Topic: Is KYC requirement in the ICO sector making customer vulnerable (Read 244 times)
I completely agree with you that KYC is not safe for investors, because the most important question remains where your personal data is then sent? Who will keep them and what guarantees that your data will not be transferred to others?
February 17, 2018, 09:39:25 AM
My thought is that the ICO KYC will limit the act of scamming and promote diligence in the ICO sector but I read today that the KYC requirement in the ICO sector is making ICO full of the possibility of danger and failure through customer data linkage. Is true there's possibility of the KYC requirement in ICO making customer vulnerable?
Even me, i dont understand why KYC needs to be implement.
KYC or know your customer is such a wall for those investors that came from countries that can't join the ICO though, they are just few compare to those investors who want to participate though they have the Identification that qualifies for KYC, some reason is the identity that everyone dont want to expose.
cryptocurrency is made to make all transactions be anonymous, that's why i dont understand why they are doing this now.
KYC/AML is seen as a guarantee of a transparent ICO. I believe it's simply a must in some countries. But if you ask me, that's another requirement of data disclosure.
What's the point in anonymity so many ICOs shout about if they ask for highly sensitive data?
Yes,it does bring the transparent act into the ICO seco but it also make ICO participant vulnerable through the linkage of valuable data and it be nice the ICO owner or team are the one to apply for the registerin their project to the SEC and other association involve. What's the point in anonymity so many ICOs shout about if they ask for highly sensitive data?
February 13, 2018, 09:52:00 AM
KYC/AML is seen as a guarantee of a transparent ICO. I believe it's simply a must in some countries. But if you ask me, that's another requirement of data disclosure.
What's the point in anonymity so many ICOs shout about if they ask for highly sensitive data?
What's the point in anonymity so many ICOs shout about if they ask for highly sensitive data?
February 13, 2018, 09:37:14 AM
It's bad for me to introduce so many KYC as we give personal data and are not sure if they will be protected, and on the other hand it will help to calculate fraudsters
February 13, 2018, 09:32:21 AM
My thought is that the ICO KYC will limit the act of scamming and promote diligence in the ICO sector but I read today that the KYC requirement in the ICO sector is making ICO full of the possibility of danger and failure through customer data linkage. Is true there's possibility of the KYC requirement in ICO making customer vulnerable?
Even me, i dont understand why KYC needs to be implement.
KYC or know your customer is such a wall for those investors that came from countries that can't join the ICO though, they are just few compare to those investors who want to participate though they have the Identification that qualifies for KYC, some reason is the identity that everyone dont want to expose.
cryptocurrency is made to make all transactions be anonymous, that's why i dont understand why they are doing this now.
I understand what you're saying from your standpoint, but KYC is implemented for a reason. Usually the reason being is for people from countries not allowed to join the ICO, because they are restricted because of their rules and regulations. KYC can be look at as a stepping stone but it's exactly what it states it is. It's part of being something fully decentralised. Perhaps it is a positive thing.
February 13, 2018, 09:29:31 AM
My thought is that the ICO KYC will limit the act of scamming and promote diligence in the ICO sector but I read today that the KYC requirement in the ICO sector is making ICO full of the possibility of danger and failure through customer data linkage. Is true there's possibility of the KYC requirement in ICO making customer vulnerable?
KYC helps to avoid fraud in bounty compaigns. The fact that many personal data are needed resembles the collection of dossiers for each participant but they are completely unnecessary for the project creators, they pursue different goals. 
February 13, 2018, 09:26:52 AM
Although the KYC still becomes a controversy to do, it is one of the important things for every ICO has to do to secure their project from each country's regulations. They don't want their ICO against some country's rule so their project could be sued.
In my opinion, before you give the KYC to invest or do other things, make sure the project has a clear background and customer protection statement.
In my opinion, before you give the KYC to invest or do other things, make sure the project has a clear background and customer protection statement.
February 13, 2018, 09:22:17 AM
i guess we just have to trust them with our passports. though having a kyc definitely gives some credibility to the ico/company
February 13, 2018, 09:16:00 AM
If the ICO itself is a risk, then who can trust their personal data. Apparently, this is also a risk. Sometimes it seems to me that additional verification on the contrary discourages potential investors who would like to remain anonymous.
February 13, 2018, 09:10:57 AM
In my opinion, there is no reason to introduce a mandatory KYC procedures in ICO sphere. Participants of the ICO are not customers (in fact), but they are investors. Your personal information (like passport scan with your photo, serial number and etc.) can be easily sold to someone and, for example, can be used for your identification or for some dirty deeds. Its a huge risk anyway. 
