Bitcoin Forum

Avoiding the KYC procedure when investing through "dark" pools is for you a plus (provides anonymity and saves time) or a minus (more risks, harm for ICO, illegal status)?

Well, I think that when a project asks for KYC procedure (especially regarding large investments) - that's good and shows that they're very serious and responsible.
But for people who actually invest (and thus have to pass KYC) - that's another headache - as not many people are willing to share their passports' data, bills info and etc

why are you afraid to do the kyc process? only criminals are afraid that their identity is revealed, if you are a good citizen, you need not be afraid.

Keeping your anonymity doesn't mean that you are a criminal.
We know that there are sites/companies that sell their data to other companies and some people don't want it to happen.
Except this, Crypto doesn't mean only, that the wallet is protected through encryption, but also the owner of the alt is unknown to the public.
You can't avoid KYC procedure, but you can avoid investing in ICOs who demand it and use only decentralized exchanges.

What about pools which help investors to avoid KYC  in ICOs who demand it?

i think its not guarantee that they have a serious project at all. why we must store our information to the stuff that we even didn't know for what is the data ?
its more possible that they will used it for more dark job.

there's no guarantee that our investment will go to the price as the project expected, right ?

Come on now. Hiding your identity does not mean you are a criminal. As someone already pointed out earlier, some good citizens just do not want to give too much info about themselves.

Avoid KYC didnt really mean you are criminal or bad person. Maybe you just dont want to gave your information to that company, and joining pools can make our investment easier, if there some bonus for whale or early investor we also get it right ? Its pools more people more money.

I am avoiding these KYC processes why ? because i dont want my identity to be stolen by someone else,because it can be sold to the darkweb and if your IDs would be given to the wrong hands you might face a lot of charges if your identify was used into some illegal activities on the internet which is why we should avoid these KYCs.

I agree that for a lot of people in crypto, staying anonymous is very important thing, also you never know if your personal data is professionally protected. On the other hand, most of the projects doing ICO are now do what they can to be SEC compliant to avoid legal issues in the future. This means KYC/AML is required to invest - in this case pooling is illegal and can cause problems. I think it will be harder to stay completely anonymous because of all regulations that are coming to crypto space.

It is true that it is somehow risky to go through KYC procedure because if you are going to make a big investment, your information will not be anonymous, and who knows if your personal information is really secured with whoever are you going to pass your KYC to. However, some projects require KYC because it is part of legal procedure, which can be positive because that only means that they are of legal entity.

For me, for example, it's difficult to pass KYC of a foreign passport. A Russian passport many do not accept. Well, to shine their data is not clear to anyone, too, do not want to.

Many understand perfectly well that the procedure KYC was created not for investors and not for the safety of investors, it is created for developers who will use the data of investors. Therefore, I do not recognize this procedure as legitimate.

You are spot on that investing in ICO's using pools operated by third parties have made it much easier for american and chinese investors to take part in ICO's for which otherwise they were not legally allowed. However the drawback in that you have to trust the pool manager with your eth and you can't be sure that you will be given the extra bonus and stuff.

I did use cryptocurrencies because i wanted to have my privacy back,without these anonimity i wont be here that is why these kyc verifications shouldnt be required to most of the users because we are a decentralized community which makes no one in charge to dictate people's decision,bounties shouldnt be required any of these verifications too.

If the ICO project team requires investors to pass a KYC test, it does not mean that the team is serious and not scammers. Scammers are even more interested in conducting such a check, because they not only can later hide with investors' money, but also sell their personal data and copies of documents on the Internet. There is a paradoxical situation: the ICO team takes money from investors, requires identification data from them, copies of passports, and do not produce their own documents.
I am more involved in ICO projects as a participant in the signature campaign and if I see that they require to undergo an examination of KYC in the conditions of joining the ICO campaign or do not exclude the possibility of holding it in the future, I basically leave this project, no matter how promising it might seem .

If they asked us to have kyc verifications why wouldnt they do their own KYC so that people woll know who really they are,that would be much better so that there will be less scam ICOs in our community as we all know that most of the new projects are scams,and shouldnt be trusted those projects as they are created just to raise funds and eventually runaway.

One think of a concern to me is the abuse of these data these ICOs are collecting for their token sale, I don't think anyone investing less than $2k should go through any KYC. I have observed a high number of phishing mail since I started investing into these KYC ICOs which is a concern because some of these website were been hackeda dn these information going to wrong hands is dangerous

If I need to buy an ico I use KYC approved person/ a friend to buy tokens together. Staying anonimity is not a crime, but I have not sent any KYC docs for ico projects yet. I'm afraid about privacy hackers (Who can remember the last hacking attack that stole KYC docs from an ico project by hackers? I heard some rumors that those docs have sold in dark web.

