KYC is not done by a company to know where their money comes from. To be honest, a company rolling out its ICO cares about the cash inflow and not about their identity. It is a means of due diligence so that they are not prosecuted by their country of operation.
This seem a lot of hole for justification of KYC, because you cannot avoid the main reason and that is to know the real information of every participant. Well, the sense of being anonymous will be ignore and some participant don't want to expose their identity. Specially, there's a lot of fraud project now that after they got funds and KYC data they just disappear for such a unknown reason. I want to protect my own information and so the others too.
Topic: Why KYC is important? - page 3. (Read 3271 times)
By kyc, almost anyone who deals with crypto currency is negative. Anonymity is what in the end was the main idea of crypto currency. There are certainly not good people who, with the help of blockchain, are not engaged in legitimate activities and this should certainly be banned. And to pass kyc on any project ico is not really as they say because they can sell it or they can hack if they have a vulnerable server. Then it turns out that kyc is not always needed.
Perhaps it is true that this is not, in fact, become something important. but it will have consequences long mainly for archive data about the company owned distribution and sales of the ICO that they run. Moreover, many feel it's quite risky about the security of the data to be provided.
A lot of ICOs are facing a problem from their investors due to the KYC. Voluntarily complying with KYC regulations provides many advantages to the Offeror and its investors, even if they are not currently explicitly mandated to enact such a process.
1. Cryptocurrency exchanges are beginning to exclude cryptocurrencies that did not properly implement KYC processes. Thus, not running such checks poses a long-term risk to a project. The Financial Times reported that New York Stock Exchange-backed GDAX says it “plans to list only a fraction of the hundreds of new digital coins that have been invented this year”
2. Voluntary KYC compliance may help ICOs reach a larger global audience and expand the number of jurisdictions in which they can take place. Such compliance allows easier reach to investors in America, Britain, Canada and elsewhere.
There are other restrictions also imposed from SECs and banks which greatly limit the activity of the company in the future.
We know not everyone is happy about KYC and some people don’t agree with it ideologically, especially when it comes to cryptocurrencies, where transfers are anonymous, or at least pseudo-anonymous.
However, for the adoption to seamlessly occur, the company holding the ICO needs to have KYC, which otherwise will create issues for the company in the long run, which is bad for both the investors and the holder of the company.
KYC is not done by a company to know where their money comes from. To be honest, a company rolling out its ICO cares about the cash inflow and not about their identity. It is a means of due diligence so that they are not prosecuted by their country of operation.
Enkidu has it's pre-sale going on right now. The minimum viable product has been developed before the pre-sale.
Join our Telegram group for more information: https://t.me/enkiduofficial
Join our token sale here: https://tokensale.enkidu.io
1. Cryptocurrency exchanges are beginning to exclude cryptocurrencies that did not properly implement KYC processes. Thus, not running such checks poses a long-term risk to a project. The Financial Times reported that New York Stock Exchange-backed GDAX says it “plans to list only a fraction of the hundreds of new digital coins that have been invented this year”
2. Voluntary KYC compliance may help ICOs reach a larger global audience and expand the number of jurisdictions in which they can take place. Such compliance allows easier reach to investors in America, Britain, Canada and elsewhere.
There are other restrictions also imposed from SECs and banks which greatly limit the activity of the company in the future.
We know not everyone is happy about KYC and some people don’t agree with it ideologically, especially when it comes to cryptocurrencies, where transfers are anonymous, or at least pseudo-anonymous.
However, for the adoption to seamlessly occur, the company holding the ICO needs to have KYC, which otherwise will create issues for the company in the long run, which is bad for both the investors and the holder of the company.
KYC is not done by a company to know where their money comes from. To be honest, a company rolling out its ICO cares about the cash inflow and not about their identity. It is a means of due diligence so that they are not prosecuted by their country of operation.
Enkidu has it's pre-sale going on right now. The minimum viable product has been developed before the pre-sale.
Join our Telegram group for more information: https://t.me/enkiduofficial
Join our token sale here: https://tokensale.enkidu.io
You sound like the bitcoinR XBR guy
KYC needed by exchanger because government regulation. KYC important for exchanger to prevent illegal activity like money laundering. I think if we not do illegal thing, we should be enjoy when we doing KYC
In other reasons it really helps to secure our portfolio for the hackers and fraudsters by means of duplicating our account and take advantage the efforts of others with their illegal doings. So for me KYC is good idea and important to any exchanges and ICO bounty for better security.
KYC needed by exchanger because government regulation. KYC important for exchanger to prevent illegal activity like money laundering. I think if we not do illegal thing, we should be enjoy when we doing KYC
KYC is important for governments and banks as they will need to tie your wallet address to your name. Once that's done the trap will be set. This KYC is an early attempt. All they need are some useful idiots screaming and demanding it. Forum is full of that so in time we should be complete tax slaves of the world powers.
KYC is important so that the space will be free from money laundry which some group of people use to finance some criminal activities, KYC is important so that to reveal the identity of anyone holding coins and also to monitor what the person does with the money
People do not trust KYC only because their data can get to the Internet.There are many companies that have already fallen very much and may not stand up,took people to confirm their identity.Where are those photos now?Perhaps already traded in the darknet
The world was truly longing for an answer that can help in understanding this personality emergency as of not long ago. which is attempting to make a stage for frictionless personality confirmation on blockchain innovation. there are such a significant number of reasons that influence the KYC to be essential for instance a few nations has impose, at that point when you fill the KYC frame they can track you effortlessly.
In my opinion, it also provides a disadvantage as many people are not willing to go through the process which, in many cases, is not even close of being easy. Thus, many ppl are missing out on opp's for that reason. I'm not saying it shouldn't be mandatory, but KYC's could easily be more user friendly 
I believe that the adoption of the KYC system is a step towards regulators, a soothing pill and the ability to determine illegal activities on time.
I consider KYC to be harmful to all cryptspace. Our personal data from the photo can be used by scammers. It's more terrible than some one-off benefit for someone.
I also asked myself this question and decided for myself that the KYC is held only in order to get rid of the fraud on the part of the participants. After all, each participant can make several accounts and invest as much as he wants!
No advantages of KYC does not, but with so many frauds KYC is very dangerous for those people who provide their data.
I think KYC helps the ICO company to maintain their investors records as a standard form and companies are maintaining the record for avoid the scammers also. Over all it is beneficial for company as well as investors also.
I think I go more with the info on the fourth paragraph, knowing where bulk of the money is coming from isn't bad for an ICO will help them channel their energy properly during marketing and promotion, there have been a lot of concerns around it being that those details may be used for wrong purposes but now I think I agree with this
KYC is very important to every ICO, because there are a lot of scammers, that are trying to get a lot of coins. For example, if an ICO has a limited cap per person, the KYC will help to identify cheaters, that want to gain more coins.
KYC makes it easier to identify and it makes the management of customer information more convenient and better thanks to the information from KYC.
In regards to the concept of cryptocurrency, Kyc is not necessary but if we want adoption and get the money and regulation that will further legitimise ICO, we might need to use KYC to achieve all these!
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