Why kyc is need and its important ?

[MOProgress 363]

On 10/17/2019 at 8:40 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

In a real sense, KYC is about knowing whom you are doing a business with, the reason is to prevent reduce the rate of fraud. But some people also use the KYC data for fraud.

[Syedbesharat 5423]

3 hours ago, MOProgress said:

In a real sense, KYC is about knowing whom you are doing a business with, the reason is to prevent reduce the rate of fraud. But some people also use the KYC data for fraud.

I think the same way.Now our data is been used for manipulation .Most of new exchanges and air drops suddenly disappears with members data.So we have to be alert from these scammers to save our data.

[Juwon55 1]

On 10/17/2019 at 8:40 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

I'm not always comfortable with submitting my KYC for any reason. Blockchain space should be about privacy and safety but crypto exchanges wants our personal informations, I don't see privawin that. Look at the recent doxxing on Bitmex, that why I always chose to use a more discrete platforms provides safety and privacy at the same time. Non-custodial trading platforms like Blockchain Board of Derivatives BBOD doesn't request for KYC which I find comfortable. 

[dhemasm 219]

KYC It's important for some project or international exchange, Even we didn't want to pass it but i think it's normal since some project or exchange just need meet requirement on their based country to prevent Money laundring but always be careful to give your data!

[Syedbesharat 5423]

28 minutes ago, Juwon55 said:

I'm not always comfortable with submitting my KYC for any reason. Blockchain space should be about privacy and safety but crypto exchanges wants our personal informations, I don't see privawin that. Look at the recent doxxing on Bitmex, that why I always chose to use a more discrete platforms provides safety and privacy at the same time. Non-custodial trading platforms like Blockchain Board of Derivatives BBOD doesn't request for KYC which I find comfortable. 

You have point .could you  post details about the BBOD exchange i want to know about this exchange because you have experience with this exchange you can answer my all related to exchange queries.

[Lucifer 134]

It serves to supposedly identify potential criminals by moving illegal drug money, terrorism, and other activities of dubious morality. This is good, the negative of course, is that it is up to the rest to give information to exchanges that there is no way to trust them, especially altcoins exchanges, at all I see it safe to give my personal information out there, that's why I have always avoided sites KYC The bad thing would be that at the time of paying taxes, I have lost a lot of trading data and that worries me that I do not know if in the future I sell BTCs that come from trading in exchanges of those anonymous, and also I do not keep the list of transactions .. I don't know what solution you see to this. I have seen that there are quite a few people in this situation and I wonder what they have done.

[Akbor 1042]

Now maximum exchange site are asking for kyc also some site at the stage of ico do kyc. kyc is very important to ensure the security of the account. if any account lost then you can recover very easily if the account kyc is verified. The kyc exchange are secured as the scammer don't scam here.

[Juwon55 1]

23 hours ago, Syedbesharat said:

You have point .could you  post details about the BBOD exchange i want to know about this exchange because you have experience with this exchange you can answer my all related to exchange. 

Blockchain Board of Derivatives BBOD is a futures trading platform just like Bitmex, bybit, Deribit and the rest. But BBOD has an advantage, which is non-custodial wallet system. Kindly view the attached image. Also visit bbod.io web site for more details about the exchange. 

[Syedbesharat 5423]

1 hour ago, Juwon55 said:

Blockchain Board of Derivatives BBOD is a futures trading platform just like Bitmex, bybit, Deribit and the rest. But BBOD has an advantage, which is non-custodial wallet system. Kindly view the attached image. Also visit bbod.io web site for more details about the exchange. 

Thanks for sharing details i have book mark this post and  make use of it.Share more  your experience and knowledge where just like me other members learn from it.

[sidik7 1217]

why KYC is important the reason is to reduce the risk of money laundry and also to find out the users profile so is can identificate overall transaction are carried out properly controlled.

[doriahailee 643]

Actually I don't really like KYC. But some cryptocurrency exchanges or projects do need to go through that process to meet the regulations in their base countries so I guess while the exchange or project is working I will do the KYC process. For airdrops it depends, for example like XLM Airdrop on blockchain and coinbase of course I'll pass KYC and I might not pass on some airdrops, depending on how the airdrop is.

[dmnqe07 365]

Well for me i am avoiding KYC platforms, crypto dont need really. you really dont know to tell everything on yourself on an exchange. theres a possibility that they exploit your personal agenda's in public. KYC are only required if your withdrawing a lot. 

[Syedbesharat 5423]

1 hour ago, sidik7 said:

why KYC is important the reason is to reduce the risk of money laundry and also to find out the users profile so is can identificate overall transaction are carried out properly controlled.

