Avoiding the KYC procedure

[Tulen1990]

I don't mind KYC's if they're using a reputable company. Just signed up for Algebraix's public sale and they're using Coinlist, which is pretty reputable. https://algebraix.io/

[1715578621]

1715578621

[adekogbe]

Dodging KYCs is something that has been a real challenge for investors, why? Because not everyone is open to disclosing their private information to total strangers just like that.
The pool route however is a very risky one, as the anonymity promoted by the blockchain means the risk of someone running off with your money is higher.

[ExtremeFacials.com]

A Know your Costumer procedure for me was always something suspicious, for what purpose they want my documents from me...so I`m realy careful with this.

[Nwankwobtt]

I think the reason for KYC procedures have been basterdized. It's now a tool for scammers to collect peoples data and sell or for phishing purposes. There are few real ones though. Just do you research before submitting your personal data

[johnyespapa]

it is going to be better not to participate any as it is going to put your identity at risk,never let anyone get your personal information cause it might be use to something else that you will regret in the futurem,you should be more careful as these people wont give their own profiles if anything happens to your IDs they wont be responsible.

[vladuch1]

I think that everything here depends on the amount of investment and on the reliability of the company. If this is a large-scale project and it is possible to invest only large sums of money there, then I think that the KYC should be present. And if this is a small ICO that collects small amounts of money, then I think that in this case, the KYC procedure is superfluous.

[JanpriX]

Almost all of the ICOs that I participated didn't ask me to provide any personal data and that really made the process of acquiring the coin/token very easy. Others may disagree with me but I tend to stay from ICOs that ask for any data that may point to my true identity. It is very inconvenient for me and I just don't want to share any details of myself to any company related to cryptocurrency. Anonymity is one of the main points why I got hooked to cryptosphere and I will stick to it as long as time permits.

[asriloni]

Avoiding the KYC procedure when investing through "dark" pools is for you a plus (provides anonymity and saves time) or a minus (more risks, harm for ICO, illegal status)?

We don't know about the reputable of the dark pool. It's just like you are using 3rd party service to join in the ico through use the identity that has already provided by the dark pool. it seems more risky compared with join in the ico directly by use our own identification to pass kyc. But if it can be trusted and have very good credibility and why not?

[kiw_91]

KYC is a compliance requirement for most countries. It is a regulation put in place by Central Banks. This is to avoid Money Laundering and Terrorist Financing. KYC verification is a crucial part of many transactions. I would gladly oblige/ follow the requirement for KYC if needed. However, they will need to provide the clause that they will only use our data / document for verification purposes only. You may email them first before submitting any documents. I work in Compliance for a PayPal btw.

[Bobby park]

Avoiding the KYC procedure when investing through "dark" pools is for you a plus (provides anonymity and saves time) or a minus (more risks, harm for ICO, illegal status)?

Well, I think that when a project asks for KYC procedure (especially regarding large investments) - that's good and shows that they're very serious and responsible.
But for people who actually invest (and thus have to pass KYC) - that's another headache - as not many people are willing to share their passports' data, bills info and etc

Usually, projects who required KYC are those who bullish by the investors. Most of the time, investors who invested in a project complained about these procedures specially if the investor don't want to give his identity. Some people have afraid and disgusted about KYC but for me, implementing pf KYC procedure is healthy for the project and investors. It can help to avoid such crimes that the investors involved. We can assure also that our money is safe because the team and developers are serious in their project.

[donadoni212]

many companies today are clever by requiring every investor to do KYC first with security reasons or so. it is very difficult to say that KYC is needed when we want to invest with ICO because nowadays there are so many scam ICOs that the vulnerability of our personal data is used for criminal access.
maybe the main solution is to choose a really good ICO by doing a research that will make you comfortable doing the KYC procedure.

[cryptocue]

Avoiding it will be much better for your own security,you dont want to see your IDs being used with someone else's name.These people shouldnt be trusted that is why you need to be careful with your personal informations because our community has full of scammers and you shouldnt be giving away your identity for the sake of the tokens,

[Dcoollakky247]

KYC should be done when your investment in ico of a particular project involves large amounts of money. I don't see any good reason why even airdrop (free token) will ask for kyc.

[creeps]

many companies today are clever by requiring every investor to do KYC first with security reasons or so. it is very difficult to say that KYC is needed when we want to invest with ICO because nowadays there are so many scam ICOs that the vulnerability of our personal data is used for criminal access.
maybe the main solution is to choose a really good ICO by doing a research that will make you comfortable doing the KYC procedure.

The risk is much bigger here because you are sharing your personal details that can be use in malicious thing in the future. Don't fill out this form if you don't study the project because your money is in risk.

KYC should be done when your investment in ico of a particular project involves large amounts of money. I don't see any good reason why even airdrop (free token) will ask for kyc.

Most of those airdrops is scam so be careful on joining and giving your information or you will suffer later on.

[andthereyou]

I think KYC is really  a disadvantage to ICO investors that's why many were against it but could not avoid (KYC) if they want to continue to participate in an ICO. Even bounty hunters are required to do KYC.

[nadbucs]

I only provide KYC on exchanges. Never ever give my personal details to ICO. What is the purpose anyway? The worst thing is even airdrops with less than $10 are asking for KYC as well. Look, why the dev team asking for the personal details if once the token delivered to investors they will not keep it for lifetime. Once the token listed in exchange, anyone can own the token then. What will remain in their database is our peronal data.

[Lostchickens102]

KYCs are good to make sure it will be made known that you are the real owner of a certain coin and nobody can take it easily from you. And besides money can be used for illegal activities so it would be good to have KYCs. The only problem I see here is that many infomation fell into the wrong hands and identities are stolen. Later you will then know that you have committed a crime and you will be put to jail. How nice and looking stupid can we be if this happens to us. So I don't seem to like it for now.

[Haunebu]

KYC is a compliance requirement for most countries. It is a regulation put in place by Central Banks. This is to avoid Money Laundering and Terrorist Financing. KYC verification is a crucial part of many transactions. I would gladly oblige/ follow the requirement for KYC if needed. However, they will need to provide the clause that they will only use our data / document for verification purposes only. You may email them first before submitting any documents. I work in Compliance for a PayPal btw.

You are forgetting the entire purpose behind why crypto is so popular around the world. Do you even know why people like to dabble with crypto in order to conduct their financial transactions online even though they know that there is huge risk involved due to the extreme volatility of the crypto market? Anonymity is the answer to all these questions. They don't need to depend on banks to conduct their transactions online and most of them avoid paying taxes this way. The KYC process goes against this logic completely which is why I would recommend avoiding it unless it is absolutely necessary.

[TKarollah]

I have no problem with filling out the KYC process, it's not an obstacle for me KYC is also nice that ICO who has to charge KYC seems to be a safe ICO.

[coinshn]

It's sketchy having to give all your info to all these start-ups. I have only done complete KYC process for a few ICOs / airdrops that seem very legitimate.