ICOs asking for passport...is it safe? - page 3.

abdulq

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Quote from: ChefBoyardeez on February 08, 2018, 04:24:41 PM

Quote from: avikz on January 28, 2018, 02:41:12 PM

Quote from: Hakims on January 27, 2018, 03:03:24 PM

Hi guys, as many of you already know, many ICOs are asking for passport verification. Is it safe to give pictures of your passport to groups we don't even know well, I mean there is something called passport misuse and identity theft or even using you passport for loans! It is concerning.

I say no on a broader prospect. ICO is a very controversial method of raising funds and banned in USA and China. I have seen a numbers of ICOs those who have ran away with investor's money or never came back with the promised product. So I don't personally feel safe to share my identity information with the ICOs.

I am not saying that all ICOs are scam but just to save my own data, I don't feel safe to share my identity information with them. Because we don't know are they going to be a legal one or an illegal one. So I would avoid such ICOs who ask for ID verification for the investors. However, it is just my personal opinion and may differ from others here.

ICO is most definitely not BANNED in the USA. KYC and AML are two mechanisms which are being integrated into ICO to ensure the integrity of the ICO and protect the investor. ICO are moving toward being treated as Securities but this does not mean they are banned. You must simply comply with the legislation under the SEC.

What you should know about an ICO asking for this level of identification is if they are in the USA and plan to advertise to Americans for fundraising. This KYC and AML will most certainly be required in the near future and many ICO are agreeing to start without having to be mandated.

If this is NOT an ICO in the USA advertising to Americans then you might just ask them if it is required since you are not American passport holder and they may allow you to invest without these requirements.

But I would guess it is just easier to ask from anyone investing in the ICO and not try to sort through each request.

Additionally you are going to see much more of this and should be prepared to adjust accordingly.

I think these are the good steps being taken in order to secure investor, We must take this as positive and I think there is no harm if we provide docs like passport, identity cards for verification.

ChefBoyardeez

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Quote from: avikz on January 28, 2018, 02:41:12 PM

Quote from: Hakims on January 27, 2018, 03:03:24 PM

Hi guys, as many of you already know, many ICOs are asking for passport verification. Is it safe to give pictures of your passport to groups we don't even know well, I mean there is something called passport misuse and identity theft or even using you passport for loans! It is concerning.

I say no on a broader prospect. ICO is a very controversial method of raising funds and banned in USA and China. I have seen a numbers of ICOs those who have ran away with investor's money or never came back with the promised product. So I don't personally feel safe to share my identity information with the ICOs.

I am not saying that all ICOs are scam but just to save my own data, I don't feel safe to share my identity information with them. Because we don't know are they going to be a legal one or an illegal one. So I would avoid such ICOs who ask for ID verification for the investors. However, it is just my personal opinion and may differ from others here.

ICO is most definitely not BANNED in the USA. KYC and AML are two mechanisms which are being integrated into ICO to ensure the integrity of the ICO and protect the investor. ICO are moving toward being treated as Securities but this does not mean they are banned. You must simply comply with the legislation under the SEC.

What you should know about an ICO asking for this level of identification is if they are in the USA and plan to advertise to Americans for fundraising. This KYC and AML will most certainly be required in the near future and many ICO are agreeing to start without having to be mandated.

If this is NOT an ICO in the USA advertising to Americans then you might just ask them if it is required since you are not American passport holder and they may allow you to invest without these requirements.

But I would guess it is just easier to ask from anyone investing in the ICO and not try to sort through each request.

Additionally you are going to see much more of this and should be prepared to adjust accordingly.

Joyjit

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This KYC requirement for ICO investors has come into light after the regulations from South Korea where every exchange should have KYC against each wallet. So I think new ICOs are trying to be more regulation compliant in the eyes of the regulators.

South Korea has done this basically for tax purpose and preventing money laundering as there is exchange with fiat currency involved. However, in case of ICOs, a person can easily transfer his/her cryptocurrency from KYC completed wallet to another new anonymous wallet without breaking a sweat. So blockchain developers and regulators would have to come up with something entirely different.

ccris0637

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Quote from: Hakims on January 27, 2018, 03:03:24 PM

Hi guys, as many of you already know, many ICOs are asking for passport verification. Is it safe to give pictures of your passport to groups we don't even know well, I mean there is something called passport misuse and identity theft or even using you passport for loans! It is concerning.

Most ICO now are requiring those kinds of document for identity purpose in requirements to KYC and AML regulations than had been implied lately by certain organizations. I think it is safe as long as you are into participation of legit ICO's it would just be as safe as when you pass your personal documents to HR department when applying a job or to bank when openning a bank account.

festusfreeze

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There are so many ICO's, and many of them are not asking for passport, so you can decide to shun those ones requesting for passport if you are not sure of what they are upto

Thyristor

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What's wrong with KYC? The developers have decided to do so and this is their right.This becomes a common rule, more and more campaigns use KYC.It seems as backwards to distribute tokens and then make everyone pass KYC,when if they did it first they would thwart anyone who can’t pass.

BitcoinMouse

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Hello!
I think, cryptocurrencies are the best thing to stay safe and anonim. Why actually not?
I don't wnat to show my pass.
I respect freedom. The most important thing for me in life are 4 types of freedom:
- Locaction;
- Personal Time:
- Financial;
- Inner.

