What is KYC?
KYC means "Know Your Customer." Companies must verify your identity with passport, ID, or selfies. This creates massive databases of personal documents. When these get hacked, criminals get your identity.
Use a service without giving your ID.
Upload passport, ID, selfie, proof of address.
KYC turns every company into a honey pot of identity documents. One breach and your passport is on the dark web forever.
Your financial activity stays private.
Government can request all your transactions.
KYC links your real name to every transaction. Governments can subpoena this data and build a complete picture of your financial life.
Account cannot be frozen for political reasons.
Your account can be frozen without warning.
We have seen protesters, activists, and journalists have their accounts frozen. With KYC, authorities know exactly whose money to target.
No data to leak in a breach.
Ledger breach: 270,000 customer records leaked.
Real example: Hardware wallet company Ledger was hacked. Names, addresses, and phone numbers of crypto holders were leaked. Some received death threats.
The bottom line: KYC creates risk. Your ID documents become targets for hackers. Use No-KYC services whenever possible.