KYC process.
I like crypto because of it's anonymity but I guess there would always be a problem regarding to the anonymity and illegal use of crypto that is why KYC is being implemented.
The only problem that I see is that there are so many people who could cheat the KYC process.
I like crypto because of it's anonymity but I guess there would always be a problem regarding to the anonymity and illegal use of crypto that is why KYC is being implemented.
No user likes KYC. Business owners also don't like KYC because it's an unneeded chore.
The only people who like KYC are all those office clerks maning desks at the IRS and similar government offices.
KYC doesn't work because smart scammers buy IDs. They buy whole stolen databases and register as other people. If you did KYC chances are they are already using your documents elsewhere.
I linked this thread:Why KYC is extremely dangerous – and useless to reference material related to KYC, the information was quite clear and explained the explanation related to risks that might occur when we are not wise in doing KYC.
My advice, don't use your personal data only for worthless airdrops. Be wise in choosing a trusted exchange globally.
KYC in crypto doesn’t necessarily help to stop money laundering or reduce criminal activity; nor does it help to prevent terrorist financing. On the contrary - KYC endangers our privacy and encourages criminal activities (via KYC scams, identity theft and other means).
We really need to be wise in providing personal data to avoid things that can harm us in the future. It could be that our personal data is sold by people who are not responsible, and of course it is very dangerous to our accounts that are connected with personal data, including bank accounts, electronic wallets, etc., this can open the gaps of hackers and scammers.My advice, don't use your personal data only for worthless airdrops. Be wise in choosing a trusted exchange globally.
Jump to: