Why Bounty Hunters Should Be Exempted from KYC/AML Procedures - page 5.

Irvinn

full member

Activity: 966

Merit: 104

Quote from: Coltpython on April 04, 2019, 06:42:00 AM

I find this very funny. True that kyc should not be extended to bounty hunters but then there are several hunters who cheat by using several multiple accounts to run campaigns. kyc helps disqualify them and i think it should be enforced on all hunters

KYC checks should be conducted only to prevent the laundering of dirty money and combat the financing of terrorism. It is illegal to conduct it for any other purpose.
What is the purpose of such a test for bounty hunters if they are not investors in ICO projects? In order to get hold of our confidential data or with the aim of non-payment of earned tokens, if such a check is carried out at the end of the ICO or even after it is completed.
We need to regulate the activities of the ICO so that these abuses by the ICO team are stopped.

sircy

sr. member

Activity: 504

Merit: 250

KYC is only used for investors and everything is done here is anonymous. So I am of the opinion that these bounty hunters do not need to use KYC. But if it has become a policy made by the Team, it must be implemented.

Nwankwobtt

member

Activity: 487

Merit: 10

Quote from: Nezerlan on April 01, 2019, 07:21:05 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.

Your opinions are valid and represents the vast majority of bounty hunters. In as much as project developers impose it to checkmate multiple account hunters, project developers should stop using the excuses of having bounty hunters perform kyc as a statutory financial requirement when bounty hunters don't contribute fiat. We all are not fools

Bitfling

member

Activity: 602

Merit: 10

Quote from: marilynmanson21 on April 04, 2019, 07:53:23 PM

Yeah I agree with you, bounty participants are not supposed to do the KYC/AML. Even the reason is because to prevent cheaters or multi-account on bounty campaign, but I feel like the KYC procedure shouldn't be the same as investor's KYC, it should be in the different way.

KYC/AML already become standart in cryptocurrency. Perhaps its because developers team want to comply with law regulation in their country and i think its good because it getting crypto to government regulation. Many hunters afraid doing KYC because they afraid their document sold by developers team but i hope its not happen

marilynmanson21

hero member

Activity: 1260

Merit: 510

Yeah I agree with you, bounty participants are not supposed to do the KYC/AML. Even the reason is because to prevent cheaters or multi-account on bounty campaign, but I feel like the KYC procedure shouldn't be the same as investor's KYC, it should be in the different way.

miklesm

member

Activity: 1078

Merit: 10

I agree with you, Bounty hunters are too often required to submit KYC information on different projects which cannot garentee the safeness of data. If the project do need KYC of Bounty hunters, the best decision is to use special services for verification like Civic.

okala

full member

Activity: 980

Merit: 114

I totally agreed with your opinion because bounty hunter are not investing in the project directly but worked for the tokens earn, meanwhile kyc is main for customers who are investing in the project using faint paper money for avoidance of money laundering and fraud activities. But in most cases the project team just make the kyc process mandatary to all users of they sites.

GREENch

full member

Activity: 1400

Merit: 103

Today on the Internet you can find other people's passport data. There are even offices that offer their services to create the necessary documents for you to pass the KYC procedure. Thus do some bounty hunters (those who use multiaccounts). So the efficiency of KYC is not always on top.

meldrio1

full member

Activity: 1358

Merit: 100

if you don't like to do KYC then you should move on to the other campaign that no need to do it. I understand the team why they need that, but it is up to you if you do it, just careful to scam project your personal info may use it for scam activity.

Robotbitcoin22

sr. member

Activity: 854

Merit: 250

The existence of KYC or not for me is no longer a big problem because the fact is that fraud still occurs even though there is still KYC because those who commit fraud can still do data manipulation

Mimi Peri Rapunchelle

member

Activity: 401

Merit: 10

Quote from: qomariah95 on April 04, 2019, 08:13:43 AM

Quote from: OptimusPrime_3 on April 04, 2019, 07:32:21 AM

To reply to your post, you don't have any reasons not to complete kyc if required by any bounty. If you don't want to send your documents, it's better you don't participate in any of the bounty that asks for it. This is very simple. I know many of you guys that kick against kyc still do bounties that ask of it but come here to make noise

It seems that what you say is indeed very simple. I also agree with what you say. If you don't want to do KYC on bounty, of course don't participate. And if you still want to participate in the bounty, of course you have to do KYC like the rules that have been given. This is indeed very simple to do.

right because all I know is KYC to avoid having multiple account but I do not like the project that suddenly makes the rules have to do KYC because it will take a long time and the distribution will be long

trash321

full member

Activity: 602

Merit: 100

The Know Your Customer process itself was created in order to identify users, it’s not so important what kind of player you are in the market, then you will obviously become just an identified person if today you just give away your documents.

qomariah95

full member

Activity: 1190

Merit: 100

Quote from: OptimusPrime_3 on April 04, 2019, 07:32:21 AM

To reply to your post, you don't have any reasons not to complete kyc if required by any bounty. If you don't want to send your documents, it's better you don't participate in any of the bounty that asks for it. This is very simple. I know many of you guys that kick against kyc still do bounties that ask of it but come here to make noise

It seems that what you say is indeed very simple. I also agree with what you say. If you don't want to do KYC on bounty, of course don't participate. And if you still want to participate in the bounty, of course you have to do KYC like the rules that have been given. This is indeed very simple to do.

OptimusPrime_3

jr. member

Activity: 308

Merit: 1

To reply to your post, you don't have any reasons not to complete kyc if required by any bounty. If you don't want to send your documents, it's better you don't participate in any of the bounty that asks for it. This is very simple. I know many of you guys that kick against kyc still do bounties that ask of it but come here to make noise

therhslv

sr. member

Activity: 1022

Merit: 264

I could give some many examples with the Airdrops , bounties that people cheat like crazy with multi accounting . There is like 100$ value airdrop with KYC and proof of adress and they only got like 30k participants in half year . But if you take a look at airdrops / bounties without KYC then you will see that it can get 50k participants easy =D Im totally agree that KYC is necesary for bounties / airdrops .

Coltpython

member

Activity: 700

Merit: 11

I find this very funny. True that kyc should not be extended to bounty hunters but then there are several hunters who cheat by using several multiple accounts to run campaigns. kyc helps disqualify them and i think it should be enforced on all hunters

aleks260784

member

Activity: 285

Merit: 10

I also believe that the check of KYC is not needed by bounty hunters. it only brings inconvenience and the possibility of losing earned coins if the documents did not fit

yobo2020

jr. member

Activity: 156

Merit: 2

I agree with you, even though kyc is to be done by the bounty hunters this should be done before he participate in the campaign not after the the bounty hunters have finish the work that you will giving excuse that he/she didn't pass kyc moreover bounty hunters are not customers the are promoter.

masterrex

full member

Activity: 1820

Merit: 107

Quote from: Nezerlan on April 01, 2019, 07:21:05 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.

For me its good idea, since bounty participants are not using fiat currency technically to include in AML/KYC guidelines, but the decision was still controlled by the platform who runs the Bounty campaigns if they wants to left the KYC requirements for the bounty participants, the least bounty hunters can do is avoid joining bounty campaigns that required KYC if they are not able to accomplished the needed requirements.

proTECH77

member

Activity: 1120

Merit: 30

Bisq Market Day - March 20th 2023

In a real world, different jobs with its own terms and conditions, which also imply to the digital world. Most of these ICOs are projects sponsored by companies or individuals which also have their terms and conditions, so, interested participants on these projects should ensure to read through their terms and conditions(requirements) before apply to be part of the advertisement. Personally, i hate Bounty because of many dead coins in my wallet.

Topic: Why Bounty Hunters Should Be Exempted from KYC/AML Procedures - page 5. (Read 4230 times)