Why kyc is need and its important ?

[Syedbesharat 5423]

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

[cryptokram 102]

36 minutes ago, Syedbesharat said:

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

If you will do KYC on airdrop then you got a really big problem.

KYC are required to some ICO or IEO so they will know if the investors are from the restricted country which can't be a token holder (i hope they are not a scam team)

About the exchange KYC! some dont ask KYC and you have a maximum amount to withdraw in a day!

[kjames 139]

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.

[cheewy 271]

16 hours ago, 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 airdrop is scam. except airdrop from exchange site. KYC necessary to track for ilegal activity, such as money laundry. but in some exchange site, KYC is optional for small traders.

[Devh 564]

16 hours ago, Syedbesharat said:

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

The concept of crypto graphy means secure and anonymous dealing and trading. So it is right that wallets should assemble KYC but concept of KYC with exchange could not be know. In my views if people send p2p throigh exchange many times then the final place of currency is only wallet at one day. So we can easily trace a transaction that where its coming and where its going. So thats why wallet must do KYC to control ML and follow AML policy. This is good but not with exchanges 😞 

[1millionClub 494]

Avoid any service which forces KYC on you. Crypto isn't supposed to be used that way. You don't need to pass your passport scan to them everytimes you register on an exchange. That's insane. Besides that, they can get hacked and leak your private data which is dangerous.

[Mathers 295]

5 minutes ago, 1millionClub said:

Avoid any service which forces KYC on you. Crypto isn't supposed to be used that way. You don't need to pass your passport scan to them everytimes you register on an exchange. That's insane. Besides that, they can get hacked and leak your private data which is dangerous.

I try to avoid undergoing KYC  all possible means because of the repercussion it could have if the documents gets to the wrong via data leaked or hacking means. I'll just stick to the minimum withdrawal limit with kyc than expose myself to the risk.

[wingfield 137]

KYC, as its name implies, is used to identify users who participate in airdrop or who are using an action on the crypto market, with the purpose, they say, to stop the occurrence of SPAM. Also through KYC they can identify the country of origin of a user, being some campaigns in which the registration from a certain country is prohibited.
I agree with kyc when it comes to exchanges, not airdrops.

[cryptokram 102]

On 10/18/2019 at 3:40 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 is needed only when you need to upgrade your limits in terms of withdrawal in the exchange, or it is needed for you to receive your bounty rewards only, but don't just submit your kyc at the new exchange in the market make a review or research first.

[Syedbesharat 5423]

1 hour ago, cryptokram said:

Kyc is needed only when you need to upgrade your limits in terms of withdrawal in the exchange, or it is needed for you to receive your bounty rewards only, but don't just submit your kyc at the new exchange in the market make a review or research first.

I will consider you advice and do reseaech before submittibg KYC to new exchanges.i was thinking they want kyc for verification of account.

[Nicecrypto 543]

On 10/17/2019 at 9:19 PM, cryptokram said:

If you will do KYC on airdrop then you got a really big problem.

KYC are required to some ICO or IEO so they will know if the investors are from the restricted country which can't be a token holder (i hope they are not a scam team)

About the exchange KYC! some dont ask KYC and you have a maximum amount to withdraw in a day!

Right, I don't see the reason to do kyc for Airdrops, Airdrops are suppose to be free or with little effort and that don't qualify for a kyc and like you said, some exchanges let you with some X amount without kyc but if you want to be withdrawing more then you need to do KYC.

[cryptokram 102]

12 minutes ago, Nicecrypto said:

Right, I don't see the reason to do kyc for Airdrops, Airdrops are suppose to be free or with little effort and that don't qualify for a kyc and like you said, some exchanges let you with some X amount without kyc but if you want to be withdrawing more then you need to do KYC.

KYC in airdrop is a must not join! 

7 minutes ago, IMRAN007 said:

in exchanger, kyc need because at this time hackers number become huge. to prevent them exchangers need kyc. and the airdrop need kyc for prevent scam

KYC maybe good for that way, but they should have a limit, like 2BTC per day a maximium amount withdrawal before implementing KYC. And how sure are we that the hacker is using his own KYC. they are smart! they will not do it!

