Topic: These Anti-KYC Stuffs Tiring Non-Techies Up (Read 354 times)

You are right, of course, and I should have been more clear with my statement. I wasn't advocating for using centralized exchanges without completing KYC - quite the opposite. Indeed, if you are going to resign to using a centralized exchange for large volumes of money, I would be completing all their demanded KYC and background checks first to try to minimize the risk of running in to the situation you describe. I was rather advocating for not using centralized exchanges at all, and sticking to platforms such as BISQ or localcryptos which do not require KYC in any shape or form.

It doesn't have to be costly. There are the platforms I have described above which have very minimal fees. You can even trade peer-to-peer on the forum, and once you have built up a reputation and are trading directly with other trusted users without the use of an escrow, the only fee you pay is a couple of cents in the transaction fee.

Yeah I've heard it probably the topic created in this forum before but anyway, this give me an enough reason to not believe in such platform that requires KYC. Personally, I am the type of person who doesn't want to exposed my identity online especially in this kind of environment hence, I'm finding an other way to deal with my transaction even if it is costly. I'd rather to take a costly fee than to exposed my identity in danger.

Depends. If you are doing wrong or illegal stuff then youre in trouble upon launching your KYC. The purpose of KYC does matter, but using it on a lot of platform could be a bad move. We dont know how those private firms doing on those submitted IDs.

I did some KYC but not limited to what was necessary to give in. I doubt that only few here doing a complete anonymous and practicing pure decentralized approach here. Traders using Binance and major exchange needed KYC so, but for those who arent. Congratulations to all of you. Youre totally risk free (from identity theft).

In our country, we have an app called Coins.Ph and everyone who have it, knows the verification needed in order to avail its services. It is a form of KYC, so everyone or mostly on our local is probably done KYC but its not that mandatory and we are feel secure cause its authorized by our National Bank. Just pick which platform your just give in the information to be safe.

While true, just a heads up that if you use a centralized exchange for trading, you either always withdraw your funds every single time after a day of trading(annoying I know, knowing that txs can take a while sometimes), or get ready to bend the knee and submit KYC(if you don't want to lose your funds). Sudden mandatory KYC(disabling withdrawals if you don't submit KYC) has happened in the past already and I don't think it's impossible for the same to happen to non-KYC exchanges like Binance.

Never give your KYC to anyone. They don't need it. If a crypto-only exchange wants your KYC then stop using it. Only give your KYC so crypto to fiat transactions and only if you know the company and who runs it. Trty to use a local exchange so if something happens you can stop it.

The only time you need KYC is when you dealing with large amount of money. So large in fact that if you were making that amount you wouldn't need to launder the monety since you earning so much. $2000 a day or more uses KYC for example. Anything else is just abusing KYC. Bounties and stuff that use KYC are straight-up data mining.

Just remember someone can visit you during the night with your KYC info. Probably won't happen but knowing it is possible doesn't help me feel better. If they want your KYC then ask for theirs. If they refuse then you refuse its that easy. The exchange I use for crypto to fiat is local and the owner's identity is known thus I have no issue with their KYC.

If the entity or person asking for your KYC will not give you theirs then stay away. There is no reason to tell a stranger who you are. You taught as a child not to tell strangers where you live never mind a full ID and selfie.


I have read them and it is scary. A legit exchange would never do such things. Coinbase is a  faceless organisation I think? Who even owns it. I will never ever use coinbase. I would rather a dangerous criminal stole my ID book then have it floating around online.

If you've already managed to deposit or withdraw some fiat under fake credentials, the exchange in question may pass the details it has about you (such as IP addresses, bitcoin addresses, etc.) to law enforcement to cover their own asses from an AML point of view.

Agreed, but there are other options which don't require KYC which have minimal fees, such as BISQ or localcryptos.

That sounds great in theory, but in practice most exchanges have such an all-encompassing Privacy Policy or ToS that they can essentially do anything they like with your details or documents. Take a look at https://www.coinbase.com/legal/privacy or https://www.binance.com/en/terms. The list of people they are allowed to share your information with includes pretty much everyone, from marketing agencies to data processors.

If exchanges find out that you're faking your name and your KYC details, best they can do is freeze your assets and close your account. You're also going to be blacklisted from their exchange. If you can handle that happening to you then I guess you can still create fake names/KYC and get on with whatever you're doing.


For the most part, exchanging your coins into cash require strict KYC as most exchanges are in compliance with what AML (anti-money laaundering) regulations they are under. You can always use bitcoin ATMs but the fees aren't worth it, IMO. Easier route is to get at least basic verification if you're not doing much trades (under $10000).


I've used a few coin mixing services and to tell you frankly, I'm better off without them (to each his own). I only used VPNs to watch some content that are blocked in my region and nothing else. I haven't had a single hack happened to me (apart from the bitcointalk password leaks in 15/16) albeit being connected to crypto and things about it. You'll be fine for as long as you don't do any crazy stuff on the interweb e.g. posting to much about your knowledge in crypto using your real accounts and downloading things on shady websites.


Nope. Read their ToS and use it against them should they do something unwanted on your details.


Observing internet etiquette and simple privacy techniques can get you a long way with bitcoin. You don't have to be technically-inclined in order to keep yourself safe against hackers. Just don't do stupid things and you'll be fine for the most part (explained above).

