Topic: Are You Afraid of KYC? - page 3. (Read 31675 times)
A decentralized or Anonymous things are slowly changing, this KYC makes this market a more centralized. We will surely afraid on this thing because in the first place we are here to remain anonymous, and then suddenly KYC takes in to change the tradition. Hopefully this thing will be use on its real purpose.
Related to the are you afraid of KYC topic the following comment is truly interesting
On top of the wallet rule now only three days from final adoption, FinCEN just announced ANOTHER rule.
https://www.coindesk.com/fincen-foreign-crypto-exchange-disclosure-rule
With a bare three weeks before leaving office, it's impossible to have a public comment period that complies with the Administrative Procedure Act.
Treasury hasn't even provided a timeline yet.
We only know that this new midnight rule will have an illegally short comment period, just like the last one.
The fact that the procedure is done illegaly won't prevent the rule from being enforced. This is a standard administrative procedure whereby government agencies like Treasury write regulations into law without actually having to go to Congress. Once these new regulations go into effect, overturning them involves a politically difficult congressional procedure; the incoming administration can't simply rescind rules that went on the books before they came to office.
In other words, we're fucked.
There's still time to comment on the wallet rule, though
https://beta.regulations.gov/commenton/FINCEN-2020-0020-0001
Meanwhile Mnuchin expects us crypto people to party instead of paying attention.
https://www.coindesk.com/fincen-foreign-crypto-exchange-disclosure-rule
With a bare three weeks before leaving office, it's impossible to have a public comment period that complies with the Administrative Procedure Act.
Treasury hasn't even provided a timeline yet.
We only know that this new midnight rule will have an illegally short comment period, just like the last one.
The fact that the procedure is done illegaly won't prevent the rule from being enforced. This is a standard administrative procedure whereby government agencies like Treasury write regulations into law without actually having to go to Congress. Once these new regulations go into effect, overturning them involves a politically difficult congressional procedure; the incoming administration can't simply rescind rules that went on the books before they came to office.
In other words, we're fucked.
There's still time to comment on the wallet rule, though
https://beta.regulations.gov/commenton/FINCEN-2020-0020-0001
Meanwhile Mnuchin expects us crypto people to party instead of paying attention.
For some ideas to make your comments effective, I found Jake Chervinsky and Ben Davenport helpful
https://twitter.com/jchervinsky/status/1340135041746300932
https://twitter.com/bendavenport/status/1344341036412203014
Watch out as they are coming to you very close. They expect you to give your privacy on every level! Read Ben Davenport's letter to Fincen, it says it all. https://twitter.com/jchervinsky/status/1340135041746300932
https://twitter.com/bendavenport/status/1344341036412203014
Actually i agree with you what you are saying. They only show the white paper of that project only , do not show the balance sheet where the investment and expenses are going . So i am too afraid of doing KYC while dealing with these kind of ICO.
Now a days how a person's photos are used with the help of deep fake software, So there is a high probability that they ca misuse our document.
Now a days how a person's photos are used with the help of deep fake software, So there is a high probability that they ca misuse our document.
Tether is convenient and I bet the majority of newcomers don't even know about the whole so-called USDT drama which we saw in the last few years. Many will be caught off guard if, eventually, Tether will blow up: and they will blame the lack of regulation and such. That is the main reason I believe USDT has caused a lot of damage to crypto already due to the fact that will be used as an excuse to tighten the already heavy rules on crypto.
They are running after Tether and the ticking time bomb can be listened at a distance. Only regulated stablecoins will be considered safe after USDT will be taken down.
The authorities will be imposing heavy fines on multiple markets and i am not aware of any regulated stable coins. USDT is trash and i am really surprised that they are still being traded in all the exchanges and majority consider them as a stable currency even though they are not transparent with their backings and this year we saw them minting new coins flooding the market and they will cease to exist in the near future as the authorities will shut them down.
They are running after Tether and the ticking time bomb can be listened at a distance. Only regulated stablecoins will be considered safe after USDT will be taken down.
