Stronger AML Enforcement Might Actually Save Crypto

[kreatge]

Fraudsters can also provide kyc verification for users, so I would not call it a clear indicator of the legitimacy of a startup. And for a long time I could not understand why it was necessary at all for them to submit my documents when it was not known where they would use them. But apparently it was just an attempt to deceive investors and show themselves as a real ICO project, and not a scam

All the concerned parties in an ICO that has the KYC process have a better chance of receiving recognition from banks and other financial institutions. The ICOs are also more likely to follow the anti-money laundering regulations.

If the startup project conducts a IEO sale phase, they will not ask you for personal information. Especially if the exchange is decentralized. You should also pay attention to where the project plans to add its tokens before deciding whether to invest there.

[coin-investor]

Just look at this:

ICO:

Humanityone and Cryptoinfinity, etc... - MASSIVE SCAM - Fake team

[FAKE TEAM MEMBER]: Zoptax Coin

exchange:

My Bittrex account has been disabled.

HitBTC scam!

casinos:

Cloudbet Stole 55.35BTC of mine

[scam] BetKing.io broke ICO promise and dropped token value 99%

if we had a legalized market, it would be easier to punish the scammers and probably the scam number would be lower

That's true and agree with you, the list keeps growing and there is not much that we can do, if not for the like of ICOEthics, scammers will not be caught and the millions of dollars that are lost will be doubled, we need regulation to stop scammers and save ICO or do away with crowdfunding.

[akeegan]

I feel like the KYC and AML companies such as Ciphertrace and Refinitiv are really helping with regulations and making governments feel better about crypto

they are in it for the money they can generate from selling out their data mining and analysis
I feel what they are doing is more like invasion on people's privacy, similar to what google does on its users' online activities
what governments want is the ability to control cryptocurrency, also to know who and what people do with crypto

I think you are wrong entirely. There really isn't a way for them to make a bunch of money of the data of people's transactions? That makes no sense at all. Instead it's the exchanges that bring these good guys like Ciphertrace to help with tracking of any mass movements of money. They are pro-crypto

[Mike Mayor]

Just look at this:

ICO:

Humanityone and Cryptoinfinity, etc... - MASSIVE SCAM - Fake team

[FAKE TEAM MEMBER]: Zoptax Coin

exchange:

My Bittrex account has been disabled.

HitBTC scam!

casinos:

Cloudbet Stole 55.35BTC of mine

[scam] BetKing.io broke ICO promise and dropped token value 99%

if we had a legalized market, it would be easier to punish the scammers and probably the scam number would be lower

That's true and agree with you, the list keeps growing and there is not much that we can do, if not for the like of ICOEthics, scammers will not be caught and the millions of dollars that are lost will be doubled, we need regulation to stop scammers and save ICO or do away with crowdfunding.

No people just need to stop being greedy and stupid and giving their money to scammers. Crowdfunding is awesome and works very well. Many cool things have been brought to life because of it.

I feel like the KYC and AML companies such as Ciphertrace and Refinitiv are really helping with regulations and making governments feel better about crypto

they are in it for the money they can generate from selling out their data mining and analysis
I feel what they are doing is more like invasion on people's privacy, similar to what google does on its users' online activities
what governments want is the ability to control cryptocurrency, also to know who and what people do with crypto

I think you are wrong entirely. There really isn't a way for them to make a bunch of money of the data of people's transactions? That makes no sense at all. Instead it's the exchanges that bring these good guys like Ciphertrace to help with tracking of any mass movements of money. They are pro-crypto

They can monitor spending habits and then other data. Don't forget google record your habits and that is how they target you with the different ads. They may be able to sell this info to other companies. I have had phone calls and advertising sms sent to a phone number I never gave anyone. They got it off a list no doubt.

[jdarren]

It would make sense that if countries already has AML regulations in place for fiat wouldn't they want to do the same with any currency? I know it varies country by country but I think it's going to have to be necessary to have something in place and firms like ciphertrace in place to help with the proper technology for crypto