Do you like KYC exchanges?

[cryptokram 102]

1 hour ago, fajarriadi said:

You're absolutely right! I hate to do KYC but it is required step before join the bounty. I always do KYC but after i join this forum i think it twice because many people said that KYC is dangerous.

KYC is only dangerous if you submit it in a wrong project campaign that requires the investors or participants to submit it were in the end after the project is finish all of a sudden they will be gone. Its fine if the project will become successful in the end.

[Devh 564]

On 10/21/2019 at 10:27 AM, Juhe786 said:

I am not a fan of kyc, but I do agree that for verification and to prevent money laundering stuff, it is required by major exchanges. Like there are big whales and companies should know that these are not criminals who are using the funds for bad activities 🙂

You are right, The users does not know that what actually happen with his documents of verification. The wallet owners and team send the weekly report to FATF and FATF forward that to his local region so he become came under taxations. And every force keep eye on that users. Except paypal and payoneer there is not any fair KYC system and its crypto which means it totally decentralized , So why to provide exchanges. Mostly user fan of designs of exchanges and wallets and they like but we can use paper wallet and non-kyc or decentralized exchanges. Thats the fact about KYC we should be aware.

[xBDT Script 4371]

Just now, PunkGrunge said:

I have read @xBDT Script post before. I clearly misunderstood white glue text thing. Thanks for pointing out my mistakes. 

Glad that it helped 😊

That post took me a long time than the usual I make lol Anyway, there are so many thing the spammers try not just this copy past thing. If you go to that topic then we can discuss it in there.

Anyway, there are people I have seen that they fear to give their KYC to strangers and this is absolutely very logical. In my case I have done this with few ICO back in the days too. I was not aware about the risk at that time.

Please do not do this if any project ask to give you KYC. Better to avoid them.

[fajarriadi 179]

4 hours ago, cryptokram said:

KYC is only dangerous if you submit it in a wrong project campaign that requires the investors or participants to submit it were in the end after the project is finish all of a sudden they will be gone. Its fine if the project will become successful in the end.

So KYC is not always dangerous? Glad to hear that. I've so scared before because for several bounties i did the KYC. thanks for the information mate.

Edited October 27, 2019 by fajarriadi

[cryptokram 102]

4 minutes ago, fajarriadi said:

So KYC is not always dangerous? Glad to hear that. I've so scared before because for several bounties i die the KYC. thanks for the information mate.

I only do KYC with successful project but if they require it a the very beginning i dont join them!

IT is risky to submit your personal documents as it may lead some problems specially if the project is a scam!

[fajarriadi 179]

8 minutes ago, cryptokram said:

I only do KYC with successful project but if they require it a the very beginning i dont join them!

IT is risky to submit your personal documents as it may lead some problems specially if the project is a scam!

Fortunately the bounties were i did the KYC gave payment for me. I will be more careful in doing KYC and avoid the scam on the next bounty. Thanks in advance

[Dammyrichie 131]

Some exchange does not keep their customer kyc safe they links it to third party and it expose from there this is why some does not like kyc when it comes to opening an exchange

[Caporetto 327]

Why should exchanges expect me to do KYC if im not trading over 1000$ , thats obviously not possible for money laundering, theres this new trend on exchanges that let you deposit with NO problem, but then if u want to withdraw they ask for complex KYC verification, seems abusive.

[mahouka 66]

Of course, it is important to do KYC because to avoid money laundering and to increase the maximum withdrawal limit

[yosef.zakkor92 39]

Surely it’s more secure and safe trading where KYC is non negotiable and a must have. Will you get compensated if you lost your coins or your account get hacked rather then using an exchange where there is no KnY verification and there is no compensation? 

 

[masterfocus 55]

KYC is an annoying process, but it's usually necessary to provide safety. Sometimes, they offer some goodies if you do KYC, so sometimes it's cool.

[howudewin 41]

I'm not in favor of the KYC exchanges and it goes against the very reason that I got into crypto in the first place. It takes away the ability to remain anonymous and you don't really have any idea who they will be sharing your information with. Selling data has become more lucrative that selling oil.

[Casinoval 330]

On 10/1/2019 at 4:03 PM, Iv4n said:

It`s better to say that I don`t like KYC! Decentralization is the future, even thou centralized exchange are dominant on the market, I think that will not be forever like that. 

It`s not just that I don`t like KYC exchanges, even less I like KYC casinos. There is nothing special in KYC, it`s just torture for me to take so many pictures just to verify myself to someone who will most likely sell my info in some moment. And there are plenty of places where you can trade, gamble or do what ever without KYC.

