Topic: Is kyc verification dangerous? (Read 375 times)

Not really, people who are afraid of KYC verification should realize that unless they are living in the woods off the grid type of life and screaming "they are all watching us!!!" with no tech, then I am sorry but your information is already shared.

Every time you use your phone, every time you use your cards, every time you fly, basically every time you do something that requires you to show some sort of ID, that means you are already in the open and government can find you. Hell USA found Saddam in ditch in the middle of a desert. So do not worry about your KYC, you can share it and it can even be public, and nothing wrong will come out of it.

Exactly, now imagine the stolen ID is yours.

Seeing from various perspectives is actually a problem in itself, this will involve trust in the service that requests your ID. Let's say you're trying to prove that you're an honest guy, but who are you dealing with?
We are never far away from the vicinity of criminal activity, all kinds of unexpected things can happen. Hiding ID doesn't mean we are perpetrators, it's just that we don't wanna be victims.

These sites are obligated by European laws and governments to acquire their customers' information, but they are not protected by them. The issue usually isn't the websites themselves; Binance is unlikely to use that information against you. Some others may do that as well, but I find it unlikely to happen. However, a possible scenario that has occurred on websites or even exchanges is finding a loophole in the platforms and acquiring your data without your consent with the risk of using it for malicious purposes. KYC itself isn't as dangerous as we describe it, but the above scenario is.

Until the gov decides to ban bitcoin, or impose some new tax on unrealized capital gains, or a million other things it could do. And they know exactly who owns bitcoin, so they would be coming directly to your doorstep wanting to have a chat with you.

My question to people who like KYC is why risk your future when you know how historically governments tend to want to limit the freedom of their people?

There are still ways to buy bitcoin without KYC. And there are still exchanges that don't require it. I highly recommend to buy some anonymous bitcoin while you can.

But anon bitcoin and hold it. You can still use your KYC bitcoin but anonymous bitcoin might become more valuable one day just because of the anonymity.

I'd personally pay a little more for mined bitcoin that hasn't been traded on an exchange, and, I'd pay more for older mined bitcoin than newer mined.

Too bad there exists no area where people can just meet each other IRL (in my area) and buy or sell bitcoin. Everyone in my town exclusively wants to buy and no one is selling.   

KYC is the most dumbest thing that's ever created that's related to cryptocurrency.
I mean we all want privacy as much as possible right. The problem right now is that, if we really wanted to buy some coins, we need to do KYC in various exchanges. I don't know if there are some exchanges (aside from DeFi) who aren't doing KYC for their customers.

As much as possible, we don't like KYC, but it's required and will be required if we really want to buy and sell cryptocurrencies. TBH, I've also done KYC in Binance just so that I can buy certain cryptocurrencies. I don't like it, but it's needed in order for me to use their other services, and there's nothing that I can do. Yes, it's dangerous, but is there other way for us to use a particular platform without sharing personal information to them?

In the end, it will be a choice between just sharing your personal information, or not using the platform at all.

Yet if there is nothing to hide, why it would be? Couple years ago in UE (especially eastern countries), companies, especially para-banks let people borrow money just by creating account and submitting ID photos. There were tons of scammers that had used stolen IDs just to get money and withdraw (with the help of poles, i.e. people who did not know that they were doing something wrong) in cash. After years of court cases, UE implemented a law that prevents such issue to happen again, (and if do), companies are obligated to pay enormous retribution for even ALLOWING that to happen. So at this point, as I'm member of country that is a member of UE, I do not see anything that could go wrong way by providing ID.

That is one opinion, you can take or have your own view on KYC it's up to you. Crypto is a separate entity from services that basically do not require KYC.
For crypto companies such as exchanges will not take the opinion "KYC is dangerous" because they have interests.


Yeah, several scam threats, the trigger is a data breach which is then sold on the black market.

Actually KYC verification has become an obligation in using sites that have high security and have been protected by the government, but KYC can also be dangerous if we do it on unofficial sites and they only use our data to commit crimes, so we also have to be careful in doing KYC if the application we use does not have special protection then do not try to give your personal data, and very many oknoms commit crimes by collecting KYC data for the sale of data, but the government is very concerned about the problem so if it is needed then never hesitate to do KYC.

What do they do to assure you that your information will not be sold? I don't trust those commitments, we don't know what they're doing with our information. If you accept KYC as a good thing, it is like agreeing to let the government control and regulate the market, then we will lose our freedom completely.

