Topic: Why KYC is important? - page 6. (Read 3330 times)
Knowing Your Customer (KYC) is one of the security features in crypto activities and these days it is being used most of the time by several projectcs all to check the cheaters that exist in the feature.
KYC is very important for ICO, but sometimes it's annoying for investors especially when it takes time to processed.
if the project is prominent one can easily suffer such KYC related inconvenience in order to get a real profit.
this is important because to know what you are and to know whats your name avoid meeting with scammers and to limit the cheater to register again. will provide feedback for the project maker whether the project has been successful or failed
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
For me KYC important to eliminate the spammers but it can take dis advanges to an ICO because there's a lot of people willing to invest but they don't have KYC.That's why I think KYC is not important for crypto currency. 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
KYC is simply an acronym for; "Know Your Customer"
I don't see anything wrong with it provided the process is decentralized and the data not accessible to questionable characters and data harvesting groups out to violate people's privacy.
The excuse that cryptocurrencies should be anonymous has made questionable characters to utilize it in laundering public fund, deal on illicit drugs among others.
These acts should be discouraged by bringing in KYC to the ICO business.
Data validation is very important! It seems to me that in order to avoid meeting with scammers and other fraudsters, you need to verify payments!
By the way, the blockchain will help us
By the way, the blockchain will help us
Crypto enthusiasts heartily consider that KYC ain´t a justifiable measure for most of the cryptocurrencies. Those do not own the legal protection of financial assets and must not require of that measure.
KYC is important ,KYC indentify to all people who are joining the bounty and investing in crypto because most of people can make the lot id by one name then KYC is very important for each people.
kyc is important because it is the detailed information of an investor in an ico. it is important to know because there are some legality that they need to clarify first before letting an individual to become part of their project.
KYC is stands for "Know Your Customer" and i think this is a system that identifies the true identity of a participants. And this KYC is important in order to validate cheaters and those scammers. But sometimes it can be used also by those scammers also by pretending to have a n ICO and will ask your information for their own benefit like using your information for bad intention and this is the disadvantage of KYC system implemented.
It would be great if the development team passed kyc before running ico, then there would be less scam. It seems to me that such a rule will soon be introduced
Kyc is also part of knowing who your bounty hunters are. This is a counter checking the multiple entry. The validity of the person is alsi known.
I find that ICOs projects that require KYC verification will help those ICOs become more professional. You may see that many people think that KYC is really troublesome, but KYC helps you know that the developer is really looking for their project.
KYC actually help developers team and investor feel comfort with their money and project.it can protect this project if someday SEC investigate the project. Does security and safetyness important to you? If yes then KYC is important like your security. It provides you own protection to your tokens.
Given that you give some of your information , the ico founder just wanted to distribute all your tokens to corresponding owner.
Given that you give some of your information , the ico founder just wanted to distribute all your tokens to corresponding owner.
I am agree KYC is for security of our fund. Many scam ICOs and to prevent that government regulation require KYC for every ICOs. Its good for investor because KYC will reducing scam ICOs from cryptomarket
Nowadays KYC is a must as most of the projects cannot risk anymore to receive funds without knowing for sure who send them. In the past a lot of projects had problems because they didin't know how to demonstrate that the funds was received and now they are facing laws and other problems.
KYC is very important for ICO, but sometimes it's annoying for investors especially when it takes time to processed
The KYC is mean Know Your Customer to limit cheater or some people come from US, etc.. join ICO, airdrops and bounty. But be carefull, If you join projects scam, scammer will take your idenity documents.
That's the risk of performing KYC procedure. Then our identity will be used for things that smell bad or would be sold on darknet by those scammer. So, there is good and bad like devil and angel. Just need to be more careful while used your ID card. 
KYC is very important to protect projects from regulatory punishment and make the process of tokensale more clear for everyone.
KUS identification allows you to prevent the participation of one person with dozens of accounts in your campaign bounty. Also you can cut participants from different countries of the world to ICO.
Nobody wants to give money to "non-existent people," that is, bots, because people just simply used them to increase their profits, so ICO projects decided to fight this factor with their own methods.
KYC is necessary to defend people and their investments. For ex., it could be bounty participants where KYC helps to avoid multi-accounts. Also it could be ICO participants (for ex., to avoid buying all tokens with several investors).
there are many purpose for using KYC.even in a bank they use this methode too to consider the money source their clients.and also they can prevent money that come from criminal flow. Jump to: