Bitcoin Forum

AML – Anti-Money Laundering
KYC – Know Your Customer

KYC and AML are terms used when a business or a project wants to identify and verify the identity of a client or customer. To verify identity, KYC checks may require an individual to submit copies of personal documents like National ID cards, International Passports, Drivers Licence, Utility Bills as well as a Selfie Image.

As a bounty hunter, I understand that cryptocurrency projects need to act in compliance with the government's financial policies where they use as their base of operations. Part of these financial policies usually require the implementation of KYC/AML processes for the investors who seek to purchase tokens or coins from ICOs or other token generation events. For investors to buy tokens they need to convert fiat to cryptocurrency and it is this main reason KYC checks come in to monitor and store data of investors participating in the sale as a move to control money laundering.

To this end, bounty hunters should have no business surrendering their personal documents since they receive tokens as payment for a service rendered and no transactions of fiat to cryptocurrency will be taking place on their part. In other words, hunters cannot be accused of money laundering.

If sending tokens directly to hunters will contravene the laws of the project's locality, then they should employ the services of a verified 3rd party escrow agent who can distribute tokens to bounty hunters at specified due date or just take the easy way out and pay hunters in another cryptocurrency like ETH or BTC.

This is just my personal opinion. Feel free to add your comments and suggestions.

I agree with you completely and i also think if KYC must be done regarding bounties , it should be carried out by the bounty hosting companies. Since the hunters literally work for the bounty hosting platforms. The KYC trend is making bounty hunting difficult for some of my friends

Yes KYC is nonsense when it come to bounty hunters as most projects nowadays will fail and become scammy so as a bounty hunter it is unsafe for me if ever I will undergo KYC and the project/token I work with will become a shitcoin. I think ICO's on the other hand has to undergo KYC/AML just to make sure they will not leave bounty hunters behind unpaid and scammed with their sweet lies and promises. We work for them so they have to pay for that whether they failed or not.

I agree with that, rather than money laundering or whatever, many bounty hunters don't get anything from the work they do. maybe even actually bounty hunters should get legal protection for the rights they have to get

KYC should not be applied to the bounty hunters but the developer must do that to avoid the scam project. Remember about what will be happening after those bounty participants are sending their identity to the scammer and their identity will be sold through use darkweb.

It is not a big thing to undergo a KYC process, but I believe that it should be done only for hunters that have earned more than 5k USD in total or so. I do not think it is necessary for twitter rewards to do a KYC in each bounty.

I think it is because there are many cheaters and fraudsters participated in bounty campaigns.
They are using many accounts to gain more reward and this is of course will bring disadvantage to hunter who work with single account.

I too agree with this statement! However, the ICO market is dead now! I have lost many bounty rewards during my initial days just because I didn't want to comply with the KYC norms. Please understand, KYC is a PII data and one should not give out the KYC documents when the brains behind the ICO project is not identified.

They can create a fake linkedin profile and upload a random picture to mark as the CEO of the project. There's no way for us to verify that information and also we are not sure on how they are going to handle our KYC data. No matter what their local policies say, submission of KYC documents to an unidentified company is a big no no for me!

Bounty hunters should be exempted, because they are just creating awareness about the project, just advertising the product so why should they have to go through KYC (know your customer).

No, a bounty hunter should not be tested by KYC at all, regardless of the amount of earned tokens, since he is not an investor in ICO projects. The KYC check has the task of preventing the laundering of dirty money and fighting the financing of terrorism, that is, only persons who buy new tokens for their money can go through the KYC check. Bounty hunters do not invest their money in ICO projects, and therefore should not be tested by KYC.

The reason is simple

KYC Procedure is just to prevent a cheater from a bounty, many bounty hunters try to join with multiple accounts to get a higher reward. Imagine if there are legit bounty that requires a maximum of 100 people to join but there are one people joining with 10 accounts, he/she stealing people opportunity to join this bounty and acquire another people bounty reward for him/herself...

The discussion can be seen in two ways, firstly when it comes to cheating, the project have no choice than to implement KYC to prevent that from happening and if you consider this from the point of a bounty participation, he's just like someone you hire to carryout a job for you and should be paid whether or not he does your KYC.

In conclusion KYC isn't that bad but I have an issue with projects that doesn't require kyc at first just to decieve participants and later require hunters passing kyc just to avoid paying users that don't pass them.

Bounty managers or project owners are not forcing you to join their campaign. If you don't like AML/KYC, ignore that campaign. If no bounty hunter is agreed to this procedure, they must have to change the procedure. Only we can change the rule. If there is a lot of people agree to procedure AML/KYC, why they will stop it? Make sense.

Rare to see about that but it will be bad if project ask people to do KYC and not pass it. Usually KYC is only for people so not join with more than 1 account. As long you join it alone, you will passed. Usually like that.

I think bounty hunters that goes kyc is just now, because years ago bounty projects are not requiring such kyc to their bounty campaign members, only the investors undergo kyc. But now, many ico projects requiring this to bounty hunters and it is not neccessary i think.

This is an unending debate. At the end, if still base on the project itself. They can do whatever they want, if they chooses to go full KYC/AML then so be it.

As bounty hunters, if you don't like submitting your details then do not submit, simply as that. They have their own opinion, we have our mind and there will be no compromise in the middle. It's either we give in to their demands and move on our separate ways.

Don't get me wrong, I myself is a bounty hunter but when they started enforcing KYC I move to bitcoin paying signature campaigns. Or perhaps in the future bounty that don't ask for our personal data.

True, I doubt that I am afraid to do KYC but my data is misused :( It is better not to use KYC but for Bounty examination the Team must be more detailed in giving reward.

