Know Your Customer

[cryptojaani]

I didn't know what KYC stand for, I initially tought it was something like "know your customer so you can provide better service" or something like a marketing deal or something Apparently it is not. Well this sounds too much like George Orwell's 1984, why do you need to "know your customer" in this sense, I am fine with facebook collecting info about me so it can send me advertisement but collecting info so you can share with goverment doesn't sound that good, I am fine with advertisers, not so much fan of goverments.

i think kyc for ico need to decrease cheater. you know, many people have much alt account and sometimes in one ico they register more than one account. and it break the rule, for one ico is one account. so they need kyc to proof that they are different person.
but, if it for government it mean they support and minimize people that use bit or altcoin for bad attitude. and they want to make cooperation with exchanger.

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[Ava Duvall]

I think some ICO need your infos for their protection if they are really giving their tokens to trusted people. Plus the fact that in the case that one will question their company, they will have proofs that they are catering real people and willing to pay such amount of taxes if there are. I think for security purposes.

It will not our fault but we have to choose the best investment with our experience that will be the only way to make more comfortable earning.

they do need your info in most cases like you mentioned for their own protection, to see whom they can and can't trust. and for us like mentioned we choose the best investment and stick to the given guidelines/rules

[Poorman80]

No matter how small the amount is if you will seem suspicious to the government, it is for certain that you will be under surveillance whether you will be signing up for KYC or not. But I always think that KYCs are very important to atleast if there are claims you will be able identify yourself as one of the investors but the only problem is your identity may also be probably sent to anybody and you can be a victim of identity theft. So it is a matter to be really given enough time for decision making. Personal security is also very important.

[FurDich]

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?

Know your customer before you will trust them . You must have to know them in order to have a very good output of your transactions . Thats a great move.

[Phil315]

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?

To me, the KYC is baseless. There is absolutely no need for it. It is all scam.

[paynercash]

I didn't know what KYC stand for, I initially tought it was something like "know your customer so you can provide better service" or something like a marketing deal or something Apparently it is not. Well this sounds too much like George Orwell's 1984, why do you need to "know your customer" in this sense, I am fine with facebook collecting info about me so it can send me advertisement but collecting info so you can share with goverment doesn't sound that good, I am fine with advertisers, not so much fan of goverments.

Knowing this customer I think it's like a system of leaders, located under their system and they can look into the track. But there are many factors that can hardly explain "knowing your customer" what is their purpose? Need?
However, no matter what happens when they believe in their leader.

[setialovers]

No matter how small the amount is if you will seem suspicious to the government, it is for certain that you will be under surveillance whether you will be signing up for KYC or not. But I always think that KYCs are very important to atleast if there are claims you will be able identify yourself as one of the investors but the only problem is your identity may also be probably sent to anybody and you can be a victim of identity theft. So it is a matter to be really given enough time for decision making. Personal security is also very important.

KYC right now become important thing in any ICOs because government regulation. If we think its not safe to provide KYC, better not join in any ICO because right now most ICOs need KYC. I am believe more ICOs need KYC is good for cryptocurrency because its closer to government regulation

[nambunamba]

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?

Well im not sure, i think KYC is for AML(anti money laundry) purpose. KYC is a must cause in crypto world there is so much way to do money laundry. But i'm not really sure that our KYC will be safe.

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?

To me, the KYC is baseless. There is absolutely no need for it. It is all scam.

yes they could use our data for bad things but i do believe its a must to prevent money laundry, just consider KYC as a first barrier for money to move.

[junglist.massive]

some of the reasons for everyone with some criticism of bitcoin, should wash investors of black money from bitcoin. about that to find out what customer needs are in every bitcoin project.
information for verification information such as ID and SSN is good security and very useful to be private security.
and now bitcoin users are still very much anonymous and that is widely used as an opportunity to deceive new investors and cannot be tracked because they are still anonymous for their data as fraudsters.

[skeletica]

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.

it can, and I think KYC is very effective in dealing with such things.

[bilyboy]

i think KYC is legal everywhere, it is a sort of protection of merchants from money being remitted to their customers. it limits the use of transferring money from illegal activities. since blockchain technology is equipped with anonymity, using exchanges as means of tracking where the money came from is beneficial to governments.

[BitGunner]

I think that you should always know your customer. it is a good idea to identify the target audience first of all. this is true for any kind of business and the crypto market is not an exception of this

[cammie16]

i think KYC is legal everywhere, it is a sort of protection of merchants from money being remitted to their customers. it limits the use of transferring money from illegal activities. since blockchain technology is equipped with anonymity, using exchanges as means of tracking where the money came from is beneficial to governments.

You are right, this is the reason why most of merchants and other projests uses kyc, but sometimes some people dont want to undergo kyc and sometimes we are not sure of a particular project is legit.

[sky4242]

Of course you have to know about your buyers. You need to know how your customer is making money. The bank knows all the information about its customer's income.

[Protonem]

i think KYC is legal everywhere, it is a sort of protection of merchants from money being remitted to their customers. it limits the use of transferring money from illegal activities. since blockchain technology is equipped with anonymity, using exchanges as means of tracking where the money came from is beneficial to governments.

You are right, this is the reason why most of merchants and other projests uses kyc, but sometimes some people dont want to undergo kyc and sometimes we are not sure of a particular project is legit.

I don't have matter with exchanges that need to collect KYC for finance regulation report in further case,
i don't think so will agree if KYC needed for such as ICO project, because blockchain are decentralized, so we are truly want to secure our money without to expose our identify.

[altcoin4u]

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 some bounties where I just hate that Pratt door because they are saying about it just at the end of the Bounty one all the job is already done and you don't have a way to exit, or just give off your tokens.

[Semosuchi Tesongrato]

Whether we like it or not, the anonymity of the crypto is bound to disappear.
At the moment, governments still have technical problems, and in any case users are still too few to create a problem. But in the near future there will be a solution.

[mr.nby]

I don't figure we ought to try and stress over such things with regards to Bitcoin and all these ICO stuffs, cause Bitcoin is about protection. Such things are just required with regards to bank and other disconnected exercises that generally needs to do with cash.

The whole problem with KYC is that personal data is sent to an indefinite person or company. It's more about the possible use and security of this data. We do not know for what purpose other than KYC can be used. Providing data in the bank is much more certain that nobody will use them for scam or selling them.

[Popov_popov]

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?

This I think is wrong.  Why do they need our data.

[BitGunner]

In my opinion, it is always necessary to know your target audience. To my mind, it is effective and the sales will increase if you identify your target audience and you will cooperate with them