Why kyc is need and its important ?

[Hanan951 841]

The kyc that yo7 need to do on block chain wallet is really wooow better one and the most secured one. The kyc is for you not just them...

[hadayt2030 85]

I am new here and don't know about this if anyone of  u know about this so please tell me? Please tell me something about this so that I can do my best in this platform.....

[Epic 289]

Kyc has 2 purpose, the first is for the exchange to verify that they are dealing with different individuals to avoid market manipulation and second, to collect information about a person for distribution to their partners for marketing purposes.

[Xsimple 441]

I do not know about that if it is really important to have that in exchange maybe because they will prevent some illegal transaction especially in the country that is not good.

[Fadimah 191]

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!

Okay. I understand that now.

I also needed an answer to this

[Cryptominded 704]

9 hours ago, mbilal said:

KYC is the best way to prove you identity and to prove that you are who you actually claim to be that is why it is bieng so widely used and it Wil also help to recover you password if you loose it. 

You forget to add that it can also be used to track down someone should a need arise. That's the reason the authorities mandate cryptocurrency companies to demand it from their customers, so they would have a ready database.

[amara123123 76]

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 important for everyone because in this way we are secure and exchanges has identity of our personal data and we are in safe zone in time of hacking our funds are secure. 

[owmivmen 77]

platforms need that so they know the users who use their platforms. but not all require to do kyc. Usually the exchange platform will limit the transaction limit if the user does not do kyc. Kyc is also very good at overcoming fraud in the case of multiple accounts and money laundering.

[McCree 713]

3 minutes ago, Mukta 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. KYC is needed to become AML in exchanger. if you want to withdraw some big money you need to do some KYC.

KYC should be renamed AML, or anti-money laundering because that is apparently what is being tracked. Anyone can correlate transactions that are written in the public ledger.

[Ahmeddominik 126]

On 2/5/2020 at 11:35 PM, Abdulrahman Ram said:

Airdrops is responsible for this..

My friend, I advise you to amend the comments because it should contain 100 characters less. I am only giving advice

[Rstunirk 151]

KYC means be aware of your customer. It's of great consequence for stack or any powers that be who has totally to enclose their customers information. I deem we service KYC for guarantee idea and It's thoroughly influential to identify the in order of customers for a bank.

[Epic 289]

Websites asking for kyc are verifying that they are dealing with an actual person and not a bot. I assume that the data that they collect from kyc are also shared to their partners for advertising purposes.

[Whited35 15285]

Lets get started from its full form. KYC means Know Your Customer.There are exchange sites they need KYC to verify you are legit and real user not spamming on their system. Make sure to fulfill requirements if it is needed on the specific exchange sites or wallet. 

[hamo86 214]

KYC stands for know your customer and they use this system to prevent user from making duplicated accounts and take multiple airdrops or manipulating the system 
 

[ArsalMajeed 178]

Actually KYC is required to regulize the use of Cryptocurrency. It is actually abbreviated as Know your customers. It is required by centralized exchanges & regulized ICO's. It is done to avoid any form of money laundring  or other criminal activity in crypto ecosystem.

[Rayhan75 1]

I have enough trust on kyc. If you take a little research on it you will gain that it is trusted but you must safe your data.

[Ceaser 2]

KYC, as its label implies, is old to recognize users who participate in airdrop or who are by means of an action on the crypto market, with the purpose, they say, to sojourn the occurrence of SPAM. in addition through KYC they bottle distinguish the country of basis of a user, organism certain campaigns in which the registration from a certified country is prohibited.

I see eye to eye with kyc what time it comes to exchanges, not airdrops.

 

 

 

[ram007 391]

well,honestly,i don't want kyc as i was protecting my informations and want to be kept private,but,on the otherhand kyc is somehow important because it will protect your account not to access by anyone easily.

[samer shero 95]

If you lost your 2 factor authorisation or your email or your private kay you can contact with support and they will help you unlock your account.

[Mizan 96]

Kyc is very importent for your account. Many website or many wallet need kyc. If you complet kyc your account stringer then stronger. If you Forget your account you can back your account.   

[Amir YT 202]

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

After India made illegal crypto kyc journey started on crypto life. It's important for crypto regualtion. Many terrorist use crypto for their illegal activities. And no one can track them. if kyc will mandatory we can easily track them.

[bentayebsalah 2280]

It is required to activate your account through documents or KYC as it is called in order to protect themselves and facilitate the command of knowing people and this is not definitively beneficial for you

[Shahzad bhatti 2]

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

[TasinHasan 421]

key is need because when anyone lost fund company want to back her balance to right person. so they ask kyc on exchange. it important for huge balance user's. 

[Rickso 768]

On 10/17/2019 at 9:40 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

the KYC procedure is very important because to avoid frauds crypto movements, so the exchanges and the authorities can check if you are doing something illegal or not. but do the KYC only on trusted platform and when it is strictly necessary because most of them are scam sites that want your identity to sell this online