Quote from: Mistafreeze on January 25, 2021, 08:23:13 PM

Quote from: CryptoBry on March 11, 2018, 03:48:47 AM

I can see that soon almost exchanges and even ICO programs will be requiring us to do the KYC procedures where we are required to pass copies of our legal documents before we are granted entrance or the use of the services or programs we are interested with. This can be as common as having a password or 2FA.

Now, personally I have no big problem with it though just like anybody else am also concerned that my personal information can be divulged to anybody or a group that might use it for any illegal purpose. This is one risk we are facing once we are actively living in the online world. Evil people who can be thousands of miles away can now be just one click away.

What are your apprehensions about the KYC procedures that will soon be as popular as noodles?

To be honest, yes I am afraid of doing KYC on exchanges. There are many reasons for that. First one being it makes my personal information vulnerable. No exchange is hack proof. If an exchange gets hacked, all my personal data will be compromised and can be misused.
Second it also defeats the very purpose of crypto, that is staying anonymous.

Off course everyone is afraid of being misused so my opinion is not join the projects that ask for tight and strict verification. Please be aware of it.