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Be very careful sending in your passports and govt id's for KYC.  Your 1 scam project away from having your identity stolen for god knows what on an international level. 

Also look very closely at the "projects" asking for this.  One of the major points of crypto is to be anonymous.  Do not give this up.  If you keep sending in your "papers" to strangers you will get burnt eventually.

Think about what the authorities will say to you when your identity has been stolen.  They are going to ask why in the world you would give your personal info like this to a stranger on the internet.  It makes no sense on any basic level to give your info out like this.

JPMOGAN does not even ask us for this level of identification when opening an account.

Think about it please.

If we all deny the KYC projects this invasive procedure will go away.

To anyone who has been giving your passport online you had better get a service to help protect you from identity theft as you have handed your most personal of information to complete strangers you do not know.  They can use your passport for any reason including terrorist acts.

Imagine the terrorist cells starting a project and getting all the FOMO warriors passports because they got in such a rush and turned off their brain.  Now you have real problems.

Good luck guys.

I have been watching this development closely and stand in amazement anyone would hand their passport over to strangers.  I think we have hit peak stupidity at this point. 

For a few thousand bucks you could hire a developer or two.  Create a decent looking project.  Grab a few hundred to thousand passports and perform crimes.  Leave these passports out for the authorities to find.  Perfect crime.  Some knuckle head crypto enthusiast will be brought up on crimes against humanity as the Al Queda or whoever runs off.   

Some of these boys will have INTRPOL and the CIA at their door. 

They are teaching my 7 year old in school not to give personal info out on the internet and you guys are throwing your passports out not to establish corporation but to anyone with a white paper.  You guys are nuts.

Think about it from a .gov perspective.  As we know most .govs do not like crypto.

They will know right where to find you now that you have sent your PASSPORT!  Since you have no real idea who your sending it to its checkmate time and you just lost your anonymity.  You really have no idea who you even sent it to. 

Some are in for a world of hurt. 

Keep personal information personal guys.  This is worse than Nazi Germany.  Show me your papers!!!

Crypto fails as soon as everyone gives in to this.  It defeats the entire purpose of crypto.

This is because of usa  >:( if project has ant relation with usa, then they impose us strict kyc requirements. It is very difficult for any projects to keep our papers safe.

This is a serious threat, especially if the project is a scam.  Even for legit projects, there's still the possibility of the website getting hacked and all your information could be used for illegal/fraudulent activities.  It is best to not submit any documents but sometimes you have no choice, for instance many of the top exchanges requires documents to get your account verified. 

Yup, KYC is a pain in the ass. Gladius project just announced that they need it for all bounty participants. Ofcourse scams happen in the crypto world, but you also have to look at the devteam, and the project itself before deciding on if you want to go trough with it.

I am totally new into this and yes you are right if KYC could be a big problem, but what else we can do if some of project keep asking about it before we can investing to them? I mean for new comers it is difficult things to decide

Also, in addition to projects, we are often asked to undergo a complete verification on stock exchanges. To exchanges, we seem to be more loyal than to new projects. But the stock exchanges are getting bigger now. And it is really possible to hack a large stock exchange, not to mention a break-in or a small or scam exchanges. Unfortunately the decentralized exchanges are still not very developed and are not very popular, but probably future ones.

You need to stop using them.  If we all say no we win.  Your taking HUGE risks sending things in like that. 

This is new precedent trying to be set, the more people the give in, then you'll have to give you info out for every single airdropped/bounty out there.
It's very dangerous for you to trust these non-reputable individuals with your information and for the future of cryptos as a whole.

You can blame Polymath for this, they don't want to work harder filter to filter puppets, so instead they want your ID. Now it's coming out that many are following suit, do to the laziness by the Polymath cunts, they've effectively conducted the worst airdrop in the history of Crypto.

There is probably nothing we can do to stop this, because the vast majority of people trying to do airdrops are very likely to hand over their info without a second thought. This has major repercussions, some of the worst repercussions we will ever see in the future of cryptos.

The best thing you can do if you're reading this, is to not give in to these new information whores, never submit your ID or any information to anyone in Crypto. These people are more than likely to flip your IDs on the darkweb for a profit. There will/is information coming out on these forums in regards to this, and i'm glad people are speaking up here about it.

There is only 1 type of group of people who need to submit their ID's and information, and that's the creators of said Bounties, ICO's or Airdrops. Flip the tables, stand up for what's right and demand more transparency from these motherfucking whores. Because at the end of the day, if the devs are not willing to, why should you? They are the one's who are generating the funds, they are the ones accountable for this whole fucked up charade.


Note: I posted this in another KYC thread, but i have to repost it here since this is such a serious issue, this is more dangerous than a couple of devs walking away with millions of USD in scam funds, or using that money for activities. The reason is, is because they can actively use your identification for just about anything in this world, from opening up bank accounts, to purchasing weapons and other shit. Yes weapons can be registered under your name with a simple ID card, and that said weapon can be used to do harm to others. This is one scenario of how this is totally fucked up.

