Why KYC is important?

[RDexx $]

Thanks to the author for the article. KYC is indeed an important part of ICO as it makes operations with the crypto currency more transparent, accordingly more acceptable from the legal point of view.

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[cinaka omaro]

Of course KYC aka Know Your Customer is very important for the developer of a coin or token because with KYC they can so to find the data of the investors in their coins or tokens

[Rocktop044]

KYC is important to identify potential investors. Due to SEC regulations and countries prohibiting investments in crypto currency it becomes more necessary.
There is also the question of misuse of personal data especially with so many scam ICOs.

[Joker121212]

Although I do not like KYC, because it's troublesome. but I'm totally supportive. Having no KYC can easily lead to fraud, and then one day the Ico will ban the participation of a country that is found to have too much fraud. Fraudsters benefit, and you are right upright

[xPotato_02]

Short answer is to prevent fraud, and abuse of the system.

[iram1011]

Doing KYC ruins all the fun of having an anonymous marketplace. I do understand that for some projects it might be necessary because of the local laws, but if every campaign starts asking for it then it would ruin the fun.
It is not that people have something to hide but I just don't feel comfortable giving out the details of my passport and photos. What if it is being used illegally in some part of the world?

[oyeade56]

As the full meaning implies, KYC is "Know Your Customer". It's for bounty managements to know their customers like the investors. But what am a little confused about is why it's applicable to Bounty hunters as well....

[katawan4741]

KYC is stands for "Know Your Customer" and i think this is a system that identifies the true identity of a participants. And this KYC is important in order to validate cheaters and those scammers. But sometimes it can be used also by those scammers also by pretending to have a n ICO and will ask your information for their own benefit like using your information for bad intention and  this is the disadvantage of KYC system implemented.

That's true but sad to say that bounty participants are still able to find ways for cheating. They make fake ID's and other required documents to be eligible for making extra rewards for cheating. So there a little doubt in implementing KYC cause still cheater find hole in it.

[santafewarrior1980]

KYC is stands for "Know Your Customer" and i think this is a system that identifies the true identity of a participants. And this KYC is important in order to validate cheaters and those scammers. But sometimes it can be used also by those scammers also by pretending to have a n ICO and will ask your information for their own benefit like using your information for bad intention and  this is the disadvantage of KYC system implemented.

That's true but sad to say that bounty participants are still able to find ways for cheating. They make fake ID's and other required documents to be eligible for making extra rewards for cheating. So there a little doubt in implementing KYC cause still cheater find hole in it.

Yes, some participants are really disappointing they did not give a fair and equal distribution of tokens thay why they are creating more accounts to participate in a single ICOs project or bounty campaigns.

[Bitkoplak]

Thread is very helpful, but many problems faced by investors where, there are some projects that require investors to do kyc using passports, while investors in certain countries difficulty in making passports, in this project I choose to go

[goyal.dkg]

People are not comfortable to share details online with anonymous entities , in ICO pool they don't need KYC , neither KYC need on buying the same token from exchanges . so if project is average we can buy token after listing on exchanges .
It is important for project team because laws are getting strict than last year and they have to think about future also , if any new regulation ask them for details of investors . as of now it is needed for AML check .

[rangko]

Yes nowdays for ICOs needed KYC.
It is better way to go Exchange also.
So If you are ICO company, I surely recommend to KYC.

[GodsChosenVessel]

KYC stands for Know Your Customer.. It's a way of knowing those that participated in an ICOs, most especially the investors because in some countries, cryptocurrency is not accepted.

[jhon_21]

In often times KYC is much more important because of by this process any company can know properly who takes their money and what times they take it or is anybody using many account of him/her own.

[Deubila]

People are not comfortable to share details online with anonymous entities , in ICO pool they don't need KYC , neither KYC need on buying the same token from exchanges . so if project is average we can buy token after listing on exchanges .
It is important for project team because laws are getting strict than last year and they have to think about future also , if any new regulation ask them for details of investors . as of now it is needed for AML check .

KYC is a standard model in the investment industry to ensure that investment advisors identify the details of risk tolerance, investment knowledge, and customer financial position. KYC's formulas protect both clients and investment advisers. Thanks to the investment advice from the consultants, customers will know which investment best suits their personal circumstances. And the investment advisers are going to know what the client can and can not put into the portfolio. This is a form that should be promoted in the crypto market to limit scams when investing in ICO.

[cryptomining]

I've done a lot of KYC until today. I do not think I ever go to ICO banned countries. Example USA .

[Spend.com]

KYC using a platform is important as the platform is responsible for what money transacts on it. Decentralized Exchanges don't have that requirement because they are relayers set up for you to be able to trade with another peer (p2p)

[ToyotaFortuner]

it seems to me KYC is very important because with the KYC ico founders can know the token is distributed to where and for whom and can know the countries of the participants ico. because we know every country has regulation for ico in circulation.

[exbase]

KYC is Orwell 1984 in real life.
That's why we https://exba.se
NEVER EVER WILL DO KYC.

[Cacao2017]

KYC is very important to verify the identity of the customer to reduce the phishing status or using the virtual nickname that makes us more honest and called the personal identity of the customer.