Quote
Backers of stable coins should also be able to obtain and verify the identities of all parties conducting transactions, including those involving so-called unhosted wallets, the officials said.
Don't trust, avoid verify (in this case).
It depends if we trust the platform or not. Like for example, if a wallet or exchange is regulated by the central bank, I would trust them in doing KYC. However, if it’s something new and never heard before of them and not being backed by an existing legit firm or supported by the government or bank, I would clearly had doubts in submitting KYC (especially passports). But just remember that when it comes to airdrops and bounties, it’s not a good idea to submit KYC if they require (unless if you trust them, that’s your own risk). I would rather protect my integrity than just chasing money in exchange for our important info.
I can see that soon almost exchanges and even ICO programs will be requiring us to do the KYC procedures where we are required to pass copies of our legal documents before we are granted entrance or the use of the services or programs we are interested with. This can be as common as having a password or 2FA.
Now, personally I have no big problem with it though just like anybody else am also concerned that my personal information can be divulged to anybody or a group that might use it for any illegal purpose. This is one risk we are facing once we are actively living in the online world. Evil people who can be thousands of miles away can now be just one click away.
What are your apprehensions about the KYC procedures that will soon be as popular as noodles?
That's why I prefer dex over cex but unfortunately dex exchanges have low liquidity.
Personally, I don't find KYC acceptable for the crypto industry, we all didn't want that, but if it continues like this, it looks like the entire industry will play the forced game of states, I don't like that at all. For 2-3 years, the state has had no interest in crypto, and now suddenly they want to influence and control the area. That sucks ...
I can see that soon almost exchanges and even ICO programs will be requiring us to do the KYC procedures where we are required to pass copies of our legal documents before we are granted entrance or the use of the services or programs we are interested with. This can be as common as having a password or 2FA.
Now, personally I have no big problem with it though just like anybody else am also concerned that my personal information can be divulged to anybody or a group that might use it for any illegal purpose. This is one risk we are facing once we are actively living in the online world. Evil people who can be thousands of miles away can now be just one click away.
What are your apprehensions about the KYC procedures that will soon be as popular as noodles?
Personally, I treat KYC calmly and with understanding. I will give an example, if you come to the bank with a copy of the documents and want to take out a loan, then you will not succeed, if you have someone else's passport, it will also not work, for this you need a passport and a passport holder. What are your passport copies for? Perhaps for other things we do not know about, but again without you and your original document, the copies are not valid. As for KYC itself, I believe that no matter how much they talk about decentralization and its security, serious companies will always use KYC to at least get rid of scammers and bots. Don't you worry when you invest in a crypto project about the founding team of which nothing is known? I believe this is a greater risk. KYC is definitely necessary and not so scary, but if there is an opportunity to do without it, then this is also very good.
I know from the KYC leak from Binance but not from one at Kucoin.
I am not aware of any KYC leaks where Kucoin was involved: i was talking about a recent hack or "security breach" https://www.coindesk.com/hackers-drain-kucoin-crypto-exchanges-fundsOn the other hand, given that Kucoin has partnered with Chainalysis, it already sells all of your data to governments and surveillance companies. That is worse than leaks, that is an attack on bitcoin principles, fungibility, and freedom. https://bravenewcoin.com/insights/kucoin-partners-with-chainalysis
Both exchanges have already been hacked at least once
I know from the KYC leak from Binance but not from one at Kucoin.
I only do KYC for big exchanges like Binance and Kucoin. Because in my opinion, both exchanges can be trusted to maintain the confidentiality of their users' identities. But I will not do KYC on the ICO program or for small exchanges. I am worried that in the future my data will be used for illegal actions.