I also don't like KYC very much because, to tell the truth, in my country, even banks sell customer information, I am often bothered by real estate, forex, and securities organizations. But I can't stop using banks, nor centralized exchanges, because I also trade often, being a trader with almost no options. In general, we have to accept privacy trade-offs when using centralized services, and that is up to each person.

Actually, KYC is okay as long as the third party requesting it can protect it from hackers and ensure customer data is safe. But we have heard of many cases of selling KYC data from customers due to hacking on several websites, especially online shop websites where a lot of the data is collected and traded on the dark web.

And related to the KYC on the exchange because local regulators supervise the exchange and want to know the customers who use the exchange to trade. Third parties, in this case, exchanges, are responsible for protecting their customer data from hacking and that is why exchanges must be able to ensure it is in safe hands.

But I miss the old days when exchanges didn't require as stringent requirements as they do now. But that is in the past and now and in the future, maybe KYC will be more strict and we have to accept that if we want to use a centralized exchange.

Man, you just answered your own question. However, there's more risk in giving out your vital personal information than preventing all those criminal activities that was mentioned in the OP.
KYC are indeed an inconvenience on the customers end, as much as these exchanges does not want it to be implemented, but the government are requiring them to implement it on their platform, otherwise they'll put an end to your operation if they find out you're not following the government rules and regulations.

Well, there are always the risk of the site being hacked and all the KYC data being stolen. Then that information can be used to sign up for other services that can be used in crime or even scams that might implicate you.  

I know there were a major security breach at "Ledger" awhile ago, where people's personal information were breached and the hackers used that information to phish some of those users. (individually targeted)  

Of course it's dangerous, in the hands of the wrong right people they could use this to reset access to some of the platforms that don't have extra layers of verification holding your funds or personal data like credit card information etc and this could be a costly mistake in the long run as they could wipe your accounts dry.

Back in the day KYC was not a thing not until crypto interest increased and with this mearnt users trying to get more than they were allocated for in bounties, airdrops etc and to ensure no cheating was involved KYC was born, though some platforms carry out KYC as part of their regulatory compliance!

Too late, kyc not going anywhere.

Most of us don't like it but sometimes this could be the only thing that could save your coins from unauthorized access.

It's a 50/50 thing, if the KYC isn't the type that requires some kind of biometrics sometimes the system can be beaten... Its like those YouTube videos showing a phone being unlocked with a photo and not actual human

Honestly it's all about due diligence and how bad you want to access the goods and services being provided.

like me personally, when asked to do KYC, of course, I question the security of personal data, as long as it's not misused or traded, maybe there won't be any problems in the future, but there are lots of concerns, especially since we're in the digitalization era, and it's difficult for us to defend ourselves, like the law in a country where the procedures are clear, therefore it is necessary to be careful, to check first that our ID is safe

Indeed KYC is not as bad as people say, if it were really bad, it wouldn't be used to this day. But it only benefits the government more than the users, and another thing is that our world has changed, instead, it is KYC to ensure avoiding fraud, and money laundering from criminals. Nowadays, companies and organizations, especially financial companies, misuse the identity of users for profit, they are willing to sell our identity to advertisers and the black market...It was that behavior that made KYC dangerous for users, so people started to fear KYC.

Yes, this is correct. The only problem that I can see is how they make sure that the information that we have provided is secure and will not be compromised or sell our information to unknown people since it can be used to make crimes or suspicious activities. I guess that some people may not feel comfortable sharing their information and avoiding exchange or other platforms that are required to provide personal information.

Ha, they sure tricked you! It's not right for businesses, companies, exchanges etc to get access to the data of every individual that interacts with their business just to screen them. It is up to law enforcement to have the necessary tools to disrupt criminals without compromising innocent people's privacy by forcing them to submit sensitive information about themselves to third parties. KYC is a is disguised as "a tool to counter money laundering and criminals" but in reality it allows any business to collect the sensitive data of innocent people, which not only takes away innocent people's right to privacy but also opens up more vulnerabilities to their identity and sensitive information every time they submit it to a third party.

Yeah in a perfect world I guess but it's not just about hacks, it's about governments trying to be like Big Brother watching everything. Hell, I'm against it on principle of "I don't want anyone knowing how much money I have because it's none of their business!"
 
