I have been wondering how possible can I ever make a KYC for cryptocurrency because that's the worst things I have ever heard from people who believed in anonymous but later turned to KYC. This action is bad and can land any individual into jail, we have heard series of hacks whereby hackers gained access to the database to stole whatever in the database. Many of these KYC done on these affected exchanges or gambling platforms stand a risk to be jail for what never happened to them per se. I hate KYC and won't encourage anyone to participate in the act.

Personally I dont like to do KYC for any kind of bounty project. But I like to do KYC for exchange platform like binance,bittrex because it has huge advantage. you can withdraw huge amount of btc/crypto and your problem within the exchange will be solve easily. so its good to do KYC for exchange. but for bounty project its not good at all. because most of the bounty project are fake and they are just trying to collect our personal data and so why KYC is very risky for us.

This is absolutely true!
And we have been many cases where data have been leaked and who knows what the hell  happens with these huge data.

Few cases:
https://www.infosecurity-magazine.com/news/data-leak-password-reset-crypto/

https://cointelegraph.com/news/bitmex-email-data-leak-fallout-is-serious-many-users-already-affected

My opinion is that crypto exchanges should be more focused on security than on KYC.
But well, KYC is needed also to fight against things like AML.
It's complicated situation.

Good security is expensive. Exchanges don't want to spend money and lose out on profits. We have seen time and time again that exchanges can be subject to huge security breaches and lose thousands of customers' KYC data, and people don't care. They will continue to use them and continue to trust them, even though they can't be trusted. Why would an exchange spend all that money on good security for their users, when their users will continue to use them regardless? So instead they opt to tender their KYC processes out to the lowest third party bidder, with predictable results.

This is a poor reason to complete KYC. If you have different, strong passwords for both your email and your Binance account and use a secure method of 2FA for both (not SMS or SIM based), as well as practicing basic security practices such as not logging in on public computers, then the chances of your accounts being hacked are minimal. If your Binance account was hacked, then you should be able to recover it from your email address.

If your account was hacked, and any coins you had on it stolen (although they shouldn't be since you should be storing all your coins in your own wallet), then what good is recovering the account anyway? You won't get your coins back. Risking your KYC documents for this reason is pointless.

You should be using an open source 2FA authenticator app which allows you to export your encrypted database as a back up, such a Aegis or andOTP, and not Google Authenticator, which is the worst 2FA app out there. If your mobile with 2FA is stolen, then your accounts shouldn't be compromised because the attacker does not know your passwords, and you can still access your accounts by restoring from your 2FA database back up.

Great work @1miau. If you don't mind i would like to do Polish translation.


I will quote my post here that i made for a guy who was pro restrictions and pro KYC:


And actual data right from darknet:


In present world you don't even need to collect single $ from ICO to call it successful. All you need to do is no-KYC bounty and change it to KYC bounty after 2 months.

I myself do KYC while buying ico in years 2018 if secure my data I do not quite know that KYC be misused someone irresponsible when I read this thread I realize that personal documents are very important and very dangerous if it is owned by the bad guys and used in any use for the benefit of crime.

The need to pass verification on Binance is not only to increase the daily limit for withdrawing money. Passing KYC allows you to use additional services of the exchange. Only after verification you will be able to take advantage of margin trading and futures. In addition, you will be able to restore your account if you lose access.

PM me a copy of your ID. I swear it will never be misused.

You wouldn't do that, would you? Why would you give it to somebody else? Whether it's a small company, a corporation or simply a person, just why? Moreover, why do you have to give it after registering and depositing funds on most websites?

You could deposit 1 BTC on a website and I may have the password of it and complete KYC to withdraw your money from your accounts into my wallets and nobody would suspect a damn thing, I mean.. "you" have completed the identification process, haven't you? Besides IP, how would Binance know that the guy who completed KYC after their account activity turned "suspicious" is the same guy who registered?

It's just plain nonsense and too many are taking advantage of it. But it's only me and a handful of others complaining about it, everyone else says "well you should give it if you really have nothing to hide" .. -insertEdwardSnowdenquotehere-

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Let that be their personal matter. If you'd like to sell your hands to somebody 'cause you want to make money off them, then feel free to do it. They're doing that as they will to, but nobody tells you about the dangers of KYC before registering everywhere. All you're being told is, "obey the law".

AFAIK, Binance one of exchange that not asking KYC for members who not needed to withdraw more than or equal 2 BTC/day. It's mean, if you are joining in exchange that asking KYC to activate your account, you should avoid them. How to do this, you can join them, but don't use real personal information first. Or, if you want to play safely, you can try to search/ask in the forums before join and find information about KYC on exchange you want to join. This exchange list articles^[1] can be an option that not asking KYC as mandatory for members.

^{[1] DYOR/DWYOR}