Topic: KYC in ICO & Trading account - page 2. (Read 353 times)
There is a positive value of the rules that require completion of the KYC form ..Application of Know Your Customer Principles or more commonly known as Know Your Customer. is based on the consideration that KYC is not only important in the context of combating money laundering, but also in the framework of implementing systems owned by all institution.
When I joined the crypto world last year, there was no KYC.
It was still anonymous and it also have some problems/abuse as well:
1. Some individuals will create multiple accounts to buy lots of tokens in ICO's/TGE.
2. You can create accounts on any exchange, no KYC, just email. Still anonymous (Some are still anonymous though if you use a small amount to trade or take out)
It's just that more regulations from goverment and financial institutions as they would want to track everyone in crypto as well
It was still anonymous and it also have some problems/abuse as well:
1. Some individuals will create multiple accounts to buy lots of tokens in ICO's/TGE.
2. You can create accounts on any exchange, no KYC, just email. Still anonymous (Some are still anonymous though if you use a small amount to trade or take out)
It's just that more regulations from goverment and financial institutions as they would want to track everyone in crypto as well
For me:
- Buy ICO : I want KYC, it will make my investment safe and I do not wait for any refund because of regulations
- For Exchange: I do want KYC because the local government can track the profit and take the tax
South Korea has established regulations that every Crypto trading account should have a complete KYC. In my opinion initial coin offerings should also have KYC for every investor to be regulation compliant. Thus, terror financing will reduce to a great extent through cryptocurrency.
KYC actually has a point as well because we can find out who participated in ICO which was launched otherwise it will make usage of ICO to increase the profit of irresponsible person. but there is a downside as well, from our KYC privacy is disrupted because of the identity we have in the hands of those ICO makers.
In the ICO that I've registered on for the public sale, they do have KYC, which to me is a good thing since they can erify their investors. It's not entirely necessart actually unless you wanna be secured on who's buying the coins that you're offering. It kinda also makes the investor feel secure for me since they know they need to verify themselves to the team. Unless they're unlikely to be known at all, it's still a good practice to do it.
The ICO I joined BTW is Legolas, which currently hold their first public sale today. You can check it out through my signature.
KYC is implemented though upon registration.
The ICO I joined BTW is Legolas, which currently hold their first public sale today. You can check it out through my signature.
KYC is implemented though upon registration. 
Doing KYC is not suppose to be an issue. I am just concerned about the privacy of the information we are given them. Cryptocurrency was supposed to be anonymous and decentralize, but this KYC thing is going against it.
Technically cryptocurrency is still anonymous and decentralize the only thing that reverts the said features are the third-party entities like online exchanges, wallets, and ICO's the rest if they're requiring your info without the mandate requirement of KYC is a scam or identity thieves.Now more and more bounty companies are introducing KYC. I think that soon it will be present in all the bounty companies. All investors have long been obliged to pass KYC.
most of the ICO in the present requires their investors to comply with the KYC policy if they are from the USA and other countries who are requiring this to join with the ICO's the rest are all anonymous users.
I couldnt disagree KYC is a weird thing to do in a decentralized community like ours,its morelikely being used to gather some informations about the users,and someday you will just be suprised that your identity were stolen,or were used to a criminal activities.There will be always a negative impact to users with these so called medium for more fair ICO investments.
South Korea has established regulations that every Crypto trading account should have a complete KYC. In my opinion initial coin offerings should also have KYC for every investor to be regulation compliant. Thus, terror financing will reduce to a great extent through cryptocurrency.
i think several ICO was have KYC system , just like HOQU token , Odem and etc
i think that have pros and cons itself
what i know about cons is they will know where ur place and identitiy , for someone that so distrubing
Well my concern is mainly if some ICO are scam then giving them your personal docs is even more worrisome cause they can also use your docs to sell them as identity theft.
Imagine they get whitelist of 100,000 investors doing KYC and if they can sell your docs for $20 that's fast $2 mil from selling your docs.
Plus another $20-$50mil with pre sale and ICO and this is crazy money for ICO that goes bad or gets hacked.
Who regulates ICO companies and how they manage to store our docs?
I mean if they can get token address hacked and newsletter mailing list hacked then what stopping hackers to also hack and get all our docs too?
This actually calls for company to create a product where you'd do KYC at one site and use this one to link for any other online website that requires you to do KYC.
Same as ewallets like Paypal do - only give Paypal your credit card info then pay on every online merchant by connecting to your Paypal account to pay.
We need Paypal like KYC company to link when applying for ICO and they want us to do KYC.
