KYC verification

Shorter thoughts and general discussion of cryptocurrency related topics
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dra2120
Posts: 20
Joined: Thu Aug 16, 2018 9:47 am

KYC verification

Postby dra2120 » Mon Feb 18, 2019 1:42 pm

So I thought KYC was supposed to be a verification that could be used across the whole cryptosphere. Like once I created an account I could use it everywhere, but every Crypto wallet/exchange/pool...requires me to do it over and over again...I don't really love constantly putting my name, address, SS number, and photos of my drivers license on all these different sites...Did I just misunderstand how this works?
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CSZiggy
Posts: 641
Joined: Wed Jan 31, 2018 2:44 pm

Re: KYC verification

Postby CSZiggy » Mon Feb 18, 2019 7:30 pm

Yes.

These are not shared typically, so no site has any info from any other site you filled that info in for.

As each site/exchange may operate in a different country with a different governing set of laws you have to do the procedure for each place that requires it. KYC - Know Your Customers is a way to help curb tax evasions and money laundarying. If you are a US citizen and do more than $600 in sales to fiat they may be required to pass all your info onto the US IRS to make sure you are paying taxes on money earned. Other countries may differ.
MLS
Posts: 12
Joined: Sun Feb 17, 2019 9:32 pm

Re: KYC verification

Postby MLS » Tue Mar 12, 2019 12:33 am

Not all projects require KYC verification, but still, it works like it was said above, different countries have different laws and KYC is needed to fight with money laundering

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