Too strong KYC | Bitcointalksearch.org

koang

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Quote from: ?? on ??

actually I don't like KYC, providing personal information in my opinion is too risky but I cant do anything cause most exchangers require KYC to be able to WD

To trade Crypto to Crypto you can use DEX and if forced to do KYC, choose CEX that has a good reputation like Binance.
This can reduce the risk of losing personal data. IMO

Kanjeung

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each trade has different rules, if you invest with an amount of $ 30-50 then your website requires kyc, I think that's reasonable, because the actual provisions are like that. maybe you are the only one who invests small, what about others? they can invest more than $ 30-50.

what about the amount of $ 1000 and above if without kyc? will you believe it?

I really believe if there are companies that need kyc, because until now I always look for trading websites that require kyc, and it's safe. and if there is a website that disseminates our data, how can they provide data without that person? The important thing is that you register on the official website, don't fake it

thirdprize

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Quote from: bitcoinblog on September 23, 2021, 06:15:15 AM

KYC is actually killing the nature of Crypto currency. After KYC we are in same situation like using Fiat.

I don't know what is the use of crypto currencies if everything will get track by Government agencies. Better we cashout and invest in stocks.

No, it is just going to split crypto into he the legal part and the illegal part. If joe bolggs wants to buy it with his CC then he KYCs with an exchange and gets it that way. There will always be ways to do it without KYC (dark web etc).

The fun will come when companies/shops start accepting BTC but only from tracked wallets. If you aint on the list then you can't spend it.

bitcoinblog

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KYC is actually killing the nature of Crypto currency. After KYC we are in same situation like using Fiat.

I don't know what is the use of crypto currencies if everything will get track by Government agencies. Better we cashout and invest in stocks.

Almasani

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Quote from: Marvelman on July 29, 2021, 05:02:58 PM

Quote from: Almasani on July 29, 2021, 03:02:44 PM

If we think that the exchange party will misuse our personal data? The data without us giving it can also be owned by them. Making such a difficult but capable exchange, let alone manipulating data so simple. So I thought, they couldn't have done such a stupid thing.

I avoid disclosing personal information unless it is absolutely necessary. No one is ever certain how their data will be used. It seems the Internet knows more about us than we'd actually like to admit.
We saw in the Ledger leak example how easy it is to hack these so called "secure" databases and steal users' sensitive information. And who knows, if it gets worse in the future, what kind of information hackers might find on "private" databases and extract it as a shellhack.

If they need someone's data for certain purposes, I think they don't need to ask the relevant person for that data, it's enough for them to cooperate with certain institutions that require someone to have the data. This is the age of technology, only ideology is not changed, because it relates to one's mind and heart. Anything else can be processed. So I think that KYC has no effect on me if I provide complete personal data to certain parties.
You can avoid not providing personal data to anyone, including the government in your own country. If you want that data is not known to anyone. Automatically you do not have valid data. Anonymous.

Furious 7

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Quote from: Rehan Zakir on August 26, 2021, 02:27:13 AM

Now every crypto exchange is demanding the KYC (Know your customer) from every user. Now it is very necessary to submit the KYC details and then start depositing. Because some times exchanges blocks user withdrawal option if he/she is not a verified user. Sometimes we have to submit our personal details to exchange because we wants to use the exchange.

It has now become a legal regulation in every exchange that implements it, even large exchanges always apply KYC to better recognize its security. I think in the future almost every exchange will apply regulations like this because it has become an existing regulation.
If you want to keep exchanging while you don't want KYC, one of them is a DEX exchange which is currently still a solution, even now some casino sites have implemented KYC for their users.

faithupgrade

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Who will gather your information? localbitcoins or the buyer? I think we can trust localbitcoins to get our KYC. Because this is also for our own safety. Just try to imagine you are transacting with a bogus person.

Quote from: Polo7 on September 11, 2019, 03:12:30 PM

Guys if You want to trade on localbitcoins
Just little ammount like 30-50 $ you are going trhough some very Strong KYC.

THE Question is is that really Neccessary?
The other Question is how we can trust someone who collection our Information?

I think this is serious subject!

Instead of Checking the regular retail trader nobody Don't check what the Exchangers are doing? They can do what ever they want its no laws Wild West still!

My Question is Why the retail trader are most checked? You do KYC Even for small money?
And You are giving ur Information to just someone who might do Something Bad with it.

Rehan Zakir

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Now every crypto exchange is demanding the KYC (Know your customer) from every user. Now it is very necessary to submit the KYC details and then start depositing. Because some times exchanges blocks user withdrawal option if he/she is not a verified user. Sometimes we have to submit our personal details to exchange because we wants to use the exchange.