In fact, it's not even about "safety" it's more so about control. All this KYC stuff is the result of 9/11 'paranoia' in our government, and other people in our government used the opportunity to push for less privacy. It's all hogwash. We don't need KYC, it does more harm than good. Bitcoin is supposed to be like cash, a digital payment method, it's not supposed to have a name to every wallet. Some anoninimity was intentional by design. Anyways, there will come a time in which it will be impossible to buy non KYC bitcoin, and probably no way to erase your paper trail as I predict one day XMR will be on the chopping block... so I suggest everyone reading this do it now while you can.

In a perfect world we could trust that it would be impossible for governments to do bad things to its own citizens, in a perfect world governments would not even want to control its citizens, the government would promote individual freedoms and love granting liberty to its people. The US government is turning into the Eye of Sauron.

KYC is not bad because it’s the way to determine the people background. It’s purpose is to detect any fraud that involves money laundering etc. It’s just bad on crypto space since most of the project here doesn’t have the capacity to safely store the data of their consumers that’s why undergoing KYC on crypto projects is dangerous but KYC purposes itself is good if you are a law abiding citizen since your privacy is safe if the company handling it is license and trusted due to the confidentiality clause for the KYC procedure.

KYC Verification links coins to identities. Businesses, companies and exchanges more often than not are required to take KYC in order to operate, or else face regulatory scrutiny. Yes, KYC is dangerous. If everyone were to KYC then all coins would be linked to identities, and the blockchain would become the opposite of private. Luckily, there are ways around KYC and many tools out there that can help you to avoid it. Check out kycnot.me for example. You can use Bitcoin and most services without having to complete any verification and uphold your privacy.

Unfortunately, KYC procedures will probably never be banned. They can however be boycotted by users.  The more people who catch on and personally boycott/avoid KYC, the better the privacy is for them and everyone else.

KYC will be very dangerous if it is used by irresponsible people. there are so many negative impacts of KYC if it is used in the wrong way because KYC has almost all the information about a person. However, why is KYC verification still being enforced today? It's because of regulations in a country that require companies to know who their users are. this aims to avoid money laundering or other negative things that can come from consumers or companies.

This is why people here stress you should buy bitcoin without KYC. Privacy is essential!

KYC is bad and should be avoided at all costs.

At very least, XMR swap, or mix your coins!

It seems you already know the consequences of KYC, there are positive and negative values that will arise from the KYC process, if you think this action is unnecessary, then you should leave it and look for another application that offers privacy guarantees to users.

There is no guarantee that when KYC is carried out, money laundering, fraud and all crimes can help prevent it, although though the reason for KYC is one of the steps for prevention.

For applications that offer KYC verification, the danger category received by the user cannot make withdrawals and the most dangerous is user database leaks caused by irresponsible people, that's why avoiding KYC is the best choice in keeping database leaks You.

KYC is necessary and also not necessary, people who do not like KYC are mainly criminals, they are afraid to do it, besides some people like privacy because they do not want to be disturbed. The benefit of KYC is to limit crime of money laundering, avoid fraud… In short, KYC is both harmful and beneficial depending on your purpose.

Ideally, it should indeed be banned and removed. However, on the contrary, they are officially ordered by the government to implement it. It is not a choice as far as these centralized platforms are concerned. It is their license to operate that's on the line, after all. It's either they comply or cease and desist. They've got no choice.

For us consumers, we can only avoid it as much as possible. But can we totally avoid it? I don't think so. Banks and other financial institutions require it. We have a national ID system. The government conducts all kinds of surveys and census. Just recently, in the name of contact tracing, we are all required to fill out forms every time we enter ports, airports, bus terminals, and even ordinary business establishments. We scan codes that transfer our personal information.

if you are a person who wants to remain anonymous and are not comfortable with KYC, then you don't have to. if you are worried about how your trading might be disrupted, you can use a DEX exchange.
I don't mind the KYC I did for several exchanges or even the casino platform. if it concerns the security of our documents, it is clear when we allow third parties to access our documents, of course, there will be other factors that make our personal data insecure.
even in the real world, some banking companies or service provider platforms also ask for KYC. more and more people don't mind this.

Dangerous on the sense that those companies or platforms been accumulating kyc information through those users and then somewhat been leaked nor been sold out on dark market then this is
where it should be considered to be dangerous and risk and this is why lots of people are really that keen on submitting or dealing up with things which does have
these verification.

