Why KYC is important?

[costgranda]

KYC is very important tool for ICO projects. But he also causes a lot of negative in many investors. Nobody wants to provide the documents to unknown people. But KYC helps projects to resolve the legal issues and to eliminate swindlers.

[Red_Evil]

KYC is very important tool for ICO projects. But he also causes a lot of negative in many investors. Nobody wants to provide the documents to unknown people. But KYC helps projects to resolve the legal issues and to eliminate swindlers.

this is a difficult decision for investors to do KYC verification. KYC should be done by a third party that is more secure than KYC done by the project itself. so there should be a rule regarding KYC verification for investors must be from third parties who verify the data for security reasons

[Liz D]

If crypto will undergo serious regulation in the long run KYC will be one of the most useful tools for it. To some extent KYC helped exchanges to curb multiple registration on their platform. Identity of a customers is highly essential in any financial institution.

But KYC and decentralizatiom... Just thinking how the two can go together with regulation.

[mishelinbtc]

kyc is being used to prevent multiple account usage

[Mr.Spreadthehamster]

It helps to identfy customers who got their money from cheating. It is one of examples, but generally it is useful for governments only.

[South Park]

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.


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Keep your KYC coins we do not care, I am not going to give my information to a bunch of strangers that are probably running a scam and have found in KYC another way to scam their users, even if they do not get that much money out of you they could always sell your information to a hacker or a criminal, keep thinking that KYC is a good idea because eventually you are going to be the one facing the consequences of sending your info to complete strangers.

[Abigail Asi]

KYC is very important because it prevents one from cheating and the usage of multiple accounts. It also helps the managers in the bounty campaign to know who is actually participating in their bounty campaign.

[PreciousH]

I think its kind of dangerous sending KYC to unestablished company's/people. Who knows what they can do with that information.

[rasp]

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

Hah, what a nice try to promote your project by creating a topic with a challenging name

If seriously, there are 2 reasons I can see why KYC is needed:
1. Complying with local regulations;
2. Trying to reduce the number of bots registered and thus bringing more "real' money.

So yes, avoiding problems is actually the main thing why KYC is required by most ICOs.

[Halbert]

In general, the benefits of KYC are obvious, but now there are many difficulties because it is not always possible to undergo verification.

[Udrujes]

Passing KYC is important because this excludes bots and multi-accounts, which dishonestly receive about 20% of the total pool of tokens.

[J-N]

Although the KYC slows down the evolving of the crypto-currency world, it is important to be able to prevent a money laundering. It seems the investors have no problems with the fulfilling these norms. But the ICO teams might be unreliable and inadvertently loose the personal data they received. This is a disadvantage of the KYC procedure.

[xemkolp]

Truly you are correct the KYC is imperative to take an interest any ico due to a few nations effectively managed the cryptographic money trade so in coming days the KYC willl be essential to take an interest any ico.

[NetCastle]

Thanks to KYC you can get a well-deserved reward for your work, and bots will be excluded, which will increase your reward.

[cloud9ners]

KYC is important because they want to know that you are the owner of account its better to have KYC but it takes 3 to 5 days to be approved.

[papagravel]

The KYC allows you to weed out dishonest participants in bounty campaigns that participate in multiple accounts.
At ICO, the KYC allows us to exclude participants from those countries where this type of investment is prohibited by law.

[jonsky05]

KYC is important because ICO project wants to protect their token to peoples that want to abuse and want to cheat in their project. But we need to be vigilant to every ICO that we participate because now all are honest or scammer that may want steal your identity and use it to other fraud. Be extra careful.

[extremegym]

It helps to identfy customers who got their money from cheating. It is one of examples, but generally it is useful for governments only.

government doesn't care about ur 10-100 backs (or so) bounty. but ur identity may be used for illegal activities.

[pthnmj]

KYC is a kind of security check which is asking for your identity proof. The main reason why it's important is to prevent from being used, intentionally or unintentionally, by criminal elements for money laundering activities. Besides it enable the institutions to better understand their customers and their financial dealings. This helps them manage their risks prudently.

[lordtprinz]

Kyc is important for the teams that are in charge of the project. For them to know the real buyers of their products and also for them to single out bounty hunters with multiple accounts.