Topic: A question about AML KYC (Read 533 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.
basically what KYC does is destroying our privacy and security. All that has been done all these years to strengthen our privacy from creating personal accounts to adding secret message, phone verification, 2FA authentification, biometric data... all that can be undone, simply because hackers have succeeded into stealing KYC materials from these exchange and hackers can use that to do all kind of bad things (reset your accounts, impersonate your identity...).
It really sounds like an oxymoron. Just like how Bitcoin is meant to be anonymous but authorities are trying to regulate it.
I think it's pretty clear that KYC defeats the whole purpose of bitcoin/crypto. It makes no sense to sacrifice your identity to use something pseudonymous.
Also, we have many decentralized/P2P platforms as alternatives...
Trading fiat? LocalCryptos/BISQ
Alts? See this list.
etc.
Sadly, people don't look at these options simply because they're not as convenient and fast as the centralized exchanges.
Also, we have many decentralized/P2P platforms as alternatives...
Trading fiat? LocalCryptos/BISQ
Alts? See this list.
etc.
Sadly, people don't look at these options simply because they're not as convenient and fast as the centralized exchanges.
While I agree that KYC defeats the purpose of crypto - It's a compromise that these platforms have decided we need to make if we want to enjoy their services. Think of it this way, the GOV asks for exchanges to be compliant or to get out of their jurisdiction. Reasons why some platforms prefer certain jurisdiction is, well, up to each platform. So they acquire their legislations and implement them on the platform. You don't want to give KYC? They you probably are best off looking for a P2P alternative albeit keep in mind that rates usually suck for FIAT pairs on P2P platforms (at least in my experience), what I'd suggest is either go full crypto that you don't need FIAT for anything else in your life (hard at the moment) or go out and VOTE so that your government faces the truth that we don't like being spied on. It's hardly the platform's fault, rather, the governments.
It's not a compromise. It's their way to monitor you. We should make an effort to push them back by actually using decentralized solutions like BISQ. Make it a social movement.
I think it's pretty clear that KYC defeats the whole purpose of bitcoin/crypto. It makes no sense to sacrifice your identity to use something pseudonymous.
Also, we have many decentralized/P2P platforms as alternatives...
Trading fiat? LocalCryptos/BISQ
Alts? See this list.
etc.
Sadly, people don't look at these options simply because they're not as convenient and fast as the centralized exchanges.
Also, we have many decentralized/P2P platforms as alternatives...
Trading fiat? LocalCryptos/BISQ
Alts? See this list.
etc.
Sadly, people don't look at these options simply because they're not as convenient and fast as the centralized exchanges.
While I agree that KYC defeats the purpose of crypto - It's a compromise that these platforms have decided we need to make if we want to enjoy their services. Think of it this way, the GOV asks for exchanges to be compliant or to get out of their jurisdiction. Reasons why some platforms prefer certain jurisdiction is, well, up to each platform. So they acquire their legislations and implement them on the platform. You don't want to give KYC? They you probably are best off looking for a P2P alternative albeit keep in mind that rates usually suck for FIAT pairs on P2P platforms (at least in my experience), what I'd suggest is either go full crypto that you don't need FIAT for anything else in your life (hard at the moment) or go out and VOTE so that your government faces the truth that we don't like being spied on. It's hardly the platform's fault, rather, the governments.
basically what KYC does is destroying our privacy and security. All that has been done all these years to strengthen our privacy from creating personal accounts to adding secret message, phone verification, 2FA authentification, biometric data... all that can be undone, simply because hackers have succeeded into stealing KYC materials from these exchange and hackers can use that to do all kind of bad things (reset your accounts, impersonate your identity...).
I don't think you will find many members here that are in love with KYC/AML. I am glad to have acquired most of my BTC long before this issue became a thing. For now when I need to use/spend I simply use an exchange and convert BTC to XMR.
Any offramp to fiat will require KYC at some point, unless you're comfortable using P2P exchanges like Hodlhodl.
I don't think you will find many members here that are in love with KYC/AML. I am glad to have acquired most of my BTC long before this issue became a thing. For now when I need to use/spend I simply use an exchange and convert BTC to XMR.
As far as I know, they often refer to their KYC/AML policy, which describes the cases when a transaction may seem suspicious.
