Why KYC is important?

[peachaston4]

A lot of ICOs are facing a problem from their investors due to the KYC. Voluntarily complying with KYC regulations provides many advantages to the Offeror and its investors, even if they are not currently explicitly mandated to enact such a process.

1. Cryptocurrency exchanges are beginning to exclude cryptocurrencies that did not properly implement KYC processes. Thus, not running such checks poses a long-term risk to a project. The Financial Times reported that New York Stock Exchange-backed GDAX says it “plans to list only a fraction of the hundreds of new digital coins that have been invented this year”

2. Voluntary KYC compliance may help ICOs reach a larger global audience and expand the number of jurisdictions in which they can take place. Such compliance allows easier reach to investors in America, Britain, Canada and elsewhere.

There are other restrictions also imposed from SECs and banks which greatly limit the activity of the company in the future.

We know not everyone is happy about KYC and some people don’t agree with it ideologically, especially when it comes to cryptocurrencies, where transfers are anonymous, or at least pseudo-anonymous.

However, for the adoption to seamlessly occur, the company holding the ICO needs to have KYC, which otherwise will create issues for the company in the long run, which is bad for both the investors and the holder of the company.



Enkidu has it's pre-sale going on right now. The minimum viable product has been developed before the pre-sale.
Join our Telegram group for more information: https://t.me/enkiduofficial
Join our token sale here: https://tokensale.enkidu.io




**edit: KYC is not done by a company to know where their money comes from. To be honest, a company rolling out its ICO cares about the cash inflow and not about their identity. It is a means of due diligence so that they are not prosecuted by their country of operation.

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[manoj6233]

Why KYC is mandatory now. ... KYC norms were introduced in 2002 by the Reserve Bank of India (RBI). It directed all banks and financial institutions to put in place a policy framework to know their customers before opening any account. The purpose was to prevent money laundering, terrorist financing, theft and so on

 If you're like most people, you probably didn't hear anything about KYC until you signed up to buy DAT, but as cryptocurrencies become more ... Understanding Identity Verification (KYC) For ICO Token Sales ... It's important that we do these checks because it protects you as a contributor to the project.

[eMusic]

Why?
Same reason KFC is important

[GBCrypto1]

A lot of ICOs are facing a problem from their investors due to the KYC. Voluntarily complying with KYC regulations provides many advantages to the Offeror and its investors, even if they are not currently explicitly mandated to enact such a process.

1. Cryptocurrency exchanges are beginning to exclude cryptocurrencies that did not properly implement KYC processes. Thus, not running such checks poses a long-term risk to a project. The Financial Times reported that New York Stock Exchange-backed GDAX says it “plans to list only a fraction of the hundreds of new digital coins that have been invented this year”

2. Voluntary KYC compliance may help ICOs reach a larger global audience and expand the number of jurisdictions in which they can take place. Such compliance allows easier reach to investors in America, Britain, Canada and elsewhere.

There are other restrictions also imposed from SECs and banks which greatly limit the activity of the company in the future.

We know not everyone is happy about KYC and some people don’t agree with it ideologically, especially when it comes to cryptocurrencies, where transfers are anonymous, or at least pseudo-anonymous.

However, for the adoption to seamlessly occur, the company holding the ICO needs to have KYC, which otherwise will create issues for the company in the long run, which is bad for both the investors and the holder of the company.



Enkidu has it's pre-sale going on right now. The minimum viable product has been developed before the pre-sale.
Join our Telegram group for more information: https://t.me/enkiduofficial
Join our token sale here: https://tokensale.enkidu.io

Some people assume that collecting data through KYC is actually an illegal activity and a way of selling data which is not true. A lot of the new ICOs have KYC process as they do not wish for a bumpy road in the future for partnering with corporate bodies or any other financial institution.

[danherbias07]

Is it really a good thing?
Investors will come in from US, Canada and other countries which have restrictions. Yes, that is good on the side of the ICO company. Then what about those who wants to keep their profile at minimum?
They want ID's, address and every information including your Mom's maiden name.
Where is the decentralized crypto now? All of us is an easy target by thieves and could also be hacked anytime.