Somail12

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Quote from: CryptocurencyKing on April 04, 2021, 03:10:17 PM

In this regard, some sites are more advance and secured than others and the credibility of its team not questionable hence, running a KYC on a trusted exchange isn't a bad idea. You've just got to enroll for a smooth running of business. Binance is okay and I can recommend them to anyone but, its always up to you.

Thats right and besides kyc is really mandatory to some exchange to abide the law of their country. What im just worried is what if the security got hack? do they have the enough security to hide those information? Privacy is really an issue nowadays.

lalabotax

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You know, in my country, I must complete and approve KYC to be able to trade, deposit, and also of course withdraw even it is only the minimum amount of withdrawal. Without KYC, I cannot withdraw my funds at all.
But fortunately, it is only by ID card or even driving license.
It will be very difficult to do KYC if only able to use a Passport because I have no passport. Grin

But, actually, every exchange has its requirements and also T&C regarding the law and security systems.
Many global exchanges don't need to do KYC in a certain amount of maximum withdrawal daily.

Marvelman

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Quote from: Almasani on July 29, 2021, 03:02:44 PM

If we think that the exchange party will misuse our personal data? The data without us giving it can also be owned by them. Making such a difficult but capable exchange, let alone manipulating data so simple. So I thought, they couldn't have done such a stupid thing.

I avoid disclosing personal information unless it is absolutely necessary. No one is ever certain how their data will be used. It seems the Internet knows more about us than we'd actually like to admit.
We saw in the Ledger leak example how easy it is to hack these so called "secure" databases and steal users' sensitive information. And who knows, if it gets worse in the future, what kind of information hackers might find on "private" databases and extract it as a shellhack.

Almasani

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Quote from: Polo7 on September 11, 2019, 03:12:30 PM

Guys if You want to trade on localbitcoins
Just little ammount like 30-50 $ you are going trhough some very Strong KYC.

THE Question is is that really Neccessary?
The other Question is how we can trust someone who collection our Information?

I think this is serious subject!

Instead of Checking the regular retail trader nobody Don't check what the Exchangers are doing? They can do what ever they want its no laws Wild West still!

My Question is Why the retail trader are most checked? You do KYC Even for small money?
And You are giving ur Information to just someone who might do Something Bad with it.

Trading on local exchanges, indeed most of them ask for KYC with the basic purpose being for account security. The logic is when we have trouble making a withdrawal to a local bank, and there are problems, then we can prove that it really belongs to us. Trading crypto doesn't just think it's $10 to $50. But there are times when we trade thousands of dollars and withdraw funds to local banks in large amounts. So for me, there is no problem with KYC. Even if the exchange commits fraud, we still have solid evidence to take it to court. So KYC is not a problem for us.

If we think that the exchange party will misuse our personal data? The data without us giving it can also be owned by them. Making such a difficult but capable exchange, let alone manipulating data so simple. So I thought, they couldn't have done such a stupid thing.

Christabel247

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Now there is something important we have to note
About kyc
1. Based on exchange rules and regulations, we have to pass kyc this depending on the levels of funds we are to withdraw, though some trading platform have limitation of withdrawal, i.e you can withdraw 50$ to 500$ daily for personal account which requires normal phone number and email verifications including setting up 2FA to enable make withdrawal. But with fully verified KYC you could make at least 1BTC to 50 BTC withdrawal per day, in otherwords it defers based on their regulations of most exchanges.

2. Corporate account, this means account owns by two or more bodies. In this aspect you have to submit all necessary documents and information to be approved to make withdrawal showing and prooven that it's for both parties and such account will only permit 50BTC to 100BTC per day

3. Institutional or company account: In this type of accounts the company have to render all information documentation legal approval or any recognition of the company from based country all Information about the founder etc before they could make withdrawal from most trading platform. This could likely be from 100BTC to 1000BTC per day

iTradeChips

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Quote from: Soros Shorts on November 15, 2019, 10:56:26 AM

Quote from: philipma1957 on October 14, 2019, 09:24:02 PM

Yes no kyc means you can do 100 accounts and trade 100 dollars worth of coin 100 times. That would be 10000 dollars. That is a common money laundering number 10000 level.

Furthermore, there are scammers that open 100 accounts and trade among themselves and give each other good feedback. After 6 months, those accounts have good reputations and the scammer would burn them all with exit scams - usually buying BTC for PayPal and then doing charge backs claiming that the charges were not authorized.

This won't be possible if each account is tied to a unique person which is not possible without KYC.

