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Author Topic: Know Your Customer  (Read 3072 times)
doomistake
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August 20, 2018, 03:02:43 PM
 #541

I'm not sure what is your problem. We have no choice due to under law. please read below.
This is share wiki pedia in term of KYC.
Know your customer (alternatively know your client or 'KYC') is the process of a business verifying the identity of its clients and assessing potential risks of illegal intentions for the business relationship. The term is also used to refer to the bank regulations and anti-money laundering regulations which govern these activities. Know your customer processes are also employed by companies of all sizes for the purpose of ensuring their proposed agents, consultants, or distributors are anti-bribery compliant. Banks, insurers and export creditors are increasingly demanding that customers provide detailed anti-corruption due diligence information.

But this should only applies for the people who invested on a certain ICO because they are the ones who launched their money for this investment, which is related to the anti-money laundering regulations, but if it is only about social media bounties, signature campaigns, I guess it is not necessary to be apply, we are just bounty hunters that are just participating through this forum and even in social media without putting up any big capital at all for a certain company to be wary about our personal backgrounds.

Because it is not safe for someone to always gives his real identity in the internet, we don't even know them if we could really trust them with our personal information, they might use it on bad things like faking their identity using ours.

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August 20, 2018, 03:40:18 PM
 #542

I don't know if it's immidiately reported to the goverment if you join a KYC airdrop. I think it serves for not creating fake multi accounts. But in the end, who knows what they will do with your data.
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August 20, 2018, 03:49:51 PM
 #543

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 is now part of making investment with ICOs. It is really risky to send our information in some projects because there are big possibility that they will use our information for their own sake. s

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August 21, 2018, 01:48:29 AM
 #544

I'd guess that they used KYC just in case you get audited so that the the tax guys could see where you got theoney and where you took it. I guess it's a way for the government to look into people who uses crypto currency as a way to launder their money. I just hope it is effective so that crypto currency will have a clean name out of all this.

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August 23, 2018, 06:38:02 PM
 #545

For me im not supporting kyc. Because your inform can be use in illegal transact or etc that can make you arrest. Kyc also limited the investor because lot of investpr didnt want kyc
It is not a bad thing according to me than why some people are not agree to use kyc, Because kyc is the common system which is being use in a lot of banks to know the costumers because this thing will help us to avoid illegal transaction, now several ICO is using it because our government has started to use it.

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August 23, 2018, 07:12:24 PM
 #546

For me im not supporting kyc. Because your inform can be use in illegal transact or etc that can make you arrest. Kyc also limited the investor because lot of investpr didnt want kyc
It is not a bad thing according to me than why some people are not agree to use kyc, Because kyc is the common system which is being use in a lot of banks to know the costumers because this thing will help us to avoid illegal transaction, now several ICO is using it because our government has started to use it.

I am not a problem for the ICO, but the campaign is not necessary, the allocation of shares is only 1-3% of ICO sales and it is not feasible to get higher requirements, if necessary, there must be a team that is truly responsible for personal data is something very sensitive, vulnerable to use for irresponsible interests.
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August 23, 2018, 07:57:48 PM
 #547

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?
Unfortunately, this is a big problem when you participate in a bounty or buy coins, and you are asked for documents? what kind of decentralization or anonymity. she's gone and that's too bad. The company closes and they have a lot of documents that they can use for their intended purpose, this is a big problem.

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August 23, 2018, 08:52:32 PM
 #548

I'm not sure if ICO holders share the KYC information with the government but the sure fact is that they must keep it due to the law requirements.

