Has the purposed of kyc been diverted? - page 2.

Lolox

member

Activity: 476

Merit: 10

Quote from: opeku on July 25, 2019, 12:09:24 AM

Day in day out there are new projects requiring kyc from investors
Exchanges requiring kyc, for some in order to maximize your ability to withraw large sums of cryptocurrencies and some even before you can trade on the exchange
The bigger question is how safe are our kyc documents?

How safe KYC is, it depends on the project you are following. The important thing is that it is not easy to do what they ask for. We should be able to examine because not all projects that use KYC, are trustworthy.

Our personal data is more important and if used by irresponsible people, of course, we will have a loss.

indah rezqi

hero member

Activity: 1344

Merit: 852

Quote from: joniboini on July 25, 2019, 04:14:19 AM

Quote from: indah rezqi on July 25, 2019, 03:39:32 AM

For those who are afraid of KYC security, it means that they are not serious in participating.

Your identity is really important and I don't think anyone who would go against KYC if the project is shady af is not serious. Your seriousness should reflect on your actions, but when a case like that comes out, you should think twice before you submit your KYC especially when the project team identity is not even clear.

Don't gamble too much on your identity. I'd never go with KYC even if a project told me they'll give $1000 worth of tokens for a simple click when they don't even told me who run the business.

What you are saying is true, that risking too much KYC can be dangerous, because it is personal identity. But KYC requested as one proof of our seriousness and them. In this case, we do not arbitrarily submit KYC.

Mrcharles

copper member

Activity: 336

Merit: 5

Quote from: opeku on July 25, 2019, 12:09:24 AM

Day in day out there are new projects requiring kyc from investors
Exchanges requiring kyc, for some in order to maximize your ability to withraw large sums of cryptocurrencies and some even before you can trade on the exchange
The bigger question is how safe are our kyc documents?

In my opinion, kyc documents submitted to exchange are not safe. There have been countless issues of public documents sold out to third parties, who use this information for illicit activities. I learnt that personal information of people are traded on the dark Web and this informations were in most cases given out in good faith for kyc verification.

wxxyrqa

full member

Activity: 1330

Merit: 121

Next Generation Web3 Casino

It seems to me that we should put up with the requirements to provide KYC, because in the near future there will be an acute question of the legalization of cryptocurrencies, and for this it will be necessary to identify each cryptocurrency user. We have no other choice, so KYC conditions will now be met even more often.

calya

sr. member

Activity: 784

Merit: 250

Quote from: Doranile432 on August 15, 2019, 11:50:20 AM

Quote from: opeku on July 25, 2019, 12:09:24 AM

Day in day out there are new projects requiring kyc from investors
Exchanges requiring kyc, for some in order to maximize your ability to withraw large sums of cryptocurrencies and some even before you can trade on the exchange
The bigger question is how safe are our kyc documents?

Its a must to submit your ID documents if you want to withdraw large sum of amounts from exchanges and even some ICO projects do requires KYC but i'm not sure how safe our IDs are and bad news are been spread on the internet about people's identity been sold through darkweb,if you are not feeling comfortable about your ID just stay away from KYC projects

actually in decentralized market kyc didn't need at all.if exchanges or projects required to verify their investors they could use another methode.but required personal data from them was very risky.as we know in dark web there is no limitation in any section.it could happen if our personall data in wrong hand, they could sell it.

Doranile432

member

Activity: 476

Merit: 22

Quote from: opeku on July 25, 2019, 12:09:24 AM

Day in day out there are new projects requiring kyc from investors
Exchanges requiring kyc, for some in order to maximize your ability to withraw large sums of cryptocurrencies and some even before you can trade on the exchange
The bigger question is how safe are our kyc documents?

Its a must to submit your ID documents if you want to withdraw large sum of amounts from exchanges and even some ICO projects do requires KYC but i'm not sure how safe our IDs are and bad news are been spread on the internet about people's identity been sold through darkweb,if you are not feeling comfortable about your ID just stay away from KYC projects

Chemcrier

copper member

Activity: 154

Merit: 0

IMO Exchange - Customer First.

If it is not a security token offering that has gone through all the regulations required by the governing bodies, I do not like providing my personal details to them, to be honest, I perform KYC in only exchanges and the recent hack of KYC materials from Binance shows that even documents uploaded in reputable exchanges is not so safe.

sammy21

member

Activity: 672

Merit: 10

Quote from: bittick on July 31, 2019, 10:49:56 AM

Quote from: ?? on ??

In top exchange your KYC information is always safe. To keep away autobot or scam people, KYC is mandatory for almost all project and exchange.

The real purpose of KYC is not to keep away from the bot or scammer but the real purpose of KYC to be compliance with the regulation in some countries, not only that but that's to prevent some people from some countries were banned crypto or these countries don't give the approval to invest in the crypto or put crypto in the red area.
But not only KYC because this time there is AML verification too.

yes, now to invest crypto or participate in an investment in a new project it is indeed a little complicated. not like before, which we can buy very simply, and we can get profits quickly. now the project is very considering how to adjust their project to the regulations in their country or the user's country of their platform.

bluesnup

jr. member

Activity: 123

Merit: 1

KYC is just whast the government needs to know your information. They know how much you trade they can control your funds, this is simply a way to control you through an exchange.

You don't need to participate in this. People need to realize that KYC also means no control of your funds and oversharing all your data, you can trade without KYC in Switch.ag for instantly trades or actual DEXs like SwitchDex.ag. Also don't trust all the DEX that are out, recently idex went kyc and more to come out soon. Be careful in this market.

bittick

hero member

Activity: 2296

Merit: 506

Cryptocasino.com

Quote from: ?? on ??