If your ICO/Bounty is trustworthy, it isn't. Because they are very liable to be hacked, because they are in the spotlight. Most devs don't know how to protect themselves with information. Do you trust your ID's to sit on a server for decades without any tampering... we live in the real world here. Fucking big businesses can't even protect themselves, what makes you think that these mysterious agents are going to protect your interests, 10-20 years down the line?

I agree. A new system of know your customer is unfair. With such requirements, there must be a section know your partner, in which the company describes more accurate information about yourself and your employees. This two-way return will be fair.

Invasive project are spreading like wild fire now partly because of some regulations in US. There is no reason on earth why you should hand down your personal information for complete stranger on the internet! I see a lots of newbies falling into this error!

You made valid points here. To be honest I've never heard someone giving his personal information so easily, to complete stranger on other part of the world.
This is so crazy, people willing to give their info's for couple bucks.
I think this is new facebook generation, at some point they will learn how privacy is important but when they do - it will be already too late.

I think you make a very good point, but it's really impossible to prevent if you want to get verified at the best exchanges.
Decentralized exchanges could be a possible solution to this in the future, but they need to improve first before they are ready for the general public.

I do hope that the biggest exchanges handle your data safely.

Yeah they do.  Proof of identity and proof of address is standard to open any financial account, or other services.  I wouldn't give out my passport personally, drivers licence works.  They use third party service to do the actual verification so possibly don't actually hold the data themselves.  However its a risk with potential for someone to simply start up a ICO for the intent of harvesting ID so we need some form of single portal to verify ID and validate you with some cryptographic signed token... oh someone has done this, just no ICO seems to use it. ::)

It's very tricky because new websites are created and most of them require KYC and we really should not trust new websites.

ouch i think i just give my citizen ID and bank account to one of ico, and i forget which one..damn

i hope they will make good use of it  >:( :-[

and this make me worried more

all the same the system works. a little passport and a self and some account, ask for some, in support of your place of residence. In this case, the only difference and the conditional is that you do not leave the house.

Why is there not a blockchain solution for this? There should be some reliable organisation in a country that treats privacy seriously (ie. not disclosing info without a court order) that can certify your information and provide the KYC certification of the information required without disclosing your identity or handing over copies of ID.

You gave out your baank account information?  That's a first.  I've never heard of an ICO requesting bank account information.  If it ends up being a scam, they will make good use of it, you can bet on it.  Don't be surprised if you see transactions to brothels, weed shops and internet porn. 

You just found that out?
It's not like the people in the ICO's are trying to contact everybody's banking provider to see if their information is real.

A lot of these projects show a complete lack of competence in dealing with the crowd.  I won't give my info to large corporations let alone most of these fly by night projects.  There is a huge failure rate (lots of success also) with more failing than succeeding.  Your personal info is worth $$ if/when they decided to grab a few dollars on the way out.  Then you have huge issues. 

To the guy who gave his passport + bank account info you will be lucky if they only steal your money for weed an porn.  What if they take your cash and buy a bomb and blow something up and drop your passport (easy to make a new one with all the info and codes)  at the scene?  Now your life is over.  Seeing as how much the govt is against crypto I assume they would be more than happy to "be safe" and keep you locked down.

THINK!

This is false.

Everyone got used to sending that information, since most exchanges (unfortunately) require it.
I agree though, never send your private information to an ICO like ID data, they should not need it.

It's a real problem that should be solved by some most advanced KYC crypto project. The demand is now very high so I hope we'll see some KYC blockchain solution in a few months.

There's a lot of members in this forum are seeing this unfortunate consequences if we are giving our identities on complying the KYC requirements to get our tokens as investments or bounty tokens.
That's really bullshit.
Giving away your identity will sabotage your identity into the hands of the bad guys and will soon creates troubles and problems in some circumstances.
There are being noted that some members and investors are now facing some identity theft and other identity issues that will ruin their credibility and reputation.
This KYC should be abolish while it's too early.

This KYC should be abolish because although it will give them comfort that their investors are real but the point of this KYC seems like nothing.
We can't guarantee that the identities we are getting are real because everything can be faked in internet. And the worst thing happen is that those persons who give their real identities will be facing some identity issues in the future like identity theft etc.
This KYC is non sense, and if they do really needs my identity information then I won't give them my real identity because everything can be edited and faked through the help of some computer applications like Adobe Photoshop.

I opened a credit card account with JPMorgan.  No id transferred hands whatsoever.  Careful making statements as fact you have no idea about.

This seem to me the trend that some of these ICO projects are now following. I see it as an act that needs to be abolished. It is now good that some have started turning down such offer of release their personal information for a project that is supposed to be anonymous. This seriously needs to be checkmated.

No, that's not a point, dude. I don't think that those information which we submit at KYC is so vital - at international level it's nearly useless - what can a simple copy of a paper do? Or a photo? We always have our photos and so on in social networks and no problems with that.

What you are saying is the voice of reason. Unfortunatelly there are so many weak minded people here around who would give away whatever just for the dream of a few free worthless coins, and they are setting the standard. If those weak minded would refuse to give out their data, people would have to stop asking data to them, or lose all collaborators.

But what is the way out of this situation? I will admit I want to participate in a different ICO's with KYC. And I do not want to buy any stolen documents. But I understand the danger. I hope that within a year or two there will be some sort of solution. Safety in our time is very important. (

That's a big if, if we can deny these invasive policies as a community. A few people not doing it doesn't make any difference.