[Nicecrypto 543]

19 minutes ago, IMRAN007 said:

in exchanger, kyc need because at this time hackers number become huge. to prevent them exchangers need kyc. and the airdrop need kyc for prevent scam

Seriously, can requesting KYC prevent hacking? Are we saying the people that does the hacking are the ones that registered in the exchange? I really don't think this is the case. Hackers don't have to have any association in form of trading with the exchange to hack it if they want so exchange requesting KYCs don't have anything to do with hacking but I could say more of preventing Scams.

[I-KUN 422]

KYC is needed to become AML in exchanger. if you want to withdraw some big money you need to do some KYC. But i didn't recommend you to submit your KYC for airdrop. It's very high risk. You should keep your private data safe. Do not sell it for some pennies.

[cryptokram 102]

On 10/18/2019 at 12:50 PM, Basad said:

Most of those exchange are really into something. I cam accross so many airdrop requesting KYC for some usdt or ETH

If there are some of the airdrops requesting KYC well then that the sign for you to avoid them.

 

23 hours ago, Ele said:

They want to verified all users and they want to isolate those users that are spamming the system. One user can participate in 100 accounts for airdrops. But I think KYC is helpful to them but not to us.

But there are some exchange won't ask you for this if you are just a new member to their platform, just like of Binance, kucoin and Huobi too. 

[cryptokram 102]

6 minutes ago, Ele said:

Yea, I do transact in kucoin and I did not participate in their verification process. Do they really make it mandatory for the new users after a long time of trading in their platform?

It will only become a mandatory once you've reach the limits of their withdrawal to their platform. 

But as long as your not reaching the limits you can able to make a withdrawal transaction anytime you want.

[Lubruselu 2803]

On 10/17/2019 at 10:40 PM, Syedbesharat said:

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

While you are in crypto exchange it means you are a business partiner with them that why they need to "KNOW YOUR CLIENT" (KYC).

[Syedbesharat 5423]

8 hours ago, Lubruselu said:

While you are in crypto exchange it means you are a business partiner with them that why they need to "KNOW YOUR CLIENT" (KYC).

I can understand that the exchange need my KYC for money laundering and make my existing clear for them.but why are airdrios needed thwm or they scammers? 

[Syedbesharat 5423]

On 10/18/2019 at 4:55 PM, 1millionClub said:

Avoid any service which forces KYC on you. Crypto isn't supposed to be used that way. You don't need to pass your passport scan to them everytimes you register on an exchange. That's insane. Besides that, they can get hacked and leak your private data which is dangerous.

You are right if the exchange or Air drop who force me to do KYC  and stop my coins or assests and do not send  them or let them exchanging . its not right thing to do.They request i.d card ,passport scan copy ,driving licence.and make you have their name on card with date and signature in Selfie.All our data now in their hands if they leak it or use it for their own good .what would happend to us .

[cryptokram 102]

On 10/18/2019 at 3:40 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

requesting kyc for the exchange is just a normal part of their rules but for the aridrops that is really not suitable to be apply. So if there are sometimes asking for kyc in the airdrops stay away and don't get hype with it okay. 

[ajizz 195]

On 11/2/2019 at 3:38 AM, elpop said:

My freind 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.... 

 

yeah man, i know that.
the KYC process is very important to maintain the security of our funds or to be proof of ownership if we experience problems losing the 2FA code, but I want to submit a very lazy document lol
I would rather risk losing my money than having to submit my important personal documents.

[fimolof 66]

kyc is big risk for your identy , imagine that you confirm your kyc in scam site and this site use your card id in cybercrime or buy your data to sociaty of database or can get verfie your social media site and take your counte

[lelouchDvalen 14]

i think KYC is needed because if in airdrop many fake account so they can manage but the bad KYC is if u join in scam airdrop or bad airdrop ur data can be steal.

so i think KYC is bad and good in different situations. so u must be carefull in KYC.

[soupster 239]

On 10/18/2019 at 7:50 AM, Basad said:

Most of those exchange are really into something. I cam accross so many airdrop requesting KYC for some usdt or ETH

Yeah its kinda getting annoying and also missing the whole point of crypto's purpose which is anonymity. 

[AL SHAIMON 1293]

KYC is very important to remove scammers from crypto world. By KYC verification exchange and many ICO admin can verify that you are legally want to do work with them. So KYC is important.