The AMLP rules from eg. European directives and FATF guidelines use such forms without further specification "transaction showing unusual patterns", "without clear economic purpose", and often as well all of the transactions of at least $1000 each (but technically as well few transactions for $1000 in total over a short period of time count). The rules are not 100% clear but considering the guidelines spirit it simply requires companies to be suspicious towards their customers, especially if they use VPN services.
Quote
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)?
This ^ is interesting
I wonder how they determine who should do the kyc. Who knows the amount of data at their disposal. I will be a bit careful with this.
I honestly prefer a Crypto-friendly kyc model. No one should see or have access to my sensitive information. This is to avoid misuse and it getting hacked. I think the community should probably decide on what model is safe for them if using kyc becomes necessary
As far as I know, they often refer to their KYC/AML policy, which describes the cases when a transaction may seem suspicious. Still not ok for me as an adherent of anonymity, but the chances are quite low, so... I just remember me pissing off at Shapeshift who asked for my id even before I looked closer at their service. Binance goes to the same list.
My point is - I can understand the reasons why people on the forum may not trust Changelly and other services who may require your id in some cases, but I see no value in getting small amount of random people's personal data. If companies like changelly would be selling user's data, they'd make the whole KYC procedure obligatory.
Is Digitex not asking for KYC?
I don't see any exchange today that doesn't ask KYC anymore. It wouldn't stop laundering though because they still can getaway with it by using the data of someone else. Anyone can simply scan documents of a person and submit it to the exchanges and they are already good to go.
Yeah, I'm honestly also at odds here with how I perceive my privacy and personal data. On one hand, I think we should all guard our information as much as we can, but on the other, I also think we have a responsibility, as a business, not to help facilitate criminal activity. And this goes beyond just tax evasion, but terrorist financing etc.
So my compromise is, if I have to use a financial service, then I'll abide by the laws. So I'm verified, fully, at the exchange I depend on a lot for fiat exchange. But if I can, and I actively seek this out, use bitcoin itself to pay for things, I would. And there, I don't need anyone to tell me I have to KYC.
So my compromise is, if I have to use a financial service, then I'll abide by the laws. So I'm verified, fully, at the exchange I depend on a lot for fiat exchange. But if I can, and I actively seek this out, use bitcoin itself to pay for things, I would. And there, I don't need anyone to tell me I have to 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.
Sound of KYC and anonymity is conflicting. I am not big fan of KYC procedure. I don't know exactly what is the goal of KYC. As they mention about money laundering but I can't see much connection with KYC & money laundering. And unfortunately most of big volume exchanges are requiring KYC. So since trading there quite good from decentralized exchange traders are forced to submit KYC even they do not like it. To be honest this wasn't the goal of Bitcoin or cryptocurrency's.
OP, I hate KYC, and have been recommending the use of BISQ, and other centralized services that don't have, or have minimum KYC, https://bitcointalksearch.org/topic/list-of-p2pno-kyc-exchanges-5180421
Never say that you have no choice, because there's a choice. BISQ. Sometimes giving worse rates, but that's the price of no-KYC.
Never say that you have no choice, because there's a choice. BISQ. Sometimes giving worse rates, but that's the price of no-KYC.
In the current situation, in order for the cryptocurrency to be able to further develop, KYC verification in strictly stipulated cases is necessary. We already see to what level of fraud the absence of any rules in the cryptocurrency market led to. In addition, states will be forced to prohibit the circulation of cryptocurrency on their territory if it uncontrollably contributes to the financing of terrorism and other crimes due to its relative anonymity. Therefore, for legal entities, in some cases, licensing for working with cryptocurrency should be introduced, and the KYC check should be applied exclusively to large amounts of transactions.
Why use the current kyc model in a space that is full of people who privacy/anonymity conscious? Those who believe in the current kyc should probably get their customers from people who are OK with it. The customers will most likely be made mostly of people who are somewhat desperate, don't know why they are here nor understand what Cryptocurrency is about.
This ^ is interesting
I wonder how they determine who should do the kyc. Who knows the amount of data at their disposal. I will be a bit careful with this.
I honestly prefer a Crypto-friendly kyc model. No one should see or have access to my sensitive information. This is to avoid misuse and it getting hacked. I think the community should probably decide on what model is safe for them if using kyc becomes necessary
Quote
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)?
