Why KYC is important?

[ivankoh]

KYC is the way many ICO projects are used to verify the identity of investors to limit fraudsters and focus on the markets the project is targeting. I support KYC because it helps reduce fraudsters and wealthy investors who want to dominate a coin by buying a lot.

[atom2080]

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.

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.


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

Thanks Mate, good articel, I know more about KYC now! 😉

[stomachgrowls]

KYC is the way many ICO projects are used to verify the identity of investors to limit fraudsters and focus on the markets the project is targeting. I support KYC because it helps reduce fraudsters and wealthy investors who want to dominate a coin by buying a lot.

Main reason why some ICO do already asked for that verification to prevent frauds and money laundering,multi accounts of investors this is a good thing for investors part but we do know already the thing is on being exchanged which is our identity.If you are willing to expose out informations then its your choice for the sake on making money you are really fully aware on that but KYC process will really remove the essence cryptocurrency investments.

[Emmy92]

Great article.. You said it all. KYC is very important and necessary to combat against fraudulent activities both in the crypto space and the world at large.

[elithamal]

First of all, thank you very much for the article.You said things that absolutely must be known.

As for the KYC application,it is to prevent fraud, theft or anyone using someone else's credentials.

[Bessta]

Yes, it can probably have a good thing about the projects or ICOs because it can get known worldwide. But haven't they thought about the security issues of the people who are participating in the projects? And most of the ICOs have required the people to submit KYC.

[chip1994]

KYC is essential in the ICO project, which allows the project to control the individuals involved and prevent a person from purchasing large numbers of Tokens to manipulate the project. But I think that KYC is only suitable for Token sale because the project spends more than 60% of the Token for purchase. The bounty does not need KYC because the Token for sale rate is only 5%.

[Esteeteeh]

Thames for the piece,quite educative.I support kyc for the purpose of proper identification of persons ,it's essential.It serves as a medium to checkmate fake or double identity.

[bitcoinposts]

Kyc is important to show to the legal team of the particular ico to whom they are paying and who all are holding the coins it is good in one point in time we can have aml policy ico running in market

[HappyDumper]

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.

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.


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

This is a meritable post for a newbie like me. I want to give you merit for the things I learned from this article but I dont have any merit to send. can I bookmark this and get this article to see other of my mates who are starting to get involved in the cryptocurrency world.

[localcrypto]

Kyc is important for minimising the fake bounty hunter accounts and to comply for company ico rules

[nguyenthanhvien]

It guarantee that there's no fraud here. All is fair 

[rolleth.io]

KYC helps people with security a lot but anyway there will be some bastards who's trying to scam you

[farukahmed]

KYC is very important for any project. All documents are submit KYC  form. The requirement all depend on KYC from. We are submit the project KYC then the easy task for project. So really all real documents and real in formation on KYC from.

[parlament9]

Very much it isn't pleasant to me that I give the $ for the fact that to me just something is promised!
KYC - the first step on the ways of regulation of the market, and not that regulation of which you think and the BEST regulation that there were no 98% of bad projects which raise money, and then send you cards from Bali

[sureshotcoin]

kyc provide security for account holder working for a bounty and providing kyc will make us genuine bounty worker

[heobanh0607]

The information from your article is very useful. Thank you for your contribution.

[gilad215]

First of all, any cryptocurrency exchange will not establish a coin on its list until and unless the KYC is not done for the coin. KYC is done to check money laundering and to kick the fake people out. By doing the KYC you become a legitimate bounty participator and it also keeps the scams in check. That is why all the big exchanges have made it mandatory to implement the KYC process for their coin to get registered on their exchange.

[Osakrita]

The importance of KYC has become of great importance in recent times (since the government started meddling in issues related to cryptocurrencies) While it has it usefulness (anti-money laundering measures,fighting terrorism and all the vices listed by government) ,it may mean giving up some liberty that crypto currency affords.Too much government intrusion is bad for crypto.Thanks for sharing

[Re.won14]

I dont see this effective since you are making your self vulnerable to hackers. Yes this would help us keep our stakes safe but only if we are sure that the ICO we're participating is safe. But considering the nature of business, we know that there are lot of scammers.