And all i do I want to do in that form!

XanderStone

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I'm start to wonder also why a lot of ICO's now asking passport,I thought cryptocurrency is anonymous?

For my own opinion i think not safe at all.

Centralparking

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i will never provide my pasport to all those russian Ico

Flor1982

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Quote from: Hakims on January 27, 2018, 03:03:24 PM

Hi guys, as many of you already know, many ICOs are asking for passport verification. Is it safe to give pictures of your passport to groups we don't even know well, I mean there is something called passport misuse and identity theft or even using you passport for loans! It is concerning.

If ICO is legit then it is safe to send the picture of your passport as all legit ICO are now required now to apply KYC to their investors and participants so therefore be sure that your research and review well your ICO profile as it is not a scam project to ensure the safety of your identity.

Siopao

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I am not comfortable with the idea of giving my passport and any other personal information. It's very risky and might put ourselves into possible identity theft. If there are other ICOs who wouldn't require that then I would go for that.

secattorney

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I advise most of my ICO clients that AML - and its subset KYC, and its subset CIP requires certain qualitative and and at least one third party verification of that qualitative information. Passports tend to be more reliable than driver's license/ID.

So, i would contend that it is not unusual or improper to ask. Could it in theory be used in a fraudulent manner, of course - but every time you use a debit card you are also opening yourself up to some sort of fraud

AT

podrick17

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It is safe as long as the project and the team are legit, so on this period we must be careful on the ico we are investing because we might face some people that will take advantage of our identities and might be used for illegal reasons. this kyc thing for me i think is too risky but so far i don't heard any news about identity theft coming from a kyc so it must be safe.

darkangel11

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Quote from: dogandogru on February 01, 2018, 06:55:16 PM

It can be and can't be. Safety of the data depends upon the ICO authentication.
Most of the ICO's for KYC nowadays. ICO's being a global investment tool ask for a valid identity proof which can be recognized globally. Passport and Driving licence is the most globally recognized identity proofs. But again it all depend upon ICO.

It is not. Once you put something in the Internet it tends to stay there forever. I would be afraid to give my official email containing my real name to those people. It's better to be safe than sorry, really.
Do you even know what random people can do with your ID, especially a passport, which unlike a typical ID or a driver's license is recognized internationally? I'll give you a few examples.
-sell it to people who specialize in trading and manufacturing fake documents
-use it to get a credit in your name
-use it to cross the border posing as you
-use it to register on other crypto exchanges
-launder money
-register a fake company
-get a bank account
And a lot more!

carlfebz2

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Quote from: bering on January 30, 2018, 04:11:28 AM

most people are still liked anonymous so provide them the passports isn't good option also nobody can ensure our personal ID will not abused by them and i have to says this is risky so i think that's quite dangerous and currently there are plenty of ICO which is not required passport as their main term and better leave those ICO

People can really make their own choice actually if they don't like to disclose their identity they can choose up not to participate on such ICO and search up for another one which doesn't require any id. Passports and licenses are the most common thing been asked on verifying your identity and assurance or security of those informations exposed isn't a guarantee either they do make use of them or other people(hackers) would breach and get those information's.

dogandogru

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It can be and can't be. Safety of the data depends upon the ICO authentication.
Most of the ICO's for KYC nowadays. ICO's being a global investment tool ask for a valid identity proof which can be recognized globally. Passport and Driving licence is the most globally recognized identity proofs. But again it all depend upon ICO.

dokie987

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Quote from: lili song on January 30, 2018, 01:10:35 PM

I don't know why they reason asking the passport for ICOs? For me not guarantee is safe, because we must know why they asking the passport and for what? If their requirement like that, we must learn their requirement and see how many people invest in there (like testimony) and learn carefully their rules, requirement, payment etc. If all is ok you can joint, and you will be more success.

I agree with you...we must know the reason why the ICO ask for our password...and the inly reason I know is that they are requiring is the passport for the know your customer system or what we called kyc...but there is no assurance that this is safe because the bad people may take the opportunity to use this system for scamming us.

Zadicar

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Quote from: lili song on January 30, 2018, 01:10:35 PM

I don't know why they reason asking the passport for ICOs? For me not guarantee is safe, because we must know why they asking the passport and for what? If their requirement like that, we must learn their requirement and see how many people invest in there (like testimony) and learn carefully their rules, requirement, payment etc. If all is ok you can joint, and you will be more success.

That's the purpose of KYC(Know your Customer) policy which most common document or ID be submitted is passport since this can really be considered as an international document just my own view. They do impost this because they are being told to do so. They claim that they do this thing for the sake of avoiding money laundering and other illegal stuff involving large sums of money invested.

lili song

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I don't know why they reason asking the passport for ICOs? For me not guarantee is safe, because we must know why they asking the passport and for what? If their requirement like that, we must learn their requirement and see how many people invest in there (like testimony) and learn carefully their rules, requirement, payment etc. If all is ok you can joint, and you will be more success.

bering

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most people are still liked anonymous so provide them the passports isn't good option also nobody can ensure our personal ID will not abused by them and i have to says this is risky so i think that's quite dangerous and currently there are plenty of ICO which is not required passport as their main term and better leave those ICO

Topic: ICOs asking for passport...is it safe? - page 3. (Read 655 times)