The problem here is I think not that you're NOT investing, or using this to wash money, but that you're getting paid. Companies are also required to identify who they're sending money to (or tokens in this case) because they could be funding terrorist organizations, for example. I know it seems farfetched, but this is the truth. This is why you also have to KYC when you send money, or even when you open a bank account. It's not because you're sending money but sometimes because you're receiving.

It is absurd that the projects that claim to be decentralized under normal conditions, may require KYC. How a decentralized project does work with KYC?

Hunters shouldn't really comply with KYC.
You did the job without any agreement and that's why crypto is all about freedom and privacy.

Why is it possible for others to send the bounty tokens without requiring them for KYC.
This just don't make sense to me, the devs are just trying to cheap the bounty hunters, or to delay the payment, or worse is to hold the payment.
Transparency has to be done at the very beginning, they are using this forum for their campaign, and I guess we need to report them to DT members for tagging.

To say the least, I don't participate in bounties requiring a KYC from the beginning. What most of these bounties do is to smuggle in the KYC clause in the middle of the bounty and force hunters to activate it or lose their rewards. I have been trapped in this before and it was really painful because we were almost nearing the end of the bounty.

a little extra KYC for bounty hunters is an obligation for participants to take part in the project. so that they can see our data, so there aren't many accounts for each participant, they also want to know how many countries participate in the projects they manage.

Totally agree with the op, i mean why requesting kyc from hunters when they actually have no direct connection to any crypto-fiat transaction that take place during the course of the project sale,
bounty hunters only should be rewarded for the work they rendered but surprisingly if you don't pass or provide kyc, you risk the chance of not getting paid, now tell me how much is been paid to hunters that such personal information needs to be presented!

I see it as an indirect way of gathering personal information from people without raising an eyebrow :-\ i think from now on any bounty requesting for kyc is a no no for me, no matter how lucrative it might appear, i should learn to protect my personal information.

And I would like to add, some bounty hunters are only receiving very small shares from tokens allocation I received $10 worth of token only from my stakes, and they asked me for KYC which I decline since it's not worth it, it's only for people who invest thousands of dollars, not from who are getting a few dollars worth of token.

things like AML and KYC are more like a two way streets. they can not work in one direction anyways. and the whole idea is based on trust. you as a participant also have to be able to trust the person(s) whom you are giving your very personal information to. which by the way can be abused.
but unfortunately that "trust" does not exist at all because the ICOs are purely scam and shady at best case scenario which means AML and KYC should not even exist.

Very well said and I couldn't disagree with those statements. I do hope project developers and investors can read these appeal of yours to enlighten them that we are just a bounty hunter and we should not be forced to submit KYC informations.
Though, i was really curious how AML involved such bounty hunter? I was thinking if it is because of the infos submitted by the bounty hunter that were used in illegal actions?

I completely agree with this. KYC shouldn't be a necessity when doing a bounty because first of all, we are not a customer but an agent that promotes their project. But at the end of the day, it really depends on the project owners. We have the freedom to do it or not. Like I do, if a project doesn't have enough credits but requires KYC, then it's a no for me.

Requiring KYC to bounties is a big tactics of ICO owners to steal tokens. Heres the scenario:

1.) You joined a bounty without knowing they will require a KYC later. And you do not have a passport or driver's license.
2.) You promoted the ICO twitter, facebook posts, and post on Bitcointalk in a timely manner.   You created blog post for article postings.
3.) You got a high stakes for doing bounty on time.
4.) SNeaky bounty owners, requires KYC before coin distribution.
5.) You failed to submit kyc.
6.) All stakes allocated for you goes back to ICO owners.

I personally believe that KYC should be done for no one apart from the people in charge of the ICO or project, what I mean is that KYC- know your CEO should be carried out by the main developers of the team so that they would be able to build trust for themselves. I don't see any reason why an investor is asked to pass through a KYC process why making purchase of a token or coin when the method used in making purchase of those token/coin is cryptocurrency and not fiat, KYC is so useless in this case.

when hunters keeps deliberating about the kyc it makes them look more funny and childish. But for your post, it's not a must to do kyc or involve in project that does kyc

I share the point of view that bounty hunters should not pass KYC and AML verification. These requirements are intended for investors who are required to demonstrate the legitimacy of the invested funds. Bounty hunters on the contrary receive rewards from the project. It is absolutely incomprehensible why verification of bounty hunter personalities is necessary. And, on the other hand, scam projects can use the obtained personal data of bounty hunters for criminal purposes.

because crypto market is decentralized and supposed to be an anonymous ecosystem for its participants. bounty hunters are also a member of crypto ecosystem so it is ridiculous to demand kyc from them.

I don't know what ICO implement this KYC for bounty hunters, it has become the rules of some campaign, first, they will post that they can change the rule anytime during the campaign period in their bounty thread, second, they will change the rule, and will do a KYC and all ICO that implement this has become a scam ICO, so better ask the campaign manager before you proceed.

It really is nonsense bounty hunters taking KYC, if the development where doing illicit things who could've known? We might get arrested without knowing, they might sell our identities out and tell the cops we are accomplices if their project was a total failure a scam that was busted. Also if bounty hunters are faking the projects, if they need KYC, some bounty hunters could just borrow Identification for processing their token withdrawals, and so KYC is also useless. In the end if we bounty hunters won't do KYC in the future then why not just skip the bounty hunting and be an investor or something else.

Kyc is nonsense and it abuses the word decentralized amongst crypto currency

Why do you need aml from bounty hunters ?