[loloy]

Why KFC is important? maybe they just want to know what kind of investors they're serving and the financial status or the identity of their investors.
For me it's awkward because those people who want to invest on a coin and don't give any real identity so they could just wait your altcoins to be circulated and they're going to buy tokens as they like without giving any information regarding with their real identities.
KYC is totally useless and Blockchain technology isn't about for knowing who are the parties between the sender and the receiver, most of the time, it's all about being anonymity and privacy.

[loloy]

Is it really a good thing?
Investors will come in from US, Canada and other countries which have restrictions. Yes, that is good on the side of the ICO company. Then what about those who wants to keep their profile at minimum?
They want ID's, address and every information including your Mom's maiden name.
Where is the decentralized crypto now? All of us is an easy target by thieves and could also be hacked anytime.

That's indeed bullshit because KYC are nothing to do with the overall trading within crypto markets.
What's the purpose for that?
People could generate wallets without putting the real identity and people could make trades between wallets and coin exchanges without giving any information and details regarding KYC's.
What the point for KYC? when the person invest on ICOs and get their tokens, they wouldn't know if who's buying their tokens when they try to trade it into coin exchanges.

[peachaston4]

Is it really a good thing?
Investors will come in from US, Canada and other countries which have restrictions. Yes, that is good on the side of the ICO company. Then what about those who wants to keep their profile at minimum?
They want ID's, address and every information including your Mom's maiden name.
Where is the decentralized crypto now? All of us is an easy target by thieves and could also be hacked anytime.

I understand that this was not what was in mind when cryptocurrency entered but it needs more time to settle into our community. This can only happen when all the blockchain applications are fully working and functional in the society and for this to happen the applications created need to be in accord with the regulations, cause if not then the company will have a hard time collaborating with companies present in the current world which will only delay its adoption. If we do not let that happen by creating a problem for all the ICOs now with KYC, all we are doing is hindering its growth.
The community needs compliance for now for better adoption.

[peachaston4]

Is it really a good thing?
Investors will come in from US, Canada and other countries which have restrictions. Yes, that is good on the side of the ICO company. Then what about those who wants to keep their profile at minimum?
They want ID's, address and every information including your Mom's maiden name.
Where is the decentralized crypto now? All of us is an easy target by thieves and could also be hacked anytime.

It is just that most of the applications coming up now in the blockchain space need the larger financial institutions to aid in its growth.

[peachaston4]

Why KYC is mandatory now. ... KYC norms were introduced in 2002 by the Reserve Bank of India (RBI). It directed all banks and financial institutions to put in place a policy framework to know their customers before opening any account. The purpose was to prevent money laundering, terrorist financing, theft and so on

 If you're like most people, you probably didn't hear anything about KYC until you signed up to buy DAT, but as cryptocurrencies become more ... Understanding Identity Verification (KYC) For ICO Token Sales ... It's important that we do these checks because it protects you as a contributor to the project.

It is now necessary for a lot of places to avoid legal implications.

[cryptomngr]

SEC's regulations ony governs those ICOs  that are residing in the U.S premises,this excludes these ICOS outside the U.S why would these ICOs comply to the SEC's regulations if they arent from the U.S? this is bullshit and it shouldnt be supported by the community,risking those informations for the sake of these tokens that can be bought when these projects got listed in exchanges? not worth the risk .

[peachaston4]

Is it really a good thing?
Investors will come in from US, Canada and other countries which have restrictions. Yes, that is good on the side of the ICO company. Then what about those who wants to keep their profile at minimum?
They want ID's, address and every information including your Mom's maiden name.
Where is the decentralized crypto now? All of us is an easy target by thieves and could also be hacked anytime.

That's indeed bullshit because KYC are nothing to do with the overall trading within crypto markets.
What's the purpose for that?
People could generate wallets without putting the real identity and people could make trades between wallets and coin exchanges without giving any information and details regarding KYC's.
What the point for KYC? when the person invest on ICOs and get their tokens, they wouldn't know if who's buying their tokens when they try to trade it into coin exchanges.

I added an edit as a response to your comment.

[Benarand]

The developers of the project must know to whom they send their tokens, plus the passage of the KYC procedure for the international community has become an intensification of the fight against international terrorism and criminally acquired assets. Therefore, project developers implement this procedure to know their potential investors.