This is why this decentralized and anonymous market becomes really that known and popular because people couldnt really be able to have that risk like identity theft or being
used due to misused of those passed up information.

It is somehow of a double-edged sword- KYC is a guarantee and a requirement to most gambling websites and exchanges for their compliance with the government standards. In addition, this gives them the security that what they are dealing with is actually a genuine person that can be located in the event that the latter commits any illegal means and activity.

The downside is, this gives you vulnerability on your personal and contact information which can put you at the risk of data and personal information breach. The catch here is before you submit any KYC documents, make sure that you are providing this data to a genuine, legit, and real exchange or gambling website to avoid any unnecessary conflicts and problems in the future.

It's like, yeah, KYC might have its benefits and all, but handing over your personal details to some random company just feels sketchy AF. That's why I'm all about using Bitcoin - you don't have to go through all that nonsense. It's just you, your wallet, and the freedom to do what you want with your money. No fuss, no muss!

Dangerous indeed if you'd be doing it under unregistered and not acknowledged by communities, platform. Risk is for fraudalent sites to steal your information and use it for bad intentions or worse, steal your assets or savings by any chance. So if it is risky, why would it be required by some trusted platforms? One of the intentions I guess is to limit the accessibility against minors and to limit as well, easily withdrawing funds. Prevention is always better than cure so I have no problem with it. So far, I had no problems at all with undergoing Kyc procedures and maybe risk can be lessen if you'd be able to analyze the security of a platform which could be determined by factors such as its reputation in this industry as well as other users' experience.

That's the only problem I think handing your personal information to anyone which is kind of dangerous if fall by the wrong hands. It's true that it's needed as for verification to identify who's who but if you keep sending this information to any different company then you have a high chance of being a victim of an identity thief.

There are several pros and cons of handing your personal email for the sake of KYC but with Bitcoin you won't need to do the KYC thing. I'd prefer to use Bitcoin than use any other third party or banks that's asking for your personal information.

First reading that thread and coming to make another thread to me I can see it to be spamming because all it takes for you to understand is purely stated over there.
Then back to your question, before you start anticipating anything online you should try as best as possible to provide your identity verification details. If you are afraid of releasing your personal data also as well to avoid associating your self online or alternatively you can just avoid by using those platform that doesn't require kyc to operate on their site.

KYC is dangerous if you give KYC to every company I would only give my information to companies I trust. I bought a hardware wallet and had to give KYC but I think it was worth it to make my Bitcoin safe. I do not know if they keep the information on record or for how long they keep it in their records but I think you can send a email and request that they delete your information after a while. I think KYC is needed for most exchanges and I think that is the only things I would trust giving my information too.

Ah, the age-old question of KYC verification. I understand perfectly, it can be a little unnerving to hand over personal information like that. But the truth is, KYC is an important part of preventing fraud and other illegal activities and is actually a legal requirement in many countries and is designed to prevent fraudulent activities such as money laundering.

That being said, it's understandable to be cautious about giving out your information. And you should be. It's the only way to protect yourself from potential identity theft or fraud. To minimize your risk, it's important to do your research and only share your personal information with reputable companies. It's up to you to decide if the benefits of using a particular app or service outweigh the potential risks.

This is very common on the centralized app or platform, it is also a part of their business and they are forced to do this especially if they are licensed and fully regulated by the government --they must have a KYC/AML. It is a necessary step for ensuring the safety and security of financial transactions. As long as you use reputable apps and platforms and take the necessary precautions, KYC verification should not put your funds and personal data at risk. It is always wise to do your research before providing any personal information to an app or platform. Ensure that the app is reputable, has good reviews, and is transparent about how they handle and protect user data, and also provide only the necessary information required for KYC verification and avoid oversharing personal information.

Because by asking you to go through KYC/AML they are covering themselves and not you. If they don't ask for it, they will have governments on their ass so they will do everything they need to let them operate.


There are dangers of doing KYC even on the most reputable exchanges and crypto services as none of them are foolproof, and some of them are probably even selling their users data. Take for example Ledger data leak; you would expect from company that is into security and that sells hardware wallets to know how to take care of data of their own users, while we know what happened in the end.

