What is KYC?Why do you need KYC in buying ICO?

[barlo357]

Actually we don't need KYC if all the people using this are honest but since there is lot of people doing bad things such as scamming,hacking, we need to implement this for our security reason and the security of an ico as well.

[blue_nexus15]

While it helps to prevent lots of people from doing funny stuffs to get tokens, I really don't like it. But what can we do? We just have to do n continue doing it if we are to get involved in some of the good bountiea

KYC is a form of identity verification by investors to limit the dominance of many whale investors' projects. The implementation of KYC also helps to prevent scammers from participating in ICO projects for malicious purposes. I encourage the implementation of KYC in the ICO investment because it is really useful.

[jeungo]

I believe that this is a very important thing that controls the process of infusion of money. If this system did not work, then many of the mice would continue to launder money in good projects. I think that it is more important only the project manager's KYC to know the faces of all who take money from us.

[TTITA]

Seems KYC has become hot topic discussion at recent time. I have no problem with ico asking KYC to the participants, as well as for token sale or bounty participants who have consciously understood the term and interest to joined. But with a condition, KYC requirements are announced in early ico start on the website.

[Bitcoinislife09]

I honestly do not like kyc, because the data I gave was never approved. The data that the organizer asked is correct and that is the real data that I have. I think not all ico need kyc, should we remember that in the past few years ico never requested kyc requirements and all went well without one problem. The problem is in fact in the project and its developers, because many also ico scam, the developer brings a run of investors money and this is the fact that happened

Having KYC in ICOs is additional burden for the buyers, and though it has a positive reason why they do this, it still not recommendable. Especially those who join in the ICO's bounty program, participants have done completely their task and just because they have not passed KYC, and some even don't accept the KYC, they didn't get their pays right, which is awful. KYCs should be removed in ICOs because it will be another problem.

[poodle63]

Yes, KYC is "Know Your Customer" which is a process required by every company (especially those related to finance) to identify its customers. This is to prevent or avoid or minimize the existence of criminal acts, such as money laundering or theft.

Of course, and this method to complete all of the compliants from the regulators and we know that in US, and some other countries are prohibited their citizens to participated in the ico and that's the real reason behind this.

[kingzues09]

Some ICO required you to sign up first and KYC is needed for purposes, No.1 they want to know your identity coz some investors wants to buy alot of tokens and there are contries that are restricted on buying ICO. so KYC is needed but i think in the future they will cut KYC for sure.

[3dchain]

KYC can help ICO to get listed on some exchanges. KYC helps ICO identifying and verifying the identity of its clients. Most of ICO rating websites are also considering KYC as a factor in their calculation. How reliable these rating websites are is another question!

[3dchain]

KYC means Know Your Customer. It’s a standard verification process common in ICOs, bank account opening and many more. KYC is a requirement by many authorities around the world to validate your identity.

[GoodHounter]

KYC is an international control standard by which the customer is identified. and I'm not sure that sending your data, they will not use the scammers.and I personally against KYC.

[Icostream]

The KYC is pretty controversial when it comes to the ideology of crypto because most of us want some privacy. That said, if ICO wants to open up a bank account, in most cases they need to have KYC done for their investors. Otherwise, banks cannot accept the funds, because they simply don't know where the money is from. On the other hand, there have been some scams like mentioned before that have gone after pure identity theft. What we can tell from our experience is, that ICOs that need KYC process, should outsource it from other already trusted providers that even banks use.
Like ICOStream Turnkey platform has done so for their ICO projects: https://icostream.org/turnkey-ico-platform/ 

[kadan500]

I think that all this started because the anonymous property of the cryptocurrency is difficult to track. The government has no way. Therefore, it needs to participate in its list of people. I think it is not necessary for normal transactions to be reviewed. It is mainly due to some black market transactions and illegalities. Dealing, fighting them is good for the entire community.

[WAKKOCAI]

I think that this technology has positive sides both for the company, and for investors and bounty hunters. After all, it helps to protect investors' assets, and this is the most important thing.

[Tiigon]

KYC where we do shoot our identity card or face, and why should KYC? because it is very necessary in the online world or ICO to avoid a fake identity or use a duplicate account then this could endanger the future of ICO if no KYC