Know Your Customer

[Adriano2010]

I really don't like to make KYC for ICOs or for anything else, if i get a coin and i want to withdraw to cash i have to do kyc on my bank and on website where i withdraw bitcoin to bank. I can't trust all website to do KYC for some coins where is need investments or no.

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[Snaic]

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?

As far as I know, a KYC check should be carried out in order to prevent the laundering of dirty money and combat the financing of terrorism. The exchanges and the ICO teams, if they collect confidential data, must keep this information for a certain time in order that any state may, according to the investigations carried out in them, request specific individuals to carry out certain financial transactions. Of course, the state in whose territory an exchange is located or an ICO is registered may require them to provide any other information about their customers.
Campaigners of the bounty campaigns of the ICO should not fall into the category of clients, since they do not invest their funds in ICO projects and cannot be suspected of making the above illegal financial transactions.

[joinfree]

oh come on $3000 is not a huge money to make any fuss about or even be concerned that much to perform KYC details and all of that. Most exchanges that i know even don't require KYC until you are making withdrawals exceeding 5BTC. KYC could be compulsory for making fiat transactions but i don't think it is very necessary in crypto transactions just worth $3000.

[1BTC EQUALS 1CAR]

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 don't think so because the purpose of KYC in ICO is just to ensure that the investors are not coming from restricted countries. They just need any official id that is recognized everywhere in the world like your passport and all they really need to know is if that if your country coming from  still allows you to invest in any ICO.

[munareal]

Know your customer in ICO and exchanges are necessary for the cyberspace becuase of the frequent nefarious activities of scammers. With the ID details of a user, it is much easier to apprehend the culprit. Money laundering is associated with the cryptocurrency and if the identity of those that deals with high amount of funds . These people can be monitored to see if they are into criminal activities.

[Greed Dev]

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, that is for sure. Some exchanges require that the account creator can only trade 1 BTC per day. if more than that number, they must implement KYC. But our KYC does not need to be sent to the government. They store our KYC to assist if something goes wrong.

[nerlial]

Yes, in general, this is not a perfect technology. What is its meaning if you can then buy tokens on the stock exchange without going through KYC.

[Faxmate]

Yes, in general, this is not a perfect technology. What is its meaning if you can then buy tokens on the stock exchange without going through KYC.

In some sites it is not important to show the KYC and in some it is important but I think it is good to get and ask about it as later in future it will be easy for date recovery in case of emergency, never underestimate any feature of crypto currency as it all goes in our favor, so according to me we should know our customer and should have information about them.

[spike420211]

oh come on $3000 is not a huge money to make any fuss about or even be concerned that much to perform KYC details and all of that. Most exchanges that i know even don't require KYC until you are making withdrawals exceeding 5BTC. KYC could be compulsory for making fiat transactions but i don't think it is very necessary in crypto transactions just worth $3000.

I agree, most exchanges do not require the passage of KYC when withdrawing funds of up to 2 BTC. I can say that the system is extremely not perfect, it can not fight money laundering, unfortunately. After all, anyone can send someone else's data purchased in the darknet.

[serjent05]

I also noticed it here in my workplace. When I ended a contract from my former job I got a quite big amount of money and I transferred it to my bank account in my country. I usually do the bank transfer but they never did ask for my passport and other identification cards but that time they demanded for my passport and other supporting identification cards and asked me to give a statement from where did I get the money. I objected but I had no choice. Maybe that way they will be able to report me if I made another big transaction with them and demand tax from me.

[DAVETUN]

KYC is mainly done by developers in order to get to know there customers and there location,Government do not collect taxes when you transact on CRYPTO exchange, government tends to get involve when you convert your token to fiat and it is beyond the approve transaction limit, banks tends to raise a red flag.

[andriarto]

oh come on $3000 is not a huge money to make any fuss about or even be concerned that much to perform KYC details and all of that. Most exchanges that i know even don't require KYC until you are making withdrawals exceeding 5BTC. KYC could be compulsory for making fiat transactions but i don't think it is very necessary in crypto transactions just worth $3000.

