I am in total support of the use of the KYC method in securing the account if their clients. This would reduce loss of things like their money or crypto currencies.
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I agree that KYC is very important but some online website make some ridiculous KYC which made it very difficult for people to register or use the website I think they should be other alternatives to KYC for those who have to register.Even though KYC verification is important to prevent money laundering, sometimes an exchange does it excessively, I often fail to register with crypto exchanges, because they demand handwritten selfies about the exchange's name and registration date, the reason is their photo is blurry. even though I think it's still clear and easy to read.
Yeah, you are right, many crypto exchange sites and mobile applications are ridiculous, so I often fail to verify KYC, mostly the reason they are written on the ID is blurry, or the photo itself does not match the document. actually the ID number can be tracked online is valid or not.I agree that KYC is very important but some online website make some ridiculous KYC which made it very difficult for people to register or use the website I think they should be other alternatives to KYC for those who have to register.
Yeah sure there are advantage and disadvantages to this which you mentioned... But that only happens on some occasions and kyc is easier to reduce fragment activities...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?
To me I think doing KYC verification is just a waste of time, because it stop nothing when it comes to doing fraud in crypto currency exchange. So I don't think there is any need for us to be doing it again.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?