We invested our knowledge data and time and you request aml and kyc for that ?
It’s an absurd world of bounty hunting atm

Sometimes, i just doubt projects that ask for kyc from bounty hunters, because it births a lot of questions within me and make to to want to doubt their authenticity. Bounty hunters are not investors, so why the need. Although all STOs that i have seen would ask for kyc, which has been part of their requirements, claiming to be security tokens and that they have o be law compliant.

KYC in few exchanges is quite good because exchanging large volumes sometimes becomes concern and intersects with AML policy.But apart from that doing bounty or any airdrop campaigns which requires KYC is total waste.We had already seen so many projects failed last year and still some are still following the same paths.And shitcoins and shit ico are daily emerging.Without even seeing the project getting success and the transfer to fiat and vice versa is supported its just total waste.

You are perfectly right, Bounty hunters should be exempted from KYC, infact we are creating popularity of a particular project and so therefore should be appreciated and not requesting for KYC for helping them create awareness

The fact is what you just said. Bounty hunters should have no business with kyc, reason being that the are not buying into the project but rather assisting the platform to gain publicity and to make them know across boarders. So kyc shouldn't be use as a means not to pay hunters their reward.

KYC is actually used for bounty hunters because there is a lot of cheating done by bounty hunters. And until now KYC can indeed reduce fraud so that many use procedures. I don't think KYC will be a problem and all your decisions are yours.

To the point, I hate the KYC procedures! I prefer to passed it, refused it and against the KYC procedures!

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Oops. It seems you are wrong. AFAIK, the policy of the allocation for the bounty program will be/always returned to the team. Of course, that's aren't the way to steal a token from the participants who failed to submit KYC. CMIIW.

It is a matter of several minutes to do a KYC. Whenever they have announced it, people do not want to go through them not because of their principles, but because they have took part with 5 accounts and want all the money.

Not all bounty participants are released from the Know Your Customer (KYC) procedure. I have participated in a project that requires me to fill in my identity data including the Passport. Actually it's a good thing, as long as it is used for mutual interests. So I think it's a positive thing and needs to be supported. No problem.

Cheating is not problem for scam projects which want to collect bounty hunter's personal details for preventing the fraud. I don't simply accept this fact and scam projects sell our documents on deep web for dirty cheap prices.

KYC will not fix the cheating problem its the job of the campaign manager to check for cheaters on his campaign. Asking for KYC is absurd and should avoided.

KYC policy for Bounty hunters should be announce before the bounty starts not in the middle or after the bounty. This is the common trick of ICO projects to lessen their bounty payments liability.

fully I agree with you (bounty hunter is not obliged to do KYC) but for other reasons we cannot deny the rules given by team, otherwise we will not get payment from our work while supporting project

Our point is very valid logically, but system wise it will give the company more stress doing so because most purchases done requires participant to register on the website of the project and in programming, they have to instruct the site to request for a details which part of it is KYC/AML and they use this same form for everyone making use of the site, whether bounty hunter or investor.

If they are to start separating bounty hunters, fine, programmers can do it by leaving an option for the person to choose either if he is an investor or hunter, what If someone who wants to use the system to launder money comes in to register as a hunter? That would have defeated the objective of the KYC.

True but bounty managers and developers want it the easy way so they pass the inconvenience to the shoulder of the bounty hunters. If they hire an escrow to pass payment to bounty hunters it will be additional expenses for them and another inconvenience too so they give less regard to bounty hunters since bounty hunters must obey the rules they imposed in order for them to receive payment for their service. Most of the time bounty managers do not mention KYC to bounty hunters, it is just before payment distribution they are announcing it so bounty hunters are left with no choice but to obey in order to get payment.

I agree with you, they should create a system that will exempt bounty hunters from KYC and also remove the any necessary tools that is applicable to investors from investors platform because KYC is really not important for hunters since they are not making any deposit or whatsoever.

I don’t think there is any hunter that can also get a reward that will be so alarming. This act of theirs are just ways of frustrating we hunters which will also not be good for their project because we might decide not to work for them too, they might think we can do without it, we can also afford to buy the little coin we can buy from any project, we are not competing with anyone.

I agree, infact bounty hunters and investors shouldn't be required any kyc, I afraid some site will misuse the identity from the investors and used it for identity theft, the reason for kyc bounty hunter is not for money laundering but to prevent cheating, but I still think crypto should be free from kyc no matter what is the reason, the developers should find other way to prevent cheating

Bounty hunters in ICO projects do not commit fraud at all and cannot commit it. Bounty hunters earn their tokens, but those who do not fulfill their duties and do not write quality messages and do not advertise ICO projects, do not earn steaks and do not receive tokens. If bounty hunters use multiple accounts, this is a violation of the rules of this forum and for the ICO team does not matter. Therefore, we should not undergo any KYC checks. It should be carried out only for the prevention of money laundering and the fight against the financing of terrorism. Applying a KYC check for another purpose is a violation of the human right to the confidentiality of a person and abuse of their rights by the ICO team.

Investors are required to follow the KYC requirement, if it's part of the requirement, they will have to follow it before they can own a coin or token.
However, like OP said, bounty hunters should be exempted, we did not risk money to own a coin, we work for it, and therefore we should receive the reward with ease.

I agree with your opinion, KYC is effective prevention cheater receive the bounty rewards, but currently most of the campaign required kyc, even if airdrop also like that, too hard to identify which one is real or scam our documents.

I don't think they will accept this suggestion.

KYC for bounty hunters because there are so many people who commit fraud. So they use KYC to reduce or eliminate fraud. And every policy makes perfect sense if you get rejection and complaints.

Not going to happen, these projects are already operating in a legal gray area, so they're going to protect themselves as good as possible by making everyone enter their KYC data.
If you don't like it, you just don't join. It's as simple as that...

