Know Your Customer

[poonampawan]

I do not understand what kyc's function is. will my data be safe after giving my document to ico project? if ico project scam what happened to my data?

Giving your KYC details is always a risk. If the ICO is legit then you do not need to worry but there are some scams too and they just collect your data and sell it for 10$-50$. You can googe it for more detailed explanation.

[darkphoenix2610]

Does that mean that if one participates in an ICO and puts in over $3,000, that gets reported to the government?

Once you join and ICO with a KYC it will be reported to the government,i think they pass all the participant after the ICO,i dont know about the law but some countries are banning its citizen from joining ICO.

Or if you move $3,000 out of an exchange, that gets reported?

Weather you move your funds or not once you join the ICO the government has the info on your transaction, this is their way of tracking their citizen who can potentially be evading taxes.

Know your customer is a process of identifying a business and verification of clients if this involves illegal transactions like money laundering wherein they may able to control the flow out of illegal activities. Knowing your customer for me is important because we will be able to know the one that you are dealing with is legitimate in their dealings when doing bitcoin transactions.

I think KYC is needed for the safety of funds of the investors or a certain participant in a campaign, It is good also for the campaign managers and Devs to know if the account is real or fake, some required identification is needed in KYC which is demand in this field, always have a real account and also dont annoy yourself by KYC because it has a positive purpose for both the company and you.

[katiecbell]

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?

Bitcoin is different from Banks and other financial institutions. Bitcoin was, like they say, made for anonymity and when you’re using Bitcoin there is nothing KYC. With Bitcoin you are able to transact up to a million dollars without anyone asking you questions on what or how and whatsoever.

Bitcoin gives you privacy and control over your finance and no one else has access to it, but you alone. So there is no need for KYC, I send and receive thousands of dollars almost every week through Bitcoin and no queries cause I’m in charge and it’s my money.

[brickafterbrickwalldpt]

I'm trying to avoid KYC as much as possible. I don't want anyone to store my private information. There have been many leaks of such information. KYC is meant to prevent money laundering from happening but we all know that it won't help. Not every exchange force their customers to go through KYC. Many ICOs also demand verification for no reason.

[micheal34]

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?

crypto space should be decentralized your identity should be anonymous, kyc make the purpose of blockchain technology to be futile if anonymity nature of it is distrusted by kyc.

[gerald246kru]

most likely KYC is used to know the area because I see there are some countries that are forbidden to participate in some ICO and I do not really know what ICO actually needs some KYC, because in my opinion it is very sensitive data

You should get worried about it, because in my opinion this is just beginning it is very possible that in the future governments approve laws in which it is required to identify yourself every time you make a transaction in a blockchain. I do not think that they can hide from banks but as we have already seen many ico campaigns run with a digital cryptocurrency so in that sense

[yesss]

Well here in the Philippines kYC is being done in the exchange where the government give a license for that exchange to operate. Coins.ph is one of the local exchange here in the PHilippines and i like their service because it has a 2 way factor in identifying their client before accessing the account. Aside from that KYC is done one time before doing any transactions.

This feature is amazing because it serves as a security to both the provider and the user or seller and the buyer, and it defeats the fraudulent acts attempt by some individuals who want to take advantage of something for their own benefit. Many people are incapable to understand that one of the most valuable things in the world is information, that is why the governments are doing everything they can to obtain all the information they can about you and the same is true about private businesses

[Images21]

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 will only reach the appropriate agencies of the government if they ask for it. If not, they will stay with the exchanges. But it is still properly and strictly monitored so that when a considerable amount of suspicion arises, it will be easily put under a more detailed scrutiny and investigation. I am not in favor of this Know Your Customer thing. This is a very "uncrypto-like" feature, if there is such a term.

[owmivmen]

it is the rule of the government where the ico is made. there are some countries that do not require kyc. many problems occur in every kyc. invalid data and the dangers if our data is used for crime.

[weeks65]

Regulation may be good in some cases but I think they are going to try to kill bitcoin with regulation, it is going to be so difficult to use bitcoin and follow all the laws that most people will prefer to just drop it and use fiat instead and if you do not think that can happen look at what happens to US residents. This is common sense, if you are investing heavily in bitcoin they need to pay your taxes I know no one likes to pay taxes but if you want to stay safe and avoid going to jail then you have to do it

[Sergio444]

I am not sure ICOs report for investing more that $3000 into crypos. What if I bought on bitcoin as at the time of its peak price of $20k. One of the reasons for Kyc basically used by ICOs to check if people who were restricted from participating in such icos did participated or not. It is also to check scam. Anyway, the kind of information they demand is to personal and requires that the issue of kyc be reviewed. Imagine giving out your email, passport, ID etc to some troops you don't know. KYC is really risky.

[martychubbs]

 I usually am trying to avoid know your customer process, because in my area recently there was some guys who took a credit with stolen documents from some fake kyc.

[nethan1btc]

This feature is amazing because it serves as a security to both the provider and the user or seller and the buyer, and it defeats the fraudulent acts attempt by some individuals who want to take advantage of something for their own benefit. There are certain things which you need to know if you want to perform better and that if you want to make some good earning by selling your product with higher demand rate. If you will not be aware of the needs and wants of your customer

As far as I know, I don't think government will track those huge amount of  transactions since the bitcoin designed as peer to peer communications. Well, I would say if the government can easily manipulate this kind of problems for sure many users will complain as the anonymous can be easily track by the government. I don't understand if ever the government will interact since their.are many problems which needed to be solved here in our society which need to be prioritized instead the bitcoin community.

[Bitcoin_Makers]

It seems to me that these data are not sent to anyone except for cases with large amounts. With small investors, no one will bother, especially the state.

[bongnor531]

It does raise some concers for me as well. Basically every ICO requires a KYC procedure which is understandable on one hand. But what is the guarantee that they will not use it unfaithfully?

[Cotton Candy]

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?

To the extent I know, I don't figure government will track those colossal measure of exchanges since the bitcoin composed as shared correspondences. Indeed, I would state if the legislature can without much of a stretch control this sort of issues without a doubt numerous clients will grumble as the unknown can be effortlessly track by the administration. I don't comprehend if at any point the administration will cooperate since their.are numerous issues which should have been fathomed here in our general public which should be organized rather the bitcoin network

[billarerghomes]

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.

[indog]

If you participate in ICO project you dont have to report/send information to a government agency, unlike what we usually do, you have full rights to your money

[laracastvue]

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 opinion, kyc is just fine as long as ico's will not scam their investors and participants of the bounty because the reason why other people are investing a huge amount is due to trust.

[embargo]

Everything goes to a full-fledged creation of a digital society, where absolutely every transaction will be displayed in a single database. And, accordingly, each person will have his own dossier. KYC is another step for the emergence of such a model of society.