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Author Topic: KYC registration for ICOs? How do they verify?  (Read 590 times)
clearvision
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January 15, 2018, 07:22:58 PM
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How do they verify identity in KYC registration? If I had a fake Id from the EU and an address would that possibly work?
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January 15, 2018, 07:36:17 PM
 #2

The real question is who are you giving your passport to?  Are they thieves, terrorists, criminals or scammers?  Why would a crypto project want your identity like that and not move the business to a proper jurisdiction to take this potential huge liability off the supporters.. 

Do they secure the info (impossible to take out the human factor).

You feeling lucky?  For those that send in all your information may your chains rest lightly.

Is crypto really crypto when you need to show 18 forms of id?  May as well head down to the big bankers and do business there.

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camps74
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January 15, 2018, 07:40:45 PM
 #3

Articles out there where the terrorists are using fake/stolen passports.

https://identity.utexas.edu/id-experts-blog/the-link-between-identity-theft-and-terrorism

Maybe we shouldn't be passing our passports to everyone to get into crypto.  Imagine a huge terror attack and your on the news because you sent in your passport for KYC and the world is looking for you!





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santiPOGI
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January 15, 2018, 07:41:59 PM
 #4

The real question is who are you giving your passport to?  Are they thieves, terrorists, criminals or scammers?  Why would a crypto project want your identity like that and not move the business to a proper jurisdiction to take this potential huge liability off the supporters.. 

Do they secure the info (impossible to take out the human factor).

You feeling lucky?  For those that send in all your information may your chains rest lightly.

Is crypto really crypto when you need to show 18 forms of id?  May as well head down to the big bankers and do business there.
i am thinking the same as you, crypto currency were created to stay anonymous and the transaction will stay behind identity, but ICO now is doing KYC (know your custumer) which sadly give your identification out, this is just like a bank again and crypto are being dispose. though the KYC ensure and give plus factor to an ICO to be more successful now and not a scam. mostly theres many countries out there that must not in ICO participation
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January 15, 2018, 07:48:42 PM
 #5

I believe that any ICO project that requires your personal data is SCAM! There are no legitimate reasons for this, for this I pass by such projects. The same goes for AirDrop.
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January 15, 2018, 08:03:37 PM
 #6

Im against with this KYC policies of ICO on investors and bounty participants.

I mean, crypto are not used to become like this. We are already giving personal information to some of the centralized exchanges and now on the ICO project itself we need to give our personal information. For what? For investors it doesn't making sense. And if for bounty participaints to detect multiple participants, well sounds reasonable but they must think of other way without undergoing KYC's.

Let's see how this will goes on to the future projects and I want to see if I found something to become reasonable to undergo KYC's.

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anitaraymonds
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January 15, 2018, 08:10:47 PM
 #7

Most of the government issued identification documents are marked. The fake ones are always identify if the ICO team are serious and know what they are doing. Also some machine can identify fake and original documents, so it can be verify.
camps74
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January 15, 2018, 08:17:02 PM
 #8

I believe that any ICO project that requires your personal data is SCAM! There are no legitimate reasons for this, for this I pass by such projects. The same goes for AirDrop.
Glad to see some free thinking individuals are here looking at the big picture and not submitting to this bogus KYC scam. 

I can't wait to hear the sheep crying when one of these KYC projects get hacked and Al Quada is running around with their passport doing god knows what. 

I mean crypto with passport identification losses the entire spirit of the movement.  I fear the narrow minded who send their documents in are going to be hurt soon.

Imagine how easy it would be to start a project, get everyone's passports and sell them to the most nefarious individuals.

Anyone know how much a stolen passport goes for now days?

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ManaMan
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January 15, 2018, 08:20:53 PM
 #9

The real question is who are you giving your passport to?  Are they thieves, terrorists, criminals or scammers?  Why would a crypto project want your identity like that and not move the business to a proper jurisdiction to take this potential huge liability off the supporters..  

Do they secure the info (impossible to take out the human factor).

You feeling lucky?  For those that send in all your information may your chains rest lightly.

Is crypto really crypto when you need to show 18 forms of id?  May as well head down to the big bankers and do business there.

Of course they don't secure the information enough, if you want to trust some start up with like max 30 people out there go ahead. Thing with crypto is that it was supposed to be available for anybody without requesting your IDs and all other stuff.

I believe that any ICO project that requires your personal data is SCAM! There are no legitimate reasons for this, for this I pass by such projects. The same goes for AirDrop.

It doesn't need to be a scam, some countries for instance don't allow ICOs to rise funds from their citizens, so by requesting your IDs they want to make sure not to have any trouble with governments in future. I know that some ICOs are even baned for US citizens, so how the hell can they make sure you are not? I don't say that this is the good way to do it.

Most of the government issued identification documents are marked. The fake ones are always identify if the ICO team are serious and know what they are doing. Also some machine can identify fake and original documents, so it can be verify.

What can you do about stolen ones? I don't think that companies behind ICOs even care that much tbh.


