Why KYC is important?

[incomefromcoins]

KYC is important in determining the quality of token holders and complaining with the country laws

[Gostevoi]

I don't think KYC is important. the matter is personal to register or not. I avoid KYC because the data can get to the scammers.

[rye18]

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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For some bounty campaigns they are strictly implemented KYC to every participants in order to verify multiple accounts who are joining the campaign which is against in the bounty rules.

[pivxmen]

Yes to avoid money laundering cases and find out which buyers are from whichever country comes from. usually there are some countries that forbid someone to buy ico or invest in crypto.

[extremegym]

Yes to avoid money laundering cases and find out which buyers are from whichever country comes from. usually there are some countries that forbid someone to buy ico or invest in crypto.

it's unlikely that someone will be able to launder money through bounty campaigns.

[deqert]

KYC is imperative to check the character of the client to decrease the phishing status or utilizing the virtual epithet that makes us more legit and called the individual personality of the client.

[ashlyvash00]

Me im against in kyc. Because kyc really hard to be approved especially if you didnt have a valid id. And its limit the investor.because not all investor have a valid id other are student that not yet reach 18 yrs old

[Ghypatt]

The information is very educative but I personally do not support KYC, especially for airdrops. Such information by a person is very sensitive and if you don't have full control over it because probably you have given it out through various KYC, it becomes a problem. One wouldn't know when the information you provide will be misused.

[Emperor of Man]

I understand what you mean, but I don't like the concept. You know, cryptocurrency used to be all about decentralization and staying anonymous. Governments should not be able to reduce it to banking system 2.0.

And like people said, there are risks involved with giving your ID to some random online system. In many occasions you may think of them as trustworthy people, while they're not.

[m3mbr44n]

I never participate in projects or exchanges that require KYC. My privacy is too valuable, now and in the future. KYC is no guarantee for a good project, secure exchange or trustworthy government.

[selfmukti]

KYC is the best tool to get rid of multi-accounts. Especially for bounty campaigns. A lot of people have hundreds of telegrams I couldn't even participate in recent IOST airdrop because the system was down and the reason was multi-accounts.

[chunin]

Thanks for the article, I fully agree that this is the necessary procedure. There are requirements of laws that need to be fulfilled both for developers of crypto projects and for investors.

[wdelius]

KYC is actually a scam in my opinion. It accomplishes none of the goals that it is intended to.

[chunin]

KYC is important because their are so many bots who are cheating the site and earning big, so to stop that spam they are asking KYC so that it should be clear that the player who won big is a real one and not a bot who is cheating it.

[TharuMax]

Yes mate. I also agree with you and thank you for the informations you have provided. KYC (Know your customer ) is very important to participate any ICO at this time because of due to increase of scammers and some countries already regulated the cryptocurrency exchanges.

[wakeofgod]

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

[richman3451]

thanks for this article, some nuances I did not know at all

[karim30]

The information you give is very interesting. I read it all. Thank you for sharing

[donskova29]

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.

[carlisle1]

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.

It would be great if the development team passed kyc before running ico, then there would be less scam. It seems to me that such a rule will soon be introduced

Thats it,KYC must not only required for the investors and campaign participants instead this is must be mandatory for the Team behind every projects,they must bring their real identity so the investors has a chance to clarify many things before putting money,from this the scamming would be lessen if may not stopped