Know Your Customer - page 14. | Bitcointalksearch.org

BossMacko

hero member

Activity: 1134

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Quote from: zoom_rich on January 08, 2018, 09:29:08 PM

For exchanges, ICOs that collect KYC information, when are they required to send information to the government.

If I remember correctly, in the US if you make a money transaction, such as through Western Union, or bank, $3,000+, within the same day, or smaller amounts during consecutive days, the institution must collect your ID information and Social Security and report it to the government. I forget which entity of the government.

Does that mean that if one participates in an ICO and puts in over $3,000, that gets reported to the government? Or if you move $3,000 out of an exchange, that gets reported?

KYC in exchanges are use for security and verification purposes when you are withdrawing large amount of money. If you lose your password or any means of security it is easier to retrieve if you can provide info if you already done with the KYC process. I dont do KYC when joining ICO because chances of ICO to be successful is low, i dont want to give it to a project that has the possibility to run with my money and identity.

Uhde

full member

Activity: 616

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I dont know the answer of your question but asking kyc is so ridiculous in this ecosystem. Crypto is a decentralized ecosystem and the main advantage is anonymity. If you share your personal info what is the meaning of usage...

Maame Esi Sergio

newbie

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Well i don't see the need to report such an individual to the government provided the money in the account is legally owned by that person. It may hold for countries like US but this wont hold water in my country. I chose to invest in crypto and that is my decision.

JohnWick_Bitcoin

member

Activity: 308

Merit: 10

Quote from: zoom_rich on January 08, 2018, 09:29:08 PM

For exchanges, ICOs that collect KYC information, when are they required to send information to the government.

If I remember correctly, in the US if you make a money transaction, such as through Western Union, or bank, $3,000+, within the same day, or smaller amounts during consecutive days, the institution must collect your ID information and Social Security and report it to the government. I forget which entity of the government.

Does that mean that if one participates in an ICO and puts in over $3,000, that gets reported to the government? Or if you move $3,000 out of an exchange, that gets reported?

In my own opinion, Kyc is good for the growth of an ico because in this way, investors will notice that the developers are really serious about their project and more consumers are going to come to invest on their coin.

lucyhahaha

newbie

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If anyone is sharing his KYC details then he should not expect that governments won't get any information about his investment in that particular exchange. In order to carry the operations smoothly, even Mark Zuckerberg have to satisfy government and when it comes to crypto companies, things are even complicated and as we all know that governments are not a fan of crypto so they will anyhow try to monitor and regulate this stuff.

Soneo

newbie

Activity: 103

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Quote from: bitsticker on June 02, 2018, 01:06:48 PM

well, KYC is about identity, money laundering, illigal curculations. what banks report to monitoring authority is another thing.

I think because of this in the game, I'm sure most exchanges in these countries usually have no choice rather than collecting individual data, regardless of how they end up using it.
In addition to good relationships, we already know that it is not the main essence of KYC, the true meaning of it is just to provoke any irregularities that can look more like illegal that we all know is normal anyway for anything to do with monetary policy in most countries

Sakash

newbie

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Two parties are created through transaction. 1 gives the party and the other party accepts. Why do not you deal with that? He has your link. This makes it easy to find all your information.

djgtr

sr. member

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Merit: 250

Quote from: alisafidel58 on January 09, 2018, 01:33:27 AM

Quote from: zoom_rich on January 08, 2018, 09:29:08 PM

Does that mean that if one participates in an ICO and puts in over $3,000, that gets reported to the government?

Once you join and ICO with a KYC it will be reported to the government,i think they pass all the participant after the ICO,i dont know about the law but some countries are banning its citizen from joining ICO.

Quote from: zoom_rich on January 08, 2018, 09:29:08 PM

Or if you move $3,000 out of an exchange, that gets reported?

Weather you move your funds or not once you join the ICO the government has the info on your transaction, this is their way of tracking their citizen who can potentially be evading taxes.

Yes, it is because we need to follow tge rules that the government sets for the advantages of the economics and community. The transaction period even where the money goes by, that is the work of the government run for the funds so that they can sustain also to those in needs individual or group of organization.

petronus

jr. member

Activity: 252

Merit: 4

I do not understand what kyc's function is. will my data be safe after giving my document to ico project? if ico project scam what happened to my data?

Soranith

hero member

Activity: 798

Merit: 502

Quote from: spongegar on June 22, 2018, 03:49:27 AM

I guess they only do that to avoid money laudering activities in the ICO. Besides, no one wants to be known as the ICO that criminals use it move their ill gotten wealth right? I think I've heard of wallets doing this also. You have to verify your identity and the more info you put it, the more you can withdraw and deposit.

Yeah its a way to protect the business from people who will harm the company we all know that there are plenty of scammers in the internet. But other purpose of the KYC specially when you join ICO is that the country you belong to is not allowed to invest in certain ICO so they need to know if their investors are not violating anything.

spongegar

full member

Activity: 476

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I guess they only do that to avoid money laudering activities in the ICO. Besides, no one wants to be known as the ICO that criminals use it move their ill gotten wealth right? I think I've heard of wallets doing this also. You have to verify your identity and the more info you put it, the more you can withdraw and deposit.

