Know Your Customer - page 16. | Bitcointalksearch.org

yahamidu

newbie

Activity: 61

Merit: 0

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?

I think Knowing your customers to me is important because we will be able to know the one you are dealing with is legitimate in their transactions when doing bitcoin transactions. it's in my opinion.

davinchi

legendary

Activity: 2100

Merit: 1058

Quote from: bitbunnny on June 09, 2018, 03:59:38 AM

Quote from: BitcoinMarketer39 on June 09, 2018, 03:50:12 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?

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.

There are a lot of exchanges in the market and we know few best exchanges like Binance, Bittrex and many more which are highly rated exchanges by users. You can sell your coins on any exchange but you have to know the market situations which are changing with the passage of time and you have to select the right time to sell, sell out in a high market on any exchange easily.

Zachwolf

newbie

Activity: 121

Merit: 0

Quote from: ricardobs on January 11, 2018, 08:04:52 AM

Quote from: CHENIEN on January 10, 2018, 03:29:27 AM

In business transaction, we must know who the customer really is. But in bitcoin transaction there are some privacy that no need to display. In a relevant to the question above it was stated that there are some rules in other country like U.S.A that beyond limits of transactions will be reported to government. In every countries, the laws implemented are not totally synchronize the same laws. So if you are in living in a certain country which the laws prohibit to made transaction beyond limits therefore we aware and adopt the rule of laws.

I don’t think we should even worry about such things when it comes to Bitcoin and all these ICO stuffs, cause Bitcoin is all about privacy. Such things are only required when it comes to bank and other offline activities that mostly has to do with money.

Yes, for me as a businessman it's better that we always know our customer so that we will not be scam and lose our investment especially in crypto world. We must also check there status in life and background.

Aristus

member

Activity: 280

Merit: 10

Me personally do not like kyc because I do not really want to share my identity to anyone whom I do not know but since kyc appears the very important requirement I think I do not have any choice but to follow. And I have a feeling that someday many centralized ICO are coming because of this, if decentralized cannot separate the centralized system.

jayyen

jr. member

Activity: 112

Merit: 1

This is good to know your customers (kyc) so that people do not hide behind the fact that block chain is based on anonymity and do evil things.But with kyc,people will becareful when doing anything.

NewRanger

sr. member

Activity: 1582

Merit: 333

Quote from: longskie0327 on June 09, 2018, 08:36:39 AM

know your customer simply some information or identification taken form you just to make sure you're not US resident it is also important to know some details and it verifies the information of their clients make sure its not fake.

but this process can still be manipulated with various techniques. except if required with selfie photo documents. kyc in is also useful for tracking if a member is involved in a crime.

annango

member

Activity: 361

Merit: 17

Quote from: awik p on May 27, 2018, 03:39:42 PM

Quote from: tapaibuccok on May 27, 2018, 10:32:18 AM

Quote from: MiXxe on May 27, 2018, 06:46:14 AM

Quote from: endut15 on May 17, 2018, 09:44:39 AM

Quote from: beccer on May 09, 2018, 12:52:01 PM

I am not sure this will be governed by government because there is no tax here, maybe kyc here only aims to find out who is joining ico, name, gender and citizenship that will be viewed

it's hard to predict, too, whether the government will manage everything, so we have to see what's going on next, so we have to wait for everything

I think if the government will take the management of any cryptocurrency or especially the bitcoin, it will enormous time to adapt for the vague change. Considering that bitcoin has a very large system and this is being transacted by almost all people in the world so it means that this is international. And all governments will have to meet together.

I think crypto has not been governed by the government because we are not required to pay taxes to join in ico, or maybe the government just wants to know who its citizens are joining in crypto currency to avoid illegal transactions

know your custumer is usually needed when we will participate in an ico. and i think this is prompted by the project developers, so i do not think it's the government that asks. and probably well if this is done to avoid illegal practices

Exactly, KYC is the factor that government care about. It’s also the reason why most governments do not accept the existence of cryptocurrency as a kind of payment like fiat currency. Because it goes without saying that if you don’t know your customer, you will be in scam, that’s the reason why fiat has an important stand in the public eye. Truly it’s not easy to break the anonymity in crypto market, it’s a main characteristic of this market.

longskie0327

newbie

Activity: 140

Merit: 0

know your customer simply some information or identification taken form you just to make sure you're not US resident it is also important to know some details and it verifies the information of their clients make sure its not fake.