Imagine they get whitelist of 100,000 investors doing KYC and if they can sell your docs for $20 that's fast $2 mil from selling your docs.
Plus another $20-$50mil with pre sale and ICO and this is crazy money for ICO that goes bad or gets hacked.
Who regulates ICO companies and how they manage to store our docs?
I mean if they can get token address hacked and newsletter mailing list hacked then what stopping hackers to also hack and get all our docs too?
This actually calls for company to create a product where you'd do KYC at one site and use this one to link for any other online website that requires you to do KYC.
Same as ewallets like Paypal do - only give Paypal your credit card info then pay on every online merchant by connecting to your Paypal account to pay.
We need Paypal like KYC company to link when applying for ICO and they want us to do KYC.
Now more and more bounty companies are introducing KYC. I think that soon it will be present in all the bounty companies. All investors have long been obliged to pass KYC.
And that is contradictory with cryptocurrencies nature which is decentralized and anonymity. I believe when every aspect that contains cryptocurrencies needed a KYC verification it will put user privacy at risk. Well, it doesn't matter for the user who doesn't care their privacy but in other hands the people who protect their privacy and anonymity well be disadvantaged.
Lately, many ico have introduced mandatory kyc as well as whitelist. This could also lead to malicious use of documents by malicious people. So it's good to fight crime but on the other it could lead to identity theft
South Korea has established regulations that every Crypto trading account should have a complete KYC. In my opinion initial coin offerings should also have KYC for every investor to be regulation compliant. Thus, terror financing will reduce to a great extent through cryptocurrency.
South korea is banning ico, They are not allowing their civilians to join in the ico, It may better for you to read more about that. KYC only applied to the centralized exchange site because it can be used to money laundering. The purpose of KYC on exchange site is really different with ICO. In ico you should complete KYC verification to prove if you are not from those countries are banning ico.
In some threads I've had this topic previously discussed, and I agree about that, maybe with that, ICO will be more fair on every investor, for all investors who want to invest in ICO, I suggest to join daneel.io, because only daneel which I think will be successful this year, please see the program information here www.daneel.io
KYC has it's pros and cons. The main purporse of KYC in to exclude duplicate accounts from ICOs, and in some countries, ICOs are obliged to have KYC, to correspond with the local laws. But the main risk about KYC is that you send all your personal details including your address to unknown people and you never know how they can use it. Even if the project is realiable, their KYC DB can be stolen by hackers. So I'm not so optimistic regardgin the KYC.
Korea might wanted KYC verification from exchanges to protect their citizen to a possible scam or any hack attempts,doing KYC verification will give them peace of mind because if someone hacked the exchange,they can easily track the culprit.In that way it would be better to under go with KYC verification as well as in ICOs,most of the people wont agree with me but its for our own protection.
Now more and more bounty companies are introducing KYC. I think that soon it will be present in all the bounty companies. All investors have long been obliged to pass KYC.
KYC is mostly a formal thing (some ICOs are approving KYC with a lack of some documents lol). Checkig the identity definetely won't stop criminals from sending the dirty coins. In the dark web you may find thousends of available KYC packages with all necessary info for about 15$ per one ID, I'm sure that bulk price will be even lower so it definetely wont stop terror financing.
The bitcoin network is pretty slow nowadays. If any development does not come soon in the bitcoin network people will look for other currencies. As many investors in the crypto world has weak hands, they are selling their cryptocurrencies regarding FUD as many regulations has stepped in. People who understands crypto will take it as a positive sign. However, this is good for the market as weak hands will diminish from the market and only the strong players will remain.
I always thought that was a good thing.
When transaction encryption currency and investment ICO require KYC data validation, it is possible to indirectly acknowledge that ICO is legal.
So why is the whole cryptocurrency market still red recently?
When transaction encryption currency and investment ICO require KYC data validation, it is possible to indirectly acknowledge that ICO is legal.
So why is the whole cryptocurrency market still red recently?
Doing KYC is not suppose to be an issue. I am just concerned about the privacy of the information we are given them. Cryptocurrency was supposed to be anonymous and decentralize, but this KYC thing is going against it.
South Korea has established regulations that every Crypto trading account should have a complete KYC. In my opinion initial coin offerings should also have KYC for every investor to be regulation compliant. Thus, terror financing will reduce to a great extent through cryptocurrency.
and why do you think that should be done? what the difference if a person has a money to invest?
I feel bad about that sick KYC things, it's against the whole idea of decentralization and anonymity
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