What is KYC?Why do you need KYC in buying ICO?

[Sendibere]

KYC means Know Your Costumer, the US Securities and Exchange Commission (SEC) is reportedly preparing to prosecute ICOs which are held without KYC procedures. In fact, there have been cases where the SEC prosecutes and demands refunds for Token Sales that have not implemented KYC.

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[LancelotRay]

How far is too far when ICOs try to KYC? Where do you draw the line? Does it start to become a matter of privacy?

[Vit83]

KYC is very strange thing in crypto world. The only thing they need to know is just my wallet number. Want KYC go to the IPO not ICO. I don't want to send to unknown group of people my documents. Why don't we see dev's faces with the photo of their documents on ICO sight? We need to know real people. 

[duyduc256]

KYC is very strange thing in crypto world. The only thing they need to know is just my wallet number. Want KYC go to the IPO not ICO. I don't want to send to unknown group of people my documents. Why don't we see dev's faces with the photo of their documents on ICO sight? We need to know real people. 

I really want to. I want to know the dev in the project on to check their credibility and existence. Although the crypto market is very good and brings a lot of profits, there are also many fraudulent projects.
But it seems that the conditions we set out will not be accepted because the crypto market is an anonymous market. All we need is trust.

[sunX3]

KYC is very strange thing in crypto world. The only thing they need to know is just my wallet number. Want KYC go to the IPO not ICO. I don't want to send to unknown group of people my documents. Why don't we see dev's faces with the photo of their documents on ICO sight? We need to know real people. 

This is why I like it when we see real photos of the dev. team in whitepapers.

And I also agree about sending the documents, no way I'm sending my ID / personal #.

[awazieik]

         
    1.WHAT IS KYC?

"KNOW YOUR COSTUMER" means the process of the identification of the client.Token holder will be required to provide with his/her personal data,after token/coin purchased will be sent to the wallet that the user put in his account.

    2. WHY DO YOU NEED KYC?

Although the phrase "know your customer"may seem insignificant to a lot of people ,it has a very important meaning in the business world.If particular companies want to interact with other partners in the industry,however, they really have no choice. KYC allows companies to protect themselves by ensuring that they are doing business legally and with legitimate entities, and it also protects the individuals who might otherwise be harmed by financial crime.

    KYC is a defensive mechanism for both the company and the clients. By sharing this data,all the token holders confirm that they are the true owners of their personal accounts and the wallet,to which the company send tokens. It will grant that you are the person that receive your tokens.


     SUMMARY

    KYC  IS NOT A THING TO BE FEARED OF,COMPANIES NEED THAT FOR THE SECURE DEVELOPMENT OF THEIR BUSINESS AND FOR THE SAFETY OF YOUR INVESTMENTS AS
    WELL.


HOPE IT HELPS..LET ME KNOW YOUR COMMENTS AND IDEA GUYS ABOUT DOING KYC IN ANY ICO.

Well you know that people have issue with KYC being introduced to Cryptocurrency because it defeats the purpose of anonymity . However with all the scams and frauds that are taking place in the crypto space, it is necessary to have a safety net to protect investors. This is why KYC is now compulsory

[veliq]

I think to weed out most of the scammers and bots! all the same in such cases you need to register a person, his passport to verify the data

[hiddenmist]

         
    1.WHAT IS KYC?

"KNOW YOUR COSTUMER" means the process of the identification of the client.Token holder will be required to provide with his/her personal data,after token/coin purchased will be sent to the wallet that the user put in his account.

    2. WHY DO YOU NEED KYC?

Although the phrase "know your customer"may seem insignificant to a lot of people ,it has a very important meaning in the business world.If particular companies want to interact with other partners in the industry,however, they really have no choice. KYC allows companies to protect themselves by ensuring that they are doing business legally and with legitimate entities, and it also protects the individuals who might otherwise be harmed by financial crime.

    KYC is a defensive mechanism for both the company and the clients. By sharing this data,all the token holders confirm that they are the true owners of their personal accounts and the wallet,to which the company send tokens. It will grant that you are the person that receive your tokens.


     SUMMARY

    KYC  IS NOT A THING TO BE FEARED OF,COMPANIES NEED THAT FOR THE SECURE DEVELOPMENT OF THEIR BUSINESS AND FOR THE SAFETY OF YOUR INVESTMENTS AS
    WELL.


HOPE IT HELPS..LET ME KNOW YOUR COMMENTS AND IDEA GUYS ABOUT DOING KYC IN ANY ICO.