And plus a lot of these policies are actually government endorsed which means that identity theft can easily be conducted with the story being "government forced me to do this so please hand me every single ID doc you own". Legit ICOs will suffer from this as well.

If you are being asked for excessive amounts of info and the ICO isn't a once in a lifetime profit opportunity, then just don't do it.

it is really serious concern , if we buy from ico we have to give ID , but anyone buying from exchanged need not to show any ID .

this is really shit ..  if no one give ID they will change the rules ..

This is why I am afraid to give my full private informtaion to airdrops that require KYC. I dont actually participate to those things. However, in terms of ICO investment, some also requires their investors to do KYC which isnbreaking the main rule of crypto, privacy. I hope this will not push through because they already see the effect of KYC

Use your driving license instead.
And do not post your email address in any forum because it will be collected then used for spamming/scamming purpose

I think that KYC is a very important thing in the crypt. Because the proof of identity protects against hacking and stealing data ...

There is! Check out Blockpass. https://blockpass.org/


Our app is in the app store and google play. It allows a person to have self-sovereign identity which they can distribute to people they trust. The data is stored on the users mobile device and is shared with merchants as currently, legal requirements stipulate that merchants must be able to view the data on you.

However, we have established a partnership with Edinburgh Napier university (https://medium.com/@blockpass/building-the-worlds-first-advanced-blockchain-identity-laboratory-c53842215ccb) to develop blockchain ID solutions that put the user and their privacy first - such as ZKP.

its very threatening to us, since many campaign now starts to do KYC bounty campaigns because developers requires to have it. at first I support kyc process because I thought it is safe, and its good, but this issue might become the reason to use the identity of some users to illegal activities.

ICOs are required to carry out KYC if they want to operate in a regulated system. If at any point you are raising money, you have to do KYC or you will fall foul of legal regulations. That's the law as it stands.

yes you are right in my opinion when sending a very sensitive identity such as passport and local ID card just to get the token or coin you want in my opinion it is very horrible because your identity can be used for bad and can be used for the sale and purchase of human data.

Yes, that's what I'm worried about.
I'm afraid my KYC data will be abused, so I don't think I will use these projects that require KYC verification.

Yeah it's risky to send it in to random ICOs, I normally check the background of the team members to make sure it's legit first.

I fully support the refusal of identification. The idea of anonymity is one of the pillars. We must not forget this. >:(

It's troubling when one looks at the recent developments in the cryptocurrency industry things like KYC it leaves one wondering where the anonymity of cryptocurrencies really lies. If we all hand in our documents just to take part in ico, what then does cryptocurrency really stand for. It's worth looking into finally.

The solution is simple - do not participate in any ICO's, just buy them on the exchange after listing. Look at Envion's case - people invested large amounts, they had to pass KYC, even video identification, contributions made by credit card are locked for 6 months and the token price right now is down almost 10x. Or you could just buy them on the exchange now without any hassle.

KYC is here to stay even if most uf us do not agree with this policy. About personal datas well this could be an issue in the future as someone said we do not know for sure who receive our datas but for sure this is not comfortable with everyone. So far so good with KYC so let's hope our datas are well protected.

If the project is worthy, then I do not think that your data will fall into third hands. Concerns about data loss are always there, but you need to choose for yourself if you want to stay with the cryptocurrency, then accept it.

To me  There is no reason on earth why you should hand down your personal information for complete stranger on the internet! I see a lots of newbies falling into this error! anything can happen.

KYC contradicts the principles of crypto. It is introduced under pressure from the authorities. In my opinion, so the leadership of the countries has a list of citizens who support crypto. It is also possible that the data may fall into the hands of bad organizations and people. Beware of...

This is a serious Topic. Honestly I do not like to participate KYC required projects. I participate only for an ico that can be trusted in many ways. KYC is important for some icos to avoid scammers. But for bounties? that's completely a meaningless action required by few bounty managers. Why bounties requie our info? If KYC is required, The ico company will do it. Not by bounty managers. For example, Amazix team asked for KYC docs for shivom bounty although the ico team did not asked for it. So what will this bounty managers going to do with our KYC docs?

This is a very terrible topic. And it is true! It is better to bypass the party.

I believe most of you here going against KYC actually do it. What do you do when you are about to invest in a viable project but you are told to pass their KYC before buying their token? In as much as I don't buy the idea of doing KYC for airdrops, if you must do for bounty or ICOs make sure you do a thorough research to know if the project is viable or not.

Lots of bounties requires KYC and we have no choice but to comply or else no payout. At some point it can filter fake and dummy applicants. As long as it could do no harm to me I think its OK. Maybe be careful on choosing a project will be less likely we'll get scammed and identity theft.

even high-quality projects can lose your data, for example in a hacker attack, you need to be very careful

I have never join any project with KYC. We are in a decentralized crypto-world.
Why do they need it for?
You may earn a bit from them, but you lose the information to the one you don't even know.

