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shashika92
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KYC
March 19, 2018, 12:25:42 AM
 #1

What is KYC?
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March 19, 2018, 12:49:06 AM
 #2

What is KYC?
KYC = Know Your Customer

It's self explanatory (based on what it stands for) but for more information, refer to this thread (AML/KYC Explained).

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March 19, 2018, 01:54:08 AM
 #3

In short, this is regulation, that demands from exchanges to know their clients. Which means you for example. You register on exchange and before you can trade, they need to know you full personal data, address, country, name etc. etc.
This is famous KYC.

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March 19, 2018, 07:09:00 AM
 #4

KYC is basically the loophole that cab be used to track you in the crypto space.

By using an exchange, and providing your details, any transaction from there can be tracked.

Kyc stands for "know your customer"

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March 20, 2018, 01:54:01 AM
 #5

The KYC form is a standard form in the investment industry that ensures investment advisors know detailed information about their clients' risk tolerance, investment knowledge and financial position. KYC forms protect both clients and investment advisors.

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March 20, 2018, 02:39:35 AM
 #6

KYC is basically the loophole that cab be used to track you in the crypto space.

I wouldn't go as far as to say it's a loophole for crypto. Most registered businesses have to comply with KYC/AML (anti-money laundering regulations, so it's not like crypto exchanges and other crypto businesses are being given special treatment. It could be used as a loophole though, because they will be able to trace transactions connected to your KYC file, but they also do the same thing with fiat so it's basically still equal treatment in this case.

KYC is basically used to detect and dissuade illegal activity, but is a very hot topic in crypto because it goes against anonymity, which crypto is rather known for.

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March 20, 2018, 05:20:31 AM
 #7

KYC = KNOW YOUR CUSTOMER
As an entry point for the entry of criminal proceeds, banks should reduce the risk of using money laundering by knowing and knowing customer identity, monitoring transactions and maintaining customer profiles, and reporting suspicious transactions conducted by parties which use the services of banks. The application of Know Your Customer Principles (KYC Principle) is based on the consideration that KYC is not only important in the context of eradication of money laundering, but also in the implementation of prudential banking to protect banks from various risks in dealing with customers and counter -party.
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March 20, 2018, 05:30:46 AM
 #8

Beware of KYC. I always think that, Is it safe to provide your identity documents to unknown ICO authorities. It is always risky.
Never put your documents in Free airdrops or scam projects. They may try to brute force your password or other sensitive data. Only invest in authentic projects.
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June 22, 2018, 09:06:21 AM
 #9

Know Your Customer refers to due diligence activities that financial institutions and other regulated companies must perform to ascertain relevant information from their clients for the purpose of doing business with them.
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June 22, 2018, 09:14:22 AM
 #10

Normally, when a project tells you that you need to provide KYC, you must provide them with your identification information, including your name, age, country, address, etc., and upload photos of certification documents.
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July 23, 2018, 09:28:26 AM
 #11

Beware of KYC. I always think that, Is it safe to provide your identity documents to unknown ICO authorities. It is always risky.
Never put your documents in Free airdrops or scam projects. They may try to brute force your password or other sensitive data. Only invest in authentic projects.
They may also try to sell your personal data on the dark web. Everyone should be careful before sending documents.

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July 23, 2018, 09:54:08 AM
 #12

KYC is a way to KNOW YOUR CUSTOMER all over the world.
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July 23, 2018, 12:13:28 PM
 #13

Know Your Customer Link https://en.wikipedia.org/wiki/Know_your_customer
Is a method verify adult real
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July 23, 2018, 12:20:00 PM
 #14

Oh that good. I understand. Thank topic. KYC need ID infomation, Be careful when verifying. Because they reveal your information. ID infomation, passport etc...
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July 23, 2018, 01:52:24 PM
 #15

KYC is basically the loophole that cab be used to track you in the crypto space.

By using an exchange, and providing your details, any transaction from there can be tracked.

Kyc stands for "know your customer"

I mean, yea in theory some projects can use your information for malicious intentions, but the legitimate sites usually use KYC as to prevent shady stuff like money laundering, etc and also to people from abusing certain cryptocurrency airdrops. Also, people can track most of your transactions(depending on the coin), whether or not they know your KYC information or not.

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July 23, 2018, 06:24:04 PM
 #16

KYC

Know your customer is the process of a business verifying the identity of its clients.
Banks and companies of all sizes have become big supporters of KYC. It is increasingly common for banking institutions, credit companies, and insurance agencies to require that their customers provide them with detailed information in order to ensure that they are not involved with corruption, bribery, or money laundering.
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July 23, 2018, 08:33:34 PM
 #17

KYC is acronym for know your customer. It contains your background details of your identity and proof of address which enable companies know their clients they are working with.
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July 23, 2018, 10:25:25 PM
 #18

Just don`t use exchanges with KYC Wink
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July 25, 2018, 05:36:58 PM
 #19

KYC is supposed to be for banking institures. Like for my house I took a loan and needed KYC for the bank so they know I dont run off without the money. It is also for money laundering.

KYC in crypto is misused and it is disgusting. Never give your KYC out your life is more important then that.

With your KYC some can steal your identity and life. When I give the bank my KYC I kow it is safe. When I give some random idiot online running an ICO then it is not safe.

BEWARE THE BOUNTY KYC TRAP!!!!

Dishonest projects that ask KYC only after you finished working for them (sometimes months of work) if you do not give them the KYC they wont pay you. THey hold your money as randsom. Only the most pitiful and pathetic projects use this tactic. No legit project will ever ask KYC out of the blue.

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July 25, 2018, 06:31:08 PM
 #20

KYC is know your customer, a process of knowing your customer but in the crypto a lot of projects including scams, those giving $1 airdrop coins apply kyc so it seen as very negative in the crypto.

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