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Author Topic: Know Your Customer  (Read 4273 times)
zoom_rich
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January 09, 2018, 01:29:08 AM
 #1

For exchanges, ICOs that collect KYC information, when are they required to send information to the government.

If I remember correctly, in the US if you make a money transaction, such as through Western Union, or bank, $3,000+, within the same day, or smaller amounts during consecutive days, the institution must collect your ID information and Social Security and report it to the government. I forget which entity of the government.

Does that mean that if one participates in an ICO and puts in over $3,000, that gets reported to the government? Or if you move $3,000 out of an exchange, that gets reported?

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January 09, 2018, 01:41:52 AM
 #2

to have a successful business, you need to market your products but first thing is, you should know your customers. so that you will know if that customer is trustworthy or not.

That's not the issue here. I'm talking abut KYC, which is a legal thing.

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January 09, 2018, 01:58:33 AM
 #3

You know everything is reported to the government if the amount is big enough, it's very hard for a person to keep his identity hidden because every bank transaction is taken care of , and linked to your account.

There are people with black money who keeps it hidden and this is important to discover that the money is not black and someone isn't running from taxes.
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January 09, 2018, 02:07:56 AM
 #4

You know everything is reported to the government if the amount is big enough, it's very hard for a person to keep his identity hidden because every bank transaction is taken care of , and linked to your account.

There are people with black money who keeps it hidden and this is important to discover that the money is not black and someone isn't running from taxes.

Large amounts are reported by the banks, yes. It's the law. But do you think exchanges report say somebody sending $4,000 worth of a coin to their wallet, one time???

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January 09, 2018, 04:21:37 AM
 #5

The number that you're thinking about isn't 3000, it's $10000. That's the number that financial institutions in the United States make you fill out forms to know what you're doing with this money, as they want to know what the hell is going on with that big sum of money being transferred around.

But no, this isn't the case when it comes to ICOs and KYC as you're buying Bitcoin and not transferring that large sum of money to somebody -- you're actually buying something. Though I must say that it's pretty crazy the amount of ICO's are complying with the KYC regulations by the SEC.

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January 09, 2018, 04:31:36 AM
 #6

The number that you're thinking about isn't 3000, it's $10000. That's the number that financial institutions in the United States make you fill out forms to know what you're doing with this money, as they want to know what the hell is going on with that big sum of money being transferred around.

But no, this isn't the case when it comes to ICOs and KYC as you're buying Bitcoin and not transferring that large sum of money to somebody -- you're actually buying something. Though I must say that it's pretty crazy the amount of ICO's are complying with the KYC regulations by the SEC.

How can one be sure that they are not sending the personal information to the government. I mean they are collecting the KYC data so you have to understand why that's a worry.

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January 09, 2018, 05:06:25 AM
 #7

Know the customer. I have known my customers what to wear for my preparation, because I will need a place where customers want to take my balance and deposit my extra deposit balance.

I am sure saving my finances safely and securely without risk because I am afraid to lose my digital currency balance is lost for no reason, that's why I choose a place where I keep my digital currency balance safely in my bitcoin wallet account.

I feel safe with the balance I keep on my bitcoin wallet account. I continue to look in some form to ensure the security of my deposit balance.

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January 09, 2018, 05:33:27 AM
 #8

Does that mean that if one participates in an ICO and puts in over $3,000, that gets reported to the government?

Once you join and ICO with a KYC it will be reported to the government,i think they pass all the participant after the ICO,i dont know about the law but some countries are banning its citizen from joining ICO.

Or if you move $3,000 out of an exchange, that gets reported?

Weather you move your funds or not once you join the ICO the government has the info on your transaction, this is their way of tracking their citizen who can potentially be evading taxes.
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January 09, 2018, 07:24:46 AM
 #9

Does that mean that if one participates in an ICO and puts in over $3,000, that gets reported to the government?

Once you join and ICO with a KYC it will be reported to the government,i think they pass all the participant after the ICO,i dont know about the law but some countries are banning its citizen from joining ICO.

Or if you move $3,000 out of an exchange, that gets reported?

Weather you move your funds or not once you join the ICO the government has the info on your transaction, this is their way of tracking their citizen who can potentially be evading taxes.


Know your customer is a process of identifying a business and verification of clients if this involves illegal transactions like money laundering wherein they may able to control the flow out of illegal activities. Knowing your customer for me is important because we will be able to know the one that you are dealing with is legitimate in their dealings when doing bitcoin transactions.

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January 09, 2018, 07:48:26 AM
 #10

Does that mean that if one participates in an ICO and puts in over $3,000, that gets reported to the government?

Once you join and ICO with a KYC it will be reported to the government,i think they pass all the participant after the ICO,i dont know about the law but some countries are banning its citizen from joining ICO.

Or if you move $3,000 out of an exchange, that gets reported?

Weather you move your funds or not once you join the ICO the government has the info on your transaction, this is their way of tracking their citizen who can potentially be evading taxes.


Know your customer is a process of identifying a business and verification of clients if this involves illegal transactions like money laundering wherein they may able to control the flow out of illegal activities. Knowing your customer for me is important because we will be able to know the one that you are dealing with is legitimate in their dealings when doing bitcoin transactions.
This is the law we have to follow even bounty hunters were required to go with "Know Your Customer" in some of the bounty campaigns. Usually an ICO based on US required KYC. It has affected bounty hunters in some countries(at war) they cannot claimed their reward because they cannot provide the document, as per what I had read in telegram. The good side of KYC is that it filter spammer and those that have multiple account in this forum.

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January 09, 2018, 08:11:42 AM
 #11

You know everything is reported to the government if the amount is big enough, it's very hard for a person to keep his identity hidden because every bank transaction is taken care of , and linked to your account.