An image of an ID speaks alot about a person. And that's what KYC is all about.

How can you possibly know if an exchange can be "trusted" or not? It only becomes apparent that they are untrustworthy after all your documents have been leaked across the internet and sold on the dark web. You have absolutely no idea how many people at the exchange will have access to your documents, who those people are, how they were hired, if they have had any kind of background checks done, etc. You have absolutely no idea how many people are working for the various third party contractors, data processors, advertisers, etc. which the exchange will search your information, or their backgrounds, etc. You have no idea what kind of security system the exchange have in place, how they secure the KYC database, how they monitor access to it, how they transfer it to third parties, etc.

An exchange can look all bells and whistles on the outside, and yet still leak or sell your documents (e.g. Binance and Coinbase).

The only safe KYC is no KYC.

Borrowing a sentence from the Bitcoin whitepaper, don't feed these merchants with more information that they would otherwise need. Being a bitcoiner as your username suggests, you should probably think hard before giving your personal information out of convenience.


You probably haven't read a post here that explains why KYC is useless. Here's the link to that topic https://bitcointalksearch.org/topic/why-kyc-is-extremely-dangerous-and-useless-5221497

Three main points from that post:
- KYC is encouraging identity theft
- KYC is encouraging scams
- KYC helps scammers stay undetected


Harlot, there is no safe centralized exchange. Perhaps you mean regulated?

KYC is necessary only to legalize trade in the country in which the exchange is registered. But I do not pass KYC on those exchanges that require a lot of information about me. Now there are still exchanges that do not require KYC or it is formal, it is better to use them or OTC exchanges.

Welp, didn't know it was THAT bad lmao. Quite unfortunate as Coinbase surely did nailed off the UI and UX, and that Coinbase Pro is one of those exchanges that has great liquidity. Oh well.

As long as you submit those KYC documents in a safe and trusted crypto exchange in your country I believe that you have nothing to worry about unless it is about hacks. Businesses in the crypto industry didn't want KYC in the first place but when the government got more involved with the crypto industry a KYC requirement for AML procedures is an inevitable thing to happen. You should be used to it by now since if we are talking about cryptos we are talking about assets and all assets market we have like stock exchanges and the forex market all of them require KYC as a standard by their SEC. Privacy shouldn't be the issue here since if you submit it on a trusted exchange they won't be spilling it out to anyone for business purposes.

Even if you are cautious about providing KYC only to the most trusted parties, when you distribute your personal info, there's always a chance of it being used for illicit activities. Look at binance KYC hack, who would have thought KYC from a trusted exchange like binance would leak with your face? Binance did reward the people with leaked info with VIP status, but theres always a price.

KYC should only be involved when an individual is looking to withdraw large sums cryptocurrency into their local funds.
If those certain individuals use these funds for organized crime then they will trace them back to the place or origin.
This being the business who sent them those funds and they would be on the hook at this point.
Just look at the case with crypto capital for example.
The numbers did add up from what they owed to the crime lords to what they were trying to hide from the court then all the sudden pulled out.

Why not? There was a point in time where everyone knew nothing about Tor, VPNs, coin mixers, etc. It doesn't take much time or effort to gain a working knowledge of these things. Why are you even asking questions regarding your security and privacy if you have already resigned yourself to never bothering to learn?

You're right on the second part.

Coinbase are shady as hell. They openly admitted that they hand out customers' details to third parties for "processing", and that some of these third parties share and sell that data with even more third parties, all without their users' knowledge and consent. They hand over customers' data to the government. They formed a partnership with a company who produce and sell privacy invading software to dictatorships and human rights abusers. I wouldn't trust them with a single satoshi, let alone all my personal details.

Pretty much this. I trade exclusively peer-to-peer, and pay less in fees than I would on a centralized exchange. Often I'm trading with people I've traded with before and trust, or if I'm trading on the forum, then the only fee I'm paying is a transaction fee of a few sats per vbyte.

P2P marketplaces too expensive? Which have you tried? I actually get significantly better rates from Localbitcoins when I'm patient, and the KYC there isn't too strict compared to some exchanges when it comes to smaller levels of monthly trades, which you might fit into. Or try Bisq and never KYC, set your own rates.

Personally, I've KYC'd at LBC, I trust them (not a good reason to KYC of course) and at another exchange since it's more convenient for urgent exchanges.

If you really want to trade anonymously, there are many DEX that don't ask questions. You can even trade ERC or TRX token by manually adding them to the appropriate dex while you can always find a like minded person to do P2P trade. Though they would be hassle and may cost you a bit more, they are the best way if you don't want to do illegal KYC.

Well, I think majority will always choose the easy way. But always bear in mind that the easy ways always have dangerous consequences. So be careful what you go for. Nobody stops you from using the current kyc. It's your choice. The minority who are cautious know the risk and would rather go for a safer kyc when it becomes available.

I go with the same dilemma everyday. One of the reason why people don't want to verify their KYC is due to the uncertainty of crypto legality in the future. The current government in my country is democratic and okish but we can't be sure about the future as politics here is very uncertain. And if any government in the future banned crypto and intended to confiscate every crypto fund it's citizen have, we could be really doomed for having a verified KYC.