Bitcoin Forum

Hello, what does it mean when a meme token at presale says they have been KYC?

When I think KYC, I think of all the personal information you have to give to trade on a centralized exchange.

if you don't mind can you provide the source for research maybe url/website ,what do you mean by ICO right? what real product does the meme token give to the point of having to give KYC on their platform to buy the meme token ! KYC is indeed burdensome for users in some cases if used by fraudsters and it is very worrying

Hi, the users does not have to give KYC, the Meme token has said THEY have went through KYC

They're claiming that they've passed KYC to probably a specific agency that has been doing checks on new projects. But the question starts to whom or which agency or country or government they've been KYCed? It's not just about the possible exchange that they've passed their information to be listed.
It's also possible that they're talking about license or authenticity upon providing that KYC to prove that they're a legitimate project. By the way, what's this meme token that has been saying they've been kyced already?

there are several of them
https://www.pinksale.finance/#/launchpads?chain=BSC   (click on filter by and then click down to KYC)

It can mean a lot of things but as far as i know that means if the team has been doing KYC. It has also other meaning just like the participant of pre sale must have done KYC verification before able to participate in the sale. You must ask the developers about this but i just try to remind you never try to believe with any meme token developers.
They were not transparent and there was a big chance for that to be a scam token.


When you're wanna participating in the pre-sale or private sale KYC has become mandatory for all of participants. This to make sure it will be following the regulation for AML.

Here : https://shuftipro.com/reports-whitepapers/KYC-AML-compliance-for-ICOs.pdf

Most of the time they follow the regulation & laws of their region project, "KYC" is needed for to complete the regulation about investment. Since the token sale has been regulated, at least there has some chance your project is safe since has been regulated by the goverment.

Probably what they mean is that they given their personal data to some crypto entities, hence they have been KYC.

But then again, it doesn't mean that the project will be successful or not. This is just one way to assure their investors that they are not going to scam them and run with their money since their identity is already out and known.

If a meme token needs KYC for their investor at presale, that will depend on each investor because not all of them want to do KYC and some of them will skip the project and search for the other project.
But it will be different if you want to use the exchanges, especially the centralized exchange.
You should do KYC on the exchange so you can use all of their features to trade.
Doing KYC or not will depend on yourself because if you are okay with that, you will KYC and submit your personal information to them.

I have seen many times that projects say that they have passed audit and KYC, so in your case I think that it means that you don't need to pass verification, it means that project has KYC.
Some platforms really require KYC and personally I prefer skipping such platforms. Of course, centralised exchanges need KYC to give you opportunity to withdraw money to your bank account, but in other cases you had better not give your private data.

Well if the meme coin is listed on a centralized exchange then their will have to go through verification for each of their customers and kyc means know your customers procedure.

Maybe the project want to raise fund using a centralised exchange? If that's the case then every investors must pass KYC this is normal, I'm not a fan of meme coins though but I don't see anything wrong with this idea