Why KYC is important?

[bcoin01]

KYC is an important security wall.

Many ICO projects are scamming on the market. There are many fake projects that steal people's money.

With Kyc recording, people are securing their money. Making a KYC record in money traffickers is a risky move.

[mylove01]

I have list a lot of token when the project end requesting for KYC but it comes in a way the is not understandable, if project will need kyc it should be in an easy way, I think the importance is to claim the ownership of the token that you are one who truly work for it

[Ziscadas]

The KYC is very important, it is designed to prevent identity theft and illegal use of personal data to obtain material benefits. KYC is also struggling with other types of fraud, such as money laundering and illegal traffic, so I consider this a very important point.

[darkangel]

KYC is necessary to defend people and their investments. For ex., it could be bounty participants where KYC helps to avoid multi-accounts. Also it could be ICO participants (for ex., to avoid buying all tokens with several investors).

there are many purpose for using KYC.even in a bank they use this methode too to consider the money source their clients.and also they can prevent money that come from criminal flow.

Probably for investors, the requirement KYC is justified, but for simple bountyhunters, I think this is superfluous. After all, they simply do their work, and do not launder illegal incomes.

Exactly, and I do not like the bounty asking the KYC bounty hunter.
Bounty hunters do their job and must be rewarded. They do not fraud or money laundering as you say. I think they ask for KYC and will sell that information for profit

[paulscathedral]

This makes a particular project or exchanges legal from a legal point of view. Not anonymous, Yes, but legal, which allows them to have more opportunities to interact with banks and other legal entities. KYC is not always a bad thing.

[benedictonathan]

I think that KYC's are important for securing that the company is reliable enough to safeguard these personal information. What is dangerous at the same time is that many scammers tend to look legit and ask for personal information so we cannot really be sure which one is good and which ones are bad.

[Siren]

You can tell this for the legit ico and they are reliable about our details,but the problem is those scammers that running almost the whole market now,they are the one whos we cannot trust because they might use our identity to invade our privacy

[czynatagmz]

KYC is necessary to defend people and their investments. For ex., it could be bounty participants where KYC helps to avoid multi-accounts. Also it could be ICO participants (for ex., to avoid buying all tokens with several investors).

there are many purpose for using KYC.even in a bank they use this methode too to consider the money source their clients.and also they can prevent money that come from criminal flow.

Probably for investors, the requirement KYC is justified, but for simple bountyhunters, I think this is superfluous. After all, they simply do their work, and do not launder illegal incomes.

agreed with you, but some cases even with KYC systems still final expected out come not satisfied. some how they will find way to enter or buy tokens even with high KYC rules and procedures. that is same for the bounties as well.
when there is KYC system then it will make scammers life bit difficult but they will find a way out.

[gaek686]

For me, in the first place KYC should be the administration of the project, that would be just the investor knew who are carrying their money.

[tyronecoinbit]

KYC is necessary to defend people and their investments. For ex., it could be bounty participants where KYC helps to avoid multi-accounts. Also it could be ICO participants (for ex., to avoid buying all tokens with several investors).

there are many purpose for using KYC.even in a bank they use this methode too to consider the money source their clients.and also they can prevent money that come from criminal flow.

Probably for investors, the requirement KYC is justified, but for simple bountyhunters, I think this is superfluous. After all, they simply do their work, and do not launder illegal incomes.

agreed with you, but some cases even with KYC systems still final expected out come not satisfied. some how they will find way to enter or buy tokens even with high KYC rules and procedures. that is same for the bounties as well.
when there is KYC system then it will make scammers life bit difficult but they will find a way out.

Yeah and It makes a challenging task for those scammers to get all the way out. But I guess providing a KYC is really hard to get cheat because Its really needs your full Identities in order to received token In such a bounty, unless if you have a lot of friends to please used their personal info in order to validate your some account in one single bounty campaign.

[willybacem]

KYC is crucial to an ICO project security. By using the project manager could certainly KYC recognize you. With this project manager will be more able to conduct elections for the honest participants. And maybe each project can give you this kind of regulation.

[biuifyus]

KYC is now widely used for ICO projects because it helps verify the identity of investors, which is very beneficial for ICO projects that want to grow over the long term.

[patrickj]

Much of the time, KYC is directed to counter illegal tax avoidance. Presently we are perceiving how contributing through token buy turns out to be more legitimate, as opposed in years. Presently, institutional financial specialists are demonstrating expanding enthusiasm for the crypto business and in such manner, crypto ventures need to direct the most straightforward ICO's to ensure themselves.

[DemonHunter83]

KYC is now widely used for ICO projects because it helps verify the identity of investors, which is very beneficial for ICO projects that want to grow over the long term.

For the most part, KYC was invented in order to avoid legal problems in the future. As some countries banned the cryptocurrency and the ICO can prosecute for what he gave the bitcoin to grajdanam such countries.

[catok broek]

smart writing, because what I understand when filling in KYC is to improve accurate identity security and increase investor confidence from several registration processes in each participant as an investor and bounty participant for later verification.

[SoftHkA]

I think KYC is an arbitrary measure that ICOs use to avoid anonymity to some extent, or at least that's what most of them claim to use to avoid scams, but they can also use it to sell your identity, at the end of the day you don't really know, so they can use that information, since many ICOs end up being false and would end up keeping your identity.

[Red Hood]

I agree that some companies conduct KYC so that they do not have problems with the law. But it's better to avoid such companies, because I want to remain incognito.

[juljon18]

KYC is important so the government can track you and tax you.  When they have your name attached to your wallet it's checkmate.  Your a tax slave!  Keep filling gout those forms guys.  Not only are you making yourself a target for scammers and identity thefts your also signing up to have the government in your back pocket.  Your kids and grand kids as well.  Your laying the foundation of enslaving them by making identification on the blockchain a standard. 

[luckydevil2021]

KYC I think it is important but only for exchanges, with that, we can avoid scams when we try to trade with our cryptos, but an ICO would not need to receive that information, because the only thing that should interest them is the amount of money they are receiving from investors.

[Disculinair]

I see KYC as a must whenever I am aiming to invest on ICO projects, I mean, it actually helps the team to filtrate scammers or people that are not willing to make the progress grow, just by looking at their background, however, I think we should not be giving that kind of info to every single project that appears in front of us.