Both exchanges have already been hacked at least once and most likely will be hacked again in the future. Because unlike in decentralized systems, all centralized exchanges have a single point of failure. Unlike bitcoin, which is robust and decentralized, centralized exchanges are weak and vulnerable by design.By the way, that is how binance maintain your confidentiality:
Quote
Binance, the world’s largest cryptocurrency exchange by trading volume, said it’s investigating the alleged leak of its customers’ verification information. The leak could affect up to 60,000 individual users who sent KYC information to the company in 2018 and 2019.
https://www.coindesk.com/binance-kyc-issue
I can see that soon almost exchanges and even ICO programs will be requiring us to do the KYC procedures where we are required to pass copies of our legal documents before we are granted entrance or the use of the services or programs we are interested with. This can be as common as having a password or 2FA.
Now, personally I have no big problem with it though just like anybody else am also concerned that my personal information can be divulged to anybody or a group that might use it for any illegal purpose. This is one risk we are facing once we are actively living in the online world. Evil people who can be thousands of miles away can now be just one click away.
What are your apprehensions about the KYC procedures that will soon be as popular as noodles?
Personally, I treat KYC calmly and with understanding. I will give an example, if you come to the bank with a copy of the documents and want to take out a loan, then you will not succeed, if you have someone else's passport, it will also not work, for this you need a passport and a passport holder. What are your passport copies for? Perhaps for other things we do not know about, but again without you and your original document, the copies are not valid. As for KYC itself, I believe that no matter how much they talk about decentralization and its security, serious companies will always use KYC to at least get rid of scammers and bots. Don't you worry when you invest in a crypto project about the founding team of which nothing is known? I believe this is a greater risk. KYC is definitely necessary and not so scary, but if there is an opportunity to do without it, then this is also very good.
yes in case I would ask some scholarship they will try to find out everything about me
nowadays too many Exchanges & project required kyc without reason
The AML5 directive in Europe gives the exchanges no other chances than to implement KYC if they have a Fiat gateway. So if they don’t want to exclude the European market they have to do it. No matter whether we like it or not.
The only thing we can do is to do as little KYC as possible and collect enough information about the exchange we want or need to register with.
In that case i really Don't have any problem with kyc but nowadays too many Exchanges & project required kyc without reason, i think you notice that & maximum project (scam project) gone after someday so now what are they doing with our Documents. It really a Big issue, if they sell our Documents or use it for illegal Activity we really never know, so now we have to concern before doing kyc & also we need to check the project or exchanges That it’s real or Fake.
In my case, I have submitted my KYC only to few exchanges. But only because it is required on their platform and I had the coins needed to trade in their exchange. Also, to my local exchange as I need it to convert my crypto to fiat. But as much as possible, for exchanges not requiring KYC below 2-3 btc daily withdrawal limit, I just keep it that way. Anyway, I'm no big trader, so that daily limit is actually more than enough.
I did the same if I am going to trade and the limit that I am going to withdraw does not require that I undergo KYC I just don't go KYC I wait for them to ask me or require me to undergo I am not also a big trader and I have been trading in three exchanges for years now and until now I did not exceed my limit, I am not afraid to undergo KYC as long as the exchange or any site is legit and compliant.
Well I only will do a KYC with a company that I can trust so if this is the case then my answer is NO Im not afraid to do a KYC.
Some people are afraid of doing a KYC since they hear stories of personal information being sold on Dark Web.
But your personal info can be sold if you give info to any company- not just crypto company.
Some people are afraid of doing a KYC since they hear stories of personal information being sold on Dark Web.
But your personal info can be sold if you give info to any company- not just crypto company.
There's a difference if you are giving your personal info to a company that you know, you know they are regulated and compliant to government about your info, but very much different if you are going to do it to Cryptocurrency company many of whom are anonymous or with fake team, so far I have not done KYC to unknown Cryptocurrency projects only those that are regulated.
In my case, I have submitted my KYC only to few exchanges. But only because it is required on their platform and I had the coins needed to trade in their exchange. Also, to my local exchange as I need it to convert my crypto to fiat. But as much as possible, for exchanges not requiring KYC below 2-3 btc daily withdrawal limit, I just keep it that way. Anyway, I'm no big trader, so that daily limit is actually more than enough.
Jump to: