KYC on CRYPTO??? Like what's wrong!!!

[Guru2050 8284]

The idea of doing KYC verifications required by some online sites is not in my favou Beause I had once tried when I was new user in Crypto world, but nothing meaningful come out of it after I have risk disclosing my confidential details to the site. As such I don't subscribe to any sites, links an campaigns that requires for KYC verifications any more.

[Sugibengi 390]

Yes, I think kyc in crypto is necessary if we want to convert crypto to fiat, so we have to give kyc to exchange and link bank account numbers to transact there. If kyc is only needed to get an airdrop or bounty campaign in my opinion it's not necessary, it's better not to participate.

[Alex9876r 1408]

The Kyc can be considered a specific distraction from the protection of the user and his money, especially since we work in a digital space, and fraud and hacking operations occur and cannot be limited, and making sure of the person is important. And some platforms require it according to international financial laws that impose restrictions on some countries

[muniral4422 185]

On 4/10/2020 at 8:23 PM, Upright said:

Like on a serious note as to why exactly does Crypto wallets, exchanges even doing this of having to make their apps or sites fully accessible by the use of kyc, as the reason of Crypto was for a fair means of transacting without the a use or proof of I'D as to know who broadcasted this transaction on the decentralized network of blockchain,but just people get blind when propose an airdrop just like what the COINS BUT is also doing. And we SAY WE ARE CRYPTO ENTHUSIASTS when we are been blind

Because there are lots of scams happening in crypto there is need to be able to identify who is who. And the only way to achieve that is through KYC. KYC help exchanges know who there customers are really are so that when he does something illegal it would be easy to trace him. 

[Onden 2098]

Actually, kyc on exchanges is really needed if you want to convert cryptocurrency to fiat, the exchange will ask to link your bank account number, so you can connect with the exchange account. But we should give kyc only to trusted exchanges and don't give kyc to airdrops or gifts.

[Cryptomint 433]

I don't think so that is compulsory and it is also risky. If they will use our personal information for the illegally use so what will can you do?

[xawier 49]

I do not agree with the KYC can steal your personal information and God knows what they do with it. There are purses that ask for it and it is not so bad because it is a security measure but when they are airdrops of doubtful origin I prefer not to make them, I don't like that my identity goes around on the internet without knowing what they do with it. 

[Poezdec 1]

I don't think that KYC on many exchanges is bad, because these sites want to know our intentions as their users, they provide us with services and have the right to know who we are. Especially KYC are relevant for distributions and airdrops to prevent cheating and cheating.

[Shaza Ahmad 1682]

Yes, many exchange platforms are asking for KYC from users to increase the security of transactions, according to what they say, but I find that fundamentally opposed to the system that Satoshi Nakamoto started, which is based on complete anonymity.

[annayks 2314]

We can avoid KYC and it is for the best to us not to let someone have our private identity and other data. Crypto is nothing about that and we have to protect our privacy and be more responsible towards ourselves especially not ever join KYC airdrops and bounties.

[zhoutong 2188]

KYC is a menace for crypto, we don't need it and yet we are forced to do it to participate until we find there are ways to avoid it all along. Have a little patience and try to find these ways and don't ever do KYC.

[Jeofrey 162]

On 4/11/2020 at 3:23 AM, Upright said:

Like on a serious note as to why exactly does Crypto wallets, exchanges even doing this of having to make their apps or sites fully accessible by the use of kyc, as the reason of Crypto was for a fair means of transacting without the a use or proof of I'D as to know who broadcasted this transaction on the decentralized network of blockchain,but just people get blind when propose an airdrop just like what the COINS BUT is also doing. And we SAY WE ARE CRYPTO ENTHUSIASTS when we are been blind

Well it is really appropriate to incorporate KYC on crypto transactions and/or in any wallet apps/sites. This is to regulate and for safer and more secure transactions. Also, the organization should be responsible to know their customers or clients and to provide a safer platform.

