Why kyc is need and its important ?

[Guru2050 8284]

KYC verifications has been one of the reasonable fact that made me to stop participating in some legit, valuable and gainful free eaning campaigns (air drop & bounty campaign) which I can not compromise my confidential details because of chicken amount of money. But still pay attention and respect exclusive sites that doesn't require KYC verifications to that's the true meaning of digital decentralized and anonymous nature of crypto currency

[Reyna 576]

KYC is very important for the admins of every sites because they need to see if the end user is legit or not to avoid scamming to their site especially for the trading and investment sites but we need to be careful for the sites who are having an KYC procedure because we're giving our personal information to them and make sure that this sites are legit.

[scofield64 943]

KYC simply means know your customers and it's very important in some exchange. Some exchange use KYC to know the country of origin of the users because some countries are prohibited in the exchange. I don't give my KYC on airdrops. 

[Cleaner 2549]

9 hours ago, Guru2050 said:

KYC verifications has been one of the reasonable fact that made me to stop participating in some legit, valuable and gainful free eaning campaigns (air drop & bounty campaign) which I can not compromise my confidential details because of chicken amount of money. But still pay attention and respect exclusive sites that doesn't require KYC verifications to that's the true meaning of digital decentralized and anonymous nature of crypto currency

@Guru2050..We can't give our kyc on all the sites. Because giving kyc can cause us problems.  But the real airdrop and bounty will never want KYC.  However, some good wallets want KYC to complete their verification.  However, we cannot give our own KYC for all sites

[The shiekh 793]

Well kyc helps you a lot if you have faces any problems related to the funds recovery and 2 factor authentication . So it's like a helping tool for us. Thanks for the topic.

[Reyna 576]

23 hours ago, scofield64 said:

KYC simply means know your customers and it's very important in some exchange.

Well, that's true buddy, there are some exchanging sites and trading site which is implement this kind of security like binance, PDAX, kanga exchange and more, just be careful for the scam sites which are offering KYC to avoid being hacked.

[Guru2050 8284]

15 hours ago, Cleaner said:

However, some good wallets want KYC to complete their verification.  However, we cannot give our own KYC for all sites

Good one from your side @Cleaner for your successful story to be recorded in crypto world you must buy the idea of adopting KYC verifications terms and conditions especially as a crypto traders who deals with numerous legitimate and profitable exchange sites and various sophisticated, reliable crypto wallet address. But apart from those reasons I don't compromise the security of my confidential datas with free earning sites

[Nicole018 4548]

KYC is asked by many institutions and sites in order to verify the authenticity and genuineness of the users. It is done by the platform to ensure that the users are not trying to take part in any fraudulent or illegal activity by joining the platform. I feel that I KYC form should be given to search platforms also in order to check their authenticity and genuineness also.

[artdor 386]

I'm not sure if KYC will help in restoring access to funds. Rather, he is asked to go through so that he can track transactions and ask, in which case, the origin of funds on the accounts of exchanges. That is why, when you trade on the exchange and withdraw up to a certain amount, KYC is not required, and already when you increase, then they ask to go through it

[Cleaner 2549]

14 minutes ago, Guru2050 said:

But apart from those reasons I don't compromise the security of my confidential datas with free earning sites

@Guru2050...We can never give our KYC on free income sites.  Because these are many site scams.  And if you provide your personal information on a scam site, they can blackmail you in various ways.  So we are never ready to give KYC on free earning sites.

[Serbberq 724]

Kyc is important because it gave reduce ways that scammers take members coins easily, kyc helps to make varification before making any crypto transactions. 

[Guru2050 8284]

On 12/12/2020 at 7:39 AM, Cleaner said:

they can blackmail you in various ways.  So we are never ready to give KYC on free earning sites.

Thank you @Cleaner and I will like to also embrace the habit of enlighten fellow members especially the new beginners about the negative side of adopting KYC verification, they have to be wary about exchanging their private details in just to fulfill the requirements for K verification

[Cleaner 2549]

2 minutes ago, Guru2050 said:

they have to be wary about exchanging their private details in just to fulfill the requirements for K verification

@Guru2050..We should all be aware of KYC.  Because KYC is a very important thing for all of us.  However, many exchange sites take KYC to verify them.  We can give our KYC on the original site.  However, we cannot give it in all cases.  So I am always alert and hope you will too 😁

[Emiway 842]

KYC is required for the undertakings to be protected from victimizers and to assemble a sound network despite the fact that it isn't essential and for instance yobit's origination fills in too

[Russel 017 506]

Kyc is very important to destroy scammers from crypto world.Many ioc admin can verify that you are ligally want to do  work with them. That's why kyc is important. 

[Ryken8 545]

KYC on legit platforms are for security purpose to ensure your account is safe from hackers and impostors, but we have to ensure that we don’t do KYC on illegal sites which are utilizing the KYC to get your personal information to scam you.

[Amr90 1064]

First, to make sure of the customer's information and not to impersonate,
Perhaps to collect data for the platform database,
The useful thing when facing a problem with the platform may be to verify the customer's information and background, so that the crypto is not lost on the platform.

[KHALED ADWANI 1216]

Know your customer
This is important if the account will receive or send money from the bank
Some countries impose this order on platforms where a work permit is required in order to prevent the spread of financial crimes

[SvenIronheart 44]

Based on what I know, exchanges require it's users to do KYC verification because it is one of the way on how they will secure their platform and also their users. KYC is not really important because the reason why we use crypto is because we want to be anonymous if we do transactions.

[setifien 1016]

Exchange and wallets platforms that require KYC process from their users say it's to make sure that real people who are using their services and not bots (or viruses), but the problem here is that there is no guarantee that our information will not be shared with third parties 

[yato987 2811]

for me i never like this type of sites and never participate at it since who knows what they are doing with my personal data but if a legit site then this is a different matter , take binance as example you don't have to verify KYC unless you want to deal with a huge amount of money in this case they need to know who they are dealing with , and another reason to make sure it's the customer  himself not a stranger that had access to his wallet

[Guru2050 8284]

21 hours ago, Cleaner said:

We can give our KYC on the original site.  However, we cannot give it in all cases

When talking about success in any aspect in crypto world knowledge and security come first, they determine your progress. With this it has made me to limit myself to using of some certain number of exchange sites that requires KYC verifications though I take advantage of arbitrage trading that's buying from affordable exchanges and sell at exorbitant exchange sites @Cleaner those profitable exchange sites requesting for KYC verification should be limited all to protect the privacy of your details

Edited December 14, 2020 by Guru2050

[MoralStories 1127]

In most of the cases the company ask its users to do KYC because they wanted to know if one person is holding one account only and that is why they ask us to do it because they do not follow one person to use more than one accounts

[DreamStage 2105]

KYC (Know Yor Customer) is just like the name states - It's a way for services / companies / exchanges to know a users transactional financial states.

 

Providing such regulated information and legislation saves both the User and the Exchange towards illegal activity attempts either by him, the exchange and even someone that gets access to that User's account and do some illegal activities.

 

There's more into it than we can express here as well.

[mzk7736 1592]

If you are entering a permanent payment or earning giving site then KYC is needed for them to know whether you gal in their target zone or not. But it's not necessary for airdrop or any single time bounty.