I think that for people who invest 100-1000 $ this procedure is not dangerous, but if your investment in ico is 10k + $ then then you want to feel security for storing passport data and be sure that they do not sold intruders
Anonymity is your safety

I don't mind KYC's if they're using a reputable company. Just signed up for Algebraix's public sale and they're using Coinlist, which is pretty reputable. https://algebraix.io/

Dodging KYCs is something that has been a real challenge for investors, why? Because not everyone is open to disclosing their private information to total strangers just like that.
The pool route however is a very risky one, as the anonymity promoted by the blockchain means the risk of someone running off with your money is higher.

A Know your Costumer procedure for me was always something suspicious, for what purpose they want my documents from me...so I`m realy careful with this.

I think the reason for KYC procedures have been basterdized. It's now a tool for scammers to collect peoples data and sell or for phishing purposes. There are few real ones though. Just do you research before submitting your personal data

it is going to be better not to participate any as it is going to put your identity at risk,never let anyone get your personal information cause it might be use to something else that you will regret in the futurem,you should be more careful as these people wont give their own profiles if anything happens to your IDs they wont be responsible.

I think that everything here depends on the amount of investment and on the reliability of the company. If this is a large-scale project and it is possible to invest only large sums of money there, then I think that the KYC should be present. And if this is a small ICO that collects small amounts of money, then I think that in this case, the KYC procedure is superfluous.

Almost all of the ICOs that I participated didn't ask me to provide any personal data and that really made the process of acquiring the coin/token very easy. Others may disagree with me but I tend to stay from ICOs that ask for any data that may point to my true identity. It is very inconvenient for me and I just don't want to share any details of myself to any company related to cryptocurrency. Anonymity is one of the main points why I got hooked to cryptosphere and I will stick to it as long as time permits.

We don't know about the reputable of the dark pool. It's just like you are using 3rd party service to join in the ico through use the identity that has already provided by the dark pool. it seems more risky compared with join in the ico directly by use our own identification to pass kyc. But if it can be trusted and have very good credibility and why not?

KYC is a compliance requirement for most countries. It is a regulation put in place by Central Banks. This is to avoid Money Laundering and Terrorist Financing. KYC verification is a crucial part of many transactions. I would gladly oblige/ follow the requirement for KYC if needed. However, they will need to provide the clause that they will only use our data / document for verification purposes only. You may email them first before submitting any documents. I work in Compliance for a PayPal btw.

Usually, projects who required KYC are those who bullish by the investors. Most of the time, investors who invested in a project complained about these procedures specially if the investor don't want to give his identity. Some people have afraid and disgusted about KYC but for me, implementing pf KYC procedure is healthy for the project and investors. It can help to avoid such crimes that the investors involved. We can assure also that our money is safe because the team and developers are serious in their project.

many companies today are clever by requiring every investor to do KYC first with security reasons or so. it is very difficult to say that KYC is needed when we want to invest with ICO because nowadays there are so many scam ICOs that the vulnerability of our personal data is used for criminal access.
maybe the main solution is to choose a really good ICO by doing a research that will make you comfortable doing the KYC procedure.

Avoiding it will be much better for your own security,you dont want to see your IDs being used with someone else's name.These people shouldnt be trusted that is why you need to be careful with your personal informations because our community has full of scammers and you shouldnt be giving away your identity for the sake of the tokens,

KYC should be done when your investment in ico of a particular project involves large amounts of money. I don't see any good reason why even airdrop (free token) will ask for kyc.

The risk is much bigger here because you are sharing your personal details that can be use in malicious thing in the future. Don't fill out this form if you don't study the project because your money is in risk.


Most of those airdrops is scam so be careful on joining and giving your information or you will suffer later on.

I think KYC is really  a disadvantage to ICO investors that's why many were against it but could not avoid (KYC) if they want to continue to participate in an ICO. Even bounty hunters are required to do KYC.

I only provide KYC on exchanges. Never ever give my personal details to ICO. What is the purpose anyway? The worst thing is even airdrops with less than $10 are asking for KYC as well. Look, why the dev team asking for the personal details if once the token delivered to investors they will not keep it for lifetime. Once the token listed in exchange, anyone can own the token then. What will remain in their database is our peronal data.

