Know Your Customer - page 15. | Bitcointalksearch.org

Rosilito

sr. member

Activity: 658

Merit: 274

Wish for the rain? Then deal with the mud too.

Quote from: zoom_rich on January 08, 2018, 08:29:08 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?

May be if you moved it out of exchange. And in addition, ICO here and some money transaction are far different, thus, collecting personal information stuff won't be the same as the way government did in real life. Well I am not in the position to say that but it is what I know, it is somewhat and somehow dangerous to collect personal information because you would handle big things, and the forum doesn't required when you create an account here either.

gurang

jr. member

Activity: 350

Merit: 2

Quote from: zoom_rich on January 08, 2018, 08:29:08 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?

of course you need to know your customer whether it is a scammer or a bad person, and you also recognize it if it has enough knowledge for you so you can try it as long as you can

TooDumbForBitcoin

legendary

Activity: 1638

Merit: 1001

Quote from: FiveReels on June 16, 2018, 04:37:45 PM

KYC very important to ensure verification process in order to reduce fraud, money laundering and scams. In order to do this, It is important to authenticate money trail from start to end.

If we speak about ICO's then true is that they conduct KYC for further smoothly selling of raised funds on exchanges to get fiat

evader11

full member

Activity: 434

Merit: 100

Hexhash.xyz

I think they require that so they will know if the customer is really true because some o them are lying. I know that it is hard to accept their requirements because our identity is needed for it but we need to know and learn why they need it so we can understand them especially to their bounty project.

Jamescur

newbie

Activity: 98

Merit: 0

I think there is only a large amount of transactions, and there is a possibility of money laundering in a large amount of transactions! The exchange will only report your trading information!
Every day, small amounts of money are transferred into or out of the market. If all of them report to the government, they will cause great work pressure!

kingkonjac

member

Activity: 308

Merit: 10

if not know a day will come that the governments or other entities will require our ID`s from ICO`s and that is the reason why the KYC system was introduced in order to keep safe the project in case of a problem with the govnm.

FiveReels

member

Activity: 168

Merit: 10

KYC very important to ensure verification process in order to reduce fraud, money laundering and scams. In order to do this, It is important to authenticate money trail from start to end.

Jackulero

newbie

Activity: 29

Merit: 0

Quote from: Faeton on June 16, 2018, 09:36:18 AM

Quote from: zoom_rich on January 08, 2018, 08:29:08 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?

Yes, most likely, that's the way it is. Only in different countries there are their own rules and their conditions for providing such information about transactions in the crypto currency, which is transferred to the state authorities. Therefore, if you are required to provide identification information on exchanges and exchangers, it is clear that such information will be sent to the appropriate authorities on a regular basis, or on individual requests.

I think why KYC is needed in some ICO for the safe records of investors and for their information to be considered by the specific country that the ICO is allocated.

Smitt

hero member

Activity: 888

Merit: 500

KYC in ico is used to recognize the holder or buyer of coins in ico, and it is enabled to avoid cheating or a hacked account. In this case, I think KYC in ICO has no effect on government institutions. If there is no KYC in ICO may be very dangerous to the owner of the coin, the problem is the identifier for a purchase (investment) that protects the owner. If KYC ICO is connected to a government agency, you know that some countries still do not know the crypto world or still have not legalized crypto.

walleconomy

jr. member

Activity: 114

Merit: 1

If we talk about the verification of KYC during the ICO, then I think that no one tells the state this information. KYC check in my opinion is used to exclude bots.

paparexon0414

full member

Activity: 432

Merit: 126

At first i dont know why is kyc is needed in buying tokesn from ico's. Some people wants to be involve in this kind of earnings without revealing who they are. But in some point, it could be a big factor that will help to eliminate the unnecessary things that might ruin ones project. Indont know if getting kyc will secure their buys without compromiaing their identities and leaked it to the web.

Zachwolf

newbie

Activity: 121

Merit: 0

Quote from: zoom_rich on January 10, 2018, 09:15:12 PM

Quote from: Tenderino on January 09, 2018, 06:14:47 PM

The answer to your question depend all on the country where the ICO or exchange is located. A court in the US recently decided that the exchange coinbase has to forward all customer data to the authority. In this case it does not rely on the amount and is like opening a bank account where your data will be submitted to authorities. US residents are currently anyway not allowed to participate in ICOs abroad. The US is doubtless the most regulated country in the world.

