If they are asking for KYC after people participated in ICO then they are fraud, in fact KYC should be taken before a customer makes any financial account.
I wont trust or participate in any ICO which does has KYC requirement to be filled, I am using Bitcoin to be anonymous.
But the law could be changed during an ICO. That was the same with MODUM. The swiss law has changed and they asked people which have invested more than 5000USD to do a KYC. But they said, nobody have to. But due to the change in law, it would be easier for them to handle the money. The dialog with modum was very well and so many people did their KYC after the ICO was finished. Why? Because they trust MODUM.