Know Your Customer

[darkphoenix2610]

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'm not favor with the kyc because it was our own privacy and besides government want to know who has a hidden treasure, and some governement would collect all of your income and leave you just nothing this is how government work so better to choose a bounty that there is no kyc but kyc is needed when you are going to invest in some ICO.

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[avadonne]

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.

You should have problem since KYC collects all your personal information, thus losing your anonymity and the coins somewhat losing a part of its decentralization. All your financial transactions will be tracked and you will have to pay your taxes from the capital gains. Why do we have to pay the government for something they have no interest on or has no control over?

Yes. Having KYC procedure doesn't make us anonymous because they can control and monitor our activities. And also, there is a risk on our part because we don't actually know them. They are from the other side of the country and we know nothing about it except the facts written on their website. We cannot be so sure that they will make our information private.

[ivankoh]

I don’t think we should even worry about such things when it comes to Bitcoin and all these ICO stuffs, cause Bitcoin is all about privacy. Such things are only required when it comes to bank and other offline activities that mostly has to do with money.

I do not know, I'm also disappointed ico who uses kyc, but I joined here because I think crypto strongly supports privacy secrets, but I can not do anything

I support KYC registration for ICO projects because it verifies the identity of the investor to reduce fraud in ICO projects. KYC also helps limit the speculation of investors using multiple accounts to buy large amounts of tokens and can dominate the crypto.

[Ishiro5]

While i understand that for jurisdictions like US, there are a number of KYC laws that has to be complied with for regulatory reasons, so i would excuse US based ICO and exchanges. I think the whole lot of ICOs doing KYC today are just unnecessary, yes they can claim that such data may be required in the future, but my argument is that once the law is not yet in place then why the stress? Most importantly, many investors or customers are exposed to lots of identity thefts as a result of leaks. Even a well established facebook is having that challenge, so KYC is best done without in crypto space.

[michellee]

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 it will depend on the regulations in each country because I see my friends don't have to report their income from the ICO to the government and they only reported on what they get from their jobs. I see that the ICO is out from our real life and the government still don't know from where the money comes from unless they ask us about that money.

[kisscoin]

The government is very concerned about the problem of control over cryptocurrencies. Hardly do they have an established scheme that allows them to knowing your KYC data to track your transactions and movement on your accounts. I hope they don't show up. State control has long choked people and does not give a chance to remain anonymous and earn. Cryptocurrencies are our chance!

[Etoasiatsxxx]

Of course, we must recognize our customer because even the costumer is just what we need to know if he is trustworthy or not at all because you only have to be your customer only so we should recognize it.

[taxmanmt5]

The government is very concerned about the problem of control over cryptocurrencies. Hardly do they have an established scheme that allows them to knowing your KYC data to track your transactions and movement on your accounts. I hope they don't show up. State control has long choked people and does not give a chance to remain anonymous and earn. Cryptocurrencies are our chance!

KYC is also being used by many ICO but I think it is not a permanent solution. There are many ways whereby people can bypass or cheat the KYC by providing the wrong information. and as far as government concern to control the digital currency, it will simply not gonna happen with KYC or any other method.

[Bugsbey]

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 this is the most important in business, knowing the customer. It is applicable in all types of business. It will also prevent any further problem to happen or sometimes when problem occurs the customer's information can sometimes needed.

[Hopeliza]

Know your customer was required now in every bounty and investors. That's the new rules now, it is important to knownyour customer to avoi multiple accounts.

[nikay12]

KYC is important. It is good that we have now a KYC for every investors because it is the assurance of yourself that you are real investor and to avoid doible accounts.

[JustQueen]

I'm not in favor of KYC. I like the old processing here. Because having KYC takes a lot of time. It waste the time for the investors.

[hahay]

The government is very concerned about the problem of control over cryptocurrencies. Hardly do they have an established scheme that allows them to knowing your KYC data to track your transactions and movement on your accounts. I hope they don't show up. State control has long choked people and does not give a chance to remain anonymous and earn. Cryptocurrencies are our chance!

KYC is also being used by many ICO but I think it is not a permanent solution. There are many ways whereby people can bypass or cheat the KYC by providing the wrong information. and as far as government concern to control the digital currency, it will simply not gonna happen with KYC or any other method.

Yes maybe it's just a procedure for developers to create an ICO project so they can get permission from the local government or whatever to create an ICO project. Because we know the ICO project has been very unsettling for investors who have been deceived. So it's possible that KYC is just a priority for developers.

[jamids]

Even if we do not like KYC, sooner or later it would be implemented in ICOs may it be joining a bounty campaign or being an investor. ICOs would be regulated anyway and they want to monitor all people who would be joining and if possible who hold the coins so we cannot just avoid it. It is too bothersome but we have to adhere to it if we want to earn because that would be the only way. There are already some campaigns that require its participants to do KYC and some do not but I am still hoping they would still allow even if only the bounty participants to not require the KYC because some do not have the required documents.

[Irwandho]

The government is very concerned about the problem of control over cryptocurrencies. Hardly do they have an established scheme that allows them to knowing your KYC data to track your transactions and movement on your accounts. I hope they don't show up. State control has long choked people and does not give a chance to remain anonymous and earn. Cryptocurrencies are our chance!

KYC is also being used by many ICO but I think it is not a permanent solution. There are many ways whereby people can bypass or cheat the KYC by providing the wrong information. and as far as government concern to control the digital currency, it will simply not gonna happen with KYC or any other method.

I think the introduction to the customer is important that you will know if the customer trustworthy or not to start a business that you will begin

[jaocoincrypto18]

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.

That's not the issue here. I'm talking abut KYC, which is a legal thing.

The ICO and exchanges will pass all KYC compliant documents to the government especially if this will involve a huge amount so which means not only for $3,000 but any amount so that the government can trace the amount and the transactions to ensure that it was not involve in money laundering that it might use in any illegal activities.

[3la9l_kolbaCa]

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.

That's not the issue here. I'm talking abut KYC, which is a legal thing.

Yes correct because that is the first step that we are going to do if we want to indulge in business. Aside from that knowing customers determine their needs and wants if we can really meet the standard. The customer satisfaction is very important because it matter most if our business will be productive or not. Then it determines the RPL of your customer so that he might not be a hindrance of your success. It matter most so that you will be able to meet the exact portion in tge business.

[Mancung]

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 the main causes they collect KYC informations are to prevent any money laundrying just like conventional bank use to their customers. But dont worry , in my opinion they wont report every investment on ICO to the government.. they just collect it to prevent any troubles they might face in the future regarding the ICO..

[Dannaey]

The government is very concerned about the problem of control over cryptocurrencies. Hardly do they have an established scheme that allows them to knowing your KYC data to track your transactions and movement on your accounts. I hope they don't show up. State control has long choked people and does not give a chance to remain anonymous and earn. Cryptocurrencies are our chance!

KYC is also being used by many ICO but I think it is not a permanent solution. There are many ways whereby people can bypass or cheat the KYC by providing the wrong information. and as far as government concern to control the digital currency, it will simply not gonna happen with KYC or any other method.

Yes maybe it's just a procedure for developers to create an ICO project so they can get permission from the local government or whatever to create an ICO project. Because we know the ICO project has been very unsettling for investors who have been deceived. So it's possible that KYC is just a priority for developers.

That's right. In order for a certain project to launch their ICO, they should pass the legal requirements of the government. KYC is very important to the government so that each investor are being verified. This process is for the AML Law.

[soul14]

I think it is quite valid. recently my bitcointalk account was hacked. i participated my first ever signature campaign and due to kyc the hacker wasn't able to get my token. so i think this verification was good.