The reason why I use cryptocurrency is because of anonymity and suddenly you put a KYC. And how can we assure that the information we gave will not leak in to the bad hands. By the way KYC is useless because the moment the price would spike very high, those holders will surely sell their coin for profit so those KYC is not reliable at alll because once it is added in trading you will never know where it goes.

[nguyenkhanhhung14]

KYC understands merely "know your customers," which helps ICO projects not fall into the status of an individual who has acquired the entire Token in that project. KYC helps the ICO manager avoid the case of fraudulent individuals or use multiple accounts to purchase Token in bulk. IMO, KYC should only be used in Token Sale, but the bounty is not necessary because the number of tokens for bounty usually less than 3%.

[Pikachu12]

I think KYC should be applied to all current ICOs. to avoid fraud. to ensure the customer. and avoid customers using multiple accounts. KYC is very useful and should be expanded

[rextoinsem]

         
    1.WHAT IS KYC?

"KNOW YOUR COSTUMER" means the process of the identification of the client.Token holder will be required to provide with his/her personal data,after token/coin purchased will be sent to the wallet that the user put in his account.

    2. WHY DO YOU NEED KYC?

Although the phrase "know your customer"may seem insignificant to a lot of people ,it has a very important meaning in the business world.If particular companies want to interact with other partners in the industry,however, they really have no choice. KYC allows companies to protect themselves by ensuring that they are doing business legally and with legitimate entities, and it also protects the individuals who might otherwise be harmed by financial crime.

    KYC is a defensive mechanism for both the company and the clients. By sharing this data,all the token holders confirm that they are the true owners of their personal accounts and the wallet,to which the company send tokens. It will grant that you are the person that receive your tokens.


     SUMMARY

    KYC  IS NOT A THING TO BE FEARED OF,COMPANIES NEED THAT FOR THE SECURE DEVELOPMENT OF THEIR BUSINESS AND FOR THE SAFETY OF YOUR INVESTMENTS AS
    WELL.


HOPE IT HELPS..LET ME KNOW YOUR COMMENTS AND IDEA GUYS ABOUT DOING KYC IN ANY ICO.

1. KYC contradicts the very idea of cryptocurrencies as such. So I against him. 2. There are a lot of fraudulent projects that require KYC to receive tokens and it is not known in which hands personal data fall. After all, the state is not responsible for the KYC procedure itself in the case of cryptocurrency, because it does not have a legislative framework. 3. None of the creators of the project to me personally their data for my own KYC does not provide, because he is afraid for the safety. But when the project developers I need your data to provide invest their business money. That's not right.

[yommey]

KYC is also synonymous to AML ( Anti Money Laundering  ). All just a means of identity verification

[BTC-BTC-BTC]

People should stay away from ICO with KYC. Even with big companies still have data breaches and what make everyone think ICO will security all the information.

[kendedes]

KYC will not be a matter or problem if: We are really the citizen of the country that is available to buy the coins. We are not spammers that have multiple accounts. And we trust in the developer or company to keep our ID secretly.
KYC is not to be feared of the things. Many people are afraid because they want to ensure that their ID is very secure.
As an investor, we must be ready to provide our ID for buying, because KYC is Know Your COstumer. It is the way for the dev to know exactly who their customers are exactly.

[Copulative]

I think that the KYC procedure is such a useful thing that helps to legalize cash flows as much as possible. It will be convenient for companies to make collaborations with other projects that deal with data security. One of such projects is REMME. Their idea is to protect user data and can save businesses good amounts on the long run.

[prefontaine1982]

Kyc is a procedure to know how you are before investing into an ICO, that is what most icos are asking for before letting you invest in there, or well, there are some of them who let you invest (1 out of 5)

[Inspector2580]

While it helps to prevent lots of people from doing funny stuffs to get tokens, I really don't like it. But what can we do? We just have to do n continue doing it if we are to get involved in some of the good bountiea

[Elderman87]

KYC is good. But we have to be careful so we don't leave our private documents in the hands of fraudsters and scam artists. There are several fake projects out there who just intend to steal your ID credentials so they can use it for criminal activities. Be careful with KYC

[Udrujes]

I think that the kyc is needed in order not to speculate with tokens or for something like that.

[8rch7]

Yes, KYC is "Know Your Customer" which is a process required by every company (especially those related to finance) to identify its customers. This is to prevent or avoid or minimize the existence of criminal acts, such as money laundering or theft.