The most worrying thing is that if you do a KYC verification and send your sensitive documents and information to a scam application or exchange platform, your KYC data will be in the hands of scammers, who may use it for criminal activities and financial fraud. They can use your information to steal your identity and open accounts on the platforms in your name. They can sell these documents on the dark web and get money from them, so you should do your research first and avoid sending KYC documents to suspicious or unknown parties from applications or exchanges or anyone who asks you to do so.

Centralized exchanges have to abide with the rules made by the government and KYC should always be implemented legally. Though it’s quite risky to submit your personal details on an exchange or service, but if you want to use their service, then you have to provide it for them. However, if you think that providing KYC will become a threat for you in the future, you can always chose not to pass KYC and just settle with illegal means, which I think is more risky and more dangerous to deal with.

It will only be dangerous if you submit your KYC to non-reputable crypto services or exchanges. But if you DYOR first before trying to submit your KYC, then that will prevent you from being abused from your own KYC details. KYC is unstoppable these days, as even small banks and small insurances are asking it, but what is more important is that you only pass your KYC if it’s really necessary, otherwise don’t bother submitting KYC.

This is usually an agreement most of those platform owners sign before the government can give them a license to operate. Basically, most platforms don't impose KYC; users have the right to agree or disagree, which is why it is very important to read the terms and conditions of any platform before involving your funds in the platform (CEX). It can only look as if the KYC is imposed on you when you don't read the policy before using the platform, and when you later find out about the KYC, it then looks as if it's imposed on you. Please note that no KYC is more or less dangerous; KYC is KYC, and all the danger that comes after is the same unless an individual's details are protected. Some CEX or other platforms can protect a customer's KYC details, but they become insecure when the platform is hacked or is probably not reputable.

The reason why you only submit to platforms that are reputable and only to the platforms that you think will frequently use.
Just like in crypto-exchanges, you can submit in only one or two top exchanges so you can do your trading.
But all the small ones, better not to submit KYC. As much as possible, limit your submission of your KYC docs.
These sites are requiring KYC owed to their business license. Otherwise, if they are not legit and are requiring KYC, doubt their motive about it.

I don't know how many kinds of website have passed with KYC started from exchange market until several bounties campaign and airdrop joined ever upload with my document ID, in my country our document ID always become easy how leaking every time on government website and selling on the dark market. I am not really afraid when having submit document ID on several exchange market necessary.

There are not dangerous when you submitting KYC but looking on trusted some website before applying with your document, exchange market is  most required exactly with Binance have adopted KYC if want trading and withdrawing assets there, without passing KYC not ability withdraw or trading service there.

Of course KYC is dangerous. What happens when your identity gets stolen? Identity theft can be a devastating thing that happens to people everyday. Imagine someone you never met before taking a loan in your name? Really a bad situation to be in.

There needs to be a better alternative to KYC. One that cannot be faked and exploited like the current system.

I am sure that the solution is a blockchain one but until then, don't give strangers photos of your ID documents.

   


Any process that can expose or leak our identity is dangerous that is why most KYC are handled by a third-party licensed company that specialized in data protection but of course not everyone follow the rule so we better be vigilant on the website that are asking for KYC.

KYC is needed to know who are doing the transaction, it is believed to be needed in preventing money laundering but I wonder if it is effective.  


It can put personal data at risk since it opens the possibility for leak and hack.  but I do not think that we are able to stop using an application that asks for KYC especially when the application is needed for fund transfers.

KYC is certainly the trend right now, if you want to avoid it, then you will never be allow to enjoy the services you need. However, we should still take caution on where to submit KYC, because if you do that in all your desired services and exchanges, without making prior researches, then it’s never surprising that you end up giving your private information to scam ones. And that’s the part where one should start worrying of, as it can used against him later in the future.

May be may not be, Sometimes intentionally imposed KYC can be dangerous but when it comes to the centralized platforms the KYC is imposed to expose the users activity which can be considered as the neutral point because as you sometimes it helps to recover lost or hacked funds and it proves its +ve impact in various ways. On the same point of plane the KYC can dangerous.

Do not provide personal information's for

Airdrops
Contests
IDOs
Lucky Draws
Any unknown and non authentic platform for any service.