I also think that projects with KYC need to be bypassed. It is not known how this will turn against you in the future. Therefore, in such companies should not participate

I try my best to avoid projects require any kind of verification , specially the kind asking me about a copy of my ID . But there is projects that deceive users , by asking for KYC after users already bought in the ICO or already spent a lot of time in the bounty , we just find our self left  with no choice but to give them our KYC papers , it did not happen to me until now but I saw couple of people complain about it .

this is bad , very bad .. i have already gave my national identity card information to several projects and one those project was scam .. don't even know what should i do ?

I knew lots of project trying collect people information through AIRDROP, such as: polymath.
I don't think it's a good idea for trading 250 useless token now may value $200 for your personal information.
But people fell in that. Good luck with them in the future.

Also european union is very strict.
Where is money there is KYC and AML. I am okay with that, I am sending only my driver license (tagged with the name of company where I am sending my documents) and I hope that it can´t be abused,

If authorities demand the ICO to make disclosure to the identity of its customers,the ICO can't refuse. If you have traded on a bigger exchange before,you probably can't enjoy the service in full without kyc.

I don't think that investors can affect somehow the number of KYCs among new ICOs. Everyone wants to earn easy money by participating in ICOs, so if some of you skip KYC others will get your allocation. And remember that most of ICOs hold KYC due to regulation reasons. So I don't see any solution to avoid KYC now. Just be very selective and join only really trustful projects.

Most projects don't want to have anything to do with kyc during ico but this silly regulations are to blame for them demanding it. I believe that kyc is wrong for crypto as it defeats the purpose for the anonymity so we should boycott all projects doing kyc

There should be blockchain solution for this? There should be some reliable organisation in a country that treats privacy seriously (ie. not disclosing info without a court order) that can certify your information and provide the KYC certification of the information required without disclosing your identity or handing over copies of ID. I on the other hand don’t like handing over my personal details, if I see any project that requires me to do a KYC before getting tokens, I move on the another. I hope something would be done soon about this.

The rules of KYC apply to investors, this is all the difference. To the participants of the generosity campaign ICO they should not be applied. The KYC check is aimed at preventing money laundering. We do not invest any money, so we should not undergo such a check. At this international forum, we are generally and work anonymously. The scammers come and demand from us all our data with copies of the passport, they themselves actually remain anonymous, as they do not pass any thorough checks themselves.

But I'm interested in kno knows whether there were cases of distribution of KYC documents among crypto-exchanges? I just always worry about it.

KYC has seemingly become the norm for all projects and I have no interest in doing it. You can make the argument for large ICO investments for anti-money laundering purposes, but even that goes against the original intent of cryptocurrency and bitcoin. What I really have a problem with in KYC for bounties and airdrops. The customer part of that doesn’t make sense since I haven’t provided any funds.with the amount of fraudulent projects, you would have to be crazy to provide that info. If the amount of spam email I have received since signing up for airdrops is any indication, you can bet that there is some shady stuff happening with passports and other identification documents.

I think that most of the ico's today are just using kyc if they are planning to scam their participants but if they are really serious about their project then they will not use it for the law requirements of their own country.

You are right. Many companies that conduct ICO must obey the laws of the country from which they are from. But I would be wary of those companies that inspire little trust. And if there are no famous people in their team.

I think that if this happened, all the Newspapers wrote about it. They love to make things big. But you can not exclude cases of hacking the database by hackers.

I really don't like KYC but actually if you want to do bounties and invest in ICO, most of them required KYC so I think there's no other way actually...

One way or another you have to send your documents to different places. For example, crypto exchanges. And why do you think that your documents can not be stolen from government agencies or banks?

It's like this Kyc issue is all over the places every other ICOs want Kyc to be passed even for bounty and airdrops it sucks most of this ICO don't even announce Kyc on the get go it's only after bounty ends that you get to know Kyc is required and you know it's somehow when you've worked hard for 2 months or more and Kyc issue want to disqualify you from getting payment that's why many give in to doing Kyc I just wish everybody can stand against this and get eradicated

It is a grave threat to us, when our important documents got exposed or used as as an identity theft. If you give your identity to them, just make sure that you know the person or the team who is behind all this. I hope the ICO team, or any group that requires KYC in order to invest/trade will abolish this law.

Indeed, submitting KYC information has always been a dangerous thing.
However, the ICO team also faces legal pressure. If they provide ICO to criminals, it may become a tool for money laundering.

This is why i dont like doing KYC. It is risky and dangerous for us because there are alot of hackers out there who wants to stole database which our kyc is included what if our information was been leaked or sold to deep web. They can use it to fool other person using our name. Hopefully KYC will not be a requirement anymore.

I think as an investor the kyc will be implement and just pick of an investment that you think has a good future and security of your documents and id's. What i don't like with kyc is when some bounty campaign as you this then for me it's a no good project. Asking your bounty participants to pass kyc is risky because aside that we are working for you to promote your project to get paid and not to invest. You will exchange your identity to a free token? I won't do that even if the rewards is tempting.

