why do you think giving name and address details, which will be securely destroyed from our servers
As a user, I can't check if you really delete the data. Anyone with a new website can claim to destroy personal data, but the only way to be sure you don't have it is by not sharing it.
is the same as handing over passport, proof of address, selfies etc?
That's just one step further. Maybe we have a different idea of what KYC means: to me, it's being forced to share any real information about myself. Stuff like my name and address. I assume many users who don't like KYC share this definition.
More official definitions go a lot further: it's not just identification, it's building a full profile on the customer including their income, source of funds and more. It goes a lot further than sharing a passport and selfie.
The utility value of a name and address compared to full KYC documents is night and day. For example full KYC documents can sell from 5-20 USD on the darknet and carding forums. Names and addresses maybe for 0.50 USD at the most - obviously there is some value as they are "crypto" Fullz
You're talking about names and addresses combined with creditcard details. That's enough to make large purchases online.
Surely the fact that in 99% of interactions, we do not ask for full KYC documents in order to purchase BTC, is a attractive proposition? Or are we missing something ? - serious question.
To me, this isn't attractive. But I'd never use my creditcard to buy Bitcoin, and I'd never pay very
low high 3.5% transaction fees.
Then again, I'm not the average user. I've seen people looking to buy Bitcoin using their creditcard. It seems very risky though: even a burglar could do it, straight from the address who's window he broke.