From what I've read regarding Coinbase, the IRS won a case and Coinbase has to hand in the identity of all of its users who withdrew $20,000 in US dollars.

This is also a one way to identify who are the people involve in that bounty campaign and also to prevent from scammers or scam project. But as of now not all campaign needs KYC's. It depends on the bounty manager.

Coleen

newbie

Activity: 57

Merit: 0

Although the phrase “know your customer” may seem insignificant to most people, it has a very important meaning in the business world. The process of knowing your customer, otherwise referred to as KYC, is what businesses do in order to verify the identity of their clients either before or during the time that they start doing business with them. The term KYC can also reference the regulated bank practices that are similarly used to verify clients’ identities.

wasaisi

member

Activity: 210

Merit: 10

I do not think the use of KYC is to report any transaction or investment to the government. The use of KYC is prioritized as a sign of one's seriousness in investing in ICO and ownership of a coin. Maybe it's meant that any illegal or cheating transaction happens we can track that person.

Angela28

newbie

Activity: 168

Merit: 0

If you want to do business successfully, you have to know that your business is a customer and that you can understand them by what you can understand the customers you will succeed because they are the creators. out of profit for you

Faeton

member

Activity: 308

Merit: 11

Quote from: zoom_rich on January 08, 2018, 08:29:08 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?

Yes, most likely, that's the way it is. Only in different countries there are their own rules and their conditions for providing such information about transactions in the crypto currency, which is transferred to the state authorities. Therefore, if you are required to provide identification information on exchanges and exchangers, it is clear that such information will be sent to the appropriate authorities on a regular basis, or on individual requests.

yousbabtle

jr. member

Activity: 75

Merit: 2

Quote from: bitbunnny on June 09, 2018, 02:59:38 AM

Quote from: BitcoinMarketer39 on June 09, 2018, 02:50:12 AM

Quote from: zoom_rich on January 08, 2018, 08:29:08 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?

Its fine to have kyc as long as it will be implemented before the campaign starts in order for the participants to have the proper preparations, that is the only reason why it should be declared before the campaign starts.

That and because people have to be aware that their personal data will be requested and used and they have to give their consent.
Although KYC actualy helps with protection and like some anti fraud mechanism not all people feel comfortable revealing their identity. But it's hard these days to use any of services anonimously.

It is not about the customer, it is about the users. Customers are different than users. If you open an account in a bank they will collect all your data because you are going to their user and not customer. You are not buying anything from the bank. KYC is not important for departments. It is only required by the production companies. This is the right definition of KYC.

Rhaizan

full member

Activity: 518

Merit: 100

Quote from: squog on June 13, 2018, 07:48:04 AM

Yeah I'm pretty sure they do that to prevent money laundering and other illegal transactions. Then again, i don't have a problem with them reporting me. Besides I'm not doing anything wrong and it just absolves me of all guilt and accusation. I just hope the information i give out is safe and i won't be a victim of identity theft.

That is exactly the problem with kyc, they can use your identity so make sure that you only send your identity on trusted people, kyc is need on investment and that is normal . We just need to be careful always on our identity .

arinalwa

newbie

Activity: 76

Merit: 0

Quote from: yuzefa on June 09, 2018, 03:54:13 AM

KYC should be there in my opinion but it should be disclosed to government only for big transactions. Some people are using it to store illegal money.

If I have a pizza, burger shop and somebody buy pizza from my shop I don’t need to know who he is. I have no concern with this. People are having misconception about know your customer. Especially in crypto world KYC has no relation with it. I is not a production, it is a currency and a business. Collecting information should be for users and not for customers in this regard.

squog

full member

Activity: 462

Merit: 100

ANONYMOUS MOBILE PAYMENTS

Yeah I'm pretty sure they do that to prevent money laundering and other illegal transactions. Then again, i don't have a problem with them reporting me. Besides I'm not doing anything wrong and it just absolves me of all guilt and accusation. I just hope the information i give out is safe and i won't be a victim of identity theft.

Topic: Know Your Customer - page 15. (Read 5825 times)