Risk in National ID submission for ICO KYC? - page 3.

cryptotsunami

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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?

It is risky because they have all your information, it could be used in any illegal activities if it handled by wrong people. I'd rather wait for it to be added on exchange rather than giving out my personal information that you don't even konw if it is worth the risk.

genesis53

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Activity: 522

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Yes, the risk is always there, it depends on the ICO. I agree with most of the previous posts that you should only give your personal information to the reputable ICO that you trusted. They have required KYC to know the source of funds is legitimate. I support the implementation of KYC which will give both ICO and investors more protections from scammers.

jonruhoax

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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?

yes, very risky. but some ico say this to prevent illegal transactions that include payments via credit card. yes, that's what I know from developer talks on telegram. their lawyers claimed, should include KYC verification. i've done it for some investment on ico. but it only only gives the Driving License

pstraene

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Activity: 364

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I will not invest in these ico. I do not know if the ico is a success. what if he is unsuccessful. What happens with my data ?
These are still sold for a lot of money. and if you still send photos + ID! I think that's too dangerous.
then I would rather buy the token after the ico from the bounty people

Grim149x

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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?

I'm willing to risk on it if I did my research about the project and the team. If I find them trustworthy then I'm more than willing to do it because I believe I have nothing to worry about.

Jerusareth

jr. member

Activity: 73

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Giving your personal information to a specific ICO is I think not a characteristic of a decentralize token as it breaks the sole purpose of it. Of course they can use your information if you give them so you must be so aware in why they are needing it in the first place because you will still the be the one to decide. I am not that active to those ICO's but I think they are really implementing safety measures nowadays and those investors must be more extra safe with this.

Ostonian

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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?

Everything depends on the legislation of many countries. I think that in 2018 this practice will be of universal importance. Moreover, now more often for authorization in bounty campaigns are forced to go through identification and this is just the beginning. The bulk of ICO in today's market is American. There's no way to do without KYC. I think that this year the Chinese will return with their legislative base. The European Union has long been in this thread. I suspect that much will change this year.

Temik2704

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There are no guarantees at all that anybody from team will not sell/exchange your KYC data to any swindlers. The risk is always there.

thejaytiesto

legendary

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I wouldn't bother. I don't trust any exchange to give them my dox info and I don't trust any ICO to give them my dox info as well. The point of crypto was to avoid having to do ridiculous things like having to take a selfie holding your ID, which can easily end up in the dark web and can easily be used by criminals posing as you. It's completely retarded and im not going to take that risk to invest in some ICO which most likely brings no real value into the field.

altcoinhunter01

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It is not mandatory to put your national id in every ICO KYC but you have to proved your identity and address proof.You can use your any utility bill as proof of residence.

Nureni

newbie

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Anything personal information shared online is risky. What i noticed is that people don't care if it is risky or not in as much they will use it to make money.

jakaKak

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Quote from: danielgouldman on January 22, 2018, 01:52:48 AM

The KYC/AML processes are legit and no joke. The US government doesn't play around with that stuff.

The real ones are but how can you tell if someone will do it specifically for stealing your identity? You never know who is one the other side receiving your data.

Freezingel

sr. member

Activity: 574

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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?

Of course it is risky as they can use the data for bad things or it can be leaked but if you really want to participate in the ico then you should do that. They have to do it because crypto is starting to get popular and they don't want to get in trouble with local government. I don't mind do the kyc as long as I think the project is solid and won't do bad things with my data. You can also wait until the token enter some exchange if you don't want to do kyc.

fabskie21

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Activity: 280

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KYC is a vital part of an ICO since the source of funds are in need of verification whether legitimate or not. Let's just be more cautious in selecting ICO's and do some research about their project. But if you are really hesitant, better join in their bounties to earn their coins or just wait for them to be available in exchanges.

awazieik

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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?

A lot of ICOs will be regulated despite the fact that they are decentralized. It is not new and it is what we need to weed out the scammers from the space. Not all ICOs require your ID

FrueGreads

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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?

I would say it really depends on the ICO you are participating in. It's perfectly normal to ask for KYC, and to try to know the origin of the funds to participate in investments, either in ICOs, or in exchanges. That should help reducing money laundry, and it will also be easier for governments to charge taxes that way. Of course that doesn't mean that you can trust that ICO, and you should be careful because leaking/selling ID verification documents could be profitable, you must really trust that ICO in order to do that.

KuromaYoichi

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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?

They have to do it if they don't want to get in trouble with legal stuff later on so it's understandable. If the project is really good i will do the kyc eventhough it's bothersome because if i wait later when it get listed in some exchange the price will be different. If you don't trust them then don't do the kyc and just buy the coin later on exchange.

Ilegendph

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Quote from: cherryscarlett on January 22, 2018, 08:38:02 AM

Yes, I always think it's dangerous to submit KYC casually.
Because no one knows what the KYC data will be used for, and it is often seen that the ICO team is selling the KYC they get, so I think it's dangerous.

Yes its dangerous, its like they getting your information for free and can be used for anything else and how they want it. This is terrible than hackers since they are getting your information with the use of "legal requirement" in their country. How we gonna ensure that our information does not use in anything aside from our identity itself? Its too risky.

twnushku

newbie

Activity: 14

Merit: 0

I must say I was really skeptical about it, still am in most cases but I do understand that KYC is a requirement, but I wouldn't really submit my documentation unless I have done enough research from my part to ensure that it's legit.

penig

member

Activity: 266

Merit: 13

I use KYC as a good sanity check. If they are asking for it they are either in a regulated environment and comply with law (good), or a scam harvesting ids (very bad). If you do enough research to exclude the second option, you're left with a good story.

Topic: Risk in National ID submission for ICO KYC? - page 3. (Read 541 times)