Do you believe that KYC verification is a necessary step that all exchanges should employ?

[OptiShen]

KYC is a good strategy to improve security. They use this to prevent misuse or fraudulent uses of an account. It also protects the company in illegal acts and moves. So I think KYC should be implemented in all platforms.

 

[Shivay]

Yes you are right. Providing personal document's are not safe whether it is a trusted site or not. Anyone can use you data but apart from this , there are no legal activities without KYC . In todays world all the transaction's and legal works are identified through KYC. It is our helplessness. I hope in future something could come that could verify our Identity keeping our documents out of it!

 

[Prettybabe]

Doing KYC is good. It has it advantages. It helps to prevent fraud or money laundry. But when it comes to extreme, where you have to provide this and that just to be verified. Then it becomes very annoying.

I think KYC should be done when you have had certain amount of money in your wallet. Don't stress people that are just trying to save some little coins in their wallet please.

 

[Kamon c4]

Well I support the notion that all cryptocurrency exchange platforms should endorse the use of KYC. Platforms like coinbase, blockchain are secured because the platform has every important information about their customers. Though there may be fear regarding the disclosure of personal informations but the purpose is worth it

 

[Josemendez]

There have been many breaches recently where user data was exposed. Over the last year there have been many hacks and so I think that this is a concern when it comes to people submitting the documentation for approval of exchange sites. This is why I only think that it may be necessary if you have large amounts. Because this way it makes sense to track usage for fraud. But for smaller account KYC may not be favourably looked upon. I guess in a way it is a double edged sword here.

Yeah. For example ledger exchange site users got their private information leaked , the exchange site couldn't do anything to affect it . The leaked data was used by the hackers to threaten the users ,and also in extorting them . This is why most people are not comfortable with kyc verification .

 

[Shahid Abbas]

There are many cryptocurrency exchanges that are out there at the moment and many more that are being released. Some of these exchanges have extreme verification processes, whereas the others do not, and you can use it immediately after signing up with just an email address. Which is very good for some users. However, do you feel that KYC verification should be a standard practice across all exchanges?

There are of course advantages and disadvantages to this. The advantage being that it will prevent money laundering and also that it will be able to provide more of a regulated feel for crypto which may help in governments accepting it more readily. The disadvantage is that there are many that will then move away from exchanges to protect their anonymity as is what is provided through crypto.

Personally I think that to balance these two, accounts with high values in coins that exceed a certain limit should be required to do KYC verification to avoid money laundering. What are your thoughts on this?

KYC is a very important step because but it is also afraid of coming to the exchange of hackers this is the best step, I say it should be made more stronger for every exchange in my point of view this is necessary for exchanges

 

[Godleads1]

I would say yes to KYC verification. Because it is a way of limiting the atrocities of those that fold their hands while others are working themselves up to acquire this currencies even when it was ok. Some would just hijack another person's labour all of a sudden. Sure it's a welcome idea or development

 

[BrolySSJ]

Yeah. For example ledger exchange site users got their private information leaked , the exchange site couldn't do anything to affect it . The leaked data was used by the hackers to threaten the users ,and also in extorting them . This is why most people are not comfortable with kyc verification .

This is true. There have been cases and reports of those users that are being blackmailed as a result of this as well, and it is rather disappointing to see that happening, especially for a company like Ledger, where you are paying a lot for the hardware wallet and the security that it is able to offer. I think that in this case the scepticism that is around KYC verification may be justified. I think there needs to be a safer way to store this information in the future perhaps.

 

[Josemendez]

This is true. There have been cases and reports of those users that are being blackmailed as a result of this as well, and it is rather disappointing to see that happening, especially for a company like Ledger, where you are paying a lot for the hardware wallet and the security that it is able to offer. I think that in this case the scepticism that is around KYC verification may be justified. I think there needs to be a safer way to store this information in the future perhaps.

The whole issue boils down to ledger loosing the private data of their site users to a third party. This is where the whole issue began ,and this is another issue with going for kyc verification in some places,because it can lead to future issue.

 

[Nurudeen]

Know your customers is one of the best security measures to adopt on at PLATFORMs. These is one of the things different PLATFORMs are now using due to security reasons and double account on get paid to post Website. So it's a good method bro trim down and get good and quality members on a platform and rid off other members who are not serious.

 

[Akinwale701]

It don’t think kyc is extremely necessary although it helps prevent fraud and manipulation of people’s wallet and funds but I believe that other means can be applied like the persons password or security question that only that person has the answer to, i sayvthis because we also have to be careful about or information being used without our consent

I love the idea of KYC (Know Your Client/Customer) verification procedures, it creates some sense of security of funds to some extent and it discourages the intending fraudsters. I am always skeptical of any Cryptocurrency website that doesn't put up KYC guidelines. It makes me think twice before having funds in their wallet.

Post automatically merged: Jan 25, 2021

It don’t think kyc is extremely necessary although it helps prevent fraud and manipulation of people’s wallet and funds but I believe that other means can be applied like the persons password or security question that only that person has the answer to, i sayvthis because we also have to be careful about or information being used without our consent

I love the idea of KYC (Know Your Client/Customer) verification procedures, it creates some sense of security of funds to some extent and it discourages the intending fraudsters. I am always skeptical of any Cryptocurrency website that doesn't put up KYC guidelines. It makes me think twice before having funds in their wallet.

 

[Abigael]

There are many cryptocurrency exchanges that are out there at the moment and many more that are being released. Some of these exchanges have extreme verification processes, whereas the others do not, and you can use it immediately after signing up with just an email address. Which is very good for some users. However, do you feel that KYC verification should be a standard practice across all exchanges?