This ^ is interesting
I wonder how they determine who should do the kyc. Who knows the amount of data at their disposal. I will be a bit careful with this.
I honestly prefer a Crypto-friendly kyc model. No one should see or have access to my sensitive information. This is to avoid misuse and it getting hacked. I think the community should probably decide on what model is safe for them if using kyc becomes necessary
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)?
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)?
It's a myth that KYC helps prevent money laundering.Do you know how easy it is to get the personal data of someone else,if you are a hacker or criminal?You could pay some poor homeless man to give you his ID for a while,you could hack some PC and get all the personal info.How can a crypto exchange platform prove that you are submitting your own ID card?KYC really repels customers and stops mass cryptocurrency adoption.Government clerks should try to find a better regulation that replaces the "know-your-customer" policy.
In some cases, KYC verification when working with cryptocurrency is necessary. However, they began to demand it from us for any reason and for any transaction amounts, and this caused people to sharply reject it as a necessary procedure in some cases.
In addition, they began to introduce it too early, before the subjects, procedure and conditions of its implementation were regulated at the legislative level. Therefore, unknown teams of ICO projects, without registering themselves anywhere and often being scammers themselves, collected our confidential information and then sold it on the Internet. Of course, nobody will like it.
Considering that the states will license this type of activity in some cases for legal entities, and the KYC check will be carried out only for transactions over one thousand euros, according to the FATF recommendations of June 21 last year, in these cases KYC will be appropriate.
In addition, they began to introduce it too early, before the subjects, procedure and conditions of its implementation were regulated at the legislative level. Therefore, unknown teams of ICO projects, without registering themselves anywhere and often being scammers themselves, collected our confidential information and then sold it on the Internet. Of course, nobody will like it.
Considering that the states will license this type of activity in some cases for legal entities, and the KYC check will be carried out only for transactions over one thousand euros, according to the FATF recommendations of June 21 last year, in these cases KYC will be appropriate.
more and more things are subject to KYC. ~ cryptocurrency exchanges.
this is only the case when people go to "centralized places" to exchange a "decentralized thing". otherwise cryptocurrency trading is never going to require KYC specifically when you are exchanging cryptocurrency with cryptocurrency instead of with fiat.
check out the real decentralized exchanges and see how the lack of KYC looks like.
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)?
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 don't like KYC. It is even an understatement. I actually hate KYC. I agree that KYC requirements significantly repel customers from certain services. And if that happens, the business is indeed affected. Try putting up a sports betting site or online crypto casino with KYC and I am more than sure that it will be lagging behind its competitors that do not ask KYC from its users, if they don't die shortly after launching. In case of exchanges, it has unfortunately become a norm that they ask for KYC, as per legal requirements. But this is only due to the fact that centralized exchanges are the main thing for now. Sooner or later, when decentralized exchanges will take over, KYC will become a thing of the past.
Money laundering is not prevented by KYC. If a certain user is enrolling an account because he/she has something to launder, do you think he/she will provide his/her real personal information? He/she must be a foolish launderer if he/she does that.
No one in this forum support kyc system. People don't wanna be a puppet anymore to the government or the bank. And crypto currency is the best solution for that. It's sad that some upcoming projects and popular exchanges want kyc for transaction (big amount).
No one support but a lot has been under to it. I dont much prefer giving off personal details so I only did some KYC on some trusted exchange which Im sure they arent 100% but only few centralized exchanges with volume are appealing for me. Yes dex isnt one of them but in terms of trading we cant rely much on it. So there is really big arguement with this topic. It has both advantage and disadvantage, its just a matter of preference for everybody how they will take this topic on hand. KYC purpose is preventing of funds for money launder, and you will see every exchange will require KYC instead of DEX.
One advantage Im seeing but this isnt always the case for every exchange. Some have evil agenda for Thieving and Scamming so pick wise which one youve gonna share your info. 
KYC purpose is preventing of funds for money launder, and you will see every exchange will require KYC instead of DEX, so I think KYC process should be simple and fast may be online KYC verification is more simple then manually.
No one in this forum support kyc system. People don't wanna be a puppet anymore to the government or the bank. And crypto currency is the best solution for that. It's sad that some upcoming projects and popular exchanges want kyc for transaction (big amount). Although they said it's just a step to remove scammers from crypto currency. I don't know how much it worked.