If you are not a criminal or intend to scam people of their hard earn money, I don't see any reason why you should be scared about sharing your KYC, but thou I know there are a lot of persons who loves privacy and can't share their details online. But, let me break this down. "KYC" simply means "Know Your Customer", and it was made compulsory due to the high rate of internet fraud,  as a medium to be able to find any customer who seems to scam any other user on a given platform and ran away. Or as a means to ensure a system isn't abuse by multi-accounting

KYC is both good and bad, in the sense that if someone happens to scam you on a kyc platform, he can easily be identified. And it's bad in the sense that a platform can sell your details to whoever is interested for huge some

Obviously this is skeptical. You can't trust any random website or application with your identity and documents relating to identity. Even though I can't say that major apps and websites do this. But one thing I am also certain is that there must be some apps which must be misutlizing your documents for sure. Atleast for the least you might easily find your documents on dark web for sale for just a few bucks. But obviously there is no option sometimes you just have to comply with KYC norms of a few websites to use them.

Just as you give your details in other none crypto businesses out there so is the same with giving your details to crypto platform. In most traditional businesses they required details (e.g hospitals, schools, hotels, travelling etc) before they can render any services, if kyc is extremely dangerous according to the article then everyone is in a deep shit.
I don't think it is entirely possible to avoid doing kyc or providing personal details when it is required. Although there is always the danger of providing such sensitive information to strangers, sometimes the situation can not be entirely avoided. It is left for the organization requesting such information to strongly and securely protect them from falling into the wrong hands.

KYC is the one of Biggest shitty things in the crypto space ever. Because almost every platform including Binance has compromised documents. So it's pretty much risky for users when KYC documents are handover to hackers and criminals. It's true most platforms now required KYC documents to use them. So have to think alternative where we don't need to use KYC. Especially exchange are asking for KYC lately. So decentralized exchanges are the only hope for us, but there are many limitations though. However, we have to try max to secure our privacy.

It's up to you whether you want to stop using them or you want to keep on using them. They're complying to what the government has placed on them and there's nothing much they can do.

There are exchanges that don't require KYC but they'll put a limitation to what you can do and that's much better to choose.

The dangerous part of it is true and you've said it, it's about our data being sold to another company or even to be put up on sale in the dark market.

I don't know the app that you're referring to but Incase you mean "exchange" then you can use the ones that do not require KYC from you. And we have several exchanges that does that.

While for the necessity, it's for the safety of the exchange or the service that are requesting you to complete KYC, they just want to make sure you're not a bit and also you're not cheating the system by registering more than one account ( for those that don't allow one person to own more than one account ). If you're not comfortable with exposing your information to a service for the fear of it being leaked to hacker or those that may use it for fraudulent activity then look for others that don't require KYC, as simple as that.

If we want to buy our crypto on a safe, well regulated exchange then we have no choice but to send our KYC. I don’t think it’s a bad thing, although I don’t like Coinbase sending customers info to the IRA. That’s one thing I really do not agree with.

I don’t see why people despise KYC so much, all I can think of is they either want to avoid taxes or potentially have dirty cash to launder or even worse they are a more serious criminal. KYC stops fraud & identity thert, in many ways it protects you.

 

These are the many advantages why KYC is required and if they’re been used for these purposes, it will be a safer place to disclose your identity online. We live in a world where no one can be trusted, and any leak of information of a culprit will help in nabbing them by security agencies hence the KYC requirement.
  

We can't get away from it in the twenty-first century. KYC is required for approximately 70-90% of the online services we use on a daily basis. Because of the risk involved in disclosing your personal identity, you should not always disregard the positive aspects and services it offers.
Binance was once accused of providing user data to Russia during the conflict between Russia and Ukraine; these are the types of cases that make it a risk when disclosing user data.

Most Internet users in general do not know that most of the sites they visit collect a lot of data about them without even noticing it. Even those who use sites that require a registration process using email and public information are not aware that they are handing over private information about themselves to the site. Social networking sites provide the most obvious example of this.
On this basis, they are surprised that there are users who do not want to share their data with any party, and who in turn raise awareness about the dangers in these procedures.
In principle, it can be said that there are no major concerns about sites that operate according to licenses that require them to secure depositors' accounts and audit operations according to the so-called AML. Since it will be possible to file a lawsuit against the platform in the event that it is proven that it used user data for purposes different from those approved in the terms of use of the site.

Like every other policy KYC verification has its merits and demerits. Criminals would always take advantage of every slight opportunity to defraud people or engage in criminal activities, that's why there is need for controld. KYC has indeed help in tracing or tracking of criminal transactions. Recently some murder suspects were apprehended because they foolishly forced a victim to transfer money to an account before he was murdered. The police easily tracked them through the transaction.