Besides, is it really worth it to have your personal documents floating around on the internet for a couple of measly dollars worth of tokens?
I can almost guarantee you that your documents are already for sale on some TOR marketplace, if you're just sending them to any project that offers to pay you.

right from yesterday there were many bounty hunters who cheated like increasing accounts so the results he got were bigger and bigger, so KYC if I didn't think it was a problem for me

In a real world, different jobs with its own terms and conditions, which also imply to the digital world. Most of these ICOs are projects sponsored by companies or individuals which also have their terms and conditions, so, interested participants on these projects should ensure to read through their terms and conditions(requirements)  before apply to be part of the advertisement. Personally, i hate Bounty because of many dead coins in my wallet.  

For me its good idea, since bounty participants are not using fiat currency technically to include in AML/KYC guidelines, but the decision was still controlled by the platform who runs the Bounty campaigns if they wants to left the KYC requirements for the bounty participants, the least bounty hunters can do is avoid joining bounty campaigns that required KYC if they are not able to accomplished the needed requirements.

I agree with you, even though kyc is to be done by the bounty hunters this should be done before he participate in the campaign not after the the bounty hunters have finish the work that you will giving excuse that he/she didn't pass kyc moreover bounty hunters are not customers the are promoter.

I also believe that the check of KYC is not needed by bounty hunters. it only brings inconvenience and the possibility of losing earned coins if the documents did not fit

I find this very funny. True that kyc should not be extended to bounty hunters but then there are several hunters who cheat by using several multiple accounts to run campaigns. kyc helps disqualify them and i think it should be enforced on all hunters

I could give some many examples with the Airdrops , bounties that people cheat like crazy with multi accounting . There is like 100$ value airdrop with KYC and proof of adress and they only got like 30k participants in half year . But if you take a look at airdrops / bounties without KYC then you will see that it can get 50k participants easy =D Im totally agree that KYC is necesary for bounties / airdrops .

To reply to your post, you don't have any reasons not to complete kyc if required by any bounty. If you don't want to send your documents,  it's better you don't participate in any of the bounty that asks for it. This is very simple.  I know many of you guys that kick against kyc still do bounties that ask of it but come here to make noise

It seems that what you say is indeed very simple. I also agree with what you say. If you don't want to do KYC on bounty, of course don't participate. And if you still want to participate in the bounty, of course you have to do KYC like the rules that have been given. This is indeed very simple to do.

The Know Your Customer process itself was created in order to identify users, it’s not so important what kind of player you are in the market, then you will obviously become just an identified person if today you just give away your documents.

right because all I know is KYC to avoid having multiple account but I do not like the project that suddenly makes the rules have to do KYC because it will take a long time and the distribution will be long

The existence of KYC or not for me is no longer a big problem because the fact is that fraud still occurs even though there is still KYC because those who commit fraud can still do data manipulation

if you don't like to do KYC then you should move on to the other campaign that no need to do it. I understand the team why they need that, but it is up to you if you do it, just careful to scam project your personal info may use it for scam activity.

Today on the Internet you can find other people's passport data. There are even offices that offer their services to create the necessary documents for you to pass the KYC procedure. Thus do some bounty hunters (those who use multiaccounts). So the efficiency of KYC is not always on top.

I totally agreed with your opinion because bounty hunter are not investing in the project directly but worked for the tokens earn, meanwhile kyc is main for customers who are investing in the project using faint paper money for avoidance of money laundering and fraud activities. But in most cases the project team just make the kyc process mandatary to all users of they sites.

I agree with you, Bounty hunters are too often required to submit KYC information on different projects which cannot garentee the safeness of data. If the project do need KYC of Bounty hunters, the best decision is to use special services for verification like Civic.

Yeah I agree with you, bounty participants are not supposed to do the KYC/AML. Even the reason is because to prevent cheaters or multi-account on bounty campaign, but I feel like the KYC procedure shouldn't be the same as investor's KYC, it should be in the different way.

KYC/AML already become standart in cryptocurrency. Perhaps its because developers team want to comply with law regulation in their country and i think its good because it getting crypto to government regulation. Many hunters afraid doing KYC because they afraid their document sold by developers team but i hope its not happen

Your opinions are valid and represents the vast majority of bounty hunters. In as much as project developers impose it to checkmate multiple account hunters, project developers should stop using the excuses of having bounty hunters perform kyc as a statutory financial requirement when bounty hunters don't contribute fiat. We all are not fools

KYC is only used for investors and everything is done here is anonymous. So I am of the opinion that these bounty hunters do not need to use KYC. But if it has become a policy made by the Team, it must be implemented.

KYC checks should be conducted only to prevent the laundering of dirty money and combat the financing of terrorism. It is illegal to conduct it for any other purpose.
 What is the purpose of such a test for bounty hunters if they are not investors in ICO projects? In order to get hold of our confidential data or with the aim of non-payment of earned tokens, if such a check is carried out at the end of the ICO or even after it is completed.
We need to regulate the activities of the ICO so that these abuses by the ICO team are stopped.

For a project to descend so low in misusing the identity of its client, then it must surely be a scam project.

It is just like saying now that Binance will misuse the identity of its client, I doubt this. It is only when an investors gives information to sites that are not to be trusted that we can say, there is possibility of them misusing it, that is why it is very important for any investors to thoroughly investigate any project he or she wishes to invest which may require some info about them.

Personally I don’t have any issue with KYC for investors because it requires them moving money into the system which might be a stolen money, I only have issue with hunter’s KYC.

yes KYC is not required for bounty hunters, because this is not worth the cost. although this KYC system has a positive impact as well as reducing multi accounts but still not suitable for bounty hunters. this is more suitable for ico developers to reduce scamers.