When it comes to KYC, I usually upload my ugly valid government ID (not my passport or so). I am even planning to create a fake ID just for crypto KYC purposes only. Exchanges are fine like Binance, KuCoin or so. I would never ever use my passport to upload for KYC. For me, I think it is scary about KYC if we do not know that the project itself is a pure scam. We have to double check the entire project before doing so. Thanks for the heads up.

i understands you very much! really afraid of this kyc requirement! yes, lets not support project that require kyc in bounty level... "ICO is different level". there are project now that requires kyc in registering there bounty, lets not support this.

We can not read what they the developer team want. Mostly the case is announcing at the end of the ico.
This is not really fair to ealry participant who dont want to do kyc but should do it because if not, they have no chance to make their money back.

KYC required for some ICOs in several country. If that ICOs asking KYC, i think its because they following rules on the country they held ICOs. They can not leaks the KYC data because its againts rules.
Cryptocurrency is like investment and like other financial rules, KYC needed to avoid from money laundering or other illegal activity

Greed is the biggest dope for many. I think that many people do not realize that may lead to the fact that they passed the KYC. What is the saddest thing that sometimes it is done for the sake of participation in the airdrop company.

However, many people will still submit KYC information, because investing in ICO is still a profitable way to obtain it.
Many people ignore the importance of their data leakage. :(

This is a really scary part when it comes to giving away information and sensitive confidential files to unknown projects. Kyc is killing the feature of crypto which is anonymity. I have read from certain parts that when a project requires kyc, the give ourt fake information for the reason that the information storage cannot be guaranteed and for safety sake. You are absolutely right. Be very careful in releasing this kind of information.

In the true crypto world, no one requires documents. But if you want to get something for free, for example, for taking part in the Bounty campaign, then you are forced to obey any rules of this giveaway process.

this is actually the main reason why I dont passed any KYC before, kyc is just for investors to know their capabilities and also their nationality. bounty hunters must stay anonymous. there's no need for us to do kyc.

Yesterday, there was an ico investor in an ico telegram group who failed to pass the kyc because his identity somewhat identified as ilegal. But kyc requirement is a must for an ico to conduct in order to compliance with the rules. I can't find any icos that don't require to pass kyc for investors nowadays. KYC may be useful to protect the investors but on the other hand, it could be dangerous too as your identity may be used for criminal purpose. If you want to invest in an ico that requires to pass kyc, make sure that the ico is legit.

That's why I'm not involved in projects where KYC is needed. I do not want to be traded with my documents.

After reading this thread, i think differently about kyc.
Probably will not participate in anything where kyc is required.
I have no desire that my data will be traded on the internet.

I dont think that you give us true information. When you want to create bank account you have to give them your personal information and they also require scanned ID and proof of address. Without proof of address you will not create bank account.

I personally tend to be better not follow things to provide KYC therein. This would be highly risky because if the result to be in the hands of the wrong then it would be a prolonged plague. If you have to use a big result should certainly KYC. If the results of the small use KYC then better not.

Here you are also talking about the fact that I think that the ICO team adheres to the rules that apply in the country of their registration. Violate our right to privacy. In my country, for example, there is a similar law that prohibits such persons from demanding the provision of confidential data. No company ICO has yet clearly explained on what basis they require participants in the generosity of ICO to undergo the KYC verification procedure. We only argue that they, perhaps,
 have the right to violate our rights. Although if it is logical to argue, then they can require the passage of such a check only from investors who invest their money and can thus launder them.

Now, many more projects require the document for KYC. IT means that crypto is no longer anonymous. I have sent my ID to get the token or coin from ICO. It is painful and I was afraid because of it. I'm afraid if my document is used for illegal thing. But, I cannot do anything. Hopefully, the team will really save the privacy.

What you are saying is the voice of reason. Unfortunatelly there are so many weak minded people here around who would give away whatever just for the dream of a few free worthless coins, and they are setting the standard. If those weak minded would refuse to give out their data, people would have to stop asking data to them, or lose all collaborators.

The risk that our data may be illegally used is, of course, very big, but I think that it should not be exaggerated. There is always the opportunity to apply to the court, also in international, for the restoration of our rights and punish the criminals!

well
what i worryi it become true
since ICO need KYC for like The main requirement
i just wonder, how they make the data safe.
and now , got stolen.
soo not responsible

For many clients of new tokens think Know Your Customer is inappropriate for an limited purchase and a  disproportionate liability with unwanted risks.

This is because of the regulation and is required as a mandatory requirements. I was forced to give my documents prior to the ico because it is needed for me to purchase the tokens, but I first verified the team for their legal compliance also, but I was still in doubt. I just hope our documents will not be used in a bad way, like an identity theft. But I wish this regulation will be dissolve soon.

i am fully aware of the risks involved in submitting vital valid documents in the name of identity verification and also it is a way of violating the idea behind the technology. the cryptocurrency idea means anonymous both to agencies and everything related to it. it is a very strong point to be considered.

Yeah, I hate the KYC thing in Crypto. Crypto should be anonymous.
Even today a bounty campaign requires KYC. This is ridiculous.

I just sent KYC to the big trading floors and projects that I really trust.

I believe you are referring to JPMORGAN not JPMOGAN.

Anyway, you are wrong and actually banks ask you for identification when you open an account with them. Further, they may be less strict because they can easily identify you are who you say you are by looking straight at your face (while you are physically at the bank) which is something they cannot do when you are doing things online. Use common sense before posting non-sense. There are lots of legitimate KYC institutions out there.

