Topic: KYC registration for ICOs? How do they verify? - page 3. (Read 674 times)
I have no idea how they conduct KYC and who exactly conducts KYC and where our documents are eventually sent. Very few people think about it, so I think that these people will soon face problems.
They will just one to check if you are living outsde U.S because all of the u.s citizens arent allowed to joing any of these ICOs because of the SEC regulations which prohibited them,SEC is only protecting their citizens from a potential scams because almost all of the ICOs are created just to raise funds and eventually will scam you.
The real question is who are you giving your passport to? Are they thieves, terrorists, criminals or scammers? Why would a crypto project want your identity like that and not move the business to a proper jurisdiction to take this potential huge liability off the supporters..
Do they secure the info (impossible to take out the human factor).
You feeling lucky? For those that send in all your information may your chains rest lightly.
Is crypto really crypto when you need to show 18 forms of id? May as well head down to the big bankers and do business there.
Do they secure the info (impossible to take out the human factor).
You feeling lucky? For those that send in all your information may your chains rest lightly.
Is crypto really crypto when you need to show 18 forms of id? May as well head down to the big bankers and do business there.
Yes and ID theft is a thriving industry. Bank accounts can be opened in your name. They use your KYC to pass official KYC's.
To be able to use KYC you need access to the personal records of people which the ICO projects don't have. THere is no reason for them to have it. They say it is for local laws but what laws are these? They always talk about these "laws" yet never tell us what laws exactly.
Thus, the government binds your passport to your crypto-wallet, so wait in the near future representatives of the tax service. I avoid such ICO.
How do they verify identity in KYC registration? If I had a fake Id from the EU and an address would that possibly work?
This is completly ilegal, you can end being in jail because of doing this (just like another user said before)
Do not try to do it, what is your "profit" just for using another fake ID? Not revealing your identity? No offense, but that is not a good thing after all.
It is worth it, those who are accepting KYC's are only doing it in order to provent some fishy contributions, and of course, to make the SEC look better at them if they have any issues on the future.
I really doubt they are going to try an find me if they do catch that it's fake. The worst that would happen is if they looked the id numbers up and when nothing comes up they would say they were not able to verify me. I would just be denied participation.
There are software to verify the info, but I don't think any ICO spend money on getting said software.
KYC is a must for any serious ICO. Because token is digital currency. When it's a currency, the ICO will need to be in full compliance. Money laundering is a serious crime in any country, and KYC is just the first step for ICO to waive their liabilities to potential crime. Sadly, this also provide a great opportunity for ID thief.
It is also a serious crime if the company fail to protect your ID.
KYC is a must for any serious ICO. Because token is digital currency. When it's a currency, the ICO will need to be in full compliance. Money laundering is a serious crime in any country, and KYC is just the first step for ICO to waive their liabilities to potential crime. Sadly, this also provide a great opportunity for ID thief.
It is also a serious crime if the company fail to protect your ID.
Me too, I allegedly against KYC process because it will take too long process before you paid in Bounty campaigns. They need to verify all one by one before to confirm it. It might take so long, I don't know if it is reasonable to deal with it or not.
Omg your reason is so wrong and without any sense!When you participate in bounty campaign you are payed for that, asking KYC for bounty reward is like they are paying you in tokens to get your ID.
I can't believe what I am reading. You are damn bounty hunter like me, no one should ask you for ID. It is not even stated in any bounty campaign and they don't have right to ask you for ID after bounty ends which some campaigns are doing.
I wonder how many people would promote project if they knew from beginning that they will need to provide personal information.
Are you saying that those bounties are asking for IDs at end? Why don't they do it at the beginning this seems like some shady business for me and a scam, this way they are making people to reveal their identity because they did job for them. I haven't done many bounties but from my experience there wasn't any problem regarding this, could you maybe point out some article about this issue as I want to investigate more I don't see any reason why would they do that.
You will need to send some id like passport,driver's license,professional ids etc, to be accepted in KYC ICOs,if you dont have im afraid you wont be accepted and allowed to join.
I don't see anything wrong with asking for this type of info for KYC. I understand the purpose behind it, but I do see why security is important. The most recent airdrop I've signed up for (Polymath) asked for KYC. Makes sense because they got 42,000+ submissions lol. What would you do in that case then?