[Kippah]

I am collecting large dataset to better understand how you invest in ICO. We want to start a community due diligence project, which could provide better information about ongoing ICOs and protect you from the scam ICOs. Let's get rid of the bad ICO apples!

In order to do that I need your help! If you ever invested in ICOs (at least one) fill in this survey (won't take you more than 5 minutes.) May the blockchain be with you!

https://tilburglawschool.eu.qualtrics.com/jfe/form/SV_3sCWmLd0wY1OK3P

[easynote]

The developers of the project must know to whom they send their tokens, plus the passage of the KYC procedure for the international community has become an intensification of the fight against international terrorism and criminally acquired assets. Therefore, project developers implement this procedure to know their potential investors.

It's weird how guys like to just complain that they have to do a KYC. They should know that any ICO that they invest in will try to scam them.

[FaucetKING]

A lot of icos use kyc just because they doesnt want to make their ico a money laundering tool. They are trying to keep the investors safe. But, you should know that kyc is against crypto, this last was invented to make anonymous trades not just transactions between known peoples.
I dont really like icos with kyc.

[Turkish88]

I think its ceated to prevent investing big money from one investor. To control this he making identity their clients

[bishopcrypto]

A lot of icos use kyc just because they doesnt want to make their ico a money laundering tool. They are trying to keep the investors safe. But, you should know that kyc is against crypto, this last was invented to make anonymous trades not just transactions between known peoples.
I dont really like icos with kyc.

I agree with this. KYC is there to keep out small investors, not to protect them. Wall Street didn't like your gains because your gains made them look bad, so now it is illegal for you to make them.

[lushlife]

As far as I've known, KYC is important, mandatory rather, to prevent money laundering. Correct me if I'm wrong 

[rommelzkie]

Yes KYC is important but giving your personal information and documents likes drivers license and passport to the ICO Company is not good. This is because they might use that information against you or sell it to the blackmarket.

[twostepsally]

Yes KYC is important but giving your personal information and documents likes drivers license and passport to the ICO Company is not good. This is because they might use that information against you or sell it to the blackmarket.

KYC is (know your customer) important information for the customer . If most for the process use the KYC. It use for the all prices. If need any loan first need for the customer KYC. This proof is important for the connection to the customer. Most of the company and bank ask for the KYC for next level process. It important for the country people information for some process and it will give the freedom for the country and give approved . Your the citizen of the country.

[CryptoAllDay]

KYC is important for limiting who can participate in investing in ICOs, as well as filtering out people from regions that are legally not allowed to be participating.  I think it's a good thing, especially when combined with investment limits as it gives more investors a chance to participate in a fair ICO.  My only concern is false ICOs that collect your data and images of your drivers license or passport.

[iAMawi123]

It is because in order to know and identify different information of your customer and for your customer. Also, it is to prevent criminals or other harmful entities to join or to partake if they have any bad plots. Also to prevent money laundering.

[altcoinhunter01]

KYC is a good thing as if anyone buy a coin in ICO by giving his details then it can be proved that it is a legal investment and if you get good profit from that investment in long run, no one can ask you any question about your earnings because your investment is already KYC compliant.

[aces777]

Is it really a good thing?
Investors will come in from US, Canada and other countries which have restrictions. Yes, that is good on the side of the ICO company. Then what about those who wants to keep their profile at minimum?
They want ID's, address and every information including your Mom's maiden name.
Where is the decentralized crypto now? All of us is an easy target by thieves and could also be hacked anytime.

As soon as KYC came into play, decentralization and anonymity of cryptocurrency was gone, its a good thing as you deal with the people you know. but the promise to remain unanimous is gone.

[gareng1468]

KYC is important to know the distribution of sales tokens on sale to whom, this is somewhat frustrating to investors because their data will be uploaded in the database of coin publishers so that the nature of the confidentiality of personal data can be accessed by anyone clearly provide traces on the internet to the owner, and if this KYC in run by SCAM makes our personal data vulnerable to abuse by criminal ,.

[Ozero]

The developers of the project must know to whom they send their tokens, plus the passage of the KYC procedure for the international community has become an intensification of the fight against international terrorism and criminally acquired assets. Therefore, project developers implement this procedure to know their potential investors.

