Topic: Why most ICOs ask for KYC? - page 2. (Read 495 times)
In the United States, there is an illegal decision against Ico. Only identity documents are required in China. Everyone who participates in the ICO sees any citizenship restrictions. In turn the company should be able to provide detailed registration information for ICO participants
I think the reason for this KYc thing is to ensure that the participants does not ccame from countries such as US and China that strictly prohibits their citizens to participate in ICOs.
That's a good point..but you should know that most of the times ICOs are pushed by some kind of governments regulations to ask for KYC...
just like exchanges do if we want to move big money...
Another reason for which ICOs ask for KYC is to avoid more than one contribution x person..
So in the end i think this is not so bad...
just like exchanges do if we want to move big money...
Another reason for which ICOs ask for KYC is to avoid more than one contribution x person..
So in the end i think this is not so bad...
Most times ICO ask for KYC because of the regulations of their business and financial environment. If what such ICO represent is securities in the eye of the law guiding trade and investment, they may be required to have information about their customers for security reasons.
I think this is all because some countries prohibit the use of crypto-currencies and conduct similar activities, and for such companies to be legally passed they introduce such restrictions.
There is a positive side of KYC, an example of ICO taking this proactive approach is SwissBorg, where "most teams come from the banking industry" and protecting investors and clients is very important. Their KYC process is simple - investors are required to subscribe and provide personal information such as name, address and date of birth. He will then be required to upload an official identity card and proof of residence (such as an official government letter). investor's personal information and proof of identity are then calculated and compared to the legal database.
Great point. the KYC should be simple and minimal in term of information provided. It is also the symbol of commitment from investors that they are serious enough to provide personal information for ICO project. As long as those information are not used for illegal matter then KYC is ok, in my opinion.
Hi , Recently most ICOs ask participants for KYC!, why the do?
Is there any official organization regulate them and monitor ICOs?
There are lots of ICO presented in the market and it is quite hard to detect which one is legit or scam it is a good thing that some requires KYC for investors as well as info about developers and owners with that you can get an assurance that their project are good and trustable also KYC will prevent entering of investors that are not in good faith and only join ICO for illegal matters. Is there any official organization regulate them and monitor ICOs?
There is a positive side of KYC, an example of ICO taking this proactive approach is SwissBorg, where "most teams come from the banking industry" and protecting investors and clients is very important. Their KYC process is simple - investors are required to subscribe and provide personal information such as name, address and date of birth. He will then be required to upload an official identity card and proof of residence (such as an official government letter). investor's personal information and proof of identity are then calculated and compared to the legal database.
At first, they asked for a verification of identities to avoid having invertors from the United States or China where ICO are prohibited. Since then, it has become a marketing element to prove the "seriousness" of a fundraiser.
Today, you have to pay attention to these companies that request a KYC, because it could be a scam that would like to steal your private information.
And then there are some projects that asked about KYC but at the end of the story, they are all turning into the scam project. This KYC story has been implemented by so many caused by the IP restriction can't prevent people from those countries are banning ico to participate in the ico. They can use VPN or something like that to avoid it. Today, you have to pay attention to these companies that request a KYC, because it could be a scam that would like to steal your private information.
Be careful providing personal documents to these ICO projects. Remember, if it ends up being a scam, you don't know what they will be doing with your documents. They might end making fake passports of you and selling them for illegal activities. I never FOMO ICO's so I avoid the ones that require KYC.
Its too risky to give confidential details about yourself, its right that you might get scammed or hack one of your accounts. But if you really believe on a specific project, maybe try to limit giving the right information. ICO's is great in terms of making profit, but you are risking yourself from this so you better think again.
to help ensure that the people contributing aren't from the countries prohibiting ico
It is to keep a track record of people investing into the project, for data analysis interms of gender,country of residence which is very important, to avoid investors from country ban from investing in ICO, base on there regulation
They are asking for identification because of the regulatories, and maybe is a bad thing, but i think is for better. They are just trying to prevent more scams, hacking, cheating, and to invest their money in development, not sending them to someone who isn't even real. Maybe in the future, every company will be asking for your ID.
