Why Bounty Hunters Should Be Exempted from KYC/AML Procedures - page 4.

Distinctin

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Quote from: H1N1 on April 11, 2019, 09:43:40 PM

Indeed, bounty hunters are not spend their money in ICO, no money laundering happen.
AML should be only for investors who has huge amount of money that could be a money laundry activities.
Usually the KYC is not for preventing money laundry, the ICO company will give you other reason to do KYC.

KYC is needed for the Anti money laundering to determine the owner of the money, once that money is attached to illegal activities of money laundering. KYC has only become a basic requirement, establishments that are under the monitoring of the AMLC are required to follow that simply rule.
Bounty hunter earnings could be different, but if the team will explain why it's needed and it's a compliance matter, we have to adopt with it.

H1N1

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Indeed, bounty hunters are not spend their money in ICO, no money laundering happen.
AML should be only for investors who has huge amount of money that could be a money laundry activities.
Usually the KYC is not for preventing money laundry, the ICO company will give you other reason to do KYC.

pinoycash

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Quote from: Ailmand on April 07, 2019, 02:54:54 PM

I do agree with what you have said, especially nowadays that most bounty fail or even if they succeed you cannot even get decent amount money from your bounty unlike before. It is also not safe to give out credentials just for bounty, there's a risk of getting your credentials used in some other ways or sold for illegal activities.

Yes, Its not like bounty hunters are getting rich thru bounty campaigns. Asking for KYC is another way of screwing bounty hunters and denying them of payments after months of hardwork.

baeva2

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Fully agree that bounty hunters need to cancel KYC. This procedure does not give anything, because it can not accurately identify the scam. But bounty hunters are very at risk by issuing their personal documents.

Ailmand

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Quote from: Nezerlan on April 01, 2019, 06:21:05 AM

AML – Anti-Money Laundering
KYC – Know Your Customer

KYC and AML are terms used when a business or a project wants to identify and verify the identity of a client or customer. To verify identity, KYC checks may require an individual to submit copies of personal documents like National ID cards, International Passports, Drivers Licence, Utility Bills as well as a Selfie Image.

As a bounty hunter, I understand that cryptocurrency projects need to act in compliance with the government's financial policies where they use as their base of operations. Part of these financial policies usually require the implementation of KYC/AML processes for the investors who seek to purchase tokens or coins from ICOs or other token generation events. For investors to buy tokens they need to convert fiat to cryptocurrency and it is this main reason KYC checks come in to monitor and store data of investors participating in the sale as a move to control money laundering.

To this end, bounty hunters should have no business surrendering their personal documents since they receive tokens as payment for a service rendered and no transactions of fiat to cryptocurrency will be taking place on their part. In other words, hunters cannot be accused of money laundering.

If sending tokens directly to hunters will contravene the laws of the project's locality, then they should employ the services of a verified 3rd party escrow agent who can distribute tokens to bounty hunters at specified due date or just take the easy way out and pay hunters in another cryptocurrency like ETH or BTC.

This is just my personal opinion. Feel free to add your comments and suggestions.

I do agree with what you have said, especially nowadays that most bounty fail or even if they succeed you cannot even get decent amount money from your bounty unlike before. It is also not safe to give out credentials just for bounty, there's a risk of getting your credentials used in some other ways or sold for illegal activities.

AgentZero23

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Bounty hunters should not be included for any KYC requirements and I do agree with your statement. I regret submitting my documents to some projects and some of them turned out to be a scam projects. And it was a nightmare for me as they could do anything for those sensitive information. And kinda scared as it will be use in some fraudulent deeds.

futile-resistance

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Quote from: ?? on ??

I actually support the process for verification in order to avoid cheating, but actually KYC is not a good enough solution to stop cheating on the ICO. because it is very detrimental to one's personal data can be misused

It is surely not the perfect way of completely controlling the scam rate in the market but it will go a long way too in minimizing the rate of scam to a certain level.

I believe since the major intention of these people requesting for KYC is to curb the scam rate, they might not pay much attention to using it for another ulterior motive, that is why we should also stop creating these ideas in their mind, we should also try as much as possible to work with projects that are very reliable and would do no such thing, imagine Bill gate decides to adopt blockchain technology too and come up with an ICO now, what would bill gate do with our identities?

FastSlots

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Quote from: Nezerlan on April 01, 2019, 06:21:05 AM

AML – Anti-Money Laundering
KYC – Know Your Customer

KYC and AML are terms used when a business or a project wants to identify and verify the identity of a client or customer. To verify identity, KYC checks may require an individual to submit copies of personal documents like National ID cards, International Passports, Drivers Licence, Utility Bills as well as a Selfie Image.