I believe that any ICO project that requires your personal data is SCAM! There are no legitimate reasons for this, for this I pass by such projects. The same goes for AirDrop.
Glad to see some free thinking individuals are here looking at the big picture and not submitting to this bogus KYC scam. 

I can't wait to hear the sheep crying when one of these KYC projects get hacked and Al Quada is running around with their passport doing god knows what. 

I mean crypto with passport identification losses the entire spirit of the movement.  I fear the narrow minded who send their documents in are going to be hurt soon.

Imagine how easy it would be to start a project, get everyone's passports and sell them to the most nefarious individuals.

Anyone know how much a stolen passport goes for now days?

People see only profit and they don't even think twice and look that this is an serious issue out there giving you IDs to anyone online is dangerous.
clearvision
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January 15, 2018, 08:23:00 PM
 #10

Yea I agree its lame but it seems like every big ICO now doesn't allow US residents. I want to invest in BeeToken but live in the US and they use Know your Customer. You just send a pic of the front and back of the ID I think so If you got a good fake one maybe that would work.
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January 15, 2018, 08:34:47 PM
 #11

I wonder who even brought the KYC idea and what it really stand to add to me sef. you do your best to partake in a programme and when it is time for reward someone will come up with such idea.
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January 15, 2018, 08:42:28 PM
 #12

How do they verify identity in KYC registration? If I had a fake Id from the EU and an address would that possibly work?
Yes, but there is a huge risk for being rejected in there if they discover that you are a fake guy, and you can easily go to jail if you are using FAKE ID's, and more for this kind of purposes.

Just put your own data, nothing is going to happen to you if you are investing in a legit project.

Just be careful about in where are you going to submitt your data, nothing more than this.
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January 15, 2018, 08:48:55 PM
 #13

The real question is who are you giving your passport to?  Are they thieves, terrorists, criminals or scammers?  Why would a crypto project want your identity like that and not move the business to a proper jurisdiction to take this potential huge liability off the supporters.. 

Do they secure the info (impossible to take out the human factor).

You feeling lucky?  For those that send in all your information may your chains rest lightly.

Is crypto really crypto when you need to show 18 forms of id?  May as well head down to the big bankers and do business there.

It just became centralized.  Grin
I saw one that needs every information to complete their bounties.
That is really sad.
The faces and information of this people are now out.
They can try passwords from your birthdays which are in your ID's and also a lot of possibilities to take anything from you.
Scary.
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January 15, 2018, 08:51:07 PM
 #14

How do they verify identity in KYC registration? If I had a fake Id from the EU and an address would that possibly work?
Yes, but there is a huge risk for being rejected in there if they discover that you are a fake guy, and you can easily go to jail if you are using FAKE ID's, and more for this kind of purposes.

Just put your own data, nothing is going to happen to you if you are investing in a legit project.

Just be careful about in where are you going to submitt your data, nothing more than this.


Are there any real cases when a some country put you in jail for fake ID's in KYC registration? I don't hear about it. Don't think that this can happen in the near future in cryptoworld.
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January 15, 2018, 09:00:39 PM
 #15

KYC is used to identify a person to know for sure that he is not from the country that is prohibited from participating in the ICO. I don't see anything terrible in this.
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January 15, 2018, 09:03:49 PM
 #16

How do they verify identity in KYC registration? If I had a fake Id from the EU and an address would that possibly work?

Most probably not.
1. They are using external contractors who have contracts and agreements to access IDs DBs.
2. It's illegal
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January 15, 2018, 09:10:46 PM
 #17

Im against with this KYC policies of ICO on investors and bounty participants.

I mean, crypto are not used to become like this. We are already giving personal information to some of the centralized exchanges and now on the ICO project itself we need to give our personal information. For what? For investors it doesn't making sense. And if for bounty participaints to detect multiple participants, well sounds reasonable but they must think of other way without undergoing KYC's.

Let's see how this will goes on to the future projects and I want to see if I found something to become reasonable to undergo KYC's.
Me too,  I allegedly against KYC process because it will take too long process before you paid in Bounty campaigns. They need to verify all one by one before to confirm it. It might take so long, I don't know if it is reasonable to deal with it or not.













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January 15, 2018, 09:22:54 PM
 #18

KYC is used to identify a person to know for sure that he is not from the country that is prohibited from participating in the ICO. I don't see anything terrible in this.
That's bullshit.
You don't even know to whom you are giving those information and for what they will use it.
What you are doing here is trusting complete stranger with your sensitive data. It takes only 10 minutes to create erc20 token everyone can do it and everyone can launch ICO.
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January 15, 2018, 09:26:39 PM
 #19

becareful when you send your personal data online millions of crime are committed everyday. how will you feel if you discover that your identity have been compromise. ICO are not suppose to require KYC for buying of token. this is currenly increasing among ICO. aalmost every ICO now do KYC this is not suppose to happen. it is damn crypto
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January 15, 2018, 09:39:20 PM
 #20

They don't verify it, KYC is a requirement for institution to report to the government that they know where money is coming from. I wouldn't be surprised if a big chunk of kyc ICOs are selling info of their investors.

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