Why kyc is need and its important ?

[nykas 2812]

Many projects make KYC process to avoid abuse of its features. It is necessary to know that account which was registered accurately being used by the same person 

[nasipadang 399]

On 10/18/2019 at 2:40 AM, Syedbesharat said:

Now a days every exchange and airdrop diffrent sites are requesting  KYC  .what they do with our KYC.kindly reply dear members

In my opinion don't do KYC only for airdrops, because self-identity is more valuable than airdrop prizes. To my knowledge, doing KYC on the exchange site because there are some regulations for online business. With KYC the user can be seen if they violate the rules for criminal acts, this is more to oversee the entry and exit of funds.

[vivek jain 308]

Its to prevent exchanges from being used, intentionally or unintentionally, by criminal elements for money laundering or terrorist financing activities. KYC procedures also enable exchanges to know their customers and their financial dealings better which in turn helps them manage their risks prudently.

Edited December 19, 2019 by vivek jain

[Syedbesharat 5423]

6 hours ago, TubigWater said:

I don't know why kyc is important here in crypto,  maybe to have legitmate transaction or what so ever. 

KYC have his own importance its make person identity conformation their are many level in KYC like passport,i.d card,utility bill of your name,residential proof etc.These are for making sure of client existence .So they know that person is alive and where he is.

[CryptoMaxim 3829]

On 17.10.2019 at 23:40, Syedbesharat said:

Now a days every exchange and airdrop diffrent sites are requesting  KYC  .what they do with our KYC.kindly reply dear members

It seems to me that the adoption of KYC by crypto exchanges is pressure from above so that the flows of money are not anonymous. Here is before all was without KYC and problems, too, being asked.

[bliznec 22268]

They verify our identity and thereby protect themselves from threats of external factors. KYC is also famous for the fact that you cannot create an account on another person on the network. 

[Fatihgani12 348]

Well they just make sure you are human and not a bot, I think so. then if you experience technical errors in the transaction from KYC can be justified.

[thiscomm 306]

On 10/18/2019 at 2:40 AM, Syedbesharat said:

Now a days every exchange and airdrop diffrent sites are requesting  KYC  .what they do with our KYC.kindly reply dear members

they will save your data as proof that you have used their service. then if it is needed they will sell your data to make a profit. but you need to remember that not all KYC will sell your personal data, only some less responsible platforms do that.

[mani982 286]

Kyc Is needs for some Good exchanges .They Give us High Security to secure our Funds .After do KYS our Daily withdraw limit is increased from normal user to expert account.

[guatazoo 7150]

On 12/16/2019 at 11:03 PM, Iftekhar75 said:

Kyc is must be needed and it is really important for all the users

 it is needed for the withdrawing of the fund and for your safety.

I do not see how KYC insures my safety rather than making me vulnerabe snce my ID is exposed.

[fuer44 1083]

in fact the project team was afraid of the possibility of multiple accounts, so they required kyc to ensure that only one account was linked. it's not fair when they don't do KYC too, because participants also need honesty and seriousness on the part of the team.

[Romaan1987 601]

KYC is much needed due to prevention of my money laundering and to avoid fraudulent activities. but it is also a risky part.

[Sahbana 212]

The KYC function can be to minimize fraud and money laundering. This is good for reducing the number of illegal things done by a few people.

[Delgboke 2480]

In the initial time I didn't find it interesting submitting my personal data for the reason of kyc, but since it was mandatory to follow so that you and can be able to withdraw money and as well make transaction and most cryptocurrency giveaway platform requires you to do kyc to enable you withdraw your token. 

[melikf78 987]

in airdrops they request kyc because some people use multiple accounts to get more tokens and exchanges request kyc to stop money laundering

[Syedbesharat 5423]

6 hours ago, melikf78 said:

in airdrops they request kyc because some people use multiple accounts to get more tokens and exchanges request kyc to stop money laundering

Ait drops are mostly scamming and For exchange its understandable why they need KYC.But its becoming essential now a days.

[Luciferludz 1442]

KYC verification is most important in our accounts because it help to to reduce the hackers in exchanges although many people are not interested on it

KYC verification is most important in our accounts because it help to to reduce the hackers in exchanges although many people are not interested on it

[Jokeer 648]

On 10/18/2019 at 1:40 AM, Syedbesharat said:

Now a days every exchange and airdrop diffrent sites are requesting  KYC  .what they do with our KYC.kindly reply dear members

KYC for airdrops is quite risky due to most of the airdrops are a scam so by your KYC the misuse your data and For Ex-changer, they want it due to they want to verify the users to ensure that they are not spamming the system

[duncun007 3577]

18 hours ago, melikf78 said:

in airdrops they request kyc because some people use multiple accounts to get more tokens and exchanges request kyc to stop money laundering

well then they are playing against the crypto rules, we were supposed to stay anonymous in crypto but now they want you to do kyc for every new shitty exchange.

[Benjamin 84]

Kyc means Know Your Costumer so this is important to any aspects of business in terms of money, they will just know your identity to avoid the scammers or hacker to their platform but this KYC have some negative sight, giving personal information is not good because there is the tendency that you will get hacked.

[Wijayafajar06 274]

because kyc can recover funds if something goes wrong so ktc is very useful in the crypto world and can help with any problem, and they can filter out people who abuse the event because it's just to earn more than one person who has multiple accounts.

[Dinesh09798 283]

KYC is very important for every companions, because they must know the their users. Users also has good benefit with verify KYC. I read somewhere some sites are usiour document for others purpose. 

[mrking049 260]

KYC is important for our safety. It saves us from hackers. Now a days there are lot of hackers which hacks our money. Through KYC we can save our money and beware from hackers. In most of cryptocurrency KYC and 2FA code is important.

[tienda 8776]

On 10/18/2019 at 5:39 AM, kjames said:

kyc is very important to recover funds if there anything wrong happens like loosing the 2fa etc. so they will help you in any kind of problem if you are facing.

You think that? They will help you on what? they will refund?..

[Ms.o 3322]

Some people dont find kyc necessary,because for them its hassle taking selfies and taking photos of document id.

But kyc are also important to prevent financial fraud,identity theft,and money laundering. It is an act where the company are gathering information to the customer to ensure that they are legitimate.