Be against KYC/AML Procedures by ICO fundraising projects or be for it. It doesn't really matter. You have no control whatsoever. The crypto space, more specifically, the ICO space is not well regulated so these ICOs can do whatever they need to do. Usually, they do KYC to avoid being hounded by the G-man.

As a bounty hunter, in my opinion, Kyc verification is not necessary because we are only bounty hunters not as investors, I prefer to join a bounty campaign without Kyc and with bounty managers who do not have to verify Kyc.

right, actually this is what everyone prevents so that the dirty players can disappear and the possibility is very difficult. only with KYC can they be overcome a little but KYC also gets pros and cons from the community because not all projects are good and provide equal pay for their work

Actually, majority of the ico project after their campaign period, they gave payment to all their bounty participants without requiring the bounty hunters to submit KYC. Only few of the ico campaign has a KYC requirements. Meaning, this is just a peace of damn shit, sorry for the term. Because even some of the ico project asking for KYC, are still scamming their bounty participants. In short, it is none sense. But because part of the requirements the participants are oblige to submit their KYC to get their rewards, on which they had no choice to do it.

KYC so far I think it has been able to reduce fraud in the Bounty project. I think this KYC will continue to run and maybe later almost all projects can use KYC. But it all depends on you, maybe you can take part in projects that don't use KYC.

I strongly agree with you, Kyc is know youre a customer that is made for business customers not a bounty hunter, because the bounty hunter is only a worker in the development of the ico so it is not necessary for bounty hunters

I agree with some others that KYC is nonsense thing for bounty hunters, remember that the rule for bounty hunters is to share and educate the public about the certain project, so whats the use of KYC, anyway i understand that nowadays many are frauds and scammers, but i think we should exempt the bounty hunters.

No one is really supporting the idea of having KYC in bounties, but these ICO runners are just tricksters, they will never ask you for the KYC at first, until when the time for you to withdraw your payment comes, that’s when they will start asking for the KYC and you would have no other option. This is cheating and it should be stopped. They should be giving info ahead of time so that people will know exactly what they are getting themselves into.

I’m in support of what OP has said. Though it’s quite funny how this topic is now everywhere and everyone is complaining about the KYC, lol,. They really need to do something about it. Hunters shouldn’t be the ones to give their information, cause they came to work and nothing else and after that work they are getting paid for it, they are not the ones who are investing. It should only be for the investors who are buying that token with fiat.

Those things were completely against the decentralization so when someone want decentralization in future payment system they will avoid the projects with KYC.ANd people are also afraid of our person information can be misused by scammer so they are not ready to do it.

You are absolutely right. Some dubious persons use this KYC stuff against the hunters. Like the form hunters got on Aclyd recently to perform KYC only for us to find out the KYC is complete scam. If the bounty host conducts KYC themselves, such wouldn't have happened.

I think KYC is needed, KYC is as difficult as possible. Because there are so many cheaters now, they use multiple accounts to join a campaign and they take almost all of the bounty pool and bring no advertising benefits to the project. But the true hunter is doing a lot but very little reward .

It is surely not the perfect way of completely controlling the scam rate in the market but it will go a long way too in minimizing the rate of scam to a certain level.

I believe since the major intention of these people requesting for KYC is to curb the scam rate, they might not pay much attention to using it for another ulterior motive, that is why we should also stop creating these ideas in their mind, we should also try as much as possible to work with projects that are very reliable and would do no such thing, imagine Bill gate decides to adopt blockchain technology too and come up with an ICO now, what would bill gate do with our identities?

Bounty hunters should not be included for any KYC requirements and I do agree with your statement. I regret submitting my documents to some projects and some of them turned out to be a scam projects. And it was a nightmare for me as they could do anything for those sensitive information. And kinda scared as it will be use in some fraudulent deeds.

I do agree with what you have said, especially nowadays that most bounty fail or even if they succeed you cannot even get decent amount money from your bounty unlike before. It is also not safe to give out credentials just for bounty, there's a risk of getting your credentials used in some other ways or sold for illegal activities.

Fully agree that bounty hunters need to cancel KYC. This procedure does not give anything, because it can not accurately identify the scam. But bounty hunters are very at risk by issuing their personal documents.

Yes, Its not like bounty hunters are getting rich thru bounty campaigns. Asking for KYC is another way of screwing bounty hunters and denying them of payments after months of hardwork.

Indeed, bounty hunters are not spend their money in ICO, no money laundering happen.
AML should be only for investors who has huge amount of money that could be a money laundry activities.
Usually the KYC is not for preventing money laundry, the ICO company will give you other reason to do KYC.

KYC is needed for the Anti money laundering to determine the owner of the money, once that money is attached to illegal activities of money laundering. KYC has only become a basic requirement, establishments that are under the monitoring of the AMLC are required to follow that simply rule. 
Bounty hunter earnings could be different, but if the team will explain why it's needed and it's a compliance matter, we have to adopt with it.

actually the purpose of the bounty team to participants is to reduce multiple accounts, so for example when the stake calculation has started and distribution will be carried out, the team will do the kyc to check whether there is a double account there. if there is, it will be eliminated, because it has already been regulated from the start.

Sometimes I wondered why majority of the bounty campaign are not requiring to their participants to submit KYC, only few of them have that kind of rules. Meaning, KYC is just a piece of ____? most of the time even there is a kyc that campaign project is the one who are really scammer and cheaters. In short, whether the campaign has a kyc or not it is still the same that can be an scam ico project. However in the end we still do nothing but to follows the rules they have for the sake to receive our token.

In this post you have made a lot of very good points and I totally agree with you.