Then we can say that sellers of any goods on the market must know to whom they sell their goods. Imagine, for example, contact a campaign selling a brick for building a house, and then they tell you that in order to prevent money laundering and terrorist financing, they must conduct a KYC check and before you buy any goods, you will have to fill out various forms and provide their personal documents and other confidential information to themselves. Is not it stupid? And the current requirement to pass the KYC test in the generosity campaigners who do not even invest their money, but simply advertise the ICO projects and attract investors to them, is not this absurd?

[mobilazy]

It is important because governments want to control crypto and centralized exchanges. Will be hard to list your token on major exchanges if you haven't done any KYC. Which is stupid as someone entering those exchanges needs to go through a tedious verification process. We need the decentralized exchange hosted in the space, broadcasting wifi signal all over the world. Can then say "f*ch off" to all those politicians who fed by banks and only pretend that they serve people.

[Teraboy]

Why KYC is mandatory now. ... KYC norms were introduced in 2002 by the Reserve Bank of India (RBI). It directed all banks and financial institutions to put in place a policy framework to know their customers before opening any account. The purpose was to prevent money laundering, terrorist financing, theft and so on

 If you're like most people, you probably didn't hear anything about KYC until you signed up to buy DAT, but as cryptocurrencies become more ... Understanding Identity Verification (KYC) For ICO Token Sales ... It's important that we do these checks because it protects you as a contributor to the project.

The purpose of KYC is  to protecting ico. Because there are so many coutries are banning ico. KYC verification to make sure if you are not from those countries are banning ico right now. Because IP ban can be avoided so easily by use private connection such as VPN, Socks and other. That means KYC will become very effective way to filter the ico participants. To make sure those people from countries are banned ico don't participate,.

[Luna0120]

KYC allows to legalize cryptocurrency in the financial and bank sphere. The anonymity and mistrust to owners of coins disappears, so allows cryptocurrency to be widely adopted more in our life.

[Valuyet]

I think KYC is important only for Secs and regulations because the government wanted to know who are the people involved on investing their ICOs,
But I don't think KYC works perfectly because when you do sell your coins, you don't know whose buying it and most coin exchanges don't require KYC when we're getting to pull out out altcoins into our personal wallets.

[dustboy]

Yes KYC is important but giving your personal information and documents likes drivers license and passport to the ICO Company is not good. This is because they might use that information against you or sell it to the blackmarket.

So what is the best thing to do in your opinion? You say KYC is important but you say it is not good to submit personal information. Do you think there is other way to do KYC except submitting personal information/documents?
People who are willing to send their personal documents means that they are ready for any risks of it. It is basically personal choice, if you do not like it then dont do it. If you are OK with it then you can go for it.

[peachaston4]

Yes KYC is important but giving your personal information and documents likes drivers license and passport to the ICO Company is not good. This is because they might use that information against you or sell it to the blackmarket.

So what is the best thing to do in your opinion? You say KYC is important but you say it is not good to submit personal information. Do you think there is other way to do KYC except submitting personal information/documents?
People who are willing to send their personal documents means that they are ready for any risks of it. It is basically personal choice, if you do not like it then dont do it. If you are OK with it then you can go for it.

I agree with your opinion from the investor point of view. The thing is, from ICOs point of view, it is very hard for them to abide by the rules in order to not get shut down and appease the investors at the same time.

[peachaston4]

I think KYC is important only for Secs and regulations because the government wanted to know who are the people involved on investing their ICOs,
But I don't think KYC works perfectly because when you do sell your coins, you don't know whose buying it and most coin exchanges don't require KYC when we're getting to pull out out altcoins into our personal wallets.

KYC is a legal obligation which ICOs have to do in current times. If not, they will always have the risk of being shut down by the country of operation. As we are in here for the long run, we need to take measures to prevent shutting down of operations.

[tiggytomb]

Know Your Customer is important as it helps to eliminate possible money laundering attempts and fraud.  Many ICOs are looking to get this information from the off no matter how much you are investing which to me I think is quite dangerous as there will be many fake ICO attempts to take people's money and also their identity via the KYC process so people need to be extremely vigilant and protect your ID in the same way you would you private keys.

[vastmast]

I think kyc does not matter. People in the crypto world must remain anonymous. After KYC all identity information is in the middle, decryption is wrong thing in crpto world.
Kyc is not important in my opinion

[crimsongoth]

KYC is a crucial process for cryptocurrency and related ICO projects to be accepted in the real world. Because the world of fiat currencies doesn't want existing financial processes through currencies from unknown source.

