Much appreciated, I've added it:
| Language | translated by |
| ____________________ | ____________________ |
| Turkish | yslyv |
For ICO's yes, for exchange like Binance just needed.
But we have to trust some sites if we want to use them and sites like
binance,
coinbase etc are one of them.
https://www.coindesk.com/binance-kyc-issuehttps://cointelegraph.com/news/coinbase-former-provider-sold-user-data-to-third-parties-prompting-neutrino-acquisitionIt was important for us to migrate away from our current providers. They were selling client data to outside sources and it was compelling for us to get control over that and have proprietary technology that we could leverage to keep the data safe and protect our clients.
ICO also make KYC compulsory so if you will not submit your KYC, you will not be able to participate in ICOs. We really don't have much options in this regard.
Really depends on the country where your ICO is based. If you are based in US, you are most likely screwed currently but in Europe we had a large number of ICOs where it's totally legal to launch a new project and you don't need KYC up to a certain limit. I don't know how it's for other countries but I can't imagine SE Asia / Africa for example is stricter than EU.
I feel really sad for the people living in war-torn countries, like Syria, Iraq, Afghanistan, Myanmar, Kashmir etc. Digital nomads can take shelter on neighboring countries as a Refugee. They don't have stable physical address to complete their KYC verification.
Running your laptop on restaurant or airport is also risky and you can be a victim of identity theft. Even government controlled financial and treasury department can snoop on your financial records.
I find it difficult to complete KYC using selfie with required document and current date on a piece of paper. Cryptocurrency exchange, financial institution, fintech, virtual assets dealers might have geolocation tools to track your IP address. I agree that scammers can get KYC from black market. But if the company ask for re-verification then it will be hard for scammer to get payment from that company. Re-verification of phone number and email is very difficult for scammers. They can block or restrict scammers to withdraw tokens. One of the best example of this type of case can be found from Twitter. Twitter regularly suspend users if they detect any unusual activities like IP address change, use of 3rd party apps for system automation, or aggressive behavior(delete bulk message, likes, following or unfollowing) in a short period of time.
Scammers are unlikely to spend their money heavily like prepared IEO. Startups businesses are not asking KYC at the beginning but will ask at the end of IEO. This is unethical approach and will lead to scam site. IF the company is working hard with skilled team and does not have any intention to scam people then they must clear the KYC requirement first.
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