I agree, most exchanges do not require the passage of KYC when withdrawing funds of up to 2 BTC. I can say that the system is extremely not perfect, it can not fight money laundering, unfortunately. After all, anyone can send someone else's data purchased in the darknet.

we know 2 btc is a large enough amount that can be withdrawn in 1 day. therefore I agree with you, moreover we should not arbitrarily give identity to other parties, because this is a virtual world, to keep things that are not good happening

[jjjfff]

I suspect some projects are abusing the KYC legislation to mine user id's and personal data.

Not accusing anyone in particular, specificially nobody on this thread, but I do suspect some recent projects have been abusing KYC.

If you give your documents to someone you don't trust, what's keeping them from opening accounts and operating on your behalf using those documents? Nothing. So be careful with KYC.

[Malsetid]

oh come on $3000 is not a huge money to make any fuss about or even be concerned that much to perform KYC details and all of that. Most exchanges that i know even don't require KYC until you are making withdrawals exceeding 5BTC. KYC could be compulsory for making fiat transactions but i don't think it is very necessary in crypto transactions just worth $3000.

I agree, most exchanges do not require the passage of KYC when withdrawing funds of up to 2 BTC. I can say that the system is extremely not perfect, it can not fight money laundering, unfortunately. After all, anyone can send someone else's data purchased in the darknet.

we know 2 btc is a large enough amount that can be withdrawn in 1 day. therefore I agree with you, moreover we should not arbitrarily give identity to other parties, because this is a virtual world, to keep things that are not good happening

That's because withdrwing that much amount can be considered shady and i don't have any problems with that. It's the user's choice if he'd want his account to be upgraded or not and most exchanges do give us that option. I mostly use binance and even if i don't withdraw that much amount in btc i still sent my kyc credentials.

[celot]

Know your customers is not good ideas for investor have upload their id to buy and invest in ICO project, they will be afraid about their ID will use for other thing or not, but for bounty campaign is okey I think.

[Snaic]

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?

Of course, exchanges collect confidential data from their customers not just for the sake of interest and collecting. Any state has the right to apply for information on specific individuals or account numbers and the exchange will be required to provide it. In addition, government agencies at the place of registration and location of stock exchanges may require more extensive information, including on transactions that exceed certain amounts. In my opinion, in this connection it will be much safer to use the services of exchanges located in offshore zones. They rarely provide anyone with information about their customers.

[Bezobraznike]

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?

Of course, exchanges collect confidential data from their customers not just for the sake of interest and collecting. Any state has the right to apply for information on specific individuals or account numbers and the exchange will be required to provide it. In addition, government agencies at the place of registration and location of stock exchanges may require more extensive information, including on transactions that exceed certain amounts. In my opinion, in this connection it will be much safer to use the services of exchanges located in offshore zones. They rarely provide anyone with information about their customers.

   With KYC they are also trying to stop creating multiple accounts for farming referral system. One person, one
account. And some exchanges or start-up ICO are required to do so cause of the country law they are positioned.
   As I know as verified member on some exchanges you have higher daily withdraw limit, and maybe some other
benefits. They don`t report anyone if they don`t need to by the law. Check where you are registering and you will
avoid problems.

[smyslov]

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?

Sometimes I don't get it, ICO will ask to do KYC but eventually disappear after the crowdfunding, they are scamming you two times, with your money and with your identity, they steal your money and your identity, I will say no to any KYC in any ICO 90% of these are scams, they are doing this to make them looks real and looks compliant to the government.

[normanderecho]

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?

when you participate In an ICO I think government is out of business of this scenario. If they require a KYC it all because of their own permission to know the costumer well. Unless such a government make their own  crypto coin then thats the time they will fully involve on your information, once you reach the limits of investment.

[TrevorS]

I would not mind sending my personal documents, but if I knew for sure that they would not fall into bad hands, would not be stolen or hacked, would not be transferred to third parties or sold.