There are of course advantages and disadvantages to this. The advantage being that it will prevent money laundering and also that it will be able to provide more of a regulated feel for crypto which may help in governments accepting it more readily. The disadvantage is that there are many that will then move away from exchanges to protect their anonymity as is what is provided through crypto.

Personally I think that to balance these two, accounts with high values in coins that exceed a certain limit should be required to do KYC verification to avoid money laundering. What are your thoughts on this?

I totally agree with your suggestion. Those transacting high amounts that can be used for laundering should have KYC verification. This will really help in balancing the needs of those who want anonimity and those who want the safety that KYC provides.

 

[Bilal0087]

There are many cryptocurrency exchanges that are out there at the moment and many more that are being released. Some of these exchanges have extreme verification processes, whereas the others do not, and you can use it immediately after signing up with just an email address. Which is very good for some users. However, do you feel that KYC verification should be a standard practice across all exchanges?

There are of course advantages and disadvantages to this. The advantage being that it will prevent money laundering and also that it will be able to provide more of a regulated feel for crypto which may help in governments accepting it more readily. The disadvantage is that there are many that will then move away from exchanges to protect their anonymity as is what is provided through crypto.

Personally I think that to balance these two, accounts with high values in coins that exceed a certain limit should be required to do KYC verification to avoid money laundering. What are your thoughts on this?

Yes dear I consider it a very necessary step to avoid any type of scammers and fake people because in the world of Crypto there is always a risk of fake people who can hack our wallets so every exchange must perform this action to know its each customer and exchanger.

Post automatically merged: Jan 25, 2021

There are many cryptocurrency exchanges that are out there at the moment and many more that are being released. Some of these exchanges have extreme verification processes, whereas the others do not, and you can use it immediately after signing up with just an email address. Which is very good for some users. However, do you feel that KYC verification should be a standard practice across all exchanges?

There are of course advantages and disadvantages to this. The advantage being that it will prevent money laundering and also that it will be able to provide more of a regulated feel for crypto which may help in governments accepting it more readily. The disadvantage is that there are many that will then move away from exchanges to protect their anonymity as is what is provided through crypto.

Personally I think that to balance these two, accounts with high values in coins that exceed a certain limit should be required to do KYC verification to avoid money laundering. What are your thoughts on this?

Yes dear I consider it a very necessary step to avoid any type of scammers and fake people because in the world of Crypto there is always a risk of fake people who can hack our wallets so every exchange must perform this action to know its each customer and exchanger.

 

[BrolySSJ]

Yes dear I consider it a very necessary step to avoid any type of scammers and fake people because in the world of Crypto there is always a risk of fake people who can hack our wallets so every exchange must perform this action to know its each customer and exchanger.

Whilst I do agree with you in the sense that it is a necessary step to make the cryptocurrency world safer and of course more government friendly as well, I think that many people may stay away from crypto and may not see the advantage in it as much if they are forced to go through such extreme verifications processes as well. Therefore, whilst I do agree with you that we should use this as a means to take out the spammers of a fake accounts, there should be a criterion that is employed so that those that are doing light trading or small amounts do not have to face this as well. So it still keeps the interest in cryptocurrency for beginners too.

 

[Lyrrex]

It don’t think kyc is extremely necessary although it helps prevent fraud and manipulation of people’s wallet and funds but I believe that other means can be applied like the persons password or security question that only that person has the answer to, i sayvthis because we also have to be careful about or information being used without our consent

 

[Olubayo12]

There are many cryptocurrency exchanges that are out there at the moment and many more that are being released. Some of these exchanges have extreme verification processes, whereas the others do not, and you can use it immediately after signing up with just an email address. Which is very good for some users. However, do you feel that KYC verification should be a standard practice across all exchanges?

There are of course advantages and disadvantages to this. The advantage being that it will prevent money laundering and also that it will be able to provide more of a regulated feel for crypto which may help in governments accepting it more readily. The disadvantage is that there are many that will then move away from exchanges to protect their anonymity as is what is provided through crypto.

Personally I think that to balance these two, accounts with high values in coins that exceed a certain limit should be required to do KYC verification to avoid money laundering. What are your thoughts on this?

Yes, Know Your customer or know your client verification is a very integral part of business. It should be made compulsory across all cryptocurrency trading platforms to minimize the actions of fraudsters who hide under bitcoin to cheat people and dupe them

 

[Jimmie150]

Yes I strongly feel KYC verification is a necessary step that all exchangers should adopt because by so doing you would be able to eradicate those trying so hard to ripe all others of there crypto. It has for me good think to fill.

 

[Rainlover207]

The know your customer or know your client guidelines in financial services requires that professionals make an effort to verify the identity, suitability, and risks involved with maintaining a business relationship. The procedures fit within the broader scope of a bank's Anti-Money Laundering policy

 

[Adebayonle7]

I think know your customer verifications are very important in the sense that it enables and ensures that every customer is bringing in only what they have rightfully earned through their own efforts and work. It will prevent a lot of customer fraudulent activities which might include others diverting earnings from another customer through hacking or exposure of the other's vital informations. You do not expect a 14yr old to be holding up cryptos worth billions of dollars in his account or wallets and not be suspicious.

 

[Ltherman]

kyc is too important to be ignored by any 21st century online business that means business. Identity management is one of the most valuable data set online and must be protected by platforms who request, manage and control this data. This is financial asset and so knowing who is who is key securing the platform and funds of users.