For me KYC is protection, plain and simple. I don't know about the OP but I don't have any issues with regards to KYC. If you're a law abiding citizen and you deal with a company that requires KYC but at the same time is a respectable company that is approved by the government to do business with cryptocurrency, then I know my information will not be used for some scams. I think the purpose perhaps of this thread is maybe to put information to fragile minds the disadvantages of KYC. Well, 'sup to you to decide.

CryptocurencyKing

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The only reason behind people not wanting to go through KYC is when the security of the system is questionable. Most sites or platforms have got loopholes in the security of there system and as such, a hack is very much possible hence, in ages as this, not just the coins but also, the privacy details is theres for the taking.
In this regard, some sites are more advance and secured than others and the credibility of its team not questionable hence, running a KYC on a trusted exchange isn't a bad idea. You've just got to enroll for a smooth running of business. Binance is okay and I can recommend them to anyone but, its always up to you.

iTradeChips

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In my experience, Binance already has some top notch KYC requirements and many so far has not complained about it. I mean if the people who do business on Binance are willing to do KYC then it is ok for me as well. If you value your anonymity and don't want to participate in KYC then go to other exchanges and services that doesn't require on that. It is just that KYC is a non issue for me as I am a law abiding citizen.

Bossian

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Epayments who got in trouble with the FCA may have used collected personal documents for money laundering purpose. Read this: https://www.offshorecorptalk.com/threads/epayments-may-have-a-hidden-agenda-be-warned.27167/
Thread was started just a few months ago before Epayments froze everyone's account due to license being removed. Be careful.

Smartvirus

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Know your customer popularly known as KYC has never been a bad thing in business besides, who wouldn't love to know his or her customers in order to serve them better. KYC is put in place to ensure only authorised persons performs certain transactions on a platform which is very much of a good thing but then, it's of no doubt that that which is meant to serve for the greater good can be used to commit the most evil too as, you know not whom is handling this details, for which purpose it might be harnessed and used and by whom as it might not necessarily be on the same platform.

Why we are busy being known individually by our service providers through KYC,
Do we know our service providers, the guy at the order end? Or should I say, we should have a Know Your Handler (KYH)! This is just me and I didn't get that from anywhere if I may.

nullius

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If you don’t do PGP, you don’t do crypto!

Quote from: Cratoon on November 20, 2020, 02:06:25 PM

It's simple.

If you move around Huge Money you want every partner (exchange) to hold your ID details so you won't have problems proving that transactions did occur on your part.

It’s simple.

If you move around Huge Money (or any money!), you want to use private keys in your own wallet—“Not your keys, not your coins!”—so you won’t have problems proving that transactions did occurr with your digital signatures on the blockchain.

Quote from: Cratoon on November 20, 2020, 02:06:25 PM

Most websites that use KYC feature have a third-party KYC processor who holds the data secure. Still, use your own research on each KYC demanding project as these policies differ a lot.

I advise that you read through a thread with much more serious discussion of the “KYC” issue than this “Serious Discussion” idiot-thread, and heed the advice thereby from people who understand this subject as you assuredly do not.

Quote from: 1miau on January 28, 2020, 05:40:11 PM

When someone is doing KYC, they are forced to hand out parts of their personal identity to a third party (such as an exchange, ICO, etc). After that point, they aren’t in control of the process anymore and are totally exposed on the third party to handle their sensitive data safely. If something should be hacked, the affected people can't do anything.

Quote from: o_e_l_e_o on February 03, 2020, 01:36:35 AM

Quote from: LbtalkL on February 01, 2020, 01:33:19 PM

I suggest not to try KYC with websites that do not have a third party KYC Service, having a third party service will make your mind at ease but of course, a reputable service just like Binance is using "Refinitiv" is decent one.

Why is a company using a third party service safer? I'd argue the exact opposite. Companies often tender this out to the lowest bidder, who invariably have very poor security. It also means your KYC documents are being shared around with more people and with third party companies, so there are more opportunities for a malicious employee to access them or a hacker to steal them. Your Binance example is a poor one considering they were hacked for thousands of users' documents and information just a few months ago.

Quote from: nullius on February 02, 2018, 06:11:48 PM

I’ve never submitted to any “KYC” identity-rape doxing for anything whatsoever even remotely related to Bitcoin. On principle, I never will.

Edit, P.S.:

you = 🐑

Cratoon

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It's simple.

If you move around Huge Money you want every partner (exchange) to hold your ID details so you won't have problems proving that transactions did occur on your part.

Most websites that use KYC feature have a third-party KYC processor who holds the data secure. Still, use your own research on each KYC demanding project as these policies differ a lot.

Topic: Too strong KYC (Read 1232 times)