Why kyc is need and its important ?

[Oxygen 1004]

Kyc itself mean Know your customer. Means that a well reputed organization and good projects never want to get scammed by anyone or they want to prevent money laundering. In some cases for avoiding duplication KYC is needed.

[Naylor89 1223]

The KYC is one of the most important part of bounty campaigns or ICO's project. this is mandatory for those projects that belongs to the county they has a strongly security to prevent laundering activities.

[Sohel Rana Sazzad 453]

Important for KYC Verification KYC is used to verify an account.If you do not verify an account, it will never be open and KYC is used to open this.

[Naga 1250]

On 12/10/2019 at 9:45 AM, febriyana said:

KYC is required for security reason, for example when exchanges get reported because money laundry or selling hacked coin, they will give your identity who doing that transaction to the police or government. 

But for bounty, wallet, airdrop i don't recommended do KYC, because that is possibility to selling your identity to somewhere 3rd party company or person.

there shouldnt be a reason to require kyc in the first place and exchanges are making cyrpto centrlised with this identity bullshit, every exchange should be more like yobit, they dont ask for any kyc

[Interface User 1070]

I think in some cases KYC is needed to verify your identity in some undesirable events happen like example in hacked accounts and you want to backup your coins in a wallet.

[saddamali 194]

KYC is most required in many good exchange and good airdrop , you can earn some free money doing kyc.But do not provide any private key information in any site.

[Sagor 500]

Mainly the exchange owner is doing it to protect exchange from scammers. when any one do kyc in any exchange then he cant do any scam.

[Soaib khan 1035]

exchange asking kyc for security reason and i don't join those airdrops asking kyc i don't like kyc in airdrops some scam airdrops selling our data

[Suhannewaz 245]

Avoid any program that requires KYC to do so. This is not the way Crypto should be used. Each time you sign on an exchange you don't have to pass your passport scan to them. We can also get compromised and leak risky private data.

[nayim123 38]

While most of the exchanges require Know your customer verification I don't like KYC and trying yo not use KYC required websites 

[tienda 8776]

I m dont agree with KYC right now with cryptocurrency not regularized! my question those websites exchange who ask this KYC they fix restriction for those who moves millions per day? I m not sure!

[lucky80 1046]

14 minutes ago, Abbas Ali Shah said:

Its to prevent Exchanges from being used, intentionally or unintentionally, by criminal elements for money laundering or terrorist financing activities. KYC procedures also enable Crypto Exchanges to know/understand their customers and their financial dealings better which in turn helps them manage their risks prudently.

Yes, it prevents all crime to take money out and dump the market. Hackers will have a big problem and cannot enter any exchange and cash out their stolen crypto.

[lucky80 1046]

6 minutes ago, Abbas Ali Shah said:

yes you are right because you are just tied by KYC know your customer by exchanges to not do anything illegal in exchange

The government is afraid of these crimes and that is why they ban Crypto. With the KYC system, the government can regulate and there is no excuse to ban. I think that is good for crypto adoption and development. 

[Slavi 11287]

I would not get involved in verification if it can be avoided. I have a bad attitude to this procedure, and I think it’s worthwhile to verify only when you have a lot of money on the stock exchange to be safe, so to speak

[Syed Rehan 231]

Now a days many exchanges restrict on the users that they must submit the KYC before using the trading platform.

It is a method to overcome the money laundering. Every person have a specify identity and they can make only one account on his identity

[khan22 3478]

On 11/11/2019 at 8:47 PM, Sunjina said:

We use Kyc to recover stolen money. Kyc is site to use for exchange money safely .

Yes KYC is most important for us and just through just KYC we can increase our account limit and we can withdraw almost 100BTC in just a single day and also we can deposit 100BTC in just a single day so KYC is most important and it can safe our account and money.

[johant123 1559]

On 12/15/2019 at 4:04 PM, Sumayya said:

Cryptocurrency was not built with anything like KYC, don't go for some KYC they are not important to us

Some level of KYC is definitely needed. What do you think will happen in the long term if bad guys can exchange money without the risk of being traced? The whole world will become a less safe place.

 

I have no problems with a legitimate site (e.g. with a base in the EU) asking for some details, because I know they are bound to strict rules. However, I would never give my details to a site I don't trust, or where I cannot find out where it is located. Identity theft is a real danger.

Edited December 30, 2019 by johant123
Spelling mistake

[pakjobhelp 1585]

The KYC is most important function of every crypto exchange here a lot of number exchange work without KYC working. These exchanges does not know about the customer and in this way these exchange reduce the traffic day by day. But the top exchange need Know Your Customer policy follow.

[Ari Saputra 1]

Because KYC is used to identify users who participate in Airdrop or who use actions in the crypto market, with the aim to stop the occurrence of SPAM.  I agree with kyc when talking about exchanges, not airdrops.

[Sumayya 493]

3 hours ago, johant123 said:

Some level of KYC is definitely needed. What do you think will happen in the long term if bad guys can exchange money without the risk of being traced? The whole world will become a less safe place.

 

I have no problems with a legitimate site (e.g. with a base in the EU) asking for some details, because I know they are bound to strict rules. However, I would never give my details to a site I don't trust, or where I cannot find out where it is located. Identity theft is a real danger.

Yes some of those KYC data collected by fake sites or exchange or ico as of before can be sold for a huge money, but it help in tracing those scammers

[SuperCrypto 7193]

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

Most cryptocurrency platforms and sites use the command to activate documents because they prohibit some countries from using them because of the restrictions imposed on these countries

[Syedbesharat 5423]

3 hours ago, SuperCrypto said:

Most cryptocurrency platforms and sites use the command to activate documents because they prohibit some countries from using them because of the restrictions imposed on these countries

When they ban or restricted any country their website does not open then.They have their own reasons for restriction but KYC will be not possible even you create account on those site.So better be check before joining any exchange whathere your country is allowed or not.

[Tasrif Hossain 271]

I think this is a very important thing and one of the reasons is that it is possible to verify a whole human being and in addition we can verify all kinds of real people and that is why I think this thing is all over the siteMust do

[Ankit Nepal 719]

Kyc is needed to remove fraudness and unpleasant work. Simply it bounds a fraud to do a criminal activity. Actually l, kyc is needed for human verification as well.

[Jimmy 437]

11 hours ago, Hanhassie said:

For Airdrop it is very risky, they use our data to sign up for other programs

Yeah you are really right dude and we should not submit any data to airdrop that fishy, Maybe some airdrop on big platform like blockchain.com and coinbase was safe but not sure for the others, just be careful especially for our data.