Why kyc is need and its important ?

[jermaine05 179]

It is important because by means of the else it verifies the identity of the client with this it is sought to guarantee the transparency of the transactions while avoiding financial fraud

[Tiffany Grini 102]

On 10/17/2019 at 3:40 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 case of losses or hacking the KYC is your friend to recover your account and of course your funds, but of course that is for when the companies you register with (wallets, airdrops) among others require it since they are regulated by others. companies, such as uphold.

[toshiSatoshi 29]

It is importan because this way the truthfulness of the data is ensured, who is on the platform, and to meet the legal requirements that are goberned in some countries of the world.

[byeibo 17]

Companies that really want kyc are doing their job seriously. vdo wants selfie. But many exchanges and airdrops want kyc but accept fake documents. There are companies that have 30-40 memberships with the same document.

[sykes0446 34]

Well,first of all, to find out more about your client, the company must identify and establish the identity of the counterparty before conducting the transaction and make sure that the payment will not be associated with money laundering, terrorist financing or tax evasion.

[DanielMcRon 598]

I try not to go through airdrops and bounties where I need to confirm KYC. Since in 90% of cases it is leaking your documents to other people, otherwise why is it necessary if the task is just to distribute coins. For popular exchanges, this practice is used to exclude underage users (you can already get verified here). Be careful when checking KYC on an unfamiliar source!

[ShiNorton 906]

I hate the exchange or wallet that asks me to verify kyc. I do not want to give them my sensitive information because scam sites sell our documents to terrorist  or criminals.  Yobit does not ask kyc so I love this exchange so much. 

[Rosarvx 965]

 the bank impose since there are concern of any criminal act and for the exchanges and platform and thus avoid identity theft and money laundering

[lonewolf 47]

Honestly i dont like the idea of KYC when it comes to crypto, it just doesnt sound right when these crypto exchanges force us to provide details of our identity  before making any transactions, i dont trust such exchanges

[majeron 88]

must be essential to create a safe environment. It can be used for identification in cases such as fraud and crime. therefore I find it useful.
 

[Affect579 66]

I think they need KYC to identify their identity. They also often ask for KYC if you participate in airdrops. But I try not to provide my data to all sites. Because there may be a data leak, so I can advise you to enter only on trusted sites.

[JesusIV 11]

En mi punto de vista hacer el kyc es verificar que solo se registra 1 persona por cuenta y así evitar lo que son multicuentas, pero también me da intriga qué harán con los requisitos que piden, no creo solo lo guardan y ya está.

[Rigamer 91]

I guess they ask for that requirement so they can't make multiple accounts and earn more for it. but personally I do not like to give my personal data to pages or exchanges. I feel like I'm selling my identity ...

[v8088 16]

The first of all this is important for you. For your safety. If you don't want to lose your earned money on your account. And this is some insurance for trading platform where your KYC is.

[DanielaM 46]

The title of that forum interested me, because I am just starting out in the world of cryptocurrencies, and I do not know the KYC, what is it? A code? What is it for?

 

I would be very grateful for an answer, Thank you!   🙂

[LionVic 52]

The Exchange want to ensure the user registration system can detect and deter criminal activities, using the expertise of best-in-class KYC providers.

[ugurgl 105]

KYC prevents people from signing up with an airdrop or fake account, otherwise your exchange or wallet account would be very vulnerable because the exchange should make sure that there is no attack on your account during password change or contact information exchange.

[yonkii 3205]

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

I am very new in this space and I found it too very strange to see everyone even projects for airdrops asking for KYC. I didn't even know what KYC was and this forum helped me learn. It is something I don't like and they should not ask for our privacy as we didn't invade their privacy. I don't undestand it we send our identity to someone on the internet, does he sends us his identity and private information too? This would be fair!

[draxco 47]

Hello good morning! The KYC is designed to filter out those individuals who have no real interest in the project and are only concerned about money laundering or other fraudulent activities.

[prabesh2058 171]

KyC refers to know your costumer. Many exchanges and airdop ask for kyc to avoid scam and frauds in their sites.

Generally Kyc verified user had submitted their official idcard or anything issued by government that give access to the company about the user.After those companies get users kyc they can file lawsuit against users who try to scam and fraud on the site. This will help to make the company trusted so that their users increases.

[MLAMECHE01 34]

when we submit to the kyc procedure, we give all our information as well as the photocopy of the passport which can be sold to third parties.

[arnosk 228]

KYC is unfortunately necessary to ban scammers and frauds. Crypto should be anonymous, but in this world it is impossible. Maybe it is better this way, if it works to ban scammers. 

[CryptoHamster 115]

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

At first, the KYC requirement is just illegal as for many of those exchanges and for almost all airdrops. Because they are not officially registered companies in any jurisdiction around the world. They are  anonymous themselves, so they have no any legal right to ask identity of other. No logic to send our id documents  to somebody we don't know.
What they can do with our documents:
 -as the best case, they can just store them in own archives . There is only a risk of an occasional data leak.
-as the worst case, they are selling our documents on a black market. Then other people pass KYC on other exchanges&airdrops, but using our faces&passports.

[cryptovlek 2597]

KYC is important for governments and for scammers that collect our private information and sell it to other scammers. How has this helped with money laundering, it didn't do anything. Criminals can bypass this with stolen identity of other users so it is pointless.

[julianisaac 97]

The term KYC is Know your customer, the letters are the initial 3. When it comes to investments that manage people's money or assets, companies often ask for the KYC. Basically it is to avoid fraud and crime money. Some sites do not ask for it at the beginning but later to withdraw money. Or they ask if a certain amount of money is handled per day.