As a bounty hunter, I understand that cryptocurrency projects need to act in compliance with the government's financial policies where they use as their base of operations. Part of these financial policies usually require the implementation of KYC/AML processes for the investors who seek to purchase tokens or coins from ICOs or other token generation events. For investors to buy tokens they need to convert fiat to cryptocurrency and it is this main reason KYC checks come in to monitor and store data of investors participating in the sale as a move to control money laundering.

To this end, bounty hunters should have no business surrendering their personal documents since they receive tokens as payment for a service rendered and no transactions of fiat to cryptocurrency will be taking place on their part. In other words, hunters cannot be accused of money laundering.

If sending tokens directly to hunters will contravene the laws of the project's locality, then they should employ the services of a verified 3rd party escrow agent who can distribute tokens to bounty hunters at specified due date or just take the easy way out and pay hunters in another cryptocurrency like ETH or BTC.

This is just my personal opinion. Feel free to add your comments and suggestions.

I think KYC is needed, KYC is as difficult as possible. Because there are so many cheaters now, they use multiple accounts to join a campaign and they take almost all of the bounty pool and bring no advertising benefits to the project. But the true hunter is doing a lot but very little reward .

Chomsy

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Quote from: GospelCrypto2 on April 01, 2019, 06:53:10 AM

I agree with you completely and i also think if KYC must be done regarding bounties , it should be carried out by the bounty hosting companies. Since the hunters literally work for the bounty hosting platforms. The KYC trend is making bounty hunting difficult for some of my friends

You are absolutely right. Some dubious persons use this KYC stuff against the hunters. Like the form hunters got on Aclyd recently to perform KYC only for us to find out the KYC is complete scam. If the bounty host conducts KYC themselves, such wouldn't have happened.

bonker

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Those things were completely against the decentralization so when someone want decentralization in future payment system they will avoid the projects with KYC.ANd people are also afraid of our person information can be misused by scammer so they are not ready to do it.

fasdorcas

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Quote from: terrific on April 02, 2019, 02:02:12 AM

Hunters shouldn't really comply with KYC.
You did the job without any agreement and that's why crypto is all about freedom and privacy.

No one is really supporting the idea of having KYC in bounties, but these ICO runners are just tricksters, they will never ask you for the KYC at first, until when the time for you to withdraw your payment comes, that’s when they will start asking for the KYC and you would have no other option. This is cheating and it should be stopped. They should be giving info ahead of time so that people will know exactly what they are getting themselves into.

I’m in support of what OP has said. Though it’s quite funny how this topic is now everywhere and everyone is complaining about the KYC, lol,. They really need to do something about it. Hunters shouldn’t be the ones to give their information, cause they came to work and nothing else and after that work they are getting paid for it, they are not the ones who are investing. It should only be for the investors who are buying that token with fiat.

pinoy.bolanon

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Quote from: Nezerlan on April 01, 2019, 06:21:05 AM

AML – Anti-Money Laundering
KYC – Know Your Customer

KYC and AML are terms used when a business or a project wants to identify and verify the identity of a client or customer. To verify identity, KYC checks may require an individual to submit copies of personal documents like National ID cards, International Passports, Drivers Licence, Utility Bills as well as a Selfie Image.

As a bounty hunter, I understand that cryptocurrency projects need to act in compliance with the government's financial policies where they use as their base of operations. Part of these financial policies usually require the implementation of KYC/AML processes for the investors who seek to purchase tokens or coins from ICOs or other token generation events. For investors to buy tokens they need to convert fiat to cryptocurrency and it is this main reason KYC checks come in to monitor and store data of investors participating in the sale as a move to control money laundering.

To this end, bounty hunters should have no business surrendering their personal documents since they receive tokens as payment for a service rendered and no transactions of fiat to cryptocurrency will be taking place on their part. In other words, hunters cannot be accused of money laundering.

If sending tokens directly to hunters will contravene the laws of the project's locality, then they should employ the services of a verified 3rd party escrow agent who can distribute tokens to bounty hunters at specified due date or just take the easy way out and pay hunters in another cryptocurrency like ETH or BTC.

This is just my personal opinion. Feel free to add your comments and suggestions.

