Quote from: MusaMohamed on Today at 08:57:55 AM

If money laundering is doing professionally, KYC is not enough because those guys have many tools to use stolen documents and submit KYC.

Governments and exchanges can use ChipMixer as their example that KYC is helpful, not useless, for them. They got the guy behind ChipMixer by KYC but it is useless and dangerous for people who don't care to do money laundering. They can not trust exchanges, governments to protect their privacy after KYC.

Why KYC is extremely dangerous – and useless

Lol.

I suggest you to read the thread you took before creating post, you're contradict with the thread was talking about. You said if KYC is helpful and it can be used to fight against money laundering, while the thread was pointed about if KYC is useless and it help the criminal to stay undetected, which is same what I pointed in my post.

Quote from: 1miau on January 28, 2020, 10:40:11 PM

Conclusion: KYC is useless

The primary result of this evaluation is apparent: KYC is not only useless but ultimately encourages what it is supposed to prevent. KYC creates new areas of crime (identity trading of real users) and boosts existing areas of crime (criminals can now go undetected by abusing the identities of innocent users). It also blatantly endangers the privacy and security of all customers.

Therefore, the advertised effectiveness of digital KYC in crypto unfortunately exists only in theory. The community would be better off acknowledging the fact that not only KYC is useless, but it is also dangerous and promotes crime. Since documents for KYC are sold illegally on the web or are even faked by artificial intelligence, KYC doesn’t actually prove anything anymore.

In fact, KYC is encouraging scams and crime as well as endangering the privacy and safety of all customers through identity theft. This creates a dangerous dynamic for users who are forced to perform a KYC check: tons of personal documents are being collected by criminals and will likely go public in the future to a degree we have not seen before.