May your chains rest softly.
Even some wants KYC for bounties. Things are getting worse.
It is almost the same as i replied to a guy before, it is not getting worse to those who are always hating the bounty hunters (in fact, i hate them all for spamming the entire forum)
But yes, risking all your personal INFO just for $100 a month, or a little bit more, is a waste of time, and a lack of security for you.
I would not submit my information if i were a bounty hunter, because what could happen with my information if the ICO fails?
KYC process is done through verifying your identity via email. The only thing they accept as valid ID is your passport. So you have to scan it and send them a copy. Some of them will have video call with you to verify more. But KYC with a startup crypto company has its own risk. Like when your identity was stolen and used in terrorism.
The real question is who are you giving your passport to? Are they thieves, terrorists, criminals or scammers? Why would a crypto project want your identity like that and not move the business to a proper jurisdiction to take this potential huge liability off the supporters..
Do they secure the info (impossible to take out the human factor).
You feeling lucky? For those that send in all your information may your chains rest lightly.
Is crypto really crypto when you need to show 18 forms of id? May as well head down to the big bankers and do business there.
Do they secure the info (impossible to take out the human factor).
You feeling lucky? For those that send in all your information may your chains rest lightly.
Is crypto really crypto when you need to show 18 forms of id? May as well head down to the big bankers and do business there.
This is also a question in my mind. And why is it that they don't trust their customers, the fact that you gave them your money as an investment is a way to show that you are a trusted person
Even some wants KYC for bounties. Things are getting worse.
How do they verify identity in KYC registration? If I had a fake Id from the EU and an address would that possibly work?
This is completly ilegal, you can end being in jail because of doing this (just like another user said before)
Do not try to do it, what is your "profit" just for using another fake ID? Not revealing your identity? No offense, but that is not a good thing after all.
It is worth it, those who are accepting KYC's are only doing it in order to provent some fishy contributions, and of course, to make the SEC look better at them if they have any issues on the future.
Well, for me this is legally thing procedure for every users in complying KYC registration for ICO's because giving your personal informations identity makes developers and project owner's are fully confident that they are assured of the people behind in promoting there product, giving the trust and confidence that the project will success.
I don't see anything wrong with asking for this type of info for KYC. I understand the purpose behind it, but I do see why security is important. The most recent airdrop I've signed up for (Polymath) asked for KYC. Makes sense because they got 42,000+ submissions lol. What would you do in that case then?
I think that you don't have to do that. $5-10 worth nothing, but your information does! Digital access, first of all, are about decentralization, anonymous, so we shouldn't pass KYS!
we must not ignore the marketing side : a KYC regestration inspires that the project is serious and the team is solid (even when it is not) ...
KYC registration for a Bounty or airdrop is absurd
KYC registration for a Bounty or airdrop is absurd
How do they verify identity in KYC registration? If I had a fake Id from the EU and an address would that possibly work?
This is completly ilegal, you can end being in jail because of doing this (just like another user said before)
Do not try to do it, what is your "profit" just for using another fake ID? Not revealing your identity? No offense, but that is not a good thing after all.
It is worth it, those who are accepting KYC's are only doing it in order to provent some fishy contributions, and of course, to make the SEC look better at them if they have any issues on the future.
KYC can be used to scam people getting your personal info isnt a good idea,we need privacy thats why we used cryptocurrencies.
most ico from china and singapore required us to upload pasport id and bank statement
this is a dilemma, such good ico, but should give our personal id in return
well may be better wait that good new altcoin release on the market, and wait for dip to buy and hold for longterm.
much safer that way
KYC can be used to scam people getting your personal info isnt a good idea,we need privacy thats why we used cryptocurrencies.
What is completely out of order is people doing KYC's on Bounty Participants and Airdrops.
There is no legal justification for it at all.
But to answer the original question "KYC registration for ICOs? How do they verify?"
The answer is they don't. It is a box ticking exercise. They keep all results in case they ever get questioned by the authorities, but they don't try to verify any of it.
There is no legal justification for it at all.
But to answer the original question "KYC registration for ICOs? How do they verify?"
The answer is they don't. It is a box ticking exercise. They keep all results in case they ever get questioned by the authorities, but they don't try to verify any of it.
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