Hello everyone!

Today, I'm here to talk a little about the KYC issue with any platform, especially cryptocurrency platforms. As you know, KYC is something that you often have to do on exchanges, by doing KYC, you can unlock some of the features and limit trading/withdraw amount for each of their accounts. So is this really necessary? the answer is NO, usually, the exchanges provide their clients with a sufficient trading limit, even if they do not do KYC, unless you are a day trader, and you trade with a large amount of money everyday.

However, the point that I want to talk about here, it is not KYC on exchanges, but KYC on other platforms, since KYC on exchanges won't bring any consequences, it's still good. As you know, cryptocurrency works on blockchain, and anonymity is its prerogative. No one can figure out who you are and what you're trying to do with that transaction. And KYC is partly losing that anonymity, therefore, KYC should only be performed when absolutely necessary.

I go to an example, maybe participating in IDO/ICO on a certain project, and they limit the participation of some regions, so KYC is necessary. Do you see a few people who regularly go to this forum and pay you to verify their accounts? They can't verify the account themselves, because it's a region restriction. So, your identity is really important and valuable, it can be used illegally, and you may be involved in some legal problems, although this is rarely the case.

You may not know, Pi Network is a fake blockchain platform, it may not be popular here, but it is very popular in other country, namely Vietnam. Thousands, tens of thousands of people have joined the platform and done their identity verification on the platform, many even investing money into it. And a scam platform will definitely take all your money, and your identity too, this platform used the user's identity and sold it on other social platforms, which is very dangerous.

So guys here, newbies, never take KYC lightly, be careful when doing it, especially for shady platforms. You have no idea what they're trying to do with it. Be careful with any platform, you can lose money on your investment, it's normal, but don't get into legal problems, you wouldn't want to be penalized for someone else's actions, would you?

In short, be careful, stay as anonymous as possible in the crypto space!