Topic: KYCs (Know your Client) is killing crypto - page 7. (Read 664 times)

KYC is not killing the crypto market. its building a bridge between government and people to make sure people pay their taxes that is necessary for development of a country. and moreover crypto is still private in transaction case as government will only know how much have you bought on exchanges,etc but they will never know whom the funds are transferred and can never track the transactions taking place. KYC is good and favors both government and the investors. it also stops the illegal and terrorists funding going in the world. the whole point is to make crypto regulated as is the case with buying shares or gold. so overall its a step forward for development of cryptos and making them part of investments for people.

The reason exchanges adopted KYC is to avoid illicit activities, without KYC or AML, cryptocurrencies will most likely lose the legitimacy needed to begin a widespread adoption since the goverments, and even the general public, will disagree with the idea of adopting cryptocurrencies in our modern society...do you really want that?

And you said: "some people are beginning to be hesitant in their activities in crypto.". Honestly, either those people are too paranoid about their privacy or they're up to something. Seriously, what kind of activity would anyone try to do with crypto that makes KYC so "troublesome"?

But tbh, anyone who cares that much about their anonymity would not use exchanges or anything that tries to expose their personal info, there are many ways out there where you can buy crypto for fiat money.

KYC/AML has nothing to do with crypto.  It only applies to exchanges where you convert to USD or other fiat.
It's only fair that governments want to protect their fiat currencies and their banking systems.

Now, if you wanted to perform a service or sell goods to someone and get paid in BTC directly then it doesn't matter.  Ultimately that's the vision for cryptocurrencies: person-to-person exchanges, not conversion to fiat.

I agree that KYC( know your customer) and AML(.anti-money laundering) is slowing down the rate of growth of the cryptocurrency market since many prefer crypto to be anonymous.

The only people who should be asking for or getting your KYC are local authorities and that is truelly to protect you and them. For example opening a bank account you must do a KYC and this is fine to be because I can go into the bank at anytime it's open and sit and talk face to face with someone and know legally my info is safe and secure. A bank has access to financial records as well as the record of people's ID which is given to them by the government. A KYC mean nothing without a database to verify it with. Infact unless you have the authority you shouldn't be asking for it since you need access to people's records to ceridy it and only government officials have that.

KYC takes the power away from the crypto world and it is going backwards. If you want to do KYC then just use fiat. Give up on crypto beits clearly bot for you.

Identity theft is a real danger in today's world and your identity is worth something. Criminals know this and with your KYC documents they can I'm open all manner of accounts under your name and possibly commit fraud or extortion. So be careful who you give your info to. Do not give your KYC to s faceless organization. Only government your KYC if you can meet face to face with the person or they an actregistered and sanctioned company.


Please don't be naive. Crime doesn't need bitcoin. Crime will be done using whatever is available be if Bitcoin or something else. KYC can't stop this since criminals use fake info to commit crimes anyway. When criminals open up bank accounts they use random people or some homeless guy. Please think before posting.

I don't know I should agree or disagree with the OP.
I agree that KYC is against why cryptocurrencies has been created.
But we cannot ignore the money laundering and many illegal activities that can be done using bitcoin.

There's no such requirement. You don't have to do anything if you don't like it. For instance, you can always use services available for BTC , even though they are still limited. Nobody is trying to say that it's our fault, but it's also not BTC's fault that it's still in the early stage of adoption. I'm going to wait a bit until I'm able to spend my coins directly, I don't mind that. If I wanted to turn it all to cash now I'd not only have to cover the exchange fees, but also pay taxes, and even then I  would be scared that they'll raid my house to check if I'm not some deep web drug dealer.
2x is out of the picture for now and I don't think it would suddenly turn BTC into a widely accepted payment system.

That's a good and important point. I will not argue if it comes with taxes or whatever legal. But how can we be sure that the information we gave them (exchanges etc) are being kept confidentially? We're putting our names our pictures, not just pictures but legit IDs.
I just hope there will be a better alternative. Something to keep us safe and private.  Thank you for your input

I fall on the side of shouldn't there be room for both?  As long as both are offered I mean, no killing off all anonymous/private trading.

We have to combine crypto and Fiat. It is not our fault that bitcoin does not provide an opportunity to use it directly. We all shop for Fiat every day. I think that after the segwit2x system is applied we will get a qualitatively new level of currency. Maybe then we won't need Fiat. But I think the decision on this issue has been very long.

At the time when I also got involved, exchange sites where not asking for KYCs but now, virtually all exchange sites require KYCs and even gambling sites that I see as complete irrelevant are now asking for KYCs. One constant thing in life is change and for anyone to feature in you have to either fall in line or look for something else to do. At some point on the forum, account sales was the other of the day but today, a mere expression of interest in that area would get your account nuked.

Is it killing crypto, I would say yes because I have not seen anyone sanctioned or taken to court as a result of the information gotten from such a lot of the money bags have to move out because their privacy is no longer guaranteed because the privacy that bitcoin guarantees is now being eroded by the intermediaries via the back door and there is nothing anybody can do about it.

First of all you don't need to use exchanges at all. If you don't like their policies buy crypto directly from other users, for cash. You can also mine or obtain other coins by working for them and then exchange them on decentralized exchanges (those that aren't offering fiat money and thus don't need you to verify). Verification is a requirement of fiat money and it becomes a burden when you want to combine these two: the decentralized world of cryptocurrencies and the centralized world of fiat money.

It's pretty much killing us, the bounty participants. They don't even verify the identities. They just want to see if you sent anything to them. If yes, you are good to go.

How do they deal with money laundering? You provide the documents and what difference does it make. Banks check receipts on account of large sums. They always have the account holder's details. My opinion is an attempt to keep the spread of cryptocurrencies. Many accounts are blocked if the country is blacklisted. Why should people in the country suffer from corruption in power?

To be honest for ico, I think if we should send our identity. It's sound like unfair because that's not give guaranteed if that's ico will not scam.

actually i agree with this thing, some KYC give problem to cryptocurrency users. for the example, some exchangers ask people to do KYC if not they can't use the services.( not want to mention what exchanger it is ) i think it is not necessary.

They are only trying to protect their integrity and also abiding to the country law of Anti money laundering, its really necessary to me as i cant just imagine someone buying something worth millions without verification... If you wanna remain anonymous dont participate on i c o...

KYC is becoming a big problem for ICO investors and bounty hunters as well. It is hard enough as it is to find a promising and reputable ICO to invest your money and time in; and some inevitably turn out to be scams. It is a terrible prospect to lose your ID related information in addition to your money, if the ICO turns out to be a fraud.

In long run I would like to see these regulations coming up. I don't like to see using crypto coins for money laundering, drug dealing...etc. I can't understand why people don't like to these regulations.

I heard that some bounty campaigns require the KYC in order to get tokens earned by participants. Usually the people do not trust their personal data to unknown third parties.