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What do you think about KYC?

  • Thread starter Thread starter Riberet19
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Riberet19

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KYC or Know your customer is something that has become very common in the crypto world supposedly due to the amount of money that is supposedly laundered with cryptocurrencies, but if we look at the data this amount is negligible compared to the amount of illegal money that is laundered with fiat, so I think KYC may be being used for other reasons within the crypto world, for example, to end decentralization, what do you think about KYC? Do you feel comfortable completing it?
 
I have no problem with doing KYC. I have nothing to hide, I believe there should be transparency with financial transactions, other wise a lot of criminal activities will occur.
 
KYC, or Know Your Customer, is crucial for businesses to verify the identity of their clients. It helps prevent fraud, money laundering, and other illegal activities. While it can be a bit of a hassle for customers, it ultimately serves to protect everyone involved.KYC, or Know Your Customer, is crucial for businesses to verify the identity of their clients. It helps prevent fraud, money laundering, and other illegal activities. While it can be a bit of a hassle for customers, it ultimately serves to protect everyone involved.
 
Nomad said:
I have no problem with doing KYC. I have nothing to hide, I believe there should be transparency with financial transactions, other wise a lot of criminal activities will occur.
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The problem is not from my point of view that you have nothing to hide, the problem, which has been seen countless times, is the leakage of data that occurs due to computer attacks or by "mistake" on so many platforms that have sensitive data, the more times your data is on the internet, the more chances that it can be leaked, that's why so much KYC nowadays seems exaggerated and dangerous to me.
 
Personally, I often find KYC annoying because I don't see the need to use it on some sites. For example, on the microtasking site SproutGigs you need to confirm KYC in order to fully use your account. If you have a bank account, KYC is mandatory and it is clear why, but on sites like SproutGigs it is not required.
 
Modar said:
Personally, I often find KYC annoying because I don't see the need to use it on some sites. For example, on the microtasking site SproutGigs you need to confirm KYC in order to fully use your account. If you have a bank account, KYC is mandatory and it is clear why, but on sites like SproutGigs it is not required.
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That's because they clearly want your data, surely no law protects that KYC on those types of websites.
 
Never had too much worries & thought going through through KYC process in legitimate/standard platforms. Instances which I find annoying in when doing em in airdrop platforms, I get a lota pain in the ass dude as these people might decide to turn out giving or selling it to third parties.
 
I haven't had any problems with it yet. I believe that exchanges should be responsible for their own reputation, so they will not risk additional profit and will not sell user data to third-party services. I usually register and trust only well-known time-tested exchanges
 
The problem with KYC is that you don't know what they are using that data for and it breaks with all the schemes of what the blockchain is for, which is so that no third party decides when you can do an action like this or not, but well, I understand that there are people who don't care about KYC very much.
 
KYC helps ensure that financial institutions know who their customers are, which enhances security and prevents illegal activities. It builds trust between users and institutions by ensuring transparency and accountability. Helps companies comply with legal and regulatory requirements, avoiding potential legal issues.
 
KYC in the crypto world, while intended to curb money laundering, can feel like a step toward reducing decentralization. While it's true that fiat money is still heavily involved in illicit activities, KYC is seen as a way to ensure compliance with regulatory standards. Personally, I find it important to weigh the convenience versus privacy trade-off. If you need assistance with KYC, I suggest to call uphold customer service for guidance. They are responsive and can provide help with the process.
 
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I don't think you should be afraid of doing KYC as long as you are not dealing with anything illegal. Just make sure crypto company is registered locally.
 
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