I believe that kyc and anti money laundering procedures is totally uncalled for and should not be imposed on bounty hunters because they are not investors and their only receiving tokens appoint as a payment for the services they have rendered.

When participating in kyc procedures by authors give out important information and personal data which could be at risk if it gets cleaned out or could be used for a host of things online and in the real world where services are being in that this is not the case so I believe that kyc procedures should be stopped for bounty hunters.

That can be the reason why but its too risky to participate on a new bounty where you need to provide your personal details. Its better to regulate those participants in anyway. Bounty hunters still have an option for this, they can just ignore those bounties that requires you to submit KYC. We can look for a more good project that requires minimal information, but right now there’s a lot of failed ICO.

I also think like you. Many bounty hunters have a lot of accounts to participate in a bonus campaign. Therefore, people who have only 1 account will lose a lot.

They could be used as a form/part of money laundering IF the team would allocate funds for bounty hunters but would cut it short or won't distribute it at all.


I agree that a third party would conduct the KYC than the team itself. That way would be faster and safe. Safe in terms of bounty rewards which is escrowed, safe for participants identity if the project would turn out as a scam and fast because of an additional helping hand because of the third party.

how you will know if a bounty hunter has alot of accounts  ? not all have an alt account  . the people or the bounty hunter that only have 1 account will not loose a lot but the owner is  but they wouldnt mind it because that is what they want . they hire people to advertise thier company/project   . kyc/aml is not the right tool to use if a campaign want to eliminate abusers  because kyc/aml is only built for more important purpose , specifically for money related activities such as investing from an ico or withdrawing excess amount of cash/cryptos thru a wallet and online exchnages  .

this is can't be avoided in bounty campaign.many people too greedy and maybe they want to take all allocation only for them.and i am sure if there are many cheater , price will dumped easily.

This is very correct, bounty hunters should be totally exempted from kyc, I think the kyc should be for those investing money into the project.

Also bounty hunters are useful in the sense that the create awareness  for the project, and as such should be paid without having to go through kyc. The KYC issue has made many hunters loss their token reward because of failed kyc

but I guess the proper KYC is not the solution that can eliminate the bounty hunter cheat. may reduce the could but this KYC rules for I think not be the solution of the problems that you say about the bounty of cheating.

I strongly agree with this, If kyc is considered necessary for the bounty hunters then when starting the bounty, it must be described as disconnected. I think kyc only be paid for ico investor. After the end of bounty kyc manifestation is the type of scam.
I want avoid kyc instructions and I hope trust team will avoid kyc for the bounty hunter.

I bet that they will have no tangible explanation for this, because if you look at it from every angle, bounty account are meant to be different from investors account, but they are just being stingy, instead of paying a developer that will write a code to separate this two account, they will rather use the same code governing investors account bounty hunters, we all have seen the main purpose for KYC, will Bounty hunter launder what it is being given to them ?

How much are they even paying to bounty hunters to qualify it as huge amount that could lead to laundering, but because bounty hunter can still use their account to also purchase more coins, that is why they also have to pass through KYC too.

I super agree with you about this. I also don't understand why we have to go through KYC and honestly sometimes, when I feel like the project is not strong enough and then they require bounty hunters to do KYC, I back out right away. I am  trying to be careful with my ID and I don't want it to get in the hands of some wanna be project which I honestly don't know if I can trust. How I wish there is a policy here in BT for bounties to provide ID/KYC before they require their workers for such. At the moment, it is a one way process and really unfair for them to ask us for those information when we don't even know who they really are.

I fully agree with the author about the cancellation of KYC for participants in bounty companies,
I have been left without tokens more than once, when after   asked to undergo KYC.

KYC checks should be carried out only for the purpose for which it was intended, namely, to prevent the laundering of dirty money and to combat the financing of terrorism. That is, persons who invest in significant amounts of money in a cryptocurrency should be subject to such verification. Bounty hunters cannot be suspected of these illegal actions, as they do not invest in cryptocurrency. Therefore, they should not undergo any KYC checks. These actions of ICO teams are illegal.
If someone disagrees with me, what is the normative act that stipulates the obligation of participants of ICO bounty campaigns to undergo a KYC check. All this general talk about KYC checks for bounty hunters is contrived.

The bounty hunter's earnings aren't the amounts that can be used to finance terrorism or money laundering. I'm against going through the procedure KYC  in the bounty.  I voluntarily give away my personal data that can be resold to the scammers by a dishonest team especially if the project turns out to be a scam. In real life, scammers take out loans by someone else’s documents, withdraw funds from bank cards by blocking SIM cards usering documents, because we provide own phone number.

Let's think logically why would a bounty company member have to re-verify? As I personally believe, verification is mandatory only for investors as they buy tokens and participants of the bounty companies simply promote the project on media resources and no more than this is the answer to your question.

Which side does not approach the problem of passing KYC checks, legal or simply by logic; bounty hunters should not undergo such testing. Of course, bounty hunters are not only investors in ICO projects, but also clients of the ICO team. The customer is the one who pays the money.
KYC checking is now used by many ICO teams at the end or even after completing an ICO for that. so that a significant part of bounty hunters do not pay out the tokens they have earned. In this case, it just turned into fraud.

I can't agree less with this your write up about why hunters don't need to be force to do kyc. Hunters shouldn't have any business with KYC because they not putting fiat money as an investment which could violate anti money laundering act of many countries.

I feel like everyone should do KYC/AML procedure- I don't understand why bounty hunters would be the only one who has the option to opt out. Can't these people turn bad too?

