Know Your Customer - page 3. | Bitcointalksearch.org

Bunsomjelican

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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?

For majority of the exchange that are centralized based system all of them are requiring their client users to submit KYC to their platform to increase the amount of their withdrawal transaction. But in some ICO they also required only a few of them, still majority of the ico are not requiring KYC.

jonaire99

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Countries that requires KYC are getting numerous and I think it will the norm in the years to come. Global regulations is inevitable because governments saw the increase of crimes related to money with the use of advance technology. Every individual and companies should comply to government regulations when it is required to prevent use of funds in fraudulent activities.

Kuchiyose

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Quote from: marcelocoin on May 08, 2019, 11:32:42 PM

I my country is being regulated the use and profits coming from BITCOIN or cryptomoedas, I still do not know how this process will be, believe that soon we will have a regulation in Brazil!

Each country will have different rules because in my country every person who has a valuable coin (BITCOIN) will be taxed by the state. Maybe in other countries there are different rules.

marcelocoin

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hi =D

I my country is being regulated the use and profits coming from BITCOIN or cryptomoedas, I still do not know how this process will be, believe that soon we will have a regulation in Brazil!

Azure Spark

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Quote from: BossMacko on May 08, 2019, 07:07:26 PM

Is it true? Exchanges are reporting to the government once a person transact a huge amount? I thought KYC will only be used to make sure that the account is genuine and not fake or bot. And with KYC you are unlocking the amount that you can withdraw in a day like some exchange.

Yes, since the PATRIOT Act KYC has been required for accessing any financial service over $10,000 (as well as certain services under that amount) in the US, and basically all other countries have followed suit (and since the law is vague, companies sometimes try to collect as much as possible, to be safe). This ensures that money is not being laundered, countries sanctioned by the US don't have access to finance, and that tax is paid whenever necessary.

All transactions over $10,000 also have to be alerted to the IRS and FBI. It's a brilliant example of governmental overreach, along with the rest of the PATRIOT act.

elisabetheva

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Finally, the matter of kyc has become a very crucial thing because there are many that have nothing to do with it and actually do not need to force to do Kyc in that way hoping they can get more results because they know there are still many who do not want to obey the Kyc. this is so fraud does not seem to violate the rules. avoid such things and don't need to believe.

BossMacko

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Is it true? Exchanges are reporting to the government once a person transact a huge amount? I thought KYC will only be used to make sure that the account is genuine and not fake or bot. And with KYC you are unlocking the amount that you can withdraw in a day like some exchange.

shesheboy

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Quote from: kumala_abi on May 07, 2019, 05:27:51 AM

Quote from: nak02 on May 07, 2019, 03:40:11 AM

Well if the projects needs to verify their customer regarding the LAW then it will be undergo in KYC because we've seen that a lot of people abusing the projects that have a potential to grow and they need a proof of some investors that the people in their projects are true and not just like dummy or fantasy.

maybe kyc be prevention solution for developers team from cheaters or investors that using money from crime action.i am sure this kyc will bring positive progress in future if suddenly local regulator need this.

This isnt the main purpose on why there is a kyc but this can be a secondary porpuse for kyc but i wont believe that kyc will only bring positive changes because not all users are going to comply with it .

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

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?

As far as i know , some ico will require a kyc no matter how big or small the amount that your trying to put while on the case of online exchanges , yes they will only require a kyc if a user is transacting huge amount of cash .

Spaffin

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Quote from: BennyK on May 05, 2019, 09:04:21 PM

KYC is done by most projects to comply to the government regulations. The projects are sometimes held accountable for transactions hence must be able to provide the identities of the individuals behind these transactions in order to avoid the issue of money laundering. KYC is also for verification purposes by the project in order to eliminate bot and double entries from participants.

You yourself contradict your own statement that a KYC check should be carried out to prevent cases of money laundering. For what, then, KYC is checked against ICO bounty campaign participants, if they cannot be suspected of laundering dirty money, because they do not invest their money in ICO projects. You also write that the KYC check is carried out in accordance with the requirements of the laws of some states. In this forum, I have not met anyone to refer to such laws. Above all, laws that oblige bounty hunters to be tested by KYC. Can anyone call them? I am sure that such laws do not exist.

kumala_abi

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Quote from: nak02 on May 07, 2019, 03:40:11 AM

Well if the projects needs to verify their customer regarding the LAW then it will be undergo in KYC because we've seen that a lot of people abusing the projects that have a potential to grow and they need a proof of some investors that the people in their projects are true and not just like dummy or fantasy.

maybe kyc be prevention solution for developers team from cheaters or investors that using money from crime action.i am sure this kyc will bring positive progress in future if suddenly local regulator need this.

nak02

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Well if the projects needs to verify their customer regarding the LAW then it will be undergo in KYC because we've seen that a lot of people abusing the projects that have a potential to grow and they need a proof of some investors that the people in their projects are true and not just like dummy or fantasy.

Bitkoyns

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Quote from: yanetriwidia on May 06, 2019, 04:01:30 AM

Quote from: BennyK on May 05, 2019, 09:04:21 PM

KYC is done by most projects to comply to the government regulations. The projects are sometimes held accountable for transactions hence must be able to provide the identities of the individuals behind these transactions in order to avoid the issue of money laundering. KYC is also for verification purposes by the project in order to eliminate bot and double entries from participants.

I am more sure that KYC is for honest people that they are real people who are not people who abuse a project, I am rather annoyed to people who cheat with KYC using someone else's identity because KYC must also be detailed but must be accompanied by rewards comparable In my opinion, KYC is a double-edged sword can be profitable and can harm many people

I like your metaphor regarding KYC, it is a double edged sword which is true, if the team behind the project are also on the straight path paying people and give what they deserve they can earn from it but once the team are using those KYC to make money people is at risk.

yanetriwidia

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Quote from: BennyK on May 05, 2019, 09:04:21 PM

KYC is done by most projects to comply to the government regulations. The projects are sometimes held accountable for transactions hence must be able to provide the identities of the individuals behind these transactions in order to avoid the issue of money laundering. KYC is also for verification purposes by the project in order to eliminate bot and double entries from participants.

I am more sure that KYC is for honest people that they are real people who are not people who abuse a project, I am rather annoyed to people who cheat with KYC using someone else's identity because KYC must also be detailed but must be accompanied by rewards comparable In my opinion, KYC is a double-edged sword can be profitable and can harm many people

viananda2525

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Quote from: Natalim on May 05, 2019, 11:49:45 PM

Quote from: Serco on May 05, 2019, 10:15:52 PM

Quote from: BennyK on May 05, 2019, 09:04:21 PM

KYC is done by most projects to comply to the government regulations. The projects are sometimes held accountable for transactions hence must be able to provide the identities of the individuals behind these transactions in order to avoid the issue of money laundering. KYC is also for verification purposes by the project in order to eliminate bot and double entries from participants.

but crypto or ICO didn't regulated yet by any government.so in my opinion we didnt need to pass kyc if the reason due to government regulation.this condition could work if they have some rules and regulation in their countries.

In general, the market is not yet regulated but there are some projects run a by a team that are regulated because they are in a certain country that regulation is already present, in that case they will require KYC as that is a basic requirement, so for investors it's important that we know the whole details of the project we are investing as a simple violation of the law could lead to major negative effect on the project.

some countries already isseu policy about crowdfunding in cryptocurrency market.some of them allowed their citizen participating in ICO with certain rules.and maybe this KYC be one of the rules.

Natalim

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Quote from: Serco on May 05, 2019, 10:15:52 PM

Quote from: BennyK on May 05, 2019, 09:04:21 PM

KYC is done by most projects to comply to the government regulations. The projects are sometimes held accountable for transactions hence must be able to provide the identities of the individuals behind these transactions in order to avoid the issue of money laundering. KYC is also for verification purposes by the project in order to eliminate bot and double entries from participants.

but crypto or ICO didn't regulated yet by any government.so in my opinion we didnt need to pass kyc if the reason due to government regulation.this condition could work if they have some rules and regulation in their countries.

In general, the market is not yet regulated but there are some projects run a by a team that are regulated because they are in a certain country that regulation is already present, in that case they will require KYC as that is a basic requirement, so for investors it's important that we know the whole details of the project we are investing as a simple violation of the law could lead to major negative effect on the project.

Serco

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Quote from: BennyK on May 05, 2019, 09:04:21 PM

KYC is done by most projects to comply to the government regulations. The projects are sometimes held accountable for transactions hence must be able to provide the identities of the individuals behind these transactions in order to avoid the issue of money laundering. KYC is also for verification purposes by the project in order to eliminate bot and double entries from participants.

but crypto or ICO didn't regulated yet by any government.so in my opinion we didnt need to pass kyc if the reason due to government regulation.this condition could work if they have some rules and regulation in their countries.

BennyK

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KYC is done by most projects to comply to the government regulations. The projects are sometimes held accountable for transactions hence must be able to provide the identities of the individuals behind these transactions in order to avoid the issue of money laundering. KYC is also for verification purposes by the project in order to eliminate bot and double entries from participants.

STT

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I dont mind if the ICO team declare beforehand in their terms of participation that you are required to do certain things like verify your identity. If you sign upto something that includes this requirement then it was voluntary and really hard to object to after the fact.
The problem is when later at some point of the ICO team choosing they introduce new terms which alter retrospectively what was already agreed. Every site can have this dilemma and then its a much harder thing to decipher who is being reasonable or not but obviously there is no idea of KYC that should include permanently removing value from people who have caused no loss or law to be broken.

Snaic

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Quote from: TrevorS on May 04, 2019, 08:09:54 AM

I would not mind sending my personal documents, but if I knew for sure that they would not fall into bad hands, would not be stolen or hacked, would not be transferred to third parties or sold.

The fact of the matter is that there are no guarantees from the ICO teams. Moreover, this activity is not regulated and each team collects confidential information at its discretion, which is at its discretion and stores and uses.
However, the question remains open as far as legitimate is the requirement for bounty hunters to be tested by KYC. Not a single ICO team has yet confirmed this and did not specify which law specifically gives them such a right and what exactly is written in such a law. I am sure that such a requirement is illegal.

bitcoin31

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Quote from: TrevorS on May 04, 2019, 08:09:54 AM

I would not mind sending my personal documents, but if I knew for sure that they would not fall into bad hands, would not be stolen or hacked, would not be transferred to third parties or sold.

Me too Im not submitting my personal information to other but maybe I change my minds if I saw the project or if it's really needed I will send it but for now I will not do that because I don't see any reason to trust anyone to send my personal documents. Because Im scared to use my Identity to the bad things in online world.

Topic: Know Your Customer - page 3. (Read 5764 times)