Thank you for the good tips and information about KYC sir. I appreciate this kind of topic to enhance my knowledge about crypto as a newbie. This is good for us to be aware of this kind of strategy to use our profile.

If authorities demand the ICO to make disclosure to the identity of its customers,the ICO can't refuse. If you have traded on a bigger exchange before,you probably can't enjoy the service in full without kyc.

It's troubling when one looks at the recent developments in the cryptocurrency industry things like KYC it leaves one wondering where the anonymity of cryptocurrencies really lies. If we all hand in our documents just to take part in ico, what then does cryptocurrency really stand for. It's worth looking into finally.

For most backers of ICO judge Know Your Customer is ridiculous for an small-scale investment and a  unreasonable burden with undeniable risks.

Yikes this is very very scary. Do you know of reported cases of such info leak or just speculating it is possible?

Yeah you are right, but I guess the main why they collect KYC is because of regulations, you want to invest in their token sales and they require you to attest that you got your money in a good way and not a money laundry .

Absolutely agree, you can not send your documents to these dubious companies, from which these documents miraculously disappear!

What do you think can be done with your passport details without you? Without your personal presence, a copy of your documents can not be used anywhere. And terrorists do not need to do this.

I've been using KYC on some ICO projects that require KYC verification to receive tokens from bounty, I'm very worried about having sent personal data to others and hopefully they do not abuse other people's personal data

This is a genuine risk, particularly if the undertaking is a trick. Notwithstanding for genuine undertakings, there's as yet the likelihood of the site getting hacked and all your data could be utilized for unlawful/deceitful exercises. It is best to not present any records but rather once in a while you must choose between limited options, for example a significant number of the best trades expects archives to get your record confirmed.

As you speak I was wary about this "KYC" procedure and how they are handle the data from the users Like my situation I was participated in numerous ICO and I was send my personal data this particular time that greediness is almost eat us all how can we sure that our data is safe this questions are valid and needs also a valid answer.

This is actually my biggest concern about KYC verification. The possibility of using passports for crime and then spend time and money trying to be proved innocent. I tell this to my friends a lot.
All this passport could be used to even rig elections or perform transactions, but crime would still be the worst nightmare.
I did KYC once and I'm so done with that
It doesnt make sense

Shoutout to the people who send in fake ID, they turned out to be the safe ones

It would seem that KYC is provided for the benefit of users, but within the ICO it is a very bad idea. I do not think that by financing the ICO you commit any crime and you need to know your personal data. Within the current large platform KYC is appropriate. But this is just my opinion)

That's comments or. Good, very supportive of you. Can hardly solve all the problems. 1 side do not want to lose identity into the hands of hackers, 1 side do not want to cheat from doing bounty. Why don't we think of 1 project management of the KYC. And security them 1 how safe shy

Thank you so much for this wake up call, about two months ago I stumbled on a site  https://icosid.com .The purpose was for ICO startups  to adopt the company as a middle man for verifying kyc to save  both participants and the ICO dev from the kyc stress. This  indeed could put users of the Platform identity in  jeopardy. The kyc process has been abused, I avoid any ICO with kyc I'd rather wait for the coin on the exchange. Caution is key!

Some projects introduce the KYC, so that there are no bounty campaign participants who immediately sell their tokens. But I am absolutely against the KYC.

the fact that anonymity is broken - I agree. but it is a personal matter to send or not your data. I do not support KYC but when they say that you need to register to get the award after completion of work - nothing is left as it is necessary to pass KYC.

Wow! I never thought or view this in this light. This is a wake up call. Blockchain speaks anonymity but the introduction of KYC does not align with the rules. The problem here is that we are too afraid to speak up. If we all agree not to give away such valuable information in the name of bounty campaign maybe majorly for the crumbs we are getting. Where should the campaign against his start? How do we reach out to everyone? If there is a will, there is a way.

The demand is now very high so I hope we'll see some KYC blockchain solution in a few months.

Definitely we need something that we can trust to have our identities and then use it to verify to so many projects. handing over our official papers to someone we don't know is just plain stupid even though it's the only way.
if theres something that could give bucks but demanding for identities, nah count me out.

it is really very possible. because we all have read the news about some icos that leaked the kyc documents of the participants sold in darkweb... we can never know what they are going to do with our passport copies.

Projects put forward their conditions for obtaining their tokens, and we (investors or members of the bounty campaigns) decide whether to accept these conditions or not. We always have a choice. What is the problem?

KYC has apparently turned into the standard for all tasks and I have no enthusiasm for doing it. You can argue for vast ICO speculations for hostile to illegal tax avoidance purposes, yet even that conflicts with the first plan of digital money and bitcoin. What I truly have an issue with in KYC for bounties and airdrops. The client part of that doesn't bode well since I haven't given any funds.with the measure of deceitful undertakings, you would need to be insane to give that data. In the event that the measure of spam email I have gotten since agreeing to accept airdrops is any sign, you can wager that there is some shady stuff occurring with travel permits and other distinguishing proof records.