I didn't gave my any document in any exchange. I always avoid those exchange who prefer to kyc. I think it's people rights, to show their personal document or not.
I didn't gave my any document in any exchange. I always avoid those exchange who prefer to kyc. I think it's people rights, to show their personal document or not.
KYC/AML are a direct assault on our personal freedoms and should be abolished worldwide.
Unfortunately, it goes opposite - as time goes by, more and more elements to KYC are added. And more and more things are subject to KYC. From bank transfers, cryptocurrency exchanges. This is as well why many authorities are calling for a cashless society, so then all the transactions will be 100% traceable.
my problem with KYC and AML rules is that they are only a one way protection meaning it protects the business (like the exchanges) from not getting illegal funds or getting scammed,... specially when they work with the banking system that could easily mean a lot of dirty money going into their system.
but there is absolutely no customer protection! it start from our very personal documents being in the hands of a shady business that easily sells them on the dark market! and there is nobody to answer. then whenever the exchange likes they easily scam their customers and call it a hack or simply run away. then there is nobody to cover our losses.
in short it means these laws don't do anything for the customer so nobody should logically want them except the businesses. those businesses that say otherwise are only advertising their service.
but there is absolutely no customer protection! it start from our very personal documents being in the hands of a shady business that easily sells them on the dark market! and there is nobody to answer. then whenever the exchange likes they easily scam their customers and call it a hack or simply run away. then there is nobody to cover our losses.
in short it means these laws don't do anything for the customer so nobody should logically want them except the businesses. those businesses that say otherwise are only advertising their service.
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 have mild KYC concerns. I wouldn't want to go through it because I sort of fear identity stealth and data manipulation, but at the same time, I am fine with places that have mild KYC policies and might enforce them if necessary. I believe that it makes sense to require identification if we're talking about a big amount of money (definitely over $1k). Big transactions might indicate money laundering, so it's reasonable to at least know who performs them. If we're talking about a gambler who spends dozens of dollars or something, it's ridiculous and unfair to require identification. 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)?
The subject has been discussed here and through articles many times before. Nobody will ever receive personal information from me on a cryptocurrency platform or transaction. You either let me use cryptocurrencies the way they were meant to be used, or I'd rather miss a deal.
It gets harder and harder to avoid giving personal information though. Part of my BTC and alts have been stolen enough times before, but I'm still not giving up and I never will. I want to support the main purpose of cryptocurrencies and to avoid third parties at all, if possible. Hopefully the genius minds out there will successfully develop some systems to sustain exactly this idea so third parties won't be a thing anymore..
It gets harder and harder to avoid giving personal information though. Part of my BTC and alts have been stolen enough times before, but I'm still not giving up and I never will. I want to support the main purpose of cryptocurrencies and to avoid third parties at all, if possible. Hopefully the genius minds out there will successfully develop some systems to sustain exactly this idea so third parties won't be a thing anymore..
I think it's pretty clear that KYC defeats the whole purpose of bitcoin/crypto. It makes no sense to sacrifice your identity to use something pseudonymous.
Also, we have many decentralized/P2P platforms as alternatives...
Trading fiat? LocalCryptos/BISQ
Alts? See this list.
etc.
Sadly, people don't look at these options simply because they're not as convenient and fast as the centralized exchanges.
Also, we have many decentralized/P2P platforms as alternatives...
Trading fiat? LocalCryptos/BISQ
Alts? See this list.
etc.
Sadly, people don't look at these options simply because they're not as convenient and fast as the centralized exchanges.
I'm pretty sure 99% of people here doesn't like submitting KYC/AML information for very obvious reasons. It's just that unfortunately, KYC/AML is required by the government in the US and in some(or most?) countries. So crypto businesses in these said countries really have no choice but to comply or to migrate over to less-strict countries.
Advantages? Yea probably you can get caught a lot easier if you're a criminal, but that's like a very very small percentage of exchange users so I really don't like that the innocent people are the ones having to make sacrifices(by submitting KYC/AML info) to make the government's jobs easier.
Advantages? Yea probably you can get caught a lot easier if you're a criminal, but that's like a very very small percentage of exchange users so I really don't like that the innocent people are the ones having to make sacrifices(by submitting KYC/AML info) to make the government's jobs easier.
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)?
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)?
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