[EckhartJV]

The fact that KYC requires one"s identity to be availed eliminates the unanimity of the crypto user. one of the strengths of cryptocurrency is keeping its user unknown. KYC is however important when seeking investors who would like to see identity of the people taking part as an assurance so that they know what they are getting into.KYC is therefore important but not very necessary.

[Don Stefanello]

Yeah i mean, KYC is become important only because of the regulations, and thats the way they want to go if we want to have something normal happening in the crypto world, its all cool to have decentralized stuff, but its basically wild wild west out there, so its not THAT cool as one would think

[CrazeCoinz]

I think kyc does not matter. People in the crypto world must remain anonymous. After KYC all identity information is in the middle, decryption is wrong thing in crpto world.
Kyc is not important in my opinion

The world of cryptocurrency has already evolve and those were the old style with no KYC. It's now mandatory by the government that those ICO which under their jurisdiction will require a KYC process or else they will be shutdown. Although some are not asking KYC but I think this is now the normal process we will expect a KYC in every ICO soon.

[kingcrypto-the2nd]

kyc is part of regulation,i think somehow is a welcome development.

[Haunebu]

I do recognize imposing of KYC on crypto as a welcome development since this whole KYC process goes against what crypto generally stands for. The primary reason majority of the investors including myself entered the crypto market was to earn big profits(short term or long term) in an anonymous manner without being traced back to our original identity.

KYC effectively nullifies this and there is little difference between banks and crypto when it comes to investing in this aspect. I get why ICO's are implementing this stuff, but I do not support it.

[serkhio]

I never seen the importance of the KYC. Usually KYC is adopted to avoid laundry money, but in the ICO it is only to make sure that u are not from some countries like USA, China etc.

[Wend]

It is because in order to know and identify different information of your customer and for your customer. Also, it is to prevent criminals or other harmful entities to join or to partake if they have any bad plots. Also to prevent money laundering.

That's so it will important the KYC to the project to those who want to invest in the project. Actually it can easily avoid to the people that have bad intention in the project. So we cannot expect on that on why this KYC is so important on the project.

[owlman]

Now more and more companies are demanding KYC when investing in their project, and this is really a painful topic for investors. But I do not think that all data is collected for the use of our information or the transfer of this information to some services. Probably this is a forced measure for the project, to protect itself ...

[cryptogirlboss]

Thanks for the explanation (and the shilling lol)

I still hope for a day where I can have a KYC service where I can use it for any ICO, instead of having to re do it every single time!

Its a huge waste of time if you think about and also not secure to provide data using google forms and such

[peachaston4]

Thanks for the explanation (and the shilling lol)

I still hope for a day where I can have a KYC service where I can use it for any ICO, instead of having to re do it every single time!

Its a huge waste of time if you think about and also not secure to provide data using google forms and such

Yeah. It is very tiring for investors to go through the whole process each time.

[duyduc256]

It is because in order to know and identify different information of your customer and for your customer. Also, it is to prevent criminals or other harmful entities to join or to partake if they have any bad plots. Also to prevent money laundering.

That's so it will important the KYC to the project to those who want to invest in the project. Actually it can easily avoid to the people that have bad intention in the project. So we cannot expect on that on why this KYC is so important on the project.

KYC is very important because almost all present exchanges require all ICO projects to be KYC and 90% of all projects comply with this. I personally choose the project with KYC as it will help investors feel safer when investing and can remove bad people in the project.

[joni727397sri]

Based on the above provisions, it is understood that through the implementation of the principle of knowing the customer, it is hoped that the bank can identify suspicious transactions in the beginning to mitigate various risks such as operational risk, legal risk, concentration risk, and reputational risk.

[VernonRoshe]

I do not think KYC important. I do not support it. And not when I'm not going to participate in the bounty companies KYC will require from their employees.

[longwintershere]

A lot of ICOs are facing a problem from their investors due to the KYC. Voluntarily complying with KYC regulations provides many advantages to the Offeror and its investors, even if they are not currently explicitly mandated to enact such a process.