I agree with some others that KYC is nonsense thing for bounty hunters, remember that the rule for bounty hunters is to share and educate the public about the certain project, so whats the use of KYC, anyway i understand that nowadays many are frauds and scammers, but i think we should exempt the bounty hunters.

usm1000

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I strongly agree with you, Kyc is know youre a customer that is made for business customers not a bounty hunter, because the bounty hunter is only a worker in the development of the ico so it is not necessary for bounty hunters

cewekimut

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KYC so far I think it has been able to reduce fraud in the Bounty project. I think this KYC will continue to run and maybe later almost all projects can use KYC. But it all depends on you, maybe you can take part in projects that don't use KYC.

kidoseagle0312

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Quote from: Nezerlan on April 01, 2019, 06:21:05 AM

AML – Anti-Money Laundering
KYC – Know Your Customer

KYC and AML are terms used when a business or a project wants to identify and verify the identity of a client or customer. To verify identity, KYC checks may require an individual to submit copies of personal documents like National ID cards, International Passports, Drivers Licence, Utility Bills as well as a Selfie Image.

As a bounty hunter, I understand that cryptocurrency projects need to act in compliance with the government's financial policies where they use as their base of operations. Part of these financial policies usually require the implementation of KYC/AML processes for the investors who seek to purchase tokens or coins from ICOs or other token generation events. For investors to buy tokens they need to convert fiat to cryptocurrency and it is this main reason KYC checks come in to monitor and store data of investors participating in the sale as a move to control money laundering.

To this end, bounty hunters should have no business surrendering their personal documents since they receive tokens as payment for a service rendered and no transactions of fiat to cryptocurrency will be taking place on their part. In other words, hunters cannot be accused of money laundering.

If sending tokens directly to hunters will contravene the laws of the project's locality, then they should employ the services of a verified 3rd party escrow agent who can distribute tokens to bounty hunters at specified due date or just take the easy way out and pay hunters in another cryptocurrency like ETH or BTC.

This is just my personal opinion. Feel free to add your comments and suggestions.

Actually, majority of the ico project after their campaign period, they gave payment to all their bounty participants without requiring the bounty hunters to submit KYC. Only few of the ico campaign has a KYC requirements. Meaning, this is just a peace of damn shit, sorry for the term. Because even some of the ico project asking for KYC, are still scamming their bounty participants. In short, it is none sense. But because part of the requirements the participants are oblige to submit their KYC to get their rewards, on which they had no choice to do it.

cepot9

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Quote from: levvv on April 01, 2019, 09:10:44 PM

I think it is because there are many cheaters and fraudsters participated in bounty campaigns.
They are using many accounts to gain more reward and this is of course will bring disadvantage to hunter who work with single account.

right, actually this is what everyone prevents so that the dirty players can disappear and the possibility is very difficult. only with KYC can they be overcome a little but KYC also gets pros and cons from the community because not all projects are good and provide equal pay for their work

Bumidinasty

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As a bounty hunter, in my opinion, Kyc verification is not necessary because we are only bounty hunters not as investors, I prefer to join a bounty campaign without Kyc and with bounty managers who do not have to verify Kyc.

bustedsynx

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Be against KYC/AML Procedures by ICO fundraising projects or be for it. It doesn't really matter. You have no control whatsoever. The crypto space, more specifically, the ICO space is not well regulated so these ICOs can do whatever they need to do. Usually, they do KYC to avoid being hounded by the G-man.

GGmith

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yes KYC is not required for bounty hunters, because this is not worth the cost. although this KYC system has a positive impact as well as reducing multi accounts but still not suitable for bounty hunters. this is more suitable for ico developers to reduce scamers.

davinchi

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Quote from: Indrawan77 on April 04, 2019, 12:32:49 AM

I agree, infact bounty hunters and investors shouldn't be required any kyc, I afraid some site will misuse the identity from the investors and used it for identity theft, the reason for kyc bounty hunter is not for money laundering but to prevent cheating, but I still think crypto should be free from kyc no matter what is the reason, the developers should find other way to prevent cheating

For a project to descend so low in misusing the identity of its client, then it must surely be a scam project.

It is just like saying now that Binance will misuse the identity of its client, I doubt this. It is only when an investors gives information to sites that are not to be trusted that we can say, there is possibility of them misusing it, that is why it is very important for any investors to thoroughly investigate any project he or she wishes to invest which may require some info about them.

Personally I don’t have any issue with KYC for investors because it requires them moving money into the system which might be a stolen money, I only have issue with hunter’s KYC.

Topic: Why Bounty Hunters Should Be Exempted from KYC/AML Procedures - page 4. (Read 4245 times)