Know Your Customer

[sachdientugoogle]

Just been looking at an upcoming ICO KYC.Legal this looks like an interesting Know Your Customer (KYC) security solution but it does not seem to be getting many mentions, what are your thoughts on KYC as a security solution? Do you think there will be a large takeup rate? Are there other players in this space with better offerings or solutions?

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[NiinaKub]

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?

you spending on ICOs not usd but ETH, that why project choosing to collect ETH because they don need to mass with taxes so much ,like it could happen if they collect only real fiat money, so i quite sure no one will report your ETH payments

[ymirymir]

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?

I think joining KYC is a part of our duty as bounty hunters or investors. Some projects requires it for security purposes and to avoid multi accounts who join bounty campaigns. It is important that as the project requires us to participate, we must still do it as a part of our duty.

[Visbay]

This procedure is carried out for other purposes. To obtain your passport details and then resell them to others.

Well it is not only buying and selling ahead, to me it is very important to buy the selling and the buyer of bitcoin, it is not good to buy bitcoin unless you know then well and the same for selling, unless we know them we won’t be able to convene then and communicate with then properly, and after knowing about our costumer we will be more productive and we will be able to tell them having bitcoin benefits, they will be ready to buy at our demanded price.

[beccer]

I am not sure this will be governed by government because there is no tax here, maybe kyc here only aims to find out who is joining ico, name, gender and citizenship that will be viewed

[Kola]

usa's ppl rich enough, so they dont need to participate in any ico's rofl,
but seriously,
 the land called the country of freedom, i see there is not much freedom, especially with finance, so KYC was created coz of us?

[rhomzkie26]

KYC actually for me was a dangerous thing in some other way. Due to at any moment we don't know what will happen to our personal

documents information which can be used for bad purposes. But I guess its not, isn't?

[B@rry@llen]

Yeah before do or selling anythinh you must know your costumer fırst. This rule is one of the most important also this what we call maitaning your safety to the scam

[endut15]

I am not sure this will be governed by government because there is no tax here, maybe kyc here only aims to find out who is joining ico, name, gender and citizenship that will be viewed

it's hard to predict, too, whether the government will manage everything, so we have to see what's going on next, so we have to wait for everything

[iv4n]

I am not sure this will be governed by government because there is no tax here, maybe kyc here only aims to find out who is joining ico, name, gender and citizenship that will be viewed

it's hard to predict, too, whether the government will manage everything, so we have to see what's going on next, so we have to wait for everything

Precaution, if government decide to regulate crypto they will ask from all companies to have registered customers. There are so many bounty hunters, most of them have double triple accounts, kyc can slow down farming.
I done so many kyc forms until now, nothing strange this days. If something smells fishy I don't leave any info about myself, its better to skip it then to risk with this things.
Collecting users info and selling it is profitable business, even facebook is doing that, so don't be surprised. Will you fill kyc form or not should depends from service you use or ICO you plan to invest, if you believe they are OK do it without fear.

[laravuemaster]

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?

In my own opinion, Kyc is only good if most of the people will invest on it even though there is a kyc policy but what i see today is that, there are still successful campaigns with kyc requirement.

[CherRic]

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?

There are many purposes of KYC. As far as I know, they are:
1. To know the people who are participating and eliminate those out of the jurisdiction of the ICO or project.
2. To avoid scammers or cheaters in the project.
3. To provide the team the information of their investors to prevent any further issues in the project.

KYC is required for our own safety in investing in ICOs. They will not give it to the government nor report it to the government.

[ASHLIUSZ]

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?

In my own opinion, Kyc is only good if most of the people will invest on it even though there is a kyc policy but what i see today is that, there are still successful campaigns with kyc requirement.

KYC affects the decentralization, but due to hard regulations it has come to reality. With cryptocurrency people easily gets scammed as each and everything happens through internet and nothing can be done once after getting into the trap. Now there are good programs that request KYC from investors just to eliminate investors from certain countries.

[jeluhtajem]

This stuff with KYC is disturbing: I think that will be more and more rules, and it will be more and more difficult to keep the anonymity.
It's not too difficult online, but when you want to change your crypto in fiat money, it could be a problem.

[FIREBALL24]

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.

Know your customer is the process of a business identifying and verifying the identity of its clients. The term is also used to refer to the bank and anti-money laundering regulations which governs these activities.

The most successful businesses have a customer-first mentality ingrained into their company. Knowing your customer inside out is key.

[Ladyechy]

I agree that you should get to know your customers when trading because there are a lot of fraudsters right now. you need to have a program that knows your customers on an ongoing basis. because each customer has a different personality, so our role to recognize the customer is necessary in the business.

[Coin-1]

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?

In my own opinion, Kyc is only good if most of the people will invest on it even though there is a kyc policy but what i see today is that, there are still successful campaigns with kyc requirement.

KYC affects the decentralization, but due to hard regulations it has come to reality. With cryptocurrency people easily gets scammed as each and everything happens through internet and nothing can be done once after getting into the trap. Now there are good programs that request KYC from investors just to eliminate investors from certain countries.

Undoubtedly, KYC slows down a developing of the crypto currency world. A half year ago no any passport was needed, and therefore the crypto exchanges have grown fast as a mushrooms after the rain. But I think it is a good decision, because the crypto exchanges won't be a "laundries" to wash an illegal money. As far as I know, the most of ICO campaigns does not require the KYC for bounty hunters, but only for the large investors who buy a big amount of tokens.

[cryptoalfs76]

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?

KYC ( know your costumer) this is the words now that i mostly heard when if you want to join or participate an ICO project campaign, or if you want to claim your investment that you participate in ICO campaign or even in a bounty hunting sometimes they need a kyc,actualy this kind of implementation was originated in the country of U.S in order to secure or transparent  transaction,but for me this things make the world of cryptocurrency complicated,because this kyc process  is can create a barrier into an investor to the ICO developer because maybe this kyc that you pass will use in criminality and your personal identification can be used in the crimes.

[Froloff92]

I think it is true that they need to submit the list of their investors KYC so either from the project and the country itself can trace the money that was used in the ICO, and in case something bad happens, so they can quickly process it.

[Pumapipa]

I think know you're customer actually breaks the key feature of cryptocurrency which is anonymity. There are certain projects our bounties that actually require participants to submit kyc solely for legality purposes. The thing is, the security of the information submitted cannot be reassured. For example, where are they sorting such files, right?