Be careful providing personal documents to these ICO projects. Remember, if it ends up being a scam, you don't know what they will be doing with your documents. They might end making fake passports of you and selling them for illegal activities. I never FOMO ICO's so I avoid the ones that require KYC.
Good point! And that's why the best time to provide KYC is right after ICO ends.
Especially after you got positive feedbacks concerning tokens distribution among investors.
maybe most of ICo now are having KYC as many of them before who ask for it went SOLD out if not successful.
KYC "know your customer" is actually a disgusting process for the community that MR. Satoshi Nakamoto wants, but its their ICO as everyone said, lets have RESPECT to each other. but i hope they can respect the father of cryptocurrency too.
KYC "know your customer" is actually a disgusting process for the community that MR. Satoshi Nakamoto wants, but its their ICO as everyone said, lets have RESPECT to each other. but i hope they can respect the father of cryptocurrency too.
Be careful providing personal documents to these ICO projects. Remember, if it ends up being a scam, you don't know what they will be doing with your documents. They might end making fake passports of you and selling them for illegal activities. I never FOMO ICO's so I avoid the ones that require KYC.
The KYC problem is indeed a very big problem for ICO participants for several reasons. On the one hand, the United States has indeed imposed a restriction on the ICO, so the companies passing them must view that there are no US citizens among investors.
However, this should not apply to participants in the signature campaign, especially since the verification procedure begins after the end of the ICO, without any prior notification of such a verification. I think that some campaigns began to require additional data in the campaign signers only for the sole purpose - to reduce the list of applicants for the payment of already earned tokens. This explains why these data are required not at the beginning of the campaign, when the participant is allowed to the signature campaign, namely at the end, when the agreed work is completed and refuse to provide additional information about himself, means to refuse the already earned tokens. In fact, this is a form of fraud, since the campaign does not previously warn that it will require any other information than those indicated by the participant in the signature campaign in a special form before starting the campaign. signatures.
However, this should not apply to participants in the signature campaign, especially since the verification procedure begins after the end of the ICO, without any prior notification of such a verification. I think that some campaigns began to require additional data in the campaign signers only for the sole purpose - to reduce the list of applicants for the payment of already earned tokens. This explains why these data are required not at the beginning of the campaign, when the participant is allowed to the signature campaign, namely at the end, when the agreed work is completed and refuse to provide additional information about himself, means to refuse the already earned tokens. In fact, this is a form of fraud, since the campaign does not previously warn that it will require any other information than those indicated by the participant in the signature campaign in a special form before starting the campaign. signatures.
It must be some sort of local law that forces ICOs to show the source of the funds they raised, no one pays that much attention to toe next owners of their tokens. That should be only needed for toe gov of the country where the ICO is registered. If you are making an ICO somewhere for example in europe where this process is not that regulated then verifying the identity of US and chinease investors if not your problem.
Hi , Recently most ICOs ask participants for KYC!, why the do?
Is there any official organization regulate them and monitor ICOs?
based on my research about the global issue about cryptocurrency.Is there any official organization regulate them and monitor ICOs?
most ICO need to do the KYC or what we call "Know your Client"
because many country ban altcoins or cryptocurrency
an ICO need to know their locations .
so that the Plan of the ICO or Roadmap can't be stop or
got affect by some kind of issue .
While the main reason for KYC is to ensure that investors are not from certain countries, it has become a tool to show the world that their ICO is a legitimate ICO and has KYC measures in place.
How robust is the KYC checks, i really do not know.
But in this day and age, our personal identity is an asset and should not be given out easily. So we need to be sure of the legitimacy of the ICO before we give them our information.
How robust is the KYC checks, i really do not know.
But in this day and age, our personal identity is an asset and should not be given out easily. So we need to be sure of the legitimacy of the ICO before we give them our information.
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