Risk in National ID submission for ICO KYC?

[ankurguta87]

Hi guys,
Today I thought that many ICO are allowing to participate after KYC in which user has to submit national id, address proof and bank statement etc.
Isnt it risky?

[blue_id69]

There are many fully legal reasons to invest in an ICO, ranging from belief in the utility of a new piece of Crypto infrastructure to speculation on a coin’s rising value. Outside of these legal motivations, there is the practice of laundering fiat currency. Unfortunately, the ongoing lack of regulatory clarity means many people who wish to invest in a project for its intrinsic utility to disrupt established industries for the better feel they risk being treated as money launderers. So no its not risking your life as long the ICO you join is real company not some fake one that just try to stole your credential, all KYC process is to protect you. In some county its illegal to joinin ICO so they dont want to take a risk and sell it to person from that country.

[Kryten12]

You do not get any choice now as for most it is a requirement, i honestly think it is more to ensure the ICO company is following procedures and preventing AML. I have only used proof of address info such as utility bills, I am not sending my bank details to anyone.

[Ros-In]

The KYC procedure is not mandatory to use National id card, you always can use proof of address such as utility bill or else. Its kinda importan though, cause all KYC thing mean that company who runing a project doesnt want to get any trouble an any law problem.

[danielgouldman]

The KYC/AML processes are legit and no joke.  The US government doesn't play around with that stuff.

[ankurguta87]

The KYC procedure is not mandatory to use National id card, you always can use proof of address such as utility bill or else. Its kinda importan though, cause all KYC thing mean that company who runing a project doesnt want to get any trouble an any law problem.

for some ICOs its mandatory like ongoing DADI ico. I want to invest in it but problem is that they are demanding strict KYC, national id card and bank statement.

[john_nautica]

I think it will not be a problem, just what I think leads to future problems is token sale without verification of kyc, how will they audit?

[gribble]

Hi guys,
Today I thought that many ICO are allowing to participate after KYC in which user has to submit national id, address proof and bank statement etc.
Isnt it risky?

I don't think giving the our identity to participate in ICO project will be dangerous because usually the ICOs projects that has good fundamental, innovations in the future. They always ask about the nation identity to all of investors, it will gives protection for the developer of ICOs and the investors and this way can minimalize the money laundry related with digital currencies. And it is good for the growth of ICOs.

[fat buddah]

They all are asking for that nowadays, so it is upto you to provide them those details or not. But yes, you need to fill up all that kind of stuff in order to be able to invest, and it happens in almost 9 of 10 ico's at the moment.

Hi guys,Today I thought that many ICO are allowing to participate after KYC in which user has to submit national id, address proof and bank statement etc.
Isnt it risky?

[kwabeedat]

it could be risky somehow, depending on the type of project(because some people are scammers and can use your details in so many illegal ways).Others too, that's because of the legal reasons. Recently, regulations are always added to crypto by governments so every projectvdev wants to be safe for illegal troubles so that's vwhy they follow rules. At first, bounty hunters were free from KYC, but I once joined a campaign where they forced us to submit KYC details(all for legal protection)

[xcbjsuw]

There are many fully legal reasons to invest in an ICO, ranging from belief in the utility of a new piece of Crypto infrastructure to speculation on a coin’s rising value. Outside of these legal motivations, there is the practice of laundering fiat currency. Unfortunately, the ongoing lack of regulatory clarity means many people who wish to invest in a project for its intrinsic utility to disrupt established industries for the better feel they risk being treated as money launderers. So no its not risking your life as long the ICO you join is real company not some fake one that just try to stole your credential, all KYC process is to protect you. In some county its illegal to joinin ICO so they dont want to take a risk and sell it to person from that country.

But for now what is not difficult, to distinguish where the ICO is legit and fake?
I still doubt with ICO that should use KYC method. afraid our data is misused.

[Maren]

There are many fully legal reasons to invest in an ICO, ranging from belief in the utility of a new piece of Crypto infrastructure to speculation on a coin’s rising value. Outside of these legal motivations, there is the practice of laundering fiat currency. Unfortunately, the ongoing lack of regulatory clarity means many people who wish to invest in a project for its intrinsic utility to disrupt established industries for the better feel they risk being treated as money launderers. So no its not risking your life as long the ICO you join is real company not some fake one that just try to stole your credential, all KYC process is to protect you. In some county its illegal to joinin ICO so they dont want to take a risk and sell it to person from that country.

But for now what is not difficult, to distinguish where the ICO is legit and fake?
I still doubt with ICO that should use KYC method. afraid our data is misused.

Your ID data can't be misused. KYC is the first step towards mass adoption. Projects with emphasis on privacy will never ask for KYC, but if you want to participate in public and legit projects KYC is a must.

[shinratensei_]

Hi guys,
Today I thought that many ICO are allowing to participate after KYC in which user has to submit national id, address proof and bank statement etc.
Isnt it risky?

Peculium ico should become a very good example what majority of people think about these cases. It's very risky if the developer can't be trusted. That's why the majority of people are doing deep research about ico before they are trying agree to complete KYC and AML requirement before participating in the ico. If you are feeling doubt and you can never try to do that.

[withche.07]

It is actually risky if you cannot trust developers but I think all our data is already concealed and no need to worry.
Most people's all data are already breached in someway in some social media site over leaked passwords.

[ankurguta87]

Hi guys,
Today I thought that many ICO are allowing to participate after KYC in which user has to submit national id, address proof and bank statement etc.
Isnt it risky?

Peculium ico should become a very good example what majority of people think about these cases. It's very risky if the developer can't be trusted. That's why the majority of people are doing deep research about ico before they are trying agree to complete KYC and AML requirement before participating in the ico. If you are feeling doubt and you can never try to do that.

There is mix opinion but the only thing we can do is to submit IDs after doing research on the project. But yes, we cant be 100% sure that IDs are safe 

[cherryscarlett]

Yes, I always think it's dangerous to submit KYC casually.
Because no one knows what the KYC data will be used for, and it is often seen that the ICO team is selling the KYC they get, so I think it's dangerous.

[LordTricky]

Hi guys,
Today I thought that many ICO are allowing to participate after KYC in which user has to submit national id, address proof and bank statement etc.
Isnt it risky?

Extremely... I aint playing no retarded ID games, and if this stupidity is not ended soon, I shall be another ex crypto user... I hope all exchanges who try to force this ID stupidity go bankrupt, because we are not their customers and KYC stupidity does NOT apply...

We are the exchanges patrons, if we place an order we become the customer of the other user who is selling their assets, therefore KYC does not apply and will not be respected or tolerated!!!

[alyssa85]

Hi guys,
Today I thought that many ICO are allowing to participate after KYC in which user has to submit national id, address proof and bank statement etc.
Isnt it risky?

There is always a risk - ask yourself whether you trust them not to get hacked and not to sell your details to the dark web.

If the answer is that you don't trust them, don't participate in the ICO, buy the coins when they later get listed on the exchanges (you might actually be able to buy cheaper).

[Portia12]

It is actually risky if you cannot trust developers but I think all our data is already concealed and no need to worry.
Most people's all data are already breached in someway in some social media site over leaked passwords.

i agree to this one dont go if you cant trust the developer. sending National id is very confidential because hackers or bad people use your identity to make scams and other illegal transaction so we need to be secure all of our ID's.

[Happy Smile]

I wont invest in that because I won't be anonymous anymore.