There are people with black money who keeps it hidden and this is important to discover that the money is not black and someone isn't running from taxes.

That is the reason many people share th critics about the bitcoin. we have to wash out these kind of black money investors from the bitcoin. So  knowing the customer is need in the every bitcoin projects buddy.
Hence sharing the ID verification information like SSN and something are enough to make more safety.
One bad thing still there is possible with the anonymous nature, some of the people may scam the investors.

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January 09, 2018, 10:58:08 PM
 #12

The number that you're thinking about isn't 3000, it's $10000. That's the number that financial institutions in the United States make you fill out forms to know what you're doing with this money, as they want to know what the hell is going on with that big sum of money being transferred around.

But no, this isn't the case when it comes to ICOs and KYC as you're buying Bitcoin and not transferring that large sum of money to somebody -- you're actually buying something. Though I must say that it's pretty crazy the amount of ICO's are complying with the KYC regulations by the SEC.

....

Another good post from squatz1.  Smiley

He's right, the number is $10,000. That number is a standard across the board and applies to things like gambling (inside the united states). It should be mentioned, there are checks and balances in place to detect those who try to circumvent the $10k minimum. There are some who travel to Las Vegas and cashout in $9,999 amounts to try to avoid paying taxes. There are also some who cashout in smaller amounts to get around $10k reporting minimums. I can't cite details but there are measures in place to detect that, I can't comment on how effective or ineffective they are, no real experience / information on that.

It is also possible that KYC checks for crypto could be more stringent than for things like gambling. There is a lot we do not know, when it comes to exchange KYC checks. It may be better to err on the side of caution knowing that the IRS has been putting a lot of focus on crypto.

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January 09, 2018, 11:03:55 PM
 #13

This will get interesting soon, especially with anonymous currencies the only place where much of the KYC will be enforceable will be when converting to and from fiat. I dont think regulators will be happy with this situation. I also think that just because the numbers, names, etc dont get reported back automaticlly at $10K doesnt give you a clean slate below that level. There is still a trail and the possibility of records being kept and sought.

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Tenderino
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January 09, 2018, 11:14:47 PM
 #14

The answer to your question depend all on the country where the ICO or exchange is located. A court in the US recently decided that the exchange coinbase has to forward all customer data to the authority. In this case it does not rely on the amount and is like opening a bank account where your data will be submitted to authorities. US residents are currently anyway not allowed to participate in ICOs abroad. The US is doubtless the most regulated country in the world.
Pintasak
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January 10, 2018, 01:05:29 AM
 #15

For exchanges, ICOs that collect KYC information, when are they required to send information to the government.

If I remember correctly, in the US if you make a money transaction, such as through Western Union, or bank, $3,000+, within the same day, or smaller amounts during consecutive days, the institution must collect your ID information and Social Security and report it to the government. I forget which entity of the government.

Does that mean that if one participates in an ICO and puts in over $3,000, that gets reported to the government? Or if you move $3,000 out of an exchange, that gets reported?
Yes it is..Knowing the details information with our clients is very efficient in dealing with our transactions.We must require our safety and secure eveything as possible.With this kind of system and industry our customer should be a trustworthy.If we want our deals goes the flows well.

ajmapalo22
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January 10, 2018, 07:21:51 AM
 #16

I think it's Know Your Client not Customer....lol...anyway it's been part of some companies especially banks to include names and other information of their clients so that they will have a tool to trace specific transactions that they want to check, for some reasons government required it so that illegal activities can be prevent. In the Philippines you cannot create an online wallet called coins.ph without giving enough information to the developers.

CHENIEN
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January 10, 2018, 07:29:27 AM
 #17

In business transaction, we must know who the customer really is. But in bitcoin transaction there are some privacy that no need to display. In a relevant to the question above it was stated that there are some rules in other country like U.S.A that beyond limits of transactions will be reported to government. In every countries, the laws implemented are not totally synchronize the same laws. So if you are in living in a certain country which the laws prohibit to made transaction beyond limits therefore we aware and adopt the rule of laws.

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January 11, 2018, 02:12:44 AM
 #18

I think it's Know Your Client not Customer....lol...anyway it's been part of some companies especially banks to include names and other information of their clients so that they will have a tool to trace specific transactions that they want to check, for some reasons government required it so that illegal activities can be prevent. In the Philippines you cannot create an online wallet called coins.ph without giving enough information to the developers.

It's know your customer https://en.wikipedia.org/wiki/Know_your_customer just to let you know.

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zoom_rich
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January 11, 2018, 02:15:12 AM
 #19

The answer to your question depend all on the country where the ICO or exchange is located. A court in the US recently decided that the exchange coinbase has to forward all customer data to the authority. In this case it does not rely on the amount and is like opening a bank account where your data will be submitted to authorities. US residents are currently anyway not allowed to participate in ICOs abroad. The US is doubtless the most regulated country in the world.

From what I've read regarding Coinbase, the IRS won a case and Coinbase has to hand in the identity of all of its users who withdrew $20,000 in US dollars.

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ricardobs
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January 11, 2018, 12:04:52 PM
 #20

In business transaction, we must know who the customer really is. But in bitcoin transaction there are some privacy that no need to display. In a relevant to the question above it was stated that there are some rules in other country like U.S.A that beyond limits of transactions will be reported to government. In every countries, the laws implemented are not totally synchronize the same laws. So if you are in living in a certain country which the laws prohibit to made transaction beyond limits therefore we aware and adopt the rule of laws.
I don’t think we should even worry about such things when it comes to Bitcoin and all these ICO stuffs, cause Bitcoin is all about privacy. Such things are only required when it comes to bank and other offline activities that mostly has to do with money.

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