It can be used against the holder and security will be greatly compromised when the price of Bitcoin skyrockets or it can be at the present time. Information can be stolen from exchanges but the problem is who can I trust without KYC verification where I will be holding thousands of dollars of assets. Centralized exchanges provide us with immediate support and they have gained a lot of customer trust yet there is a possibility of our information being stolen. The scope for escape is narrow because many of us cannot trust exchanges without KYC verification.

We've been suffering with this data leak and data breaches from the platforms we are keep using which mandates us to submit a KYC, we keep pushing anonymity with the cryptocurrency but these centralized platform requires it before using their services, but recently base on my observation people getting enlighten with the privacy so others wanted to keep transact out of the hand into these centralized platforms.


Every time ive seen the bull run there is a lot of attacks and crimes committed related into cryptocurrency this is the reason it's an essential to have an importance of privacy, security and become vigilant these days.

If you can not change the governments, you must adapt to what they enforce on you, and consequently you will have less choices for no KYC trades and platforms. You will have more difficulty to find no KYC platforms to use but it's all you can do for KYC adaptation.

Until a time you can have a politician, a party that have their propaganda as no KYC but honestly I don't see any government in the future will support no KYC. When there is no choice like that in your nation, you can not vote KYC government and politicians out of their power.

If you already did KYC one some platforms before, this mean your documents are stored somewhere and perhaps will be leaked in the future. You can change your practice from now with challenge I mentioned, but you can not completely erase your identity and documents which were submitted a long time ago.

This is actually the reality that we are been force to adopt, since that regulation gives us less options. Then nothing left for us, but to adopt what they want to imposed.

Government will not going to support No KYC matters, because this is how they are tracking the platform and people doing any transactions online.

I understand the concern of people about the risk of KYC. But government usually ignore this, because they give more weights on what they think can more beneficial to them.

I would want to clarify that while hat hackers don't attempt accessing a system without proper authorization, those who try to gain illegal access are gray and black hat hackers but those who really exploit systems are the black hat hackers and they're the ones that steals funds, data and other valuables and sometimes sells those data to the black market or do other illegal things with them.

KYC is for control and tracking people's activities, AML policies is only an excuse to enforce KYC. Even with KYC, scams and hack still happen repeatedly, so what's the need? People should intentionally chose decentralized and NO KYC services for their own safety, privacy and security.

This issue is not about the market value of data, actually the market value of personal data like that in KYC is pretty low. The reason for this is that there have been so many hacks and data leaks that there is personal data on hundreds of millions of people leaked many times over. The issue is that a hack relating to KYC of a platform like exchange creates a connection of a person with crypto holdings. Hackers get the ID, address and have information about how much money that person is moving in crypto. This is the danger, the market value of KYC data is low without this.

This statement does not sound correct, it is like saying bad weather needs to go. How will it go away? Wishing something that is not possible in reality won't make it go, data leaks will always be a topic. Some years or periods it may be fewer, and other person they may be more common but there is no way that they can go away. KYC verification has led to very few arrest, we have data on that and it does not prevent crime. People that need KYC account will pay others to do KYC or they can force them with violence to do KYC for them, so the arrested person will be a low ranking sacrifice who is just another victim..

According to the statement and claim of the government, KYC was first introduced in the crypto space to prevent money laundering, terrorist financing, and other financial crimes. But in reality, the main purpose was to put people into crypto under a form of control, since we have blockchain, which serves as a ledger for crypto transactions (excluding privacy coins like XMR).
This is why i believe the adoption of KYC was just to control people, and it is good that we have organizations like the SEC whose leaders are saying the facts about the danger involved in KYC.