There are many reasons for this:
1. If an ICO can demonstrate proper KYC then it will be possible for all parties to establish credibility with banks and follow Anti-Money Laundering regulations. Voluntary compliance thus gives a project and its participants a stamp of legitimacy with regulators and banks.
2. 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.
3. Voluntary KYC compliance may help ICOs reach a larger global audience and expand the number of jurisdictions in which they can take place.
4. To avoid the creation of fake ICOs.
Topic: Why some ICO required KYC? (Read 498 times)
Each ICO has its own policies towards its investors. There is a policy that prohibits investors in a country to follow its ICO. Therefore the function of KYC in my opinion to see the data for investors and do not violate the rules made ICO. But behind it all there is a downside, that we are all worried about our data that may be misused
It looks like it helps to get a listing on good exchanges where KYC is required.
It's a regulatory issue. It's not just KYC. It's KYC and AML.
I don't get you my friend. What do you mean by AML ? Is it about anti money laundering ?
KYC means Know Your Customer.. So new ico's gathering information before selling. Then they can prove their tokens won't use for illegal processes.
Many ico are starting requesting KYC also to Bounty hunters even if the revenue generated is not a pure investment.
I don't understand this logic.
I don't understand this logic.
I think they doing it to avoid scammers to make multiple submissions, so it's good to other bounty participants & project it self!!
I agree with you but I think that this is a work of bounty admins and cannot be delegated to the KYC
Many ico are starting requesting KYC also to Bounty hunters even if the revenue generated is not a pure investment.
I don't understand this logic.
I don't understand this logic.
I think they doing it to avoid scammers to make multiple submissions, so it's good to other bounty participants & project it self!!
Many ico are starting requesting KYC also to Bounty hunters even if the revenue generated is not a pure investment.
I don't understand this logic.
I don't understand this logic.
It's a regulatory issue. It's not just KYC. It's KYC and AML.
https://imagizer.imageshack.com/v2/640x480q90/924/83FoS8.jpg
https://imagizer.imageshack.com/v2/640x480q90/924/83FoS8.jpg
This is now required while some ICO would surely scam anybody they would first provide information about the project and the people behind it, That is why they should know their client or customer so they will not get scam by that certain ICO, We can never know what ICO are legit or not and we should be aware and prepared for it.
Many projects, which wasn't scam, fall down after ICO. it is not about all ICO projects...
So, some ICO need KYC, and, i really understand, how ICO can be hard for people, who creating this project.
So, maybe, they have only one achievement - going to ICO.
They haven't achievement - developing their project.
And, when they going to ICO, they thought, that they achieve their goal.
okay! this one is really confusing
I thing the KCY gives some reputation to the ICO's too... you can identify who buys the coins for example, you don't say I have 10000 persones with my coin but you say you have A, B, C and tihis fives more epower to the coin.
This is now required while some ICO would surely scam anybody they would first provide information about the project and the people behind it, That is why they should know their client or customer so they will not get scam by that certain ICO, We can never know what ICO are legit or not and we should be aware and prepared for it.
Many projects, which wasn't scam, fall down after ICO. it is not about all ICO projects...
So, some ICO need KYC, and, i really understand, how ICO can be hard for people, who creating this project.
So, maybe, they have only one achievement - going to ICO.
They haven't achievement - developing their project.
And, when they going to ICO, they thought, that they achieve their goal.
i don't think this section belong to bitcoin discussion section since it talk about ICO not about bitcoin i suggest that you should move this to altcoin discussion section. Although since you brought this up, the answer is ICOs especially in america required that their investors are required to do an identity verification since it was ordered by SEC in america to prevent fraud or money laundering. i don't know they do this in other countries too.
I think now it's moved to Beginners & Help section, Sorry for my misunderstanding of posting to the wrong section.
Btw i have much learned by all who posted their opinions in this post
I think KYC needed for trusting each other... but carefully to pick a good ICO...
have a good luck guys....
have a good luck guys....
KYC is a framework for ICOs which enables them to know/ understand the customers and their financial dealings to be able to serve them better
- To enable the bank to have posstitive indentification of its relationship
- Is in the interest of customers to safeguard their hard earned money
- To enable the bank to have posstitive indentification of its relationship
- Is in the interest of customers to safeguard their hard earned money
That's okay,devs want to know who buys their coins. In addition, nowadays some exchanges when listing coins also require the passage of this procedure at the stage of ICO.
This is to reduce fraud and to protect the customers. Many countries, so far has made it mandatory to the wallets companies and cryptocurrency exchanges to make KYC mandatory.
I think future all ICOs will ask for KYC.Even bounty campaign started asking KYC
Some ICOs required KYC simply to know the customers inorder prevent money laundering, fraud, or any illigal activities that may violate the rules.
there are a lot of ways for making money one method is to steal other people's identity and documents and sell it on the dark market. these ICOs are currently gathering cryptocurrency users information and creating a database from them which then they will sell elsewhere and make some money from doing so.
Can you provide a link so that we would be aware of this modus. Usually i join bounty and they ask for KYC to get the bounty tokens so i am obliged to do so. If only i am aware of this scam i would not give up my identity. Jump to: