Quote from: Sbdip on August 09, 2018, 01:24:41 PM

I also agree with you.. I don't think there is any need of kyc. becoz the crypto isn't regulated yet. Than how can i petition about my loss to authority?

Cryptocurrency does not use KYC because it is all anonymous, in contrast to conventional methods that have regulators so that when there are complaints it can contact the authorized agency. In the crypto world, everything is online so it is vulnerable to fraud, illegal, bad transactions, etc.

The weakness of crypto is that there is no individual identity involved in the transaction (No KYC), another problem of misuse of data for online verification can be to use other people's data / photos of others. If that happens where do we complain?