Lexurdania

member

Activity: 840

Merit: 10

Quote from: Uno17 on June 21, 2018, 11:02:29 PM

Knowing who your customers is important but i depends on what kind business you are dealing with, if happens to be a store only i don’t think so it needs to know who your customers are but of course asking and knowing what customers want is must also, and if the type of business that needs engagement for a couple of days, like for example you in advertising business, catering business or any other fields that runs for days, i agree it needs knowing who are your customers to make the transactions successful

Know Your Customer (KYC) already implemented on financial sector like banks and others. I think cyptocurrency is financial sector too and if we want regulation from government, KYC must be needed

kalawang

full member

Activity: 350

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Quote from: zoom_rich on January 08, 2018, 09:29:08 PM

For exchanges, ICOs that collect KYC information, when are they required to send information to the government.

If I remember correctly, in the US if you make a money transaction, such as through Western Union, or bank, $3,000+, within the same day, or smaller amounts during consecutive days, the institution must collect your ID information and Social Security and report it to the government. I forget which entity of the government.

Does that mean that if one participates in an ICO and puts in over $3,000, that gets reported to the government? Or if you move $3,000 out of an exchange, that gets reported?

It is pretty quiet question cause we all know that KYC or know your customer is process to know if your costomer is just a bot or it will keep criminals our of your business. They know you but not a lot they protecting their money value of cryptocurrency. I support the right to invest, a good thing.

ferrybitcoin.1996

full member

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For Bounty Hunters, Don't Cheat or You DIE!!

Quote from: Andalusy on June 22, 2018, 01:11:08 AM

~as we all know that governments are not a fan of crypto so they will anyhow try to monitor and regulate this stuff.

Because of Political Stuff, they dont want Bank lose with Crypto.
So, they can put Taxes from it.
I am support KYC (except, Crypto), it is good if we talk about Transparency in project. But, broke the anonimity concept of Crypto? NO

Andalusy

full member

Activity: 364

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If anyone is sharing his KYC details then he should not expect that governments won't get any information about his investment in that particular exchange. In order to carry the operations smoothly, even someone have to satisfy government and when it comes to crypto companies, things are even complicated and as we all know that governments are not a fan of crypto so they will anyhow try to monitor and regulate this stuff.

baconlike

jr. member

Activity: 308

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The Premier Digital Asset Management Ecosystem

Know the customer information you should know about KYC requires proof of identity as well as provide personal information related to their personal to prevent tampering.

Uno17

member

Activity: 322

Merit: 12

Knowing who your customers is important but i depends on what kind business you are dealing with, if happens to be a store only i don’t think so it needs to know who your customers are but of course asking and knowing what customers want is must also, and if the type of business that needs engagement for a couple of days, like for example you in advertising business, catering business or any other fields that runs for days, i agree it needs knowing who are your customers to make the transactions successful

drm

legendary

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Quote from: ghost424 on June 17, 2018, 06:46:45 AM

Quote from: zoom_rich on January 08, 2018, 09:29:08 PM

For exchanges, ICOs that collect KYC information, when are they required to send information to the government.

If I remember correctly, in the US if you make a money transaction, such as through Western Union, or bank, $3,000+, within the same day, or smaller amounts during consecutive days, the institution must collect your ID information and Social Security and report it to the government. I forget which entity of the government.

Does that mean that if one participates in an ICO and puts in over $3,000, that gets reported to the government? Or if you move $3,000 out of an exchange, that gets reported?

This is absolutely new information for me. At first i was thinking that they are using KYC or Know Your Customer for knowing their platform users that will continuously be with them through out the usage of the platform. Now that i have read this, i was thinking that maybe they are keeping track of those high earners or maybe they are making sure that they are transacting with humans that can travel around the world.

Whatever the case, people who have send their personal docs to ico's and haven't been honest tax wise better watch their backs for a long time coming.
Also identities are getting stolen left and right, this is the perfect scene to try your luck at.

ghost424

full member

Activity: 630

Merit: 103

Quote from: zoom_rich on January 08, 2018, 09:29:08 PM

For exchanges, ICOs that collect KYC information, when are they required to send information to the government.

If I remember correctly, in the US if you make a money transaction, such as through Western Union, or bank, $3,000+, within the same day, or smaller amounts during consecutive days, the institution must collect your ID information and Social Security and report it to the government. I forget which entity of the government.

Does that mean that if one participates in an ICO and puts in over $3,000, that gets reported to the government? Or if you move $3,000 out of an exchange, that gets reported?

This is absolutely new information for me. At first i was thinking that they are using KYC or Know Your Customer for knowing their platform users that will continuously be with them through out the usage of the platform. Now that i have read this, i was thinking that maybe they are keeping track of those high earners or maybe they are making sure that they are transacting with humans that can travel around the world.

Remedios19

newbie

Activity: 36

Merit: 0

This is good inorder to prevent illegal use of cryptocurrency.

Topic: Know Your Customer - page 14. (Read 5767 times)