However, so far KYC has been given by gift participants on the grounds to reduce fraud committed by gifted participants, but for me, as you say, participants actually do not need to fill KYC because we are paid as gift participants not as investors who buy when tokens sell ICO, I hope KYC is used correctly.

I agree. There is no need for bounty participants to fill up KYC because we are not the developers or the investors who buy tokens. We are only promoting the project to attract more investors to invest in the ICO.

When its about regulation, i think developers team can not avoid it. Perhaps regulation think bounty hunters get the token from marketing budget or treated like investor because maybe developers team need to report to regulators.

KYC process is implemented in the last moments by a lot of bounty programmes, this is made to reduce the rewards and pay less people than on the final spreadsheet. A lot of hunters would rather lose their tokens instead of taking part in a KYC process.

the reason prize hunters don't want to do KYC is because they are afraid of their identity being iknown and would prefer to lose tokens. different from me because I do not want to work just get paid for bullshit or lose tokens. so KYC must be done because it has become a rule in a bounty at this time.

The issue here isn't that you're contributing, or utilizing this to clean your cash, yet that you're getting paid. Companies are likewise required to recognize who they're sending cash to (or tokens for this situation) since they could be financing fear monger associations, for instance. I realize it appears to be fantastical, yet this is reality. This is the reason you additionally need to complete  KYC when you send cash, or notwithstanding when you open a financial balance. It's not on the grounds that you're sending cash however in some cases since you're getting paid.

This will only fitted out with investors but for advertisers? It isnt really that necessary for them to comply with such rule.Some project might have following some strict laws
for them to comply but doesnt mean that it will be generally implied and doesnt considerate their advertisers.This is why it do really sucks when a project suddenly ask out KYC after the bounty project ends which ends up for most members will not bother out to pass it up ,in result they able to save up some of their bounty allocation project.

That is why it is necessary to ask the project in advance whether they will have a KYC in the bounty campaign and if you are not told a clear "no", then it is better not to participate in such a bounty campaign. The rules of course can change, but then it will be on the verge of fraud on the part of the project and such a project should not be trusted.

In legal terms, I support you one hundred percent but when it comes to normal way, KYC helps to identify if people cheated in the bounty program or not. And I quite remember a project like Herocoin made us do KYC because the Austria government requested that and ffinancial transaction must be backed by KYC. So they did as such not to fall short of the laws. It may not have been any big case but I think prevention is far better than cure so in which case, they saved their time and money.

thats right . asking is always recomended so that all is cleared to you but if they still insist to change rules even after an agreement , they are not fair or already considered scam . you can report them to the authorities so that they will get blacklisted  . meanwhile there are campaigns that already posted the rules including kyc at the start of their campaign  . this campaigns are fair because they arent hiding anything  . we must prioritize those kind of campaigns .  

Well KYC is effective for Bounty hunters.
But I am confused what you are saying, It's the same meaning as you still do KYC but the value obtained is proportional to your data. Though KYC is usually done before token distribution. So, how do you know the value of the token while you did the KYC before.

KYC is personal data, and it's very sensitive, not everyone wants to do KYC, because when we do KYC we indirectly give our confidential identity to others, and this is very dangerous if it is in the hands of the wrong person.
I actually did not agree when the bounty was originally not KYC but suddenly we had to KYC for reasons that were unclear when distribution.
KYC should be able to be a requirement to follow the bounty, so as not to complicate distribution.

They should be. I know that there are some bounty hunters who are giving their personal information to random persons and I don't like to do it because they can use your personal information in bad things.

I'm against on bounty campaigns that requires KYC but since people are greedy, they will go for it for just a small pennies. That is how their personal information worth it. JUST A FEW PENNIES :D.

KYC is absolutely not needed for bounty campaigners, because bounty hunters cannot launder money, they are just hired workers, freelancers who perform a one-time task and get paid for it. On some bounty platforms, you can complete KYC once and not complete KYC for each individual campaign. There are different options, but passing KYC for each campaign in which you participate is not right.

We can't deny that some of the bounties today are asking KYC to their participants to receive their rewards once done. It is our choice to promote their project and just follow what the rules said otherwise, we've got nothing. It is not actually hard to do KYC and ain't a problem but what we commonly think is that almost negative, worries that our identity will use in another form of illegalities which is not justifiable at its cost.

In fact, known exchanges are even asking for KYC which just be the same as what did bounties do to their promoters and I've never heard some claims that someone took their identity.

Actually KYC for hunters is not necessary because they do not mislead assets and bounty hunters only want to receive my reward, but if the Exchange requires KYC it is mandatory because there are many assets there so it needs to be guarded.

I can confirm that some investors are also very coy on their identity being known. Imagine a popular movie star wants to invest in a project but is not keen on letting the public knows about it. He or she will have to be subjected to kyc checks before they can invest which will undoubtedly risk their personality filtering to the public that a movie star is part of the investors. This will make stars like that avoid investing.

For bounty hunters, other than related to area restrictions, KYC is also used to reduce the existence of multiple accounts. Whether effective or not, at least this can reduce cheating. Regarding this policy, some agree and some don't. I have no problem doing KYC if the project is truly responsible and gives us our full and promising rights.

Very well said, I see no reason why bounty hunters should be subjected to Kyc when it's only service  they render, no form of fiat transaction. They help promote the bounty project and at the end, instead of them getting paid they come up with stories of Kyc, if there must be Kyc, it should be stated before the start of the bounty because not everyone is ready to tender their documents.

Normally bounty hunters are not be able to do money laundering because the amount they received is only a small portion.
Money laundry is happening because peoples use the money from illegal source, to buying asset. Hunters are not able to do that.