KYCs are good to make sure it will be made known that you are the real owner of a certain coin and nobody can take it easily from you. And besides money can be used for illegal activities so it would be good to have KYCs. The only problem I see here is that many infomation fell into the wrong hands and identities are stolen. Later you will then know that you have committed a crime and you will be put to jail. How nice and looking stupid can we be if this happens to us. So I don't seem to like it for now.

You are forgetting the entire purpose behind why crypto is so popular around the world. Do you even know why people like to dabble with crypto in order to conduct their financial transactions online even though they know that there is huge risk involved due to the extreme volatility of the crypto market? Anonymity is the answer to all these questions. They don't need to depend on banks to conduct their transactions online and most of them avoid paying taxes this way. The KYC process goes against this logic completely which is why I would recommend avoiding it unless it is absolutely necessary.

I have no problem with filling out the KYC process, it's not an obstacle for me KYC is also nice that ICO who has to charge KYC seems to be a safe ICO.

It's sketchy having to give all your info to all these start-ups. I have only done complete KYC process for a few ICOs / airdrops that seem very legitimate.

Most of the ICO is now thawing for gifts using the KYC. But for me, it doesn't matter. As long as the gift of gifts that we receive are indeed very much, it is worthy for us to fight.
And as long as the charging requirements KYC is also not too difficult.

ICOpool  Smart Contract  (http://mywish.io/index.html?utm_source=com&utm_medium=bt&utm_campaign=1) allows to avoid kyc procedure, which repels everyone so.

Many bounty hunters did not like bounties with KYC,if scam bounty developer collected your information, they may use the data to destroy you financially, they may even go to the extent of selling your information,one as to be very careful because bounty scams nowadays are almost 80%

As if those exchanges who asked KYC isn't enough. Its worse thing  to  give away your information to a bounty  manager which he can get himself a copy of the file where your information are. It should have been enough that they are restricting US and China from investing and that's it.  Its not that those who avoid KYC are criminals but I've seen  enough identity  thief case over and over where lives are destroyed.

I think investing in a dark pool will only give you a lot of negative things. because illegal ico has a big risk. so I think with the Kyc can give confidence if ico is followed can be maximal and not ico legal and dangerous.

This is one of those topics that is very difficult, in one hand I will admit that I do not like the idea of KYC at all, but I understand why it is being implemented, however what we need is a KYC for the developers of icos, many projects do not reveal the real identity of those behind the project and if you do not know who they are, then why they are asking that information out of their investors?

Yes, I try to avoid KYC but it does not always work. there is a choice or go KYC to get rewarded or not to register and lose all the work.

As much as possible I avoid KYC procedures. At least I must recognize the risk, by not carelessly uploading my identity to KYC.

about that i think that is why people not really trust about anonym Developers. no developers identity sometime make the project have less investor because trust is important in this business

Are you serious with this or a shill?  What country are you from may I ask.  Your comment disturbed me at my very core.  If the rest of us think like that god help us all. 

I'm not sure that to trust your funds, to pools, is much safer than trusting photos of your documents to startup projects. In addition, I'll tell you the secret, you can correct your data in the photo editor, a little. Ultimately, the main thing that startups need is to know from what country you are, and your name, surname and age, in order to avoid problems with the law. And I'm even not talking about the fact that you need to choose high-quality projects for investment in order to reduce the risk of data leakage. Although you will not get guaranteed security, here you are right. As well as there is no guarantee that banks or cellular companies do not trade your data, or the hotel at vacation, does not do the same.

If you keep sending your identification over the internet in a space that is known for scams your going to have your identity stolen. In fact its probably already to late as its now digitized and being stored or worse yet floating around the dark web. 

anonymous developer is a big no no, the risk is just not worth it and there's tons and tons of project out there that simply reveal the team member making the project more reliable
so there's really no reason of why you should choose the project with anonymous developer. just leave it and move on, it's not worth the time.

Yeah I agree that kyc kill the decentralized feature, crypto supposed to be staying anonymous, and I don't see any usage of submitting my profile to the strangers, no matter how good the project is, I prefer to missed the project rather than submit my kyc which no one guarantee the safety

And this is a big problem as well, while we know there are many honest developers out there we also know there are a significant number of scammers creating icos to try to get money and this creates distrust, I do not want that a bunch of scammers not only take my money away but if you send your personal information to them now they can also take your identity or to sell your information in the black market and that is unacceptable to me.