Know Your Customer

[FurDich]

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.

Know your Costumer or lets called a KYC is the most important for this kind of online income because of preventing maany ccount using in bct forum activities.

[Vektrum]

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?

If the exchange is registered in the US and is located on its territory, then, most likely, that such data about its customers with operations of a more certain boundary amount the exchange sends to the government. By the way, recently I read about the US and read that the government obliged exchanges and exchangers to provide such data. However, if the exchanges are not in the jurisdiction of the United States, then they do not have to do this. That is, everything depends on the country in which the stock exchange is located.

[BitProCoin]

I wouldn't like to send my sensitive information to a brand new company doing an ICO, so this is a very good question. Knowing what will be done with that information.

[jeremypwr]

There is nothing wrong with the KYC procedure. 
If someone is not hiding their identity, they should not worry about having to submit basic proof.
This is a very common practice and you are often told before that you will be KYC, so you have no reason to argue.
Just obey the rules and you have nothing to worry about. 

[dynospytan]

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?

It really that way. It doesn't respect the privacy of the participators on how much do they want to invest. Will the establishment take advantage of the participator who just invested a bulk amount? Know Your Customer, at least in my area, aims to verify that the receiver or the sender is really cleared out of any bad records like for example that your license could be confiscated when you made an offense to the law disallowing you to make any transaction that could lead into any shady things. I don't think government would really watch where the money led into, but rather verify the transaction parties out there..

[mimienamphine]

I think know your customer is good because it prevents fraud issues and helps people to know that they are dealing with real people who can be traced in case of anything that do not go down well.KYC is really good especially in cryptocurrency where fraud issue are more rampant.

[weblouartisan]

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?

KYC today is one of the reason why ico is being successful in their project, KYC means they are serious about their business that they want success in the future and most of the ico's that has kyc are getting more investors than others who does not require it.

[koleskok]

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.

[rysheeer]

When starting a business, you must first know your target audience or clients. You should always put yourself in their shoe so you'll know how would they feel and their reaction to what you are offering. And through this, you can build a good rapport with your clients.

[realcrypto]

You can withdraw more than $3000 from exchanger for now. The exchanger that gives restriction is the one the changes our bitcoin to fiat. Your traditional bank is the one that will stop you from withdrawing above that amount.

[jgaspar]

I personally would come very carefully to those bounties or ICOs that are wanting to have my personal info, I am carefull with that.

[isetter]

I do not care. Most ICOs want KYC people to prove that each person is only allowed to use one account. They do so to avoid the fact that many people create so many accounts to buy more ICO coins

[YzzyGo]

in my country, moving large amounts of money (around $8000), banks are required to get your information. Now if you're just a low level employee, that makes it really suspicious for you to suddenly move that amount of money in your account. It's a counter measure setup by a Government to battle criminal activities although it does affect your privacy.

[JRoa]

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?

We should be careful when we are giving our information in ICOs and other projects. We should be careful because there are some people who will use our personal information to make bad things.

[teeevnglst]

You are right it gets reported to avoid money laundering  issues in a country though on the other hand many investor hate it but the things its required  by the law they think KYC as a collateral when they need it to avoid illegal activities.

[alfs75]

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?

actually that situation happen in US that they collecting an KYC to the participants espcially in ICO and those who puts  in over $3K  and shall be reported,but  this only implemented  in selected  countries only ,but not totally implemented all over in the world,so therefore this kyc  implementation in U.S  is for there country law only,while participating ICO in another country like japan or some european countries,is disame as usual no kyc  implementation.

[15putriutami]

Know your customer is the process of a business identifying and verifying the identity of its clients. The term is also used to refer to the bank and anti-money laundering regulations which governs these activities.

[VapeCoinKeks]

This procedure is carried out for other purposes. To obtain your passport details and then resell them to others.

[Satsibul]

I do not think that all transactions in the amount of $ 3000 are tracked. This is small money. Companies that conduct ICO collect data to protect themselves from possible future inspections of state institutions

[Bitcoin2009]

This is a great method to convince everyone that the users and investors of cryptocurrency is real, many people are worried that ICO investors are criminals because they hide the money of corruption, with the KYC then the state will believe.