Topic: Why some ICO required KYC? - page 4. (Read 498 times)
KYC or Known Your Customer need to implement to join the ICO so the participants it is the real people, not fakes. For this purpose, I agree with it. Thanks
The reasons are many; register investors, identify them, make sure that the maximum amounts possibly provided by the ICO are respected, know the counterparty adequately also for anti-money laundering.
KYC is intended as a formality of procedures required for corporate management, both to facilitate the data collection of each investor who follow ICO as well as a form of transparency for both users and companies. KYC is also sometimes required for legal legality within a country, to avoid the use of digital assets for other criminal and illegal acts. I agree that KYC is sometimes little bit confusing, but it will all be easy if you follow the process as directed.
Because they do not want people enrolled in the program to be virtual people, many join the ICO with more goals like earning more commissions and this will make ICOs more difficult.
One of the reason control that one investor not buy more than limited tokens on ICO
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.
if that's one of the reasons why most ICOs need KYC, I think it's a misuse of the identity of others, it's so sad Because after ICO Tokens Can be buy anyone without submitting any KYC 
Totally confusing this process
Totally confusing this process
some people are more interested in cheaper prices and also because it is supported by a project that thinks "this is a promising project" or at least like that. when the token listing in the market, we do not know the initial price, whether the price will go up or will be many dumper who prefer hit & run
on the part of the company, KYC is useful to avoid any fake users or some of their reasons such as avoiding money laundering and so on
Companies need KYC to make the crowdsale process transparent and legitimate.
Actually I believe that when a project requires it, it's more trustworthy
Actually I believe that when a project requires it, it's more trustworthy
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.
Because after ICO Tokens Can be buy anyone without submitting any KYC
Totally confusing this process
Totally confusing this process
The reason why ICO's are requiring KYC is because when they register to launch their coin the Securities and Exchange are requiring them to comply with KYC and AML regulations. Thus they are asking people to comply with the requirements but after the ICO when their coins entered the exchange KYC is no longer needed. But if you buy at their website KYC is still required.
This is due to regulations on a country by country basis, depending on where they're starting their ICO. I know in the US anyone who is starting is an ICO is required to KYC or Know Your Customer, which pretty much means they're going to have to collect some data on people so just in case the regulators want to audit / know what's going on they're going to be able to get the data with ease.
Makes sense as most people aren't going to report ICO earnings which they without a doubt have to do.
Makes sense as most people aren't going to report ICO earnings which they without a doubt have to do.
The ICOs that do not require KYC you should avoid. Those are scams (or at least the possibility is very high).
The ICO organiser companies can be established in many locations around the world (most popular is the US, UK, Russia and crypto heavens like Estonia or Switzerland). There is one common thing in these countries: the regulation requires KYC in case of crowd-funding.
On the other hand, none of the biggest exchanges will list any coins which did not have KYC during the ICO. (same reason: regulation).
The ICO organiser companies can be established in many locations around the world (most popular is the US, UK, Russia and crypto heavens like Estonia or Switzerland). There is one common thing in these countries: the regulation requires KYC in case of crowd-funding.
On the other hand, none of the biggest exchanges will list any coins which did not have KYC during the ICO. (same reason: regulation).
I don't think this is confusing. Regulations are becoming more and more strict and nayone who wants to run legitimate business needs to stick to those regulations and rules. Maybe clinets don't like that process very much but in fact it's necessary and it protects the final users and provides better service.
KYC is required to some ICOs because this is the way of assuring of the workers on the bounty that they are true and existing people, of course these ICOs don't want to put their money on waste. Well, it is just my opinion based on observations because I once have joined a bounty campaign that required KYC. It is annoying at the first place, but you will understand why later on.
Its because the ICO needs to know their costumers so they can avoid spams,cheaters on refferal programs or on airdrops even bounty programs. This will let ICO more secure and legit.
maybe the devs want fair distributions that with required KYC for every investors this is could be avoid to abusing cheating especially for airdrop program however indeed sometimes we're fear with submitting our KYC for the particular ICO project because possibly our personal ID will be misused but i personally don't mind to submitting my KYC as long as those project is legit
I don't think this is confusing. Regulations are becoming more and more strict and nayone who wants to run legitimate business needs to stick to those regulations and rules. Maybe clinets don't like that process very much but in fact it's necessary and it protects the final users and provides better service.
I think it's primarily to keep the regulatory bodies from going after them first. I think this year it's quite likely we will see a bit of a clamp down on the ICO that are following no best practices whatsoever. I think they will go for the low hanging fruit first so I think this is a case of ICO's trying to add some form of standardisation to their procedures
because maybe if they put the kyc to get to know the people and for that it might not have been that other people because other people used the other transaction for the second time they get the token they bought
Is a new way to protect projects, especially new ones from the paralyzing and ensure continuity of work, which makes it more serious and to know the owners of the largest amount of tokens .
Because after ICO Tokens Can be buy anyone without submitting any KYC
Totally confusing this process
In my opinion, to increase security and reputation of a token, they require know-your-client kyc process to ensure that a person has no legal liabilities and also to avoid scams, because through kyc, the token maker knows who are their token holders and with that, they can easily track suspicious holders. And the identity usage is limited to that or else they might violate some laws. So there's nothing to worry about kyc process. Totally confusing this process
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