Topic: KYC (Read 162 times)
Most of project hire 3rd party services to handle out kyc and there not much of them as per my knowledge. So there will be separate database for each service provider. I have recently joined ICO where there was same service provider for the project where I did kyc before and I have been verified without doing kyc again.
Checking the end user of the exchange services or the money-holding in the ICO, this is a very good thing. Although deceivers find ways to fake information. I am more pleased with the KYC that developers are required to provide their data to the exchange, so fraudulent projects are much less.
KYC is an annoying part of bounties. But even more annoying are ones not reading requirements and then cursing at the team or bounty manager. If investors are required to do KYC then the bounty hunter should do so. Otherwise, it is not fair, sometimes BH gets more tokens than ones participated in token sales.
Searched here, then searched in General on the Internet, it is not clear to me a situation with KYC, children somebody prompt me, here the data which we give, they to be in any one General database? or each project has its own database?
They got own base: it's insecure; required by the rules; you can not participate in ICO without it.
What I realized observed about Kyc is that all the project requiring Kyc is just trying to play in the ambit of the law to avoid legal issues and it's also inline with battling of corrupt practices and money laundering but I do hope all of this project keep the 🆔 and documents safe because of some people that can be using it for illegal stuffs
Agree with previous posters for KYC rationale but should also add that KYC is tied to anti-money laundering laws as well. There is growing concern that cryptocurrencies are being used more and more by nation states and criminal organizations to process money in such away to evade sanctions or avoid detection altogether.
Now... don't think this is exclusive to crpto... fiat can be used for such purposes as well and there are similar laws for fiat. It's not like crypto is the only bad actor.
Now... don't think this is exclusive to crpto... fiat can be used for such purposes as well and there are similar laws for fiat. It's not like crypto is the only bad actor.
If you want to participate in ICO that requires KYC from their investor then you have to submit your identity documents it is because some country Government doesn't allow their citizens to participate in ICO so every ICO project needs their investor identity to avoid any legal actions against them in future. Also, it came in place by some governments lawful authority to implement KYC system to avoid money laundering & can keep track of every investor holdings. But submitting your ID's to pass KYC is insecure as your data can be leaked and you are not sure to whom you are submitting & how secure their system is to protect the data. If your data gets leaked maybe someone can steal your identity and use it for unethical use.
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