When I saw many bad businesses selling KYC materials in private, I knew we could not submit KYC materials, which became a very dangerous thing.
Because we don't know when our data will appear in the sales data. ???

My colleague at work who also participated in a KYC on Morpheus gave his obsolete postal id and an old voters id too. I told the person why did you do that he said that these are old i.d. anyway and he does not want to give out his passport. I still don't know whether Morpheus has plans to pay him since he has been bickering that for months now no bounty payment has been given to them.

why does an anonymity project even need your documents for KYC? This has to be the funniest thing ever.

I really do not understand how people can just accept giving their private information to people that they do not know, especially startups. People play way too much with their identity, they do not understand that this people they are giving their information all in the name of kyc can sell their sensitive information to the highest bidder on the dark web.

This is pretty much why I won't participate in any ICO's or projects that require KYC.

I have however provided KYC proof when registering at exchanges as I understand the fact that in some jurisdictions it is a legal requirement, just have to hope that they keep the info confidential!

Experts are completely convinced of that Know Your Customer is not a justifiable approach for the majority of the tokens. Those do not own the legal support of stocks and should not have need of that process.

Thanks for this post. I will take note and be more careful when using personal information.

Well, at least someone wrote about it, because many investors who pass KYC do not understand that their documents will be stolen and sold. It's strange that people believe in projects that promise to secure these projects.

I thought about these dangers, but still went through the KYC procedure several times. There was a choice of either losing money or KYC.

yes you should really be more careful if you want to give KYC because it gives your identity and certainly your privacy will be widely known by others and worse your identity is used for things that are not good and not true it is very terrible by therefore you should be more careful.

it's true KYC we can trade id if they want to cheat on us.
let alone now plaing trivial is Airdrop who need KYC.

aaaaaahhhh shit, just for the cheap thing you sell yourself to someone else who can harm yourself. LOL

truly don't see how individuals can simply acknowledge giving their private data to individuals that they don't have the foggiest idea, particularly new businesses. Individuals play an abundant excess with their character, they don't comprehend that this individuals they are giving their data all for the sake of kyc can pitch their touchy data to the most elevated bidder on the dull web.

KYC has apparently turned into the standard for all activities and I have no enthusiasm for doing it. You can argue for expansive ICO ventures for hostile to tax evasion purposes, however even that conflicts with the first expectation of digital currency and bitcoin. What I truly have an issue with in KYC for bounties and airdrops. The client part of that doesn't bode well since I haven't given any funds.with the measure of fake ventures, you would need to be insane to give that data. On the off chance that the measure of spam email I have gotten since agreeing to accept airdrops is any sign, you can wager that there is some shady stuff occurring with travel papers and other ID archives.

I love cryptocurrency for anonymity and I don't like KYC. But if the project is worthwhile and I trust it I pass the verification.

I don't imagine that financial specialists can influence by one means or another the quantity of KYCs among new ICOs. Everybody needs to acquire pain free income by taking an interest in ICOs, so if some of you skip KYC others will get your allotment. What's more, recollect that the vast majority of ICOs hold KYC because of control reasons. So I don't perceive any answer for keep away from KYC now. Simply be exceptionally particular and join just extremely trustful tasks.

This cannot be stressed enough, way too many people are too comfortable giving out their personal information all in the name of kyc and it should not be so. Most of the coins that you are seeing in the market now are run m=by scammers which means that once they are done, they will be selling your private information on the dark web to hackers.

I made it a rule to put on check not a passport, but a driver's license. There not such data which can substitute me as that, but is suitable for identification procedure.

Just as it has been indicated in the discussion details, kyc for me is a risky thing to do. Thou, many projects will claim they want to be sure they aren't sending their products to people that will contribute to their downfall.

Most especially now that scam ICOs are all over every where, one has to be extra cautious with participating in kyc up and down.

How true is this because it's really scary and i dont even like the idea of sending my personal info online to people i dont know its very dangerous

I know that this can happen so I am usually very aware of that, I'm considering kyc procedure as the last thing I want to do in terms of my bounty involvement, but sometimes it is mandatory I do that only with the trustworthy projects.

same here, that's why I not become part of any project that requires bounty hunters to undergo kyc verification. this kind of things might happen very soon, and now here it is. this is very alarming. we must become careful.

It should be clearly understood that the risk that your documents will be stolen always exist. It can be mitigate only if you are providing your documents to trusted organizations only, such as banks for example.
But the bank's base with the clients documents can be stolen as well.

I think that it is necessary to demand information from the ICO team on what basis they require the participants of the ICO generosity campaign to pass a KYC check. We should not pass such a test, because we are not investors in ICO projects. The requirement that we pass the KYC test is illegal.

For a majority of the backers of new coins think Know Your Client is unnecesary for their moderate investment and a  unreasonable obligation with limited benfit.

This is a serious threat, especially if the project is a scam. Decentralization of exchange can be a possible solution for this in the future, but they need to improve before they are ready for the general public.

Covetousness is the greatest dope for some. I surmise that numerous individuals don't understand that may prompt the way that they passed the KYC. What is the saddest thing that occasionally it is improved the situation the purpose of interest in the airdrop organization.

