Topic: Why some ICO required KYC? - page 2. (Read 498 times)
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.
Now a days there are lot of regulation are being announced by government bodies of several countris to tackle problem of money laundering, protection of investors, security, licensing etc. To be on safer side lot of ICOs are considering KYC, as we all know KYC is one of the adopted methods by lot of financial institution to track the investors identify, money laundering, terror funding etc.
KYC means Know your custumer, ICO requires the ICO's to identify their address, nationality of the customers and ensure the identification of individuals, it would help to prevent fraud, impersonation, and also not to use illegal activities.
This is the method of devs. to get to know the customers, by knowing the customer so they can answer and be accountable because many countries say that ICO is a means for money laundering and all customer ICO is fictitious.
There is a strong possibility that they are stealing the data and selling it to marketers. There can be huge demand of KYC related to bitcoin users.
Most ICO requires KYC from clients and even bounty participants due to the location of the project. The regulation and licencing authorities may demand it before allowing the project to go legal and operate. But after they take, off, where you sell or buy your tokens will also demand KYC,that is a strict exchange. It is hard to come by tokens of such project that demand KYC on a decentralize exchange.
Hi friend the time of anonymity ended and many State requires these procedures.
It you don't like you can wait exchange listing
It you don't like you can wait exchange listing
I think its basically due to sec regulation so kyc need ro be done so that some countries that the rule of their counrty prevent them from ico will not participate
KYC is needed to know where the person lives, And it can also show a clear identity, and can be accountable. there are also ICOs that use KYC because there is a ban from one of the countries to follow the ICO. then in need of KYC, therefore the ICO can know if there is a cheat it will be disqualified. I myself really do not like it if there is an ICO project that uses KYC, because I think it is complicated and hard, until today I have never joined ICO using KYC.
Because after ICO Tokens Can be buy anyone without submitting any KYC 
Totally confusing this process
For me, i think they need to get the kyc of the users is because they need to know personally the user and for formality of the transactions for this kind of business. Some ico need kyc and some are not but for me the best thing to do is to have kyc for some instances they need it for transaction of the token to you. Totally confusing this process
Tokens are made from different country such that some government in their places requires it so that their token is legalize. They need to comply to the law so that there will be no problem along the road. Also, knowing your customers really helps to filter out those who are a fraud.
I am not doubting their intentions but some people might be collecting data and then selling in dark net. Even big companies like Facebook do this, so I will not be surprised with some new project also taking the same route.
Most of ICO project said it is required to prevent a hacker and illegal investor. While personally, I think it is a sign of weakness in their team if they worry about the hacker. A sign of incapable the team to check and verifying the system, so I will not put any single trust on a team like that.
Crypto money and Bitcoin were recognized by people very soon. Some crypto-moneys reached the amazing levels in a very short time and some people were rich. Also, when doing this, there is no control. You only deposit the money and you are waiting. A perfect opportunity for fraudsters has emerged.
Fraudsters steal people's investments by promoting themselves as a project company. Some people have received too many support takers from projects using many fake accounts. These kinds of frauds have happened a lot.
With the KYC system, it is planned to avoid such frauds. By using fake accounts, deception of project owners will be prevented. Thanks to the KYC system, every person can only apply once...
Fraudsters steal people's investments by promoting themselves as a project company. Some people have received too many support takers from projects using many fake accounts. These kinds of frauds have happened a lot.
With the KYC system, it is planned to avoid such frauds. By using fake accounts, deception of project owners will be prevented. Thanks to the KYC system, every person can only apply once...
I think for the further success of the project and its development it is required to know customers and investors. What are they? In general, the reasons can be different.
Its a way of making sure they dont get the project involved in any form of money laundering or any form of illegal activities.that's why now adays too some exchanges ask for kyc too.Eventually that will become a norm.
The reason the ICO requires KYC is that when they register to run their coin, the Securities and exchange require them to comply with KYC and AML rules. So they ask people to comply, but after the ICO, when their coins are in exchange, the KYC is no longer needed.
From what I have observed and understood about some ICO in need of KYC is that they want to erase or should I say limit the possibility of one having multiple accounts.
coz many alts i think, and each ICO needs more ppl to spread the word, what point if someone will make 100 avas and will share among them the info?
Kyc means knowing your customer and by doing this called kyc, they will the better idea of those people buying from them. Also, I believe that with kyc the government will later have the control of the cryptosystem and people into crypto in their country. Kyc is good but the team make it bad by slow with the process of doing it.
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