Why most ICOs ask for KYC?

[hesham51]

Hi , Recently most ICOs ask participants for KYC!, why the do?
Is there any official organization regulate them and monitor ICOs?

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[Ouissem]

At first, they asked for a verification of identities to avoid having invertors from the United States or China where ICO are prohibited. Since then, it has become a marketing element to prove the "seriousness" of a fundraiser.

Today, you have to pay attention to these companies that request a KYC, because it could be a scam that would like to steal your private information.

[boba_kate]

If ICO team plan to use money for developing, they must ask for KYC because many of investors are from USA. It is protective procedure

[Dondont]

There is only one country where it is forbidden to take tokens from ICO projects. In the United States of America, there is an illegal decision against Ico. Only the identity document is required in the country of China. Do not give your credentials to projects you do not trust.

Yes, KYC is really still biggest problem, even blockchain told us to keep staying anonym in this stuff, so its still become a question in my mind,
why those project that's still related to any blockchain thing, they need a private information of the participants, very disgusting i think

[Thadeous]

KYC is the very important part of ICO regulation. Everyone who participated in ICO noticed citizenship related restrictions.
In its turn company should be able to provide detailed registration information for ICO participants.

[GideonGono]

At first, they asked for a verification of identities to avoid having invertors from the United States or China where ICO are prohibited. Since then, it has become a marketing element to prove the "seriousness" of a fundraiser.

Today, you have to pay attention to these companies that request a KYC, because it could be a scam that would like to steal your private information.

You hit the point! That's exactly it is! My take on this is that you need to pick carefully what ICO you want to participate especially now that a lot of them are purely scams or being deceitful which make their investors believe that they are the real thing but when it hits the market and after a few days it would drop dead.

[Brat ipoh]

Hi , Recently most ICOs ask participants for KYC!, why the do?
Is there any official organization regulate them and monitor ICOs?

Fill KYC is a boring, I think it’s the Regulation of the less good, there may be one of the required ico to fill KYC.

[1NV3ST0NM3]

This has began after people have started laundering out their money in cryptocurrencies. Actually after the United States securities commission has prohibited residents of US to take part in ICO every ICO come up with a KYC to ensure there is no participant from any such country. Secondly, KYC keeps away scammers and spammers too. But what KYC does is that it gives your pretty important details to the developers and no doubt this can be misused quite easily.

[randee888]

To make sure that joining their ICO is legal in your country, they dont want to get involve in any law problem so their bussines is safe.

[@ngelcryptopia]

KYC in itself is important to ensure the individual is not using funds obtain through illegal means.
It is a tool to fight money laundering and terrorist financing.
As exchanges are regulated, ICO needs to do KYC to ensure their coins or tokens are not used as a means for money laundering or terrorist financing.
I do agree some projects are scam so be careful not to submit your personal details to any project that doesn't look legitimate.
Finding out the KYC partner of the project is important too. At least you know your personal data will be protected and handled properly.

[miyaka26]

If ICO team plan to use money for developing, they must ask for KYC because many of investors are from USA. It is protective procedure

Or a procedure to steal your information also know as identity theft and you need to be careful about complying with the ICO most especially if their business and plans are much shady and its too good to be true and genuine scheme, most of them are just a scam project which some scammers take the opportunity of KYC compliance to get the clients valuable information for their unlawful acts. Most of the ICO is requiring its client most likely if your a USA citizen, so do the proper protocol to research their project before getting involved.

[thesmallgod]

If ICO team plan to use money for developing, they must ask for KYC because many of investors are from USA. It is protective procedure

instead to doing that they can implement full IP tracking scrypt on there website. one an IP from USA is trying to register then they can block them.

[thesmallgod]

for me i think its wrong to ask for KYC. just because you want to stop some faction of particular country from participating in ICO does not mean you should implement KYC for everybody. there should be other measure to do this. secondly its unwise for any investor to send people you dont know your Identity document. this is dangerous

[madtea]

ICOs raising $50m and above can definitely afford kyc. A lot don’t even want to go through a legal analysis and proper corporate structuring but that is why the community needs to keep vetting these things and flag them right away.

[Martinkuhn]

While the main reason for KYC is to ensure that investors are not from certain countries, it has become a tool to show the world that their ICO is a legitimate ICO and has KYC measures in place.

How robust is the KYC checks, i really do not know.

But in this day and age, our personal identity is an asset and should not be given out easily. So we need to be sure of the legitimacy of the ICO before we give them our information.

[Flickkk]

Hi , Recently most ICOs ask participants for KYC!, why the do?
Is there any official organization regulate them and monitor ICOs?

based on my research about the global issue about cryptocurrency.
most ICO need to do the KYC or what we call "Know your Client"
because many country ban altcoins or cryptocurrency
an ICO need to know their locations .
so that the Plan of the ICO or Roadmap can't be stop or
got affect by some kind of issue .

[Murloc]

It must be some sort of local law that forces ICOs to show the source of the funds they raised, no one pays that much attention to toe next owners of their tokens. That should be only needed for toe gov of the country where the ICO is registered. If you are making an ICO somewhere for example in europe where this process is not that regulated then verifying the identity of US and chinease investors if not your problem.

[Tylev]

The KYC problem is indeed a very big problem for ICO participants for several reasons. On the one hand, the United States has indeed imposed a restriction on the ICO, so the companies passing them must view that there are no US citizens among investors.
        However, this should not apply to participants in the signature campaign, especially since the verification procedure begins after the end of the ICO, without any prior notification of such a verification. I think that some campaigns began to require additional data in the campaign signers only for the sole purpose - to reduce the list of applicants for the payment of already earned tokens. This explains why these data are required not at the beginning of the campaign, when the participant is allowed to the signature campaign, namely at the end, when the agreed work is completed and refuse to provide additional information about himself, means to refuse the already earned tokens. In fact, this is a form of fraud, since the campaign does not previously warn that it will require any other information than those indicated by the participant in the signature campaign in a special form before starting the campaign. signatures.

[subG]

Be careful providing personal documents to these ICO projects.  Remember, if it ends up being a scam, you don't know what they will be doing with your documents.  They might end making fake passports of you and selling them for illegal activities.  I never FOMO ICO's so I avoid the ones that require KYC. 

[kramchers]

maybe most of ICo now are having KYC as many of them before who ask for it went SOLD out if not successful.
KYC "know your customer" is actually a disgusting process for the community that MR. Satoshi Nakamoto wants, but its their ICO as everyone said, lets have RESPECT to each other. but i hope they can respect the father of cryptocurrency too.