Topic: Too strong KYC (Read 1252 times)

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

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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

All of us are afraid of losing money due to hacks, scams, our own mistakes or even bad decisions (buying useless shitcoins, selling coins too late or too early, etc). Most topics cover issues such as these. But when it comes to losses, you should be aware that there’s more than money which can be lost. By this, I’m talking about identity theft of personal data of any kind. Protecting this data and paying attention to privacy should have at least the same priority of protecting your money. After all, money is replaceable; it’s "only" a financial loss. Once identity is stolen, however, there is no chance of its undoing.

This is where the issue begins. One of the best ways to protect yourself from identity theft is to understand the false assumptions of KYC. Some crypto services require its users to undergo a so-called “KYC” nowadays. KYC means “know your customer” and forces users to send personal documents to a company or organization. This is already becoming a problematic issue that some companies are very strict and will not allow you to use their services, even if you just want to purchase crypto worth only a few hundred dollars.

The official purpose of KYC should be to prevent money laundering (known as AML, anti-money laundering) and terrorist financing. Strict KYC and AML were mainly introduced by the US after 9/11 and many countries are guided by the SEC in setting KYC as a requirement. AML existed before but only for institutions and big amounts of money. Average customers were affected only after restrictions introduced by the SEC.
At first glance, KYC sounds good for shutting down criminal activities. Unfortunately, this looks very different in reality. KYC in crypto doesn’t necessarily help to stop money laundering or reduce criminal activity; nor does it help to prevent terrorist financing. On the contrary - KYC endangers our privacy and encourages criminal activities (via KYC scams, identity theft and other means).

[—long, thoughtful post—]

KYC is useless. You can buy id on black market. So there is no problem for scammers. Problems with KYC will be created only for honest people, since not everyone wants to send their data to the Internet

KYC is required by law in most jurisdictions in order to stop people from doing money laundering. If you're using an app that doesn't use assets or things that have value which
can be transferred, you are most likely not required to verify with KYC. Instead, KYC helps solving certain problems such as hiding income taxes, stealing money from other people,
etc.

Now the problem is that some COMPANIES can use KYC for malicious purposes. For example, an attacker could run a "trusted exchange" and collect your KYC details to create an account elsewhere.

If you want to trade without KYC, I may be totally wrong however I think you need to go back in the past: 2013 - 2015 is calling you baby! I doubt there are places exchanges without KYC. You can bypass
KYC if you trade in person and find buyers/sellers in real life.

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

Its just how things are this time, there is no other way than to comply the law.

This is the real question to discuss because there seem no law proscribing any of the site from using the information provided from using it against the investor. I try to avoid it if it is not necessary for me, I mustn't invest in every project.

stop people from doing money laundering.
KYC helps solving certain problems such as hiding income taxes, stealing money from other people,

Stop being paranoid mate
The reason why they establish KYC is because they want be protected against scammers. I hope you understamd it .

I don't blame them for KYCs
I've complied
With cases of stolen funds and hack attempts, they're dealing with large amounts of BTC.

Kyc is a way of proofing an identity or ownership of something against possible frauding

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.

The owners of localbitcoins do not want to collect KYC. No one really does. In order for them to expand exponentially in the regulated market, they need to conform to the existing banking regulations. Isn't it a shame that bitcoin and the underlining ideology are being forced into the world banking regulations? Sad.

We have seen this before.

Shapeshift: used to be great. They stick to the ethos as long as they could. At one point they "sold" out and started to capitulate to the work banking regs. I can't blame them. They have lives, families to support. If I was in their shoes I would prefer to have a comfortable life than to run from the governing bodies. Edward Snowden and Julian Assange are perfect examples of going against the "man".

Coinpayments.net : Out of the blue, they require KYC. They have also grown to the point of capitulating to regs.

What others have you seen?

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.

If i trade like a 100$   what Kind of taxes i try to invade?  Or money Loundering?   


Is that Making any sense at all?

Or im missing here something?

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.

For me KYC is not good because they can easily sell your identity to anyone they like

also crypto currency is deisgn to be anonymous to everyone why do we need KYC for that. But sometime we dont have a choice but to do it because we need it to upgrade our status.

The money is just too big too ASK any documents... Lol.
The law makers do one thing but say other thing.

The other Question is how we can trust someone who collection our Information?

KYC is required by law in most jurisdictions in order to stop people from doing money laundering. If you're using an app that doesn't use assets or things that have value which
can be transferred, you are most likely not required to verify with KYC. Instead, KYC helps solving certain problems such as hiding income taxes, stealing money from other people,
etc.

Now the problem is that some COMPANIES can use KYC for malicious purposes. For example, an attacker could run a "trusted exchange" and collect your KYC details to create an account elsewhere.

If you want to trade without KYC, I may be totally wrong however I think you need to go back in the past: 2013 - 2015 is calling you baby! I doubt there are places exchanges without KYC. You can bypass
KYC if you trade in person and find buyers/sellers in real life.

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.