Bitcoin Forum

I have come along this security issues on some ICO when you have their token that you need to do KYC before you can use the token. Does anyone know how this is done. I wish appreciate the answers since the ICO didnt say anything about it....Please how is this thing done

The kyc (know your customer) process is basically submitting a photo of passport and sometimes utility bill to prove your residency. In many cases US residents are barred from investing unless they are accredited investors. Other countries have also banned icos and kyc will also fail if passport is from there.

As a result be careful investing if kyc is needed or ico may keep funds if you cant pass. Best to wait until coin is on exchange and buy there.

I don't understand the problem here. They are asking for information about you so they can do KYC AML procedures? I for one would make certain they are legitimate because if they aren't and they have your information that can be pretty bad. Perhaps tell us what ICO you are getting into and others can help you decide whether it is legitimate or not. I did KYC for one ICO I did and it was completely fine but they were legitimate that's why.

The only motive for regulating the circulation of money is the collection of taxes. You can buy and sell anything - just do not forget to give a share to the state. It is foolish to think that the fight against money laundering will somehow prevent terrorism or the work of cartels. So the next couple of years, officials will only think about one thing - how to regulate blockchane and to destroy the anonymous transfers

What is the importanve of using kyc procedurès for the campaign.I have one bounties that required that.

KYC is just a confirmation on whether you can receive the tokens or not. The safety of your details is still on how you give your information and how trustworthy your manager is.

You don't used to need anything to invest in ICOs. I never invested in one, but it was way easier. If your IP was banned, people simply got an VPN to circumvent the ban and they were able to invest anywhere they wanted to.

If you are going to invest in an ICO that requires you to take a selfie picture while holding your ID... do as much research as possible. I wouldn't like my dox to be sold around on the darknet, which is why I would never give personal details to anything crypto related, I simply don't trust anything/anyone, too many scammers.

And to whom.
What if you give your ID's to scammer?
Which one? Did they ask you to provide them your information before or after ICO? Before bounty distribution and was it stated in rules during bounty campaign? I am curious about this.

I know little about KYC ini ICO, you have to upload a document like national id / SIM / Passport, to verify your identity. But usually if you do not pass the verification, your money will be refunded

Firstly, the meaning of KYC is know your customer they are doing that to know your real identity if you can participate in their ico some countries are forbidden from taken part so through kyc they will know who can and who can not participate. Mostly they ask for your passport, driver license etc.

Does this not contradict the idea of a crypto currency?

i think in the future all ico will require KYC