Post
Topic
Board Service Discussion
Re: I am concerned about the dangers of KYC, but how do you do business...
by
tranthidung
on 19/07/2020, 09:02:35 UTC
If you are an active trader, one way is exchanging your fiat and cryptocurrency using P2P platforms that do not require KYC
You can check out these lists to find one that is suitable for you.
- Help: A list of LocalBitcoin alternatives (P2P marketplaces)
- List of P2P/no-KYC exchanges
P2P marketplaces are alternatives but to be exact, not all of P2P marketplaces don't require KYC.

KYC is always risky in my opinion because customers have to submit their personal documents (which types to submit depends on level of KYCs as well as requirements for each exchanges or marketplaces). Another big risky factor is not all exchanges or P2P marketplaces verify KYCs by themselves. Many of them use third-party services to verify KYC documents for their customers. From such hierarchy KYC process, customers have accept double risks: Risks of losing their personal documents to exchanges/ PP marketplaces; and risks of losing theirs to third-party services. As a combined effects, risks for data leaks / privacy breaches are so high.

I would like to say no to KYC as much as I can do.