You have said it clearly OP. I myself am very much against KYC to bounty hunters. In a way, they could be considered part of the marketing team but not clients. They are basically working for the project and not coming to the project as customers. Not to mention that in exchange to showing their very valuable personal identification documents such as passports and IDs, they will only receive a very small value in tokens. 

But we also need to consider that once we are asked by the project to create an account in their sites, we are already considered customers. Once we sign up to to their sites, rules might consider us as clients. And to abide with the existing laws the project might ask us to pass KYC.

They have no right to know who we are to be honest. They don't need to know. They not a bank, they not giving out a loan. It is not a phone line or TV license you are buying. You not selling gold to a dealer. There is no reason for KYC. KYC is for bussiness related things and even then I do not like it.

You should only ever give your KYC for tax, licenses, loans, bank, buying a car or house or taking out a contract.

Perhaps the purpose of KYC is to reduce bounty cheating since we all know that a lot of bounty hunters are making multiple accounts, causing less quality in terms of prmoting a project. On the other hand, it's still not necessary at all just like what you said. Sooner I believe that there will be an alternative way for bounty participants rather than KYC which is very strict and sensitive.

No, you're wrong. The KYC check should only be used to prevent cases of dirty money laundering and counter-terrorism. Its use for another purpose, including so that some do not violate the rules of this forum, is illegal. You can’t arbitrarily, at will, arrange other KYC checks for other people, since this is due to a violation of their rights to the confidentiality of the person. In my state, these rights are protected by a special law on confidential information.

This is the legal performance for kyc everyone bounty hunter because for that no can join Duplicate entry. Actually some project doing well kyc, even this year i have completed kyc for a project harmony with a well project. In my opinion kyc passing not hard think for the bounty Hunter then those projects have more valuable.

mostly now ICO's prefered there project to have kyc process including in their bounty campaigns.But i think there is no need for the bounty hunters to go KYC process because most bounty hunters do not want their identity to be know by other people , as a bounty hunter i do not want my identity to be know by any other people in the world of internet , we keep our identity a secret to anyone.

On June 21 of this year, the Intergovernmental Organization for Financial Action (FATF) adopted binding recommendations that obligated 200 participating states to envisage in their national laws that KYC verification should be carried out if the amount of the transaction sent in cryptocurrency is more than one thousand dollars. I'm not sure about the party accepting such a transaction, however, in any case, bounty hunters can pass the KYC check only if we receive from the ICO team a reward of over a thousand dollars in their tokens. And even then I’m not sure whether the receiving party should pass the KYC check, since in this case the very purpose of its use is violated, because in any case we can not launder dirty money, since we do not pay them to anyone.

I think KYC in bounty campaigns it's just a way to remove cheaters who using multiple accounts to get more rewards. But I agree with OP.

Companies should never force company bounty participants to go through the KYC procedure. Bounty hunters don't invest anything in the company and don't have to go through it. I believe that such companies intend to use the personal data of participants for their subsequent illegal use. Therefore, it is better not to use your documents, the benefit there are many services where you can buy them.

I agree with your statement, prize hunters must be exempt from the KYC requirements because they receive free tokens from bounty campaigns, different from investors because they buy project coins. this needs to be reconsidered for prize hunters before doing KYC on any project.

I personally against The KYC for Bounty hunters as it is totally unfair because almost 90% bounty hunters are not rich they just earn some tokens from the new projects and only 10% projects(in the year 2019) were legit and real, Other all were scam or no rich there hard cap or soft cap due to bearish market and no interest through investors. So bounty hunters totally failed to get some handsome free income in 2019 and doing KYC is not good for that reason.

I have the same thoughts as you and that is indeed a fact. that the bounty hunters must be freed from the KYC system because many of the tokens they offer end up being junk, well maybe there are some but they don't have a market value. I personally always consider projects that require participants to KYC even though they are real projects.

I strongly agree with this, If kyc is considered necessary for the bounty hunters then when starting the bounty, it must be described as disconnected.

There are some hunters who do not act honestly. And this creates an adverse environment in the market. How does it work for KYC . I think the reason for this is that Hunter's works well and nicely.

There's nothing wrong for bounty hunters to forward their details for Kyc review. The main reason for KYC is to avoid cheat from bounty hunters, one account per person

KYC in the bounty campaigns it's just a way to remove cheaters who using multiple accounts to get more rewards.

A bounty hunter will not always be a bounty hunter alone because his activities can never be limited too it alone, most hunter would definitely at one point explore future opportunities that is available into opportunities in the bounty market, so there is nothing we can ever do to rely shy away from that responsibility that is been imposed on us by the government.

I understand that we have some bad people that have taken advantage of KYC for evil things, but that does not mean that KYC is bad, it is just necessary to guard against laundering, and whatever rule that is application to others will also be applicable to an Hunter. The worst is if we are not comfortable with a project that is requesting for it, we move on to the one that can gain our trust through a reliable team.

I agree with you, but the annoying side of KYC are the documents KYC is requesting that may not be available to the bounty hunters, In addition, there are many students who do not have a passport and there were those who had documents in a language other than English, I think it's a problem for them to get their tokens as a result of their work without passing KYC, There are also scam projects requesting KYC to fabricate a false accusation to the bounty hunters for failing to pass KYC and then they don't send the tokens to them.

I am against KYC for hunters. Because the majority of tokens of projects are not worth the fact that I would transfer personal data.

i like the idea of hiring a trusted escrow and/or made the payment in other form of cryptos such as btc/eth/etc....    . kyc/aml , both are still the same and kyc is still the general term for the both of them but i agree that bounty hunters should be exempted for it because bounty hunters are only common group of people or individuals that dont do serious business not unlike to real investors that are always involved in private business  related to money's.