But KYC can be a means of spying on or monitoring of the financial status of a person. The government use KYC as a manipulative and intimidation tool against it's citizens. Your person information can be sold or stolen by criminals which can expose you to loss of information or fund. It is impossible to avoid KYC especially if you depend on banks for transactions and when your country doesn't support Bitcoin. But it will be unwise to give out your details to firms or organisation that offers unimportant services.

Of course you are putting your personal data at risk, that is kind of self-explanatory. The main risk is that your information could be stolen by hackers if the app or website gets hacked or if the company is not properly securing your data. They could use your personal information to do some naughty things like opening bank accounts or getting credit cards in your name. But, not all apps or websites that ask for KYC verification are bad. Many legit and trustworthy companies use KYC verification because they have to follow the regulations. As long as the company has good security and privacy policies, KYC verification is generally safe. You just need to be cautious and do some research before giving away your personal information. Check if the company is trustworthy and has good security measures before signing up. If you are not sure, it is better to be safe than sorry and choose a different app or website.

You are giving away your personal identity to a company or platform to use for their purpose which is mostly due to the laws created by government which is dangerous for someone who doesn't want a third person to know their personal information, bank details, address, etc depends on what kind of KYC is required by the platform. So it really depends on how much data we give and is it really necessary to use the platform by compromising our identity for every individual.

Privacy is very important with the evolution of technology or you will become vulnerable to scams, theft, etc so that is why people who understands the risk behind the KYC theft is warning the people who is ignorant about it.

Yes it is very dangerous as well as helpful. Dangerous by using our document on wrong side and helpful by clearing us as a real person .It  has both bad and good effect .

It depends on how you looked at it. Form your own conclusion out of what you have read. Users have different approaches when it comes to KYC. Others are just fine complying with it while on the other hand, there are people who are not that comfortable with that policy.

Let's put it this way, there are pros and cons, advantages and disadvantages, and so on.

If you can find a way where you can use a service of a trusted and legit platform without the need of underdoing KYC, then good for you.

As you mentioned, KYC verification was introduced to protect users from illegal activities like money laundering, financial fraud, and terrorism.  Additionally, it also helps ensure regulatory compliance for cryptocurrency platforms and other financial businesses.

 However, it is important to note that not all platforms use the same security and data protection standards.  Therefore, it is crucial that you thoroughly research the platform and its reputation before sharing any personal information.

But above all, KYC verification is not compatible with the line of thought that embraces Bitcoin, how can I remain anonymous if I continue to sell my data to third parties?

Services like casinos and exchanges need KYC to avoid money laundering and isn't an option for them to have it or not, is a must for them to operate in a legal way, business without KYC is kind of illegal.

And that's right, our data is at risk because if the exchange gets hacked then the bad guys can access all the credentials submitted by the users on the KYC process... And this is why some casinos and exchanges use a 3rd party for the KYC process.

Because platforms are forced to require AML/KYC simply because the government requires them; or else they'll get shut down.


Sure — but historically it caused far more bad than good. People often heavily underestimate how bad of a damage database leaks can cause.


Yes, I assume you've already read the post you linked.


It'll be very very difficult to live your day to day life without using platforms that require KYC verification. The only thing I'll suggest is that you do not submit KYC verification unless totally necessary(e.g. banks, insurance, etc). A lot of people register and submit KYC on a crap ton of crypto exchanges, which is a very dumb idea.

You already read that threat. What they are saying is also true.
KYC is part of the regulations law. You can stop using the app if you are among those who are concerned about thier privacy.

Data can be sold though so that's what they are worried about as the KYC is part of the surveillance the government is doing on thier citizen. It's kind of an exaggerated reaction but it's already happening with the social credit system.

Hello guy, I was reading a thread on this forum
https://bitcointalksearch.org/topic/why-kyc-is-extremely-dangerous-and-useless-5221497.    recently and some other online blogs which said that kyc verification is extremely dangerous. If this is true, why do most crypto apps or other business ask for it, shouldn't it be banned or removed.
Most apps usually request for kyc verification before you can withdraw any coin or money from their wallets as this is very necessary to verify or certify you as a customer.
Kyc verification for long has helped prevent identity theft, financial laundering or fraud, terrorism and all financial crimes.
   
Is this true that kyc verification can put your funds and personal data at risk? Should we stop using any app that ask for kyc verification?