Risk in National ID submission for ICO KYC? - page 2.

SHAWN-MIDWAYS

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Quote from: ankurguta87 on January 22, 2018, 12:42:35 AM

Hi guys,
Today I thought that many ICO are allowing to participate after KYC in which user has to submit national id, address proof and bank statement etc.
Isnt it risky?

this is a double-edged sword and i think this could work in our favour or against us because now we have seen a growing number of ICOs requiring their participants to undergo KYC to avoid any legal confrontations as regulators have made this to be a must-do requirement and the bad part of KYC is if the project a scam we might be exposed to identity theft but we just ought to be extra cautious who we share our info with.

Oumal

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Quote from: sleblanc1469 on January 24, 2018, 12:06:25 PM

Although KYC compliance may help issuing ICOs reach a larger audience and expand the number of jurisdictions in which they can participate, I think its risky to give your documents for ICO.

While it is not known, I think that, on the contrary, many will stop participating in ICO. To attract a wider audience, this may not work. Full centralization, which contradicts the very principle of the crypto currency. As soon as big money began to flow into this sphere, they decided to take control, until it was too late.

HoundRogerson

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🤖UBEX.COM 🤖

There is nothing dangerous in this is a very common procedure.Of course, not very pleasant that anonymity is lost, but we cannot do anything here

realcrypto

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Why most ICOs organizers and exchangers ask for means of identification is to track any form of fraudulent art from participant in the crypto community.

SinRin

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Yes, I do not think there are any risks . The usual procedure in many areas has long been conducting it, so it's not surprising that now our companies began to conduct it. I personally am completely calm about this and I send documents

Elby

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Quote from: blockchainmarketus on January 24, 2018, 12:00:02 PM

No problem with national ID. As long as the ico dev is trusted keep the privacy.

Why would you trust anyone your own ID? I would only show my ID to gov. organisations/law enforcements/banks and in the future to a solid crypto exchanger. People should never send their ID to other organisations, fraud bells going off when they ask for any ID.

sleblanc1469

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Although KYC compliance may help issuing ICOs reach a larger audience and expand the number of jurisdictions in which they can participate, I think its risky to give your documents for ICO.

blockchainmarketus

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No problem with national ID. As long as the ico dev is trusted keep the privacy.

ss890

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To be honest in the crypto world everything is risky because the whole game runs on the anonymous blockchain. Speaking about the KYC verification, if the former company which is asking for your KYC is registered legally with the government or any legal entity then we should be safe while submitting our details. The things is our KYC info is actually critical and contains all the personal info about us. So your question is valid and must be taken seriously. If we any doubt about the ICO then we should think twice before submitting our KYC to that firm. So its really precautionary step and must be looked over seriously.

CryptoAlphaStar

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I am not against KYC, but what happens if some scammers run an ICO just to collect these personal data and intend to use it for malicious goals? This is my concern and I am very picky with the ICOs I give my trust to.

hdclover

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www.bitcoin.org

Quote from: kabit9 on January 22, 2018, 02:48:13 PM

for those who cannot or choose not to do KYC, you also have enterprising services such as this to ensure you can still get your favourite ICO tokens: https://bitcointalk.org/index.php?topic=2805785.0

He is a newbie and offering these type of services. This is enough for a red flag.
Don't invest in a service like those, stay away if possible.
Do your KYCs legally and participate in ICOs

Lemer

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Activity: 139

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Yes, this is also a concern for me, because these KYC materials are submitted to the team, and we don't know what they did with the KYC data.
Even in private, I've seen some ICO teams start selling KYC data in large Numbers, which sounds terrible, and may require new laws to regulate it.

zoloq33

newbie

Activity: 44

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I don't see any problem with that. Unless you are doing something illegal, in which case you can't really complain... there isn't really a risk in providing a photo of your ID. Identity theft is not as easy as it used to be and I doubt it can be done with a mere photo of your ID.

OhBow0709

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I still didn't encounter any but I think it's too much especially for bounty hunters, providing bank statement is only applicable for investors.

hannahB4

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I don't think it is risky when you are not using it for any illegal business or what you are doing is not legitimately right. For ICO KYC it is not risky

Praesidium

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Quote from: ankurguta87 on January 22, 2018, 12:42:35 AM

Hi guys,
Today I thought that many ICO are allowing to participate after KYC in which user has to submit national id, address proof and bank statement etc.
Isnt it risky?

Ofcourse it is risky, i think ICO shouldn't require participants to fill up KYC because our personal information might be expose. And this kind of doing is against what Cryptocurrency is. Crypto requires us to be anynomous and to have privacy to protect ourselves to potential hackers and evil doers. I think this issue about KYC must be turned down, I hope that future ICO and/or Bounty will not require any KYC to join their program.

Tapyaks72

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Quote from: ?? on ??

It also rings my bell when some ICO offers KYC specially for those big time investors. You have to submit those all those personal information to them to get your hands with their service and get their product. It really looks alarming specially, identity theft is in line. What can we do about it if the government itself created that type of process? There are positive and negative issues in KYC and I might say that some of the ICO needs to comply to get the investors attention and their trust with their platform. KYC is also for an investors good, just have to do our own research first.

In good faith this is not bad for some ICO to ask KYC because for security reason,but need also to divulge some information for the identity of the team working with it, anyway most of the core team who work with project will be posted in the their white paper and showing their credentials. but for the sake of anonymity they should not divulge information of their investors if there are ways that we should just used some crypted codings to avoid KYC it might be a better way.

KingKrypto

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Quote from: ankurguta87 on January 22, 2018, 12:42:35 AM

Hi guys,
Today I thought that many ICO are allowing to participate after KYC in which user has to submit national id, address proof and bank statement etc.
Isnt it risky?

Indeed, the risks are high, specially if you end up with a Scam project.
Right now I noticed there are everal ICOs which are looking to address this kind of issues.

kabit9

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for those who cannot or choose not to do KYC, you also have enterprising services such as this to ensure you can still get your favourite ICO tokens: https://bitcointalksearch.org/topic/ico-kyc-sanctions-buster-2805785

Crasengover

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Proof-of-Stake Blockchain Network

I prefer not to take part in such ICOs which requst my address and proofing documents for it. I think it not safe at all. The only site I trust is Bitcoin Suisse, but the verification process there is very complicated.

Topic: Risk in National ID submission for ICO KYC? - page 2. (Read 541 times)