I do not understand how people cannot see that the information that they are giving to the new projects all in the name of kyc are being sold to the highest bidder on the dark net after the project crashes and burn. People should learn to be more careful when they are giving out their information because kyc does not mean that a project will end up doing well in the long run.

probably you are right. i had to disclose my identity to Morpheus network and I am a bit worry about their legacy.
I am afraid that my data can be leaked or sold on black market.

This is an extremely frightening part with regards to giving ceaselessly data and touchy private records to obscure ventures. Kyc is executing the component of crypto which is namelessness. I have perused from specific parts that when a task requires kyc, the give ourt counterfeit data for the reason that the data stockpiling can't be ensured and for security purpose. You are completely right. Be extremely watchful in discharging this sort of data.

this is very detrimental to the cryptocurrency trust which must remain anonymous, I don't mind if the project is officially approved by an official state institution, but if it applies independently, then our data can be misused at any time, this is not good because of the emergence of many ico intend to cheat really makes the trust to send sensitive data reduced.

This is an extremely terrifying part with regards to giving ceaselessly data and delicate private documents to obscure activities. Kyc is slaughtering the element of crypto which is secrecy. I have perused from specific parts that when an undertaking requires kyc, the give ourt counterfeit data for the reason that the data stockpiling can't be ensured and for wellbeing purpose. You are totally right. Be extremely watchful in discharging this sort of data.

Cryptocurrencies were created to keep the transaction and the sender anonymous and let it rest hidden to anyone, but these days of ICO are asking for KYC "KNOW YOUR CUSTOMER" is really a big deal for me, why can't we keep the transaction in private and investors at anonymous? Is that what really the creator want? I thought we hate those banks and government controlling fiat and the people? but where are we now?

though on the other hand, there's a lot of ICO that failed before and some of them went out a scam and just run the money bag with them. KYC really help ICO's to be sold out and much success. I still don't know what will this lead into and will wait for future development but still be hoping that we can still keep private and unknown to anyone.

I really hope that DEXs will save us, i dont like KYC and never passed it for ICOs or bounties/airdrops. I think people have to be careful with their documents, especially in cryptoworld.

Partly agree with author. verification of personal data is really a problem. at all sites is the theft of customer data and banks are no exception.  And how they will use the fraud is unknown, maybe the loan will be issued and maybe worse.

I'm not really comfortable in doing KYC in some bounties and I don't usually send my documents just to get a small amounts of tokens. I participated in IP.Gold bounty program unfortunately the project didn't meet the softcap. And we did KYC in COMSA because it's their partner and now I'm worried of my sensitive documents because they can do what ever they want with it. That's why from now on I will stay away from bounty programs with KYC unless the project is legit.

I don't like to do KYC but unfortunately there's o other way to be paid for most of bounty rewards... I tried some months ago not to send my KYC-> result: I didn't receive tokens.

Usually, I do not join the signature campaigns of those ICO projects that require KYC validation. I consider such a requirement illegal, because only investors should pass such a check, and bounty hunters have nothing to do with investing their money in ICO projects.
However, if the ICO team is deceiving and announcing such a check at the end of the ICO, then I already look at the circumstances, namely: how much can you trust this project and how significant is the profit from the received tokens.

Now KYC has turned out to be something different because of how people misuse it. People collect information about people and then sell it or use it for other purposes.

It seems to me that you are too much screwed up and the situation looks much easier than it might seem

I participate only in bounties and airdrops they not asking for KYC. When investing into an ICO I am doing KYC but checking them, if they are legit as I am not comfortable to give my identity to anyone. Would like to have regulation on that.

Yes, you are right, you should not send your passport data anywhere, because it is not known where and who will use them in the end!

you should be careful when doing KYC and as much as possible you avoid KYC that uses a passport because it will make your identity used for crime and the passport should be confidential and there shouldn't be many people who know.

OMG, what should I do, I never thought of it like that, I have done a lot of cards for payment of an ico. Hopefully they are good people and do not abuse the identity of others.

It is better not to participate in the kind of tokensale events or any airdrops events that asks your official credentials. Better to just wait for that coin to be listed on the exchange and probably you can make a purchase in there.

This is a really valid point and this is the reason why I do not do KYC unless it is a trusted ICO with a very visible and verified team, another place that I do not have any qualms about submitting KYC documents is in Exchanges.

That's a negative side of passing documents to receive our tokens. Honestly I'm not agree with it just like you but on the other hand I do not want to loss the opportunity to have a certain coin, I just do kyc for a project which I know 100% not scammers, do kyc for real project and not to anyone without good backgrounds

This issue makes me worry ,KYC is really not a joke its so risky to send passport I.d to strangers and only God knows what they will use it to do ,this is why I don't spend my money and time on projects with kyc implemented and its hard to know which project to trust this days

I do not see anything wrong with the KIC because even if your documents are stolen without your signature in the document and the presence at the conclusion of the contract scammers can not do anything. But I don't like the fact that it violates the rules of anonymity.

We never no what can they do about it, there's a lots of possibilities and with this concerned it's really hard to entrust our personal identity though it is required by the team for some verifications, we should do more research and deeper assessment before engaging to this and provide personal and confidential identifications to avoid further damages, and not to allow any scammers to use our identity to harm anyone.