In top exchange your KYC information is always safe. To keep away autobot or scam people, KYC is mandatory for almost all project and exchange.

The real purpose of KYC is not to keep away from the bot or scammer but the real purpose of KYC to be compliance with the regulation in some countries, not only that but that's to prevent some people from some countries were banned crypto or these countries don't give the approval to invest in the crypto or put crypto in the red area.
But not only KYC because this time there is AML verification too.

SquallLeonhart

legendary

Activity: 2352

Merit: 1101

Quote from: funnec on July 29, 2019, 12:01:20 PM

By now you should know that given your information to someone you don't know can be very risky because they can do anything with it.

Yes they know, but how can they avoid it, look at the industry you are, you will see that most new projects that you see now request for KYC, and even DEX exchange that has nothing to do with KYC has also started requesting for KYC. So tell me how people can avoid it, except maybe they do not want to have anything to do with cryptocurrency things at all.

So I think right now, it is not all about accepting KYC here or not, but the type of information that we give out. I believe that they all have different I formation being required for their KYC, and if we see any projects that is requesting for any vital information that we feel could dent our image or not that necessary, then we should possibly avoid such projects at all cost no matter how promising it looks.

funnec

jr. member

Activity: 149

Merit: 2

By now you should know that given your information to someone you don't know can be very risky because they can do anything with it.

Darker45

legendary

Activity: 2576

Merit: 1860

Quote from: opeku on July 25, 2019, 12:09:24 AM

Day in day out there are new projects requiring kyc from investors
Exchanges requiring kyc, for some in order to maximize your ability to withraw large sums of cryptocurrencies and some even before you can trade on the exchange
The bigger question is how safe are our kyc documents?

As to the safety of our personal information, that we cannot guarantee. They may claim utmost care and privacy in treating our personal information, but it still remains open to hack attempts. However, since they are requiring KYC, traders and users of centralized exchanges are left with no other option but to comply. But if you cannot afford to divulge any of your personal information, opt for DEX or peer-to-peer transactions.

barbara44

hero member

Activity: 2366

Merit: 605

Quote from: opeku on July 25, 2019, 12:09:24 AM

Day in day out there are new projects requiring kyc from investors
Exchanges requiring kyc, for some in order to maximize your ability to withraw large sums of cryptocurrencies and some even before you can trade on the exchange
The bigger question is how safe are our kyc documents?

The fear with kyc as been that the company may sell the information provided for them, but I think the safety of your document depend on the company you are dealing with, in as much as the scammers has already corrupted the cryptocurrency industry and making it look unsafe, we still have so many countries that operates with integrity and would protect your document with everything within their power from being exposed to those that will misuse it.

We have already found ourselves in a situation where we cannot really do without this KYC, all that we just need to do is make sure that we also protect our data from our end, we only give out information that we feel will not be used against us in future, and also ensure that the company we hand over our information to are genuine and ones that will use it in a legal way only.

pandanaran

full member

Activity: 1048

Merit: 101

KYC is no stranger to us because almost every project applies the KYC system to get to know investors in building cooperation, especially for adult needs. For the security of our data, I am not so sure because it can be used incorrectly but so far there has been no negative evidence, so in my opinion it can still be considered safe.

bitkanu

hero member

Activity: 2184

Merit: 513

Moonbet.io | Web3 Casino

Quote from: ?? on ??

The reply to this question is yes, the purpose for KYC has been diverted. Some projects which are not even supposed to require KYC now do that. I was shocked to see news that even IDEX will soon implement compulsory KYC. If that happens, then it shifts entirely from being a DEX.

They are foced to do that by the regulators because the government want to prevent money laundering which usually happen in a decentralized exchange albeit doesn't hinder the fact that money or cash is the most used way to launder money because it leaves no trace unlike cryptocurrencies.

If Idex refused to do that they will be in problem and I guess no one even want to get handcuffed and jailed just because refusing the KYC. even it is decentralized exchange there's nothing they really can do. That exchange still operated and owned by individual or team.

InwardContour

sr. member

Activity: 644

Merit: 260

We have to be very careful when doing KYCs since our documents might not be safe. Some people do KYC even for unverified projects especially when they require that for free tokens (airdrop), this might be a trick to get your personal details. Well, for some reputable projects which comply with KYC requirements from authorities, KYC is not entirely bad. An example is doing KYC to make bigger withdrawals on centralized exchanges, it's fair since it's optional for most. Where it becomes bad is when KYC is a must to withdraw any amount at all.

goolesby

member

Activity: 574

Merit: 10

Gistcoin

We cannot ensure how safe is our KYC document. Exactly, we don't know the exact team or people behind the projects or behind the KYC requirement team. However, as long as they are real people, they stated that they guarantee the secret or security of the KYC document I think this is the one that we can trust. However of course, normally we will feel worried because sometimes, they can be hacked easily.

Vit83

full member

Activity: 644

Merit: 100

Almost every documents after KYC can be bought on the dark net) IMHO only KYC we need is just for the teams of ICO, that they are real, and signed contracts that they promising to complete milestones in the roadmap for our money)

Leyss

member

Activity: 574

Merit: 12

Our KYC documents will never be safe. I see a way out in making transactions in the amount of cryptocurrency less than one thousand dollars.
On June 21, the Intergovernmental Organization for Financial Action (FATF) adopted recommendations for which, for transactions of less than one thousand dollars, the KYC check will not have to be passed. By June next year, more than 200 states will have to bring their domestic legislation in line with these recommendations, or they will pay heavy fines.

Topic: Has the purposed of kyc been diverted? - page 2. (Read 850 times)