Topic: When to turn away from a KYC process (Read 112 times)

Don't quite understand how it is may actually be a good sign.
Absolutely not important so serious company looks from the outside. Even if you spent time researching it and found it appropriate there is always a chance that you will fall for scammers.

on The Projects platform?
I believe you fully it just sounds like it's not the top priority in any way for a startup to prioritize that, of course one usually can reach out via mail or something.
just seems like a weird thing to measure from! I've invested in some that does not have that, but everything else is good.

On the one hand I would never submit my personal informations for eg. bounties or airdrops. Chances are high that the info will be missused. On the other it may actually be a good sign if an ICO requires KYC, especially if there is a aerious, long lasting company behind the ICO.

I've come across it quite a couple of times. If an investor after creating one verifying an account (on the projects platform) decide to renege they can delete their profile on that platform and all their details would equally be deleted

the third party thing is really good and should be used more, but I don't understand your first point - where would the option to delete your profile be located exactly?

If unfortunately you invest in a scam initial coin offering icos I think your biggest worry is your funds that will be lost. There so many things that you do that would require you identification (kyc) be it passport, Id cards, drivers license.

As an individual I can keep count on how many times or places I have submitted my kyc. So I think worry about kyc in a scam investment is like trying to save an ant out of a burning house when you baby is in the same house

With the ever increasing level of Scam ICO's so also is there an increase in the reluctance of investors to give up their identity,it maybe basically a harmless proof of address but at most it still throws away our craved and desires anonymity on this system,more worse still the project could come to an abrupt and inconclusive end leaving your identity with God knows who..

It's claimed KYC's are used to crack down on citizens of countries with a ban on the network, but to me most ICO projects are just following the bandwagon and placing kYC requirements in their projects,there is nothing investors(and hunters) can really do about it,at best you can simply stay away from projects that require you to give up your identity/anonymity..

I definitely wouldn't give up my identity for some coins, that I probably may not end up getting

With the growing influence of SEC, Security Exchange Commission, and tighter restrictions around certain states to the circulation of cryptocurrencies there is the need for ICOs and exchanges to prove their investors are not from certain parts of the world.

But with the equal rapid rise in scam ICOs, and the risk of violation of your personal information when shoud you turn away from a KYC process?

-When there is no option to delete your profile, I have come across some projects which require KYC but also allows you to delete your profile at a later time with the promise that they also delete your information from their end.  There is no certainty that they would. But then again, there is no certainty at all in ICOs. But if this option isn't available I would consider turning away.

When there is no third party; Some ICOs require you to directly submit your documents to their platform or forward to their email rather than use a trusted third party.
While this is not a sure sign of possible violations, it isn't something I would readilly do. And the ICO needs to be more than convincing in other aspects for me to do it.

Unclear and out of date data privacy policy; When the policy regarding my KYC is not clear and doesn't clearly state what they can and cannot do with my documents, I wouldn't sign up. They have to show their desire to assure me of my documents protection.

As an investor in ICOs, when do you turn away from KYC process?