1. Cryptocurrency exchanges are beginning to exclude cryptocurrencies that did not properly implement KYC processes. Thus, not running such checks poses a long-term risk to a project. The Financial Times reported that New York Stock Exchange-backed GDAX says it “plans to list only a fraction of the hundreds of new digital coins that have been invented this year”

2. Voluntary KYC compliance may help ICOs reach a larger global audience and expand the number of jurisdictions in which they can take place. Such compliance allows easier reach to investors in America, Britain, Canada and elsewhere.

There are other restrictions also imposed from SECs and banks which greatly limit the activity of the company in the future.

We know not everyone is happy about KYC and some people don’t agree with it ideologically, especially when it comes to cryptocurrencies, where transfers are anonymous, or at least pseudo-anonymous.

However, for the adoption to seamlessly occur, the company holding the ICO needs to have KYC, which otherwise will create issues for the company in the long run, which is bad for both the investors and the holder of the company.



Enkidu has it's pre-sale going on right now. The minimum viable product has been developed before the pre-sale.
Join our Telegram group for more information: https://t.me/enkiduofficial
Join our token sale here: https://tokensale.enkidu.io




**edit: KYC is not done by a company to know where their money comes from. To be honest, a company rolling out its ICO cares about the cash inflow and not about their identity. It is a means of due diligence so that they are not prosecuted by their country of operation.

it is necessary to protect themselves from the regulators. As now the regulations are not set for ICOs yet, they need to lay it out themselves and then when the regulation comes, hope it was enough

[retrend]

I read somewhere that the KYC is a requirement of the top cryptoexchanges

[Britanshio]

I think its ceated to prevent investing big money from one investor. To control this he making identity their clients

For me they used KYC to avoid multi account and eliminate spammer.They decide it  because for them this is the best way to make them more relevant by giving tokens to thae only one person.

[trinhdinhthang20007]

A lot of ICOs are facing a problem from their investors due to the KYC. Voluntarily complying with KYC regulations provides many advantages to the Offeror and its investors, even if they are not currently explicitly mandated to enact such a process.

1. Cryptocurrency exchanges are beginning to exclude cryptocurrencies that did not properly implement KYC processes. Thus, not running such checks poses a long-term risk to a project. The Financial Times reported that New York Stock Exchange-backed GDAX says it “plans to list only a fraction of the hundreds of new digital coins that have been invented this year”

2. Voluntary KYC compliance may help ICOs reach a larger global audience and expand the number of jurisdictions in which they can take place. Such compliance allows easier reach to investors in America, Britain, Canada and elsewhere.

There are other restrictions also imposed from SECs and banks which greatly limit the activity of the company in the future.

We know not everyone is happy about KYC and some people don’t agree with it ideologically, especially when it comes to cryptocurrencies, where transfers are anonymous, or at least pseudo-anonymous.

However, for the adoption to seamlessly occur, the company holding the ICO needs to have KYC, which otherwise will create issues for the company in the long run, which is bad for both the investors and the holder of the company.



Enkidu has it's pre-sale going on right now. The minimum viable product has been developed before the pre-sale.
Join our Telegram group for more information: https://t.me/enkiduofficial
Join our token sale here: https://tokensale.enkidu.io




**edit: KYC is not done by a company to know where their money comes from. To be honest, a company rolling out its ICO cares about the cash inflow and not about their identity. It is a means of due diligence so that they are not prosecuted by their country of operation.

KYC is obvious for projects that need to be legal and formal, but when it comes to looking outside we have not identified the real damage, not determined information, the use of KYC is still very difficult. towel for the players. If a third organization confirms that good projects are under control, I think this will be a positive development.

[leynylaine]

Of course it would gladly help the developers on whoever they are giving their coins to. It's for security purposes.

[Genzdra24]

The KYC is important because you must know who you dealing are.This process is  implemented by many industries even outside of the crypto space. This allows organisations to know the people they are dealing with, allowing them to filter out malicious individuals.This  is now standard practice for any legitimate ICO looking to raise funds. These processes not only benefit the project implementing them ,but also help to protect those with interests within the project.These processes are designed to filter out those with no real interest in the project’s success. They are simply interested in cleaning their dirty money by pumping and dumping in ICOs. It’s an easy way for criminals to launder their money, making it hard to trace its true origins.