[yonkii 3205]

I'm very new at crypto and it was here that I've learned what KYC was. I was laughing with this incomplete system of recognizing who is behing the keyboard as I know that most of identities and personal data can be forged and KYC is not helping any organization to reduce money laundering. It is just makes these people laugh with the pathetic system choosen to make our life harder and the criminals can easily avoid detection.

[cryptovlek 2597]

KYC in crypto is wrong and I wonder who was the first project that thought of that. It could have been coinbase I don't know anything older as exchange that would ask for something like that. Then suddenly everyone was pro KYC just because they knew they will make millions if they were regulated. Not much care about privacy anymore.

[iloveyobit 6599]

I also do not like the idea and its spread as well, the blockchain is based on the principle of being anonymous and protecting your privacy, what is the goal of imposing the activation of accounts on the platforms and using kyc ?

[its.cryptologic 163]

Only some exchanges KYC, those that do are usually regulated and it is done to avoid money laundering as well as help keep your funds safe. Like if I hadn't done KYC and lost my 2FA, I'd have almost no hope to recover my acc.

[Sykkuno 2887]

Exactly, this is very wrong and it can't be happening at such a large scale, crypto is the opposite of KYC and I am not following anything in crypto that ask for our private information, as except that they will lose it and hackers can steal it easy the way they store it, it is also against everything cryptocurrencies stand for.

[percare 3192]

You are right. It is a blind approach to make pass the identity and all the information to uknowns on the internet. Satoshi didn't ask for any and if Bitcoin was about KYC it would have failed. We are asked by all these exchanges and even for airdrops now it is stupid and we are blind to accept it.

[Fixfin 2569]

It is very wrong and makes me feel bad tthat many accept it and I've seen hundreds of people uploading their passports to earn from an airdrop, this is out of hand. We have exchanges that don't need KYC and Yobit is one of the best in security terms too that can be trusted, we see exchanges asking for KYC and then getting hacked and the kyc is stolen. what protects us?

[Cryptomint 433]

Yes there are many wallets and exchanges which always ask the KYC to use the platform. I think this is for our better security. This should be applied.

[guatazoo 7150]

On 4/10/2020 at 11:34 PM, rekter said:

Mostly because of regulations. If the projects are legit they are cooperating with regulators, And those regulators want to know that no one is hiding money from them and their sanctions are holding.

Sure through KYC it would be very easy to track even hackers because when they still bitcoins they must store in the wallet which they also verifying KYC.

[VijithaVarghese 1994]

I think in one way KYC is good because it can detect spammers. There are lots of questions behind KYC verification I think it's assures security matter. The whole cryptocurrency world is quite prone to getting hacked . Good luck friends.

[Syedbesharat 5423]

In start I was newbie and do kyc at many fake airdrop. After learning from experience I stop joining airdrops blindly and start doing search at first then join them. For the exchanges I do when I know more about them or invest them. Now I join after research and then submit all details. I also suggest newbies and other people to not submitted all their details blindly. 

[miskyming 1588]

It depends the regulation of a country because there are  some countries are very strict when it comes to crypto related especially if crypto exchange based in the strict country then definitely requires KYC to the user who uses the exchange.  I really don't want to use an exchange that needs KYC to withdraw/deposit because I'm not comfortable to send my information to unknown company or a person, it is so risky. What if they use our identity to scam people.

[Goyaa 2414]

On 11/4/2020 at 02.23, Upright said:

Like on a serious note as to why exactly does Crypto wallets, exchanges even doing this of having to make their apps or sites fully accessible by the use of kyc, as the reason of Crypto was for a fair means of transacting without the a use or proof of I'D as to know who broadcasted this transaction on the decentralized network of blockchain,but just people get blind when propose an airdrop just like what the COINS BUT is also doing. And we SAY WE ARE CRYPTO ENTHUSIASTS when we are been blind

Most of the exchanges request KYC because of regulations. Government regulations that provide a condition for verifying KYC leave users unable to do anything, possibly due to tax regulations, as taxes can be withheld from exchanges. I think that's natural because exchanges usually ask for data as a match between a bank account number and personal data. If the airdrop asks for KYC, I don't think it's necessary.