Know Your Customer - page 24. | Bitcointalksearch.org

trimulia

full member

Activity: 518

Merit: 101

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 just know that know your customer id card is send to government,really?
by the way,here i'm selling kyc for cheap price if u want. i have 8 kyc and i don't know what should i do with it...

nitishkumar9999

jr. member

Activity: 82

Merit: 2

Day to day governmemt regulation is increasing and kyc is a way to trac any unauthorise transaction but still there is no any rule on ico to submit kyc of their participants to government but in future it may be with retrospectively. Thanks.

Ezmael Wright

newbie

Activity: 191

Merit: 0

Yes , if you want to have a succesful bussines you must know your costumer first because if you don't know your costumer maybe it may affect to you're bussines.

kipo

member

Activity: 294

Merit: 10

I agree that you should know your customer when trading because there are a lot of scammers nowadays. As for the bitcoin safety I think it is possible to hide your identity but it will be not easy in the future if to trade large amounts of coins.

youdacapt

sr. member

Activity: 1806

Merit: 295

Quote from: Lostchickens102 on April 27, 2018, 10:50:03 AM

Money transfer for any reason is controlled in most countries because I think it could be used to fund terrorism or criminal acts or illegal activities. Aside from this reason, especially when large money is involved, money transfer can have a great impact on a country's economy. And transferring tokens or coins is the same as transferring real money so that is they are monitoring it.

KYC / AML is an important solution now to strengthen user transaction data, government oversight process is still minor so need stronger projection rules, they need to have a special economic agency for the crypto economy so that everything can be transparent and no longer afraid of the problem you mentioned.

max fray

member

Activity: 294

Merit: 10

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In the US the organizers of the ICO have recently been obliged to report about "suspicious" investors.
Initial coins offerings that are held in US jurisdiction must comply with the laws on combating money laundering and financing of terrorism and, under these laws, organizers must inform the authorities about suspicious investors. This is stated in a letter published in early March by the US Treasury.
There is not a word about the amount of money invested that is to be controlled ($3,000 or more).
Still I think there are some criteria that are to be followed when revealing these "suspicious" investors.

LuciferEveningStar

member

Activity: 322

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?

Kyc is today is one of the reason why ico's are being successful, its because there are a lot of people who are trusting an ico that is requiring their investors to have a kyc, another thing is that there are also participants on bounty who are getting a huge amount of payout since the ico's are successful.

darkedelf

newbie

Activity: 161

Merit: 0

I think It’s not enough to just check your customer once, you need to have a program that knows your customer on an ongoing basis.The ongoing monitoring function includes oversight of financial transactions and accounts based on thresholds developed as part of a customer’s risk profile.

nakkanak

newbie

Activity: 103

Merit: 0

I do not like this, it should still be decentralized without any interference from the world government, I am interested to join here for that reason

Lostchickens102

newbie

Activity: 51

Merit: 0

Money transfer for any reason is controlled in most countries because I think it could be used to fund terrorism or criminal acts or illegal activities. Aside from this reason, especially when large money is involved, money transfer can have a great impact on a country's economy. And transferring tokens or coins is the same as transferring real money so that is they are monitoring it.

sserge009

hero member

Activity: 770

Merit: 501

I understand all the concerns associated with this service, but I do not share them. I do not think that this will become a pervasive practice, because The community still very much protects your personal data. In addition, the problem of government and the declaration of income is not in all countries.

onemoretime8520

member

Activity: 265

Merit: 10

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for now that there is not any kind of regulation I don`t think that the companies will report them into government but in the future when regulations come they want to secure themselves and try to not let any question mark to secure themselves.

Tagabukid69

jr. member

Activity: 111

Merit: 1

KYC is something to do with multiple account prevention, There are some people who are greedy which prefer to use multiple accounts to earn much profits, This could be fall to cheating, Thats why KYC is very important to counterpart the issue.

Ilegendph

full member

Activity: 434

Merit: 103

Thinking on the higher plane of existence.

Quote from: efxtrader on April 27, 2018, 07:35:51 AM

Quote from: michellee on April 27, 2018, 04:09:39 AM

I think for the applying of KYC is for prevention about any corruption that might be happening in the cryptocurrency and maybe it's one of regulation that the government wants to try first before they approve cryptocurrency to used for the public. I think it will be another way to avoid some bad things like money laundering so if the projects know who is the investor they don't have to be a worry at all. this will be another solution too for the exchanges so they can know their customer which trade in their sites so if there is something bad happen with that customer, they can give a help or deny depends on the problem itself.

KYC needed because its prevent investor from fraud ICOs and to protect citizen investment. I think KYC is good to create better investment climate in cryptocurrency market

How could KYC process can prevent fraud? I dont think this process is capable of detecting fraud. As far as I know it was implemented to follow the rules and regulation of that country. It is to prevent bots from doing trading in their platform because most of the time, bots are successful traders if there is a good algorithm of trading.

efxtrader

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GoMeat - Digitalizing Meat Stores - ICO

Quote from: michellee on April 27, 2018, 04:09:39 AM

I think for the applying of KYC is for prevention about any corruption that might be happening in the cryptocurrency and maybe it's one of regulation that the government wants to try first before they approve cryptocurrency to used for the public. I think it will be another way to avoid some bad things like money laundering so if the projects know who is the investor they don't have to be a worry at all. this will be another solution too for the exchanges so they can know their customer which trade in their sites so if there is something bad happen with that customer, they can give a help or deny depends on the problem itself.

KYC needed because its prevent investor from fraud ICOs and to protect citizen investment. I think KYC is good to create better investment climate in cryptocurrency market

yulionoo

sr. member

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i think kyc for ico need to decrease cheater. you know, many people have much alt account and sometimes in one ico they register more than one account. and it break the rule, for one ico is one account. so they need kyc to proof that they are different person.
but, if it for government it mean they support and minimize people that use bit or altcoin for bad attitude. and they want to make cooperation with exchanger

Elsie123

newbie

Activity: 107

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?

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.

otreza

member

Activity: 350

Merit: 15

I hope they use it for the project purposes only and not gonna sell it. There are more and more projects asking KYC now.

andika2018

member

Activity: 700

Merit: 10

Quote from: michellee on April 27, 2018, 04:09:39 AM

I think for the applying of KYC is for prevention about any corruption that might be happening in the cryptocurrency and maybe it's one of regulation that the government wants to try first before they approve cryptocurrency to used for the public. I think it will be another way to avoid some bad things like money laundering so if the projects know who is the investor they don't have to be a worry at all. this will be another solution too for the exchanges so they can know their customer which trade in their sites so if there is something bad happen with that customer, they can give a help or deny depends on the problem itself.

Indeed, I am agree with you opinion. Regulation made because of something and I am believe regulation or KYC to protecting investment from fraud or scams or even money laundering. Cryptocurrency already known by many peoples used for illegal activities and thats not true and thats why government or exchange need KYC for

michellee

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🐺Spinarium.com🐺 - iGaming casino

I think for the applying of KYC is for prevention about any corruption that might be happening in the cryptocurrency and maybe it's one of regulation that the government wants to try first before they approve cryptocurrency to used for the public. I think it will be another way to avoid some bad things like money laundering so if the projects know who is the investor they don't have to be a worry at all. this will be another solution too for the exchanges so they can know their customer which trade in their sites so if there is something bad happen with that customer, they can give a help or deny depends on the problem itself.

Topic: Know Your Customer - page 24. (Read 5767 times)