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August 23, 2018, 09:00:03 PM
 #549

For me im not supporting kyc. Because your inform can be use in illegal transact or etc that can make you arrest. Kyc also limited the investor because lot of investpr didnt want kyc
It is not a bad thing according to me than why some people are not agree to use kyc, Because kyc is the common system which is being use in a lot of banks to know the costumers because this thing will help us to avoid illegal transaction, now several ICO is using it because our government has started to use it.
Indeed, I also partly agree this strategy of an ico project owner to require kyc but there's a big problem that I forsee behind it. One thing is the potential risk of it, you might submitted your pictures or personal identity card to unknown institution and they remained anonymous. So you as a required person, fall into their trap and so on you'll be exposed to the public without even knowing your personal identification was used to some illegal activities. I would even prefer that those projects requiring kyc should expose themselves also in order to have fair transparency towards the participants, and with that it builds trust from people whose been interested to join the ico projects.
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August 23, 2018, 10:06:51 PM
 #550

It's a way of keeping track of certain transactions like during ICO. But we've seen some fake ICO which raises the concern of identity theft. But for exchanges, I think there's nothing wrong if they ask for KYC.
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August 23, 2018, 10:18:00 PM
 #551

For me im not supporting kyc. Because your inform can be use in illegal transact or etc that can make you arrest. Kyc also limited the investor because lot of investpr didnt want kyc
It is not a bad thing according to me than why some people are not agree to use kyc, Because kyc is the common system which is being use in a lot of banks to know the costumers because this thing will help us to avoid illegal transaction, now several ICO is using it because our government has started to use it.
The implementation of KYC is being used more in ICO investments because it helps to clarify the identity of investors and limit the acquisition of tokens by large investors. I think KYC has real and effective meaning so it should be more promoted.

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September 03, 2018, 03:39:20 PM
 #552

Yes, it is true you must know your customer because every people in cryptocurrency have a distinct attitude, and sometimes they have a mask that represent that they just want to scam you or steal your money. they are acting like they are a good people but behind of that they have a bad intentions, but there is a some customer that honest and good when it comes to that matters. I also advice this topic to other people involving in cryptocurrency because it is crucial to know because many victims of scam are really regret it, they always say that after it happened "you should know your customer first" for all cryptocurrency user there please keep in mind this topic.
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September 03, 2018, 04:05:08 PM
 #553

I think it is very terrible because you know your customer gives your identity to others and it is very terrible if there is an ico who uses your identity for a crime, but with the KYC can also help the founders to find out who investors are in ico .














 

 

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September 03, 2018, 04:32:13 PM
 #554

indeed we must recognize and we also observe carefully
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September 03, 2018, 09:52:17 PM
 #555

It is required by law and many other things involved in financial world so it is not surprising at all that it is mandatory for all ICOs and for many bounty campaigns.

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September 03, 2018, 11:28:32 PM
 #556

This is a good process when create a big business especially in bitcoin first is to know your costumer if he or she will be a legit to handle of a projects to avoid terrorist or scam .We need to validate and justify the person to be cleared in joining for the groups.
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September 03, 2018, 11:41:24 PM
 #557

Its a standard amount were government mandates banks and remittance offices to report it to prevent money laundering.

Unless you sold it to someone and pays you directly in cash, government won't red flag you with it.

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September 03, 2018, 11:50:19 PM
 #558

It is required by law and many other things involved in financial world so it is not surprising at all that it is mandatory for all ICOs and for many bounty campaigns.
KYC is also a factor to create trust for investors, although it is not required by law or related matters. Many countries still do not have clear rules with the ICO but ICOs in that country still require KYC certification.

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September 04, 2018, 12:07:40 AM
 #559

yes if we deal with banks, even the smallest transaction must have a report, especially to a guarantor institution that is mostly owned by the government, at least the security is guaranteed, but it will be difficult to implement in a BTC transaction because what I know is not guaranteed, the identity of the holders is not accurate
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September 04, 2018, 09:44:39 AM
 #560

I think if someone participates in the ICO and saves $ 3000 or moves $ 3000 from the exchange market it is not necessary to report to the government. It does not depend on the amount of money used for transactions, such as transactions in banks that require KYC for transactions in a certain amount. In my own country the government has not recommended transacting using crypto currencies because they consider it very risky, and the government has not made laws regarding cryptocurrencies

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