KYC exchanges go against everything crypto currencies stands for, I don't like them, I prefer exchanges like Yobit or trade on decentralized exchanges, there are better.

[xBDT Script 4371]

Just now, Chaknu said:

Kyc proccess is useless i think. what is the benefit i don't know. if they want to identifie after any issue then there is also 2fa option in most of the exchanges. so why people will share their info. on the other hand, crypto is also a system where all are incognito. I don't like kyc exchanges.

It's not because of the identifier issue you are referring to. You can have 2FA for your account security. Just think that you are an owner of an exchange. You have to follow the local government rules and regulations, as a result, they have to collect information of their customers in order to have record for legal usage. Also, when govt ask for information about certain transaction, they are forced to share. that's why they asked KYC information.

[Casinoval 330]

3 minutes ago, devpols2 said:

I also don't like kyc because it's too complicated in my opinion KYC is needed only for withdrawal of a maximum of 100 BTC 24 hours from the exchange and if you don't do KYC, withdrawal is a maximum of 2 btc

There are some exchanges that demand you to do KYC before during anything on their platform, I hate exchanges like that but there are many of them online, so just have to bear it.

[Emma 611]

41 minutes ago, xBDT Script said:

It's not because of the identifier issue you are referring to. You can have 2FA for your account security. Just think that you are an owner of an exchange. You have to follow the local government rules and regulations, as a result, they have to collect information of their customers in order to have record for legal usage. Also, when govt ask for information about certain transaction, they are forced to share. that's why they asked KYC information.

my government don't support cryptocurencies. so,  if the exchange owner contact with my govt, i think they will get nothing. and if i provide them fake nid, they can't identifie it also. so the proccess is useless for my country.

[xBDT Script 4371]

Just now, Emma said:

my government don't support cryptocurencies. so,  if the exchange owner contact with my govt, i think they will get nothing. and if i provide them fake nid, they can't identifie it also. so the proccess is useless for my country.

Well first of all we really do not want exchanges to have our KYC but problem is that they are sometimes face pressure from the authority. So they have limited power.

Now of course they can track you down if they want to but if you are clean then why would they do it.

By the way, it is always safe to use VPN or tor when you are logging into any site if your government is not supporting the niche.

[Emma 611]

1 minute ago, xBDT Script said:

it is always safe to use VPN or tor when you are logging into any site if your government is not supporting the niche.

yes, i am still using vpn to access yobit and other crypto exchanges. but i did not use tor.  ok i will try it. but always being connected with a vpn is really a burden for me.

[pauk66 0]

The process of identifying a user is regulated by representatives of state authorities, financial regulators and international organizations.
Virtual coins claim to participate in the global economy, and a lot of money is spinning in the sphere itself. The authorities are interested both in protecting investors and in guarantees of transparency and legal operation of exchanges and ICOs.

[starwalkerz 164]

I don't mind doing my KYC on an exchange, if the local regulations insist on it being performed, but I also wouldn't trade any coins there that I've allegedly made from dubious sources either, so to each their own way.

[bestprofi 372]

The KYC procedure was instituted to prevent criminal actions such as money laundering, but it is in contradiction with the principle of decentralizing cryptocurrencies.

[cuterthing 261]

On 9/30/2019 at 10:30 PM, Glossy said:

I don't like them and I never used them ...  I used Binance and Cryptopia for the sole reason that they didn't required KYC on registration.

What I hate when recieveing bounty I have to open account on exchange that requires KYC that angers me so much.

Yes that angers me too ;( but they unfortunately always want it and I think they are stealing them from us for nothing.Yes I think they won't ever give us any free airdrop and they will use our informations

[aika 286]

19 hours ago, fichenfbi said:

Thе US is еnfоrcing KYC оn us if wе like it or not.  Моst cоuntriеs will eventually fоllow.  I dоnt like it but I dоnt think we will hаvе a choiсе in a сouple of yеаrs.

This, as countries keep passing KYC laws, this will be a widely trend on exchanges. It's necessary for us as customers to check the exchanges reviews and reputation concealing their user's data. Nakamoto's initial idea was anonymous transactions, so a third party getting the user data is against his ideas.

[Rares002 262]

On 11/1/2019 at 2:29 PM, aika said:

This, as countries keep passing KYC laws, this will be a widely trend on exchanges. It's necessary for us as customers to check the exchanges reviews and reputation concealing their user's data. Nakamoto's initial idea was anonymous transactions, so a third party getting the user data is against his ideas.

Well, I guess Satoshi did not thought about the idea of having exchanges where people can buy and sell bitcoin. He thought people are going to use p2p for that so no KYC needed for that 

[A7373 1065]

Not too much, but depends what are the rulse of KYC I understand tle level of exchange.