Topic: Is KYC benefit to crypto people or not - page 26. (Read 6455 times)

I think that is not worth our personal information to be sent to them because there is no guarantee to us that they can be a success in the future although they are promising. But for the recommended exchange and have reputations, I think I don't mind to complete the KYC process as I don't want to be called an illegal person who do money laundering.

If the site is requiring you a KYC before you are approve using their service, you need to check if they are authorized by the government to operate.
Giving our data or information for KYC compliance may put our identity at risk because we don't have an assurance if they will take care of our information with confidentiality, what if it will be leaked like what happen to Binance KYC information.  (https://www.coindesk.com/binance-kyc-issue)

I too used to wonder why we should do KYC to trading on cryptocurrency exchanges given that crypto came about out of the need for people yearning to stay anonymous from governmental financial tracking of transactions online. But then for exchanges to conform to regulations in countries where they operate it seems like they cannot do without KYC especially where the movement of large sums of money are involved.
KYC (Know Your Customer) refers to a process that banks and other financial institutions use to gather identifying data and contact information from current and potential customers. Its purpose is to prevent fraud, money laundering, and other illicit activity, as well as the misuse of financial accounts.

So to answer your question around the benefits of KYC to crypto, KYC helps in reducing and eliminating money laundering and financial fraud, remember Silk road. Also, there are fears around the world especially in security circles that funds moved and exchanging hands anonymously can end up being used to finance terrorism and extremism activities.

BUT if one wishes for ways to circumvent KYC, you can diversify your portfolio of crypto holdings to different exchanges. That is, if you’re not comfortable to give away your KYC data to any exchange, the solution is for you to separate your funds into different exchanges. This is possible because most exchanges provide daily 2 BTC withdrawal for non-KYC users

Also as a rule of thumb, you don’t want to keep all your eggs in one basket. (Even if the basket is the BIGGEST baskets in the world Binance) That’s another reason for you to separate your portfolio into different exchanges.

If you join in bounty campaign project and has a potential and promising in the future but have KYC requirements for you to claim your rewards, obviously it will give you benefits in terms of profit. But usually KYC was most often used for exchange site platform.

To my opinion KYC is good in.its essence and it could benefit the users in sense of preventing fraudulent and illegal activities. Still KYC data could be easily misused so you should be very careful who you give your sensitive personal data.
Many are against KYC thinking this is against the nature of cryptocurrencies and that ruins your privacy and anonimity but we have to be aware that we have to sacrify something for our own good and protection.

Take a look on such example on the current Binance issue of KYC data leak where hackers proclaim about that breach.This is one of the risk when we do tend out to

sent personal documentations for such verification.It can possibly leaked out and can be sold.Cryptospace do focuses up with decentralization but it seems it do still
trying to in-line with regulation matters.

Yes, it is. It is used to verify the user. Thru KYC, we can track down malicious activities in crypto-world. The bad side is that we can also be tracked whatever activity we are doing and our privacy is compromised and we do not want that.

That's true, but since crypto-currency can be used to launder money and other illegal stuff and the government saw it as a threat
exchanges were pressured by the government to put KYC in an attempt to prevent or lessen the number of people who are laundering money.

What is the bottom line here? KYC is good as long we are selective? We need to think twice before we scan some document and send it to someone, anyone. People still don`t understand how big this is, stealing data from people and selling it on black market, or using it for some other purposes. This world needs education, education and more education, how else will people learn?

KYC is always bad if we are talking about freedom

See, I don't have any issues in sending a scanned copy of my passport to someone working in the government agencies. I would even consider that, if a reliable organization such as Apple or Amazon demands it from me. But the case here is different. We have a bunch of unknown guys running a crypto-exchange and we don't even know in which country they are based on. I don't think that anyone in their normal mind would send the ID documents to such guys.

I still remember what happened to Mt Gox. Back in 2013, they were also demanding ID documents from most of their users. Actually, some of the users even claimed that Mt Gox is safer than BTC-e, because the latter allows complete anonymity. And we all know what happened in the end. Mt Gox closed down in 2014, and BTC-e continued operating for another 2-3 years.

I think the most important thing is the project itself, good roadmap, good management team, and legitimate. As long as the project is good and approved with many experience member, they still can attract investor.

Good investor don't care with KYC requirement, they care about project and their money. So "KYC is too risk" is not significant reasons

People have to accept that we can't truly enjoy the benefits and advantages here in crypto without complying on government rules, the KYC. It's a necessary requirement for crypto companies to operate legally.

I know lots didn't want the idea of KYC so just undergo on it if using a reputable crypto company or exchange. Like me, I only did KYC on a few sites since I have regular activities on it such as on our local exchange, Binance and Coinbase. Never did undergo KYC on small and new exchanges even I have some coins listed on there as I don't think it will be necessary.

Obviously not, It's been discussed many times already.


KYC is not safe at all especially for some scam ICO projects. There are some cases that when you even send your personal information to the platform, you can't still get the money. You lose on investment and your identity will be used in fraud.

There is no safe hands on internet,only we need to be aware what we are giving.

When we think that our personal details worth more than anything then better avoid KYC at all.

KYC is needed only for every centralized exchange platform. And sometimes there are some IEO and ICO requiring it to all participants
for them to be eligible for bounty rewards. But there are some ICO distributing the rewards without the KYC and vice-versa for IEO also.
There is benefits for KYC sometimes which is profit to all campaign project that has KYC requirements.

i am really 50/50 about KYC because crypto was supposed to be anonymous and secure but doing all this makes me feel unsecure of my identity
but i think it can be helped specially on ICOs , bounties and airdrops , i think the team uses this as assurance that no one
could be a bag holder of their coin enough to dump the price.

Of course, KYC testing may not be beneficial to people. Passing such a test is even a little humiliating for me. I especially don’t like it if it’s requested by non-state bodies that bear at least some responsibility for the safety and proper use of such information. Therefore, I try to avoid transmitting confidential information about myself. When making cash payments, we also make transactions anonymously, however, they do not require us to pass a KYC check.

I think they are preventing something and there is no one benefited in this process.

Every project, every investment that you put your money in has the reason why they put KYC in their requirements. Maybe they don't want anyone joining several accounts with the only one owner in those accounts. They have their reasons but I do agree that I don't like it since I want anonymity, that is the reason why I used cryptocurrencies.