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How to curb illegal activities in Crypto currencies?

  • Thread starter Thread starter ahmedo24
  • Start date Start date
Seriously anything that has to do with Nigeria as a country is in a very stupid something because this country has proven to be one of the most stupid country in Africa when they are looked up to as the giant of Africa.
 
Bookwormlux said:
Already so many exchange platforms like binance are collecting the kyc details and I believe they would be ever ready to give it out to government agencies whenever they want to investigate an account.
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I have been on the binance exchange platform for a while now but I haven't come across any feature whereby they are asking for my KYC but if they were to ask me for my KYC I will gladly give them.
 
Ralphjoe said:
I have been on the binance exchange platform for a while now but I haven't come across any feature whereby they are asking for my KYC but if they were to ask me for my KYC I will gladly give them.
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Your giving them your identity card and your bank verification details is enough kyc, so I don't think they still need more information from users again to check.
 
Bookwormlux said:
Your giving them your identity card and your bank verification details is enough kyc, so I don't think they still need more information from users again to check.
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The KYC that I know most companies look for are those that are very complex and highly detailed whereby you will need to submit several documents and also attest to their accuracy.
 
Bookwormlux said:
Your giving them your identity card and your bank verification details is enough kyc, so I don't think they still need more information from users again to check.
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It is quite strange that many people are not able to verify their Binance account despite providing all the details and documents to them. I have heard about many cases where people provided their National ID and even Passports. however, ther account never got verified. I do not know why this happens!
 
It might be difficult to curb illegal activities in cryptocurrency due to the anonymity involves in it dealings except the government intervene in regulating it activities which will defeat the anonymity that people enjoyed in cryptocurrency.
 
Good-Person said:
It is quite strange that many people are not able to verify their Binance account despite providing all the details and documents to them. I have heard about many cases where people provided their National ID and even Passports. however, ther account never got verified. I do not know why this happens!
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It is because they have so many members that is why they take time to verify them. When I registered, everything was processed within twelve hours.
 
I don't think there is any way to curb cryptocurrency because I don't think it will be easy to curb cryptocurrency, I believe is not that easy.
 
Bookwormlux said:
It is because they have so many members that is why they take time to verify them. When I registered, everything was processed within twelve hours.
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The members I am talking about provided them documents and the documents were rejected. I am not talking about delays rather I am talking about rejection of document which many members faced on their platform.
 
joy101 said:
I don't think there is any way to curb cryptocurrency because I don't think it will be easy to curb cryptocurrency, I believe is not that easy.
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It can actually be achievable if all cryptocurrency wallet requests for KYC before the use of their platforms it will help curb fraudulent activities with cryptocurrency to the barest minimum.
 
Well as for the Nigerian government banning cryptocurrency, they know the true reason behind their actions and I won't say more than that. Every other reason they gave is frivolous and not true.
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One of the ways to curb illegal activities I. Crypto is by ensuring adequate security is maintained, also be discreet with your password and security details all these awareness can curb the illegal activities with respect to crypto.
 
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You cannot curb illegal activities in crypto currencies. That's why crupto currency is banned in many countries and even where it is not banned, the governments are suspicious of the crypto currencies.
 
To Curb illegal activities in the crypto currency exchange Business I think the government really need to get involved and start regulating the market. Even with this, the manipulation in the market will stop
 
It's hard for sure , but what I can be done is to have tight security system if it is a crypto exchange or a crypto wallet , and making people aware about possible crypto scam sites can also help in reducing illegal activities in crypto to some extent.
 
ahmedo24 said:
The Central Bank of Nigeria recently banned cryptocurrency citing the use of the coins or the Currencies for illegal activities and volatility as their major points, to an extent I don't agree with them as regards to volatility but they have a point as regards using cryptocurrency to fund illegal activities like terrorism. In your opinion what do you think the blockchain technology all the exchange platforms can do to minimise or control the use of cryptocurrency illegality.
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Terrorism financing is a problem most countries have with cryptocurrencies, not just Nigeria.

Logically, they are right as it's untraceability gives the senders and receivers anonymity and makes work difficult for security agents.
 
Banning crypto may not be the solution, the Central bank should instead integrate crypto into it's banking system and make sure that crypto transactions can be tracked and monitored just like the fiat, every crypto hold must also complete the KYC with their BVN and NIN included. That's all.
 
Adebayonle7 said:
Banning crypto may not be the solution, the Central bank should instead integrate crypto into it's banking system and make sure that crypto transactions can be tracked and monitored just like the fiat, every crypto hold must also complete the KYC with their BVN and NIN included. That's all.
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That is a good alternative and in such case they will have to compel all citizens to use the exchange platform launched by the Central Bank and also compell other Exchange platforms on compulsory kyc for Citizens from their countries.
 
Like they say everything has its good and bad side. Tho i dont think it can be stopped nor can it be totally controlled but i believe it can be controlled to some level to at least reduce the rate of it.
 
I feel the block chain technology of all exchange platform can improve their security system to minimize or control the use of crypto currency illegally. They should also place punishment for those they catch using crypto currency illegally.
 
Will the anonymous nature of cryptocurrency actually make way for this. Well I don't think that will be possible though there's nothing technology can't handle, so even if it were to be possible, it would be very difficult.
 
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