But what do you say about the scamming  Airdrops.They take our i.d and all information and sell it on dark web or hackers to use our data .I agree it is for our verification but how many verified exchanges and airdrops we can see now a days in crypto market.

[CryptoDJ 712]

By the way, I also don't understand why exchanges require proof of identity, it is possible to trade without it or they are afraid that we will cheat the stock market and they have quietly nedit via our Aspatria data. What can you say to this people?

[faceless 296]

On 11/20/2019 at 4:49 PM, takbir said:

KYC is also very useful for preventing multiple account in the distribution of airdrops or rewards. But with KYC we don't have privacy anymore.

Well said my friend, apart from airdrop if KYC does not help to prevent criminal activities and prevent scams, i mean the whole regulation thing, then we do not real need it.

[khan22 3478]

On 10/18/2019 at 12:40 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 so much important now because no one know on what time market will make great bull in the crypto market and i am waiting for that because now this time KYC will increase your investment and withdraw limit almost 50 BTC to 100 BTC in a single day.

[Syedbesharat 5423]

1 minute ago, khan22 said:

KYC is so much important now because no one know on what time market will make great bull in the crypto market and i am waiting for that because now this time KYC will increase your investment and withdraw limit almost 50 BTC to 100 BTC in a single day.

Very nice point present by you i also want to increase my Limit of BTC,USD etc put on me by  exchange.But as we see all of data goes to them and they store it.Our could be stolen from.their if exchange goes under attack .So before KYC make sure your exchange is verified and then do payments deals on it.

[khan22 3478]

4 minutes ago, Syedbesharat said:

Very nice point present by you i also want to increase my Limit of BTC,USD etc put on me by  exchange.But as we see all of data goes to them and they store it.Our could be stolen from.their if exchange goes under attack .So before KYC make sure your exchange is verified and then do payments deals on it.

Yes i know so many exchanges which will pay you 100% and they are real exchanges not fake. If you want to join then first join the yobit because that exchange is good and real and then join the Binance exchange that is also good and real exchange in the market.

[khan22 3478]

On 10/18/2019 at 9:50 AM, Basad said:

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

Airdrops are good but most of airdrops are fake and we can not trust any exchange that we join any exchange that steal our data and they sell it to other peoples and this is not good for us. Crypto market is the best market and KYC will increase our deposit and also our withdraw limit.

[rekter 8129]

On 10/22/2019 at 12:15 PM, 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.

Except if those tokens are securities in airdrops. I guess i could believe that some companies would want to be on the safe side but i find that very unlikely that they would want to go trough all that trouble for just giving few free tokens.

[aqua 773]

I guess that if we want to do KYC or not, that will depend on ourselves. If we believe with the third party that they can protect our personal data, then we can fill the KYC process. But if we don't believe with them, then we don't have to send or fill KYC. We should search for more information about that third party so we can know that they have good reputations and they can give protection for the customer data. But we must be careful when we want to send any data to the third party because there is no 100% guarantee to feel safe from the bad things.

[Syedbesharat 5423]

2 hours ago, Coinmaster said:

they should keep it safe in their database and they should not leak and make it safe from hackers, because we have a privacy law that they need to adhere, if they break it, you can charge them in court.

i agree kyc have the importance but their would be standard for applying it.they do not have to make it must on initial stage.They have to gave client some space on exchange before he do kyc. 

[khan22 3478]

On 10/18/2019 at 9:39 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.

KYC is the most important thing in any exchange and you are right that if we face any problem than they will solve our problem and they can give us surity that our amount is safe and secure to their wallet and also our withdraw and deposit limit is increased and we use our account with high withdraw option.

[Mike Wazowski 129]

KYC is good to recover your funds when something goes wrong with the traditional authentication and it's needed by the exchanges to comply the international KYC/AML rules.

 

Unfortunately it's also easy to create a fake project, ask for KYC info and sell it to people that can use it for various reasons, from data mining to spamming or impersonating you.

[Brushless4500KV 4214]

KYC in general is a good measure against illegal activities. When a user knows that his/her identity documents have been recorded somewhere, he can't go the wrong way easily because it is not hard to track someone based on official documents. This is a formal process when you want to set up official fiat bank accounts or to sign up at digital fiat payment gateways because fiat currency is the world of centralization and everything about customers should be transparent.

But I think KYC in crypto world is somehow meaningless because everyone enters crypto world to hide his/her privacy. Verification is contrary to anonymity. Some online crypto wallets require you to verify your account because they want to fight with money laundering.

Edited December 9, 2019 by Brushless4500KV