Sled

hero member

Activity: 1680

Merit: 535

Bitcoin- in bullish time

Quote from: 5ensei on June 09, 2018, 05:19:00 AM

I wouldn't want to hand over my details to a newbie ICO with no experience. If it was backed by a huge company like Kodak then it would be ok, otherwise I'd be worried about ID theft and if my details would be kept safe

You can still join to an ICO without going through their KYC but as far as i know, it is normal to undergo KYC because that is the best way for them to filter and have an extra comfortable feeling of their investor because they can easily track and they can easily verify if their investor is a good one or it has a record against the law but overall, it is all about obeying the law of regulation about crypto in most of the countries.

gurang

jr. member

Activity: 350

Merit: 2

Quote from: fiulpro on January 08, 2018, 09:58:33 PM

You know everything is reported to the government if the amount is big enough, it's very hard for a person to keep his identity hidden because every bank transaction is taken care of , and linked to your account.

There are people with black money who keeps it hidden and this is important to discover that the money is not black and someone isn't running from taxes.

you always have to recognize the customer for you to be safe so you will not be scam because many people today have been fooling and fond of cheats for their personal preferences so they get what they want

maruf_h20

newbie

Activity: 196

Merit: 0

The key to business is the customer. Customers need to know the needs better. It is very important to know the wishes and feelings of the customer. The customer must attract the customer's attention. Business success is not possible without customers' attention and mind.

panfils

newbie

Activity: 51

Merit: 0

If you submit KYC to an exchange and project, you can be reported to government. Thus you should pay all your taxes.

5ensei

full member

Activity: 728

Merit: 103

I wouldn't want to hand over my details to a newbie ICO with no experience. If it was backed by a huge company like Kodak then it would be ok, otherwise I'd be worried about ID theft and if my details would be kept safe

yuzefa

newbie

Activity: 79

Merit: 0

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.

bitbunnny

legendary

Activity: 2912

Merit: 1068

WOLF.BET - Provably Fair Crypto Casino

Quote from: BitcoinMarketer39 on June 09, 2018, 03:50:12 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?

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.

BitcoinMarketer39

full member

Activity: 392

Merit: 100

ADABsSsSsSsSSSsS

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?

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.

jayhawk1

full member

Activity: 352

Merit: 100

Quote from: ?? on ??

Know your customer is the process of a business identifying and verifying the identity of its clients. The term is also used to refer to the bank and anti-money laundering regulations which governs these activities.

If you want to flourish in your business, then the first thing which you need to do is that you must value your customer and that your customer should be your top priority. You need to design the product the way your customer wants it and that you must identify the needs and wants of your customer. This will increase the demand of your product and that will eventually lead you to more earning.

Lexurdania

member

Activity: 840

Merit: 10

I think KYC needed in crypto market. Its because market dont have a regulation and without regulation, many scammer in crypto space. I am believe that if we want make market more healthy, we need regulation to prevent criminal action in this new market

DisWhale

jr. member

Activity: 336

Merit: 1

Improve your mode of payment with crypto

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 for ICOs are for verification purposes as it is required by most authorities in some countries. KYC and Anti-money laundering (AML), are regulations from the security institutions of a country to check terrorism funding and money laundering. As such, the data collected from participants are kept safe and are only visited for verification purpose.

putrisa

full member

Activity: 420

Merit: 100

know your customer is very popular in ico world and even some exchange places have also applied KYC, but actually KYC has positive side and negative side, for the positive side of the platform can avoid money laundering and the negative side you do not have pirivacy.

Topic: Know Your Customer - page 16. (Read 5767 times)