Risk in National ID submission for ICO KYC?

[hajisomad]

I think  i prefer not to take part in such ICOs which requst my address and proofing documents for it.
 I think it not safe at all. The only site I trust is Bitcoin Suisse, but the verification process there is very complicated.

[pstraene]

What happens if you have paid and later kyc is required. if you do not do it .. you get your eth back or are the eth lost if you do not want to do kyc. Does anyone know what it's like then?

[Melfoy72]

ICO platform project managers want national identity, address document. No risk. Why risk? We use national identity, address information everywhere. Citizens of the United States can not join the ICO project and can not buy tokens.

Oh.. really? Frankly surprised. Therefore ICO projects try to check our ID and citizenship? They don't want have a problem with US Gov.
Reminded same in fiat world called FATCA. Almost all banks in the world must notificate to US Gov when US citizen wants to open an account

[pstraene]

I have to say that I'm really skeptical. But they have to do it if they do not want to get any legal issues later, that's understandable. Let's be more careful about choosing ICOs and researching their project. You can also wait until the token exchanges if you do not want KYC. then the token are often cheaper if you're lucky

[boakyei]

There is no risk in it as long as it is sent to a reliable and regulated exchange or online service. It is with only this that anti money laundery is checked and know your customer policy is enforced.

[rost1989]

Hi guys,
Today I thought that many ICO are allowing to participate after KYC in which user has to submit national id, address proof and bank statement etc.
Isnt it risky?

Of course it's a risk.  I would say that it's a big risk if you send your docs to scamers. Sometimes there are breaches of information even for some legit ICOs. Today we need to be very carefully. But I think that very soon we will see I'd on blockchain with more security features.

[kramchers]

Hi guys,
Today I thought that many ICO are allowing to participate after KYC in which user has to submit national id, address proof and bank statement etc.
Isnt it risky?

Most ICO that have KYC turned out successful and most of them are SOLD-OUT, KYC is one of the main things in ICO these days, though i am not telling you to take out the risk of having some identity theft especially if the ICO turned out to be a scam or any member of a team run away with that information. all in crypto is at risk.

[muncuss]

There is nothing dangerous in this is a very common procedure.Of course, not very pleasant that anonymity is lost, but we cannot do anything here

Well, how if the ico goes scam? and its dev sell our data to someone who will use it for something criminal? anything can happen
I wouldn't give my identity unless it's really worth

[frost_wind]

Yes , there is a potential risk that your personal data could be stolen by hackers , or just could be sold to third parties by a scammy ICO . This could lead to serious consequences , because I know it is possible to take a bank credit using stolen personal data and it could be a real trouble.

[herromerro]

There is nothing dangerous in this is a very common procedure.Of course, not very pleasant that anonymity is lost, but we cannot do anything here

It can be dangerous. Some are legit projects but some aren't. They can use, sell and many other illegal or beneficial acitivities.

[Babyjamz3026]

Hi guys,
Today I thought that many ICO are allowing to participate after KYC in which user has to submit national id, address proof and bank statement etc.
Isnt it risky?

Nowadays, kyc was being implemented anyhow in every ico arise in this industry. Where the investors don't have a choice but to follow what's the rules they have. This maybe to avoid scam that's why its happening, isn't right?

[vv181]

Just think about it. You gave them, an unknowns and trust less company all your personal identification, only to support their useless coins. Well, I won't risk any my privacy buddy. It's getting ridiculous if we need do a KYC verification when participated in ICO.

[EMS-007]

Hi guys,
Today I thought that many ICO are allowing to participate after KYC in which user has to submit national id, address proof and bank statement etc.
Isnt it risky?

Indeed! It was extremely risky but seems most people don't care as long as they are making money out of it! Only in 2014, more than $15 billion were lost for the case of Identity Theft and are increasing every year! Even the legitimate giant Facebook.com might sell your data anytime without your consent!
Believed me, KYC and the Greed for Money will eventually kill the Crypto market!
Let's just support this Decentralized Technology guys established by Satoshi Nakamoto and the money will follow later!

[Everglow]

This process (KYC) to indentify your personal information, to do the Anti Money Laundering of many Government. And you need find some project with clearly team behind and carefully before give your information to them.

[wiro212]

Hi guys,
Today I thought that many ICO are allowing to participate after KYC in which user has to submit national id, address proof and bank statement etc.
Isnt it risky?

Giving the data ourselves to other parties indirectly we have provide an information about ourselves and our existence. As a requirement for KCY it has become a procedural procurement that aims to ascertain who and where their investors. I am sure they are the same as the world of the banking world that protects the data of its customers from abuses. As long as there are no obstacles or rogue elements I am sure our identity is secure in place. Make a sure your identity given only to trusted and legit ICO's.

[delarossa]

Actually I also do not fully trust the KYC system. The use of KYC for bounty hunters should not be applicable. Except only for investors who keep their money in the ICO. But I have already followed the project with KYC and I do not know what to do next.

[mariaana]

I don't think that there is a risk in National ID submission for ICO KYC.  The government has implemented a requirement for ICO to submit KYC to regulate and know the location of a person joining its bounty or token sale.  There are countries that are banned in joining a bounty or token sale and the necessity to know if a person is legible or not is necessary.  It is advisable therefore that you must make necessary research and confirmation before joining an ICO to protect from being phish.

[Sponsoredby15]

Nope this is not right its so much risky submitting our identity card of ICO as well as the bounty crypto because there are some possibility that we will suffer identify theft in the near future we just have to stay away somethings sometimes

[BitcoinBallerina]

Its the most foolish thing someone can do. Just recently the Dadi ICO got hacked and all the KYC details of people who submitted to that ICO got stolen. Now think about your passport or any other personal document getting into the hands of hackers.

[nonlinearboy]

You do not get any choice now as for most it is a requirement, i honestly think it is more to ensure the ICO company is following procedures and preventing AML. I have only used proof of address info such as utility bills, I am not sending my bank details to anyone.

That is true, you have no other choice if you want to join in. I think that is a little risky since there are too many ICO scams. I Would like to buy them when it is listed on some exchanges.