February 13, 2018, 09:06:39 AM
My thought is that the ICO KYC will limit the act of scamming and promote diligence in the ICO sector but I read today that the KYC requirement in the ICO sector is making ICO full of the possibility of danger and failure through customer data linkage. Is true there's possibility of the KYC requirement in ICO making customer vulnerable?
in fact this is still a controversy if for ICO participants or their investors using KYC it seems their privacy security will be given to ICO providers afraid of their identity becoming very crime prone, preferably if want to keep the KYC privcay does not need to be done.
February 13, 2018, 09:05:11 AM
I believe KYC is going to become mandatory, because of all the Anti-Money Laundering and Anti-Terrorist laws. Oh and of course, let's not forget about taxes and regulations in general. But it also depends on the country. Here in Slovenia, we strive to become blockchain friendly country by establishing different alliances for companies to work together. Also, working with the government is important.
February 13, 2018, 09:04:54 AM
It will be a risk you must be willing to take if you want to make profits of your ICO participation. If the ICO becomes a great success and you make a lot of money that you want to cash out. The government will ask how you where that money came from.
On the other side, the company that does the ICO must also know where the money of the investors comes from. It's all to prevent the money laundering issues that have been hanging around crypto currencies. This way it will become less likely that in the future crypto will be linked to money laundering. So long term it will benefit the view on crypto.
Just be careful which ICO you give your information to!
On the other side, the company that does the ICO must also know where the money of the investors comes from. It's all to prevent the money laundering issues that have been hanging around crypto currencies. This way it will become less likely that in the future crypto will be linked to money laundering. So long term it will benefit the view on crypto.
Just be careful which ICO you give your information to!
February 13, 2018, 08:56:57 AM
People want government regulations and this is one of the by-products of it. For the ICO to operate in some countries they need to do KYC. That might be fine for legit ICO's then you have scams like Ucoin doing KYC and now everyone is comfortable sending their ID's over the internet to unknown people. I believe we're going to see a massive wave of fraud and credit issues this year due to how many KYC's have been done to scam ICO's.
February 13, 2018, 08:55:49 AM
My thought is that the ICO KYC will limit the act of scamming and promote diligence in the ICO sector but I read today that the KYC requirement in the ICO sector is making ICO full of the possibility of danger and failure through customer data linkage. Is true there's possibility of the KYC requirement in ICO making customer vulnerable?
KYC is not against the customer, it is more to prevent money laundering. Token Sales without KYCs will no longer be legit soon imho. 
February 13, 2018, 08:53:28 AM
I can see why companies would want to do KYC in accordance with the law, and there hasn't been a major data breach of KYC files that we know of yet, but I have a feeling we will have one soon. I don't like KYC either because there is always a chance for private data to get hacked
February 13, 2018, 08:28:28 AM
My thought is that the ICO KYC will limit the act of scamming and promote diligence in the ICO sector but I read today that the KYC requirement in the ICO sector is making ICO full of the possibility of danger and failure through customer data linkage. Is true there's possibility of the KYC requirement in ICO making customer vulnerable?
Conducting KYC and keeping user data securely is a good idea because in many countries you can't withdraw millions of dollars without knowing the source of funds for this purpose they have to undertake KYC else governments could sue them. But nowadays KYC data from the ICOs are getting compromised to hackers which is definately vulnerable for customers.
February 13, 2018, 08:26:22 AM
A lot of people speak out against the KYC process, because no one guarantees that personal information will simply not be soldered or sold to the network. It's very, very simple. Now we see a massive verification of projects, it's very sad.
February 13, 2018, 08:26:08 AM
I think they just did collect KYC validation, because they were afraid that there might be a lot of legal issues coming up, so collect the KYC data ahead of time to prevent the problems that are coming up.
February 13, 2018, 08:20:18 AM
My thought is that the ICO KYC will limit the act of scamming and promote diligence in the ICO sector but I read today that the KYC requirement in the ICO sector is making ICO full of the possibility of danger and failure through customer data linkage. Is true there's possibility of the KYC requirement in ICO making customer vulnerable?
Even me, i dont understand why KYC needs to be implement.
KYC or know your customer is such a wall for those investors that came from countries that can't join the ICO though, they are just few compare to those investors who want to participate though they have the Identification that qualifies for KYC, some reason is the identity that everyone dont want to expose.
cryptocurrency is made to make all transactions be anonymous, that's why i dont understand why they are doing this now.
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