Know Your Customer

[obinine]

I believe that area unit not foursquare answered to the general assembly since they're merely creating a record thereupon knowledge and that they are merely swing the recognize your consumer arrangement therefore if there'll be some problems each of 2 sides at that time there's one thing that they will depend upon that is that the records and few knowledge regarding their worry.

[izanagi narukami]

When I joined any exchange or ICO, KYC is no needed because we use bitcoin because we want to be anonymous,right ?
It's bitcoin advantage, that's one reason why people interest to use btc.

But I'm understand since there are a lot of negative news about bitcoin that forcing the company require KYC in order to minimize criminal attempt

[setialovers]

KYC is becoming new standart on ICOs. Its happen because government want to protect their citizen from being fraud ICOs. Beside that, I am believe that KYC become standart, maybe someday government will regulate crypto investment

[intingko]

The first thing is honestly,Because honestly is very important,Find right customer because sometime people creating scam. And always safety first look deserving person,we are not same attitutude some of them bad. we are not perfect only god.

[mOgliE]

Hi,

I don't know the law precisely.

What I know for sure is that 3,000$ isn't such a huge amount of money.

So even though such law exists, all transactions of 3,000$ or more cannot be controlled. I don't really understand the point of such a law... If the idea is just to make statement... Well, indeed, you should limitated the amount of your crypto transactions if you want to avoid control...

[tenu]

I have always wondered how this principle is consistent with the two fundamental positions of the cryptocurrency world - anonymity and decentralization. In this regard, I believe that coins with strong anonymity, for example, Monero  can greatly increase in price soon.

[GREATLOVE]

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?

Same as you like to negotiate to other businesses ofcourse they need your identity and details for them to assure their customers or partners same as that. No wrong about it at all.

[Etoasiatsxxx]

We need to know our costumer's . We need to know about they're identity , attitude, backgrounds . We can't trust people now because their just thinking aboit there selves only .. Thats why we need to know our costumer's .

[Dimid]

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?

The passage of the KYC does not depend on the amount of your investment, it can be $1000 or $5000. The existence of the procedure for the KYC is conditioned only by the rules of the ICO, if the developers of the project so require, then all investors who purchase coins/tokens need to undergo verification.

[nur rochid]

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?

The passage of the KYC does not depend on the amount of your investment, it can be $1000 or $5000. The existence of the procedure for the KYC is conditioned only by the rules of the ICO, if the developers of the project so require, then all investors who purchase coins/tokens need to undergo verification.

true, kyc is a rule from ico to include your identity. usually can send id card and passport. it is important for dev know clearly their investors, i think this is not a problem as long as it is kept confidential

[miradorme]

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 understanding "know your costumer" is a different rules and regulations in every campaign or in bitcoin world. For example the kyc verification which I experienced. The campaign needs your documentation or an proof of i. d that you are not a U. s citizen.

[labs0918]

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?

What I know about know your costumer is about the participants of different campaigns. About their information. Some bounty campaigns has different rules and they asked your i.d documentation.

[MNtrio]

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.

I would agree for KYC because as of now theres ao many scammer that manipulate and abused on how the spreads to make us down.

[connesa]

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 its just for security purposes.Know your customer ('KYC') is the process of a business identifying and verifying the identity of its clients.you need to send them some proof of identifications like government i.d or passports.just to prove its you and its your name written there.that way fraud and scammers cannot intrude.well most especially to avoid money laundering activities.

[Menawi12]

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???

If i'm not make mistke, in exchange if we want to withdrawal over their limit like level 2 (usually over 5btc) they need our identity and selfie photo with our ID. But if we deposit, not matter over 5btc they dont needed.
But I think KYC already common right now even on ICO because its regulation by government

[bengca84135120]

ICO is regulated in the us, and any amount of ICO investment in the us government may be known!

Their main purpose is to prevent some criminals from using ico for money laundering!

Da for tax evasion.

[buje micin]

kyc is a system commonly used in banks to know its customers to avoid illegal transactions, now ico has also been using it because the government has set it

[gabmen]

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???

If i'm not make mistke, in exchange if we want to withdrawal over their limit like level 2 (usually over 5btc) they need our identity and selfie photo with our ID. But if we deposit, not matter over 5btc they dont needed.
But I think KYC already common right now even on ICO because its regulation by government

Yeah it's not like a couple of years ago when everything's starting when exchanges only requires your email. With the surge of btc's popularity going along many scams and security problems, exchanges would also have to adjust by taking cust information. And i think it's going to be healthier in the future

[Spaffin]

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.

Checking KYC, this is in many cases amateur performance. No company ICO has yet clearly indicated on the basis of which specific regulatory document they require our identification data. On the other hand, the ICO team is also a client for the participants of this forum who are going to advertise the ICO project. Maybe they should give us their personal data and documents, not us? And if customers come to the outlet, where they sell, say, products. Buyers pay their money for the goods, therefore, they invest in this type of business. Should they present their copies of documents and other data to sellers, in the light of the fight against illegal money-laundering? Can you imagine how absurd we can get to?

[Averim]

 I don't have a personal problem with the KYC procedure but in the same time i ask my self what kind of measures do they acssualy take to protect the confidential info's from the hackers or any other criminal activity? I agree that we should know  where the money goes but we need protection to.