Why some ICO required KYC?

[XpanderaX]

KYC is needed to know where the person lives, And it can also show a clear identity, and can be accountable. there are also ICOs that use KYC because there is a ban from one of the countries to follow the ICO. then in need of KYC, therefore the ICO can know if there is a cheat it will be disqualified. I myself really do not like it if there is an ICO project that uses KYC, because I think it is complicated and hard, until today I have never joined ICO using KYC.

[Ghandy]

I think its basically due to sec regulation so kyc need ro be done so that some countries that the rule of their counrty prevent them from ico will not participate

[bubblebubble]

Hi friend the time of anonymity ended and many State requires these procedures.
It you don't like you can wait exchange listing

[triciaa478]

Most ICO requires KYC from clients and even bounty participants due to the location of the project. The regulation and licencing authorities may demand it before allowing the project to go legal and operate. But after they take, off, where you sell or buy your tokens will also demand KYC,that is a strict exchange. It is hard to come by tokens of such project that demand KYC on a decentralize exchange.

[mladakar]

There is a strong possibility that they are stealing the data and selling it to marketers. There can be huge demand of KYC related to bitcoin users.

[Pejoh Asu]

This is the method of devs. to get to know the customers, by knowing the customer so they can answer and be accountable because many countries say that ICO is a means for money laundering and all customer ICO is fictitious.

[racham02]

KYC means Know your custumer, ICO requires the ICO's to identify their address, nationality of the customers and ensure the identification of individuals, it would help to prevent fraud, impersonation, and also not to use illegal activities.

[Bharathi13]

Now a days there are lot of regulation are being announced by government bodies of several countris to tackle problem of money laundering, protection of investors, security, licensing etc. To be on safer side lot of ICOs are considering KYC, as we all know KYC is one of the adopted methods by lot of financial institution to track the investors identify, money laundering, terror funding etc.

[justine11]

i don't think this section belong to bitcoin discussion section since it talk about ICO not about bitcoin i suggest that you should move this to altcoin discussion section. Although since you brought this up, the answer is ICOs especially in america required that their investors are required to do an identity verification since it was ordered by SEC in america to prevent fraud or money laundering. i don't know they do this in other countries too.

[Hec2005]

there are a lot of ways for making money one method is to steal other people's identity and documents and sell it on the dark market. these ICOs are currently gathering cryptocurrency users information and creating a database from them which then they will sell elsewhere and make some money from doing so.

Can you provide a link so that we would be aware of this modus. Usually i join bounty and they ask for KYC to get the bounty tokens so i am obliged to do so. If only i am aware of this scam i would not give up my identity.

[Darerando]

Some ICOs required KYC simply to know the customers inorder prevent  money laundering, fraud, or any illigal activities that may violate the rules.

[Miklia]

I think future all ICOs will ask for KYC.Even bounty campaign started asking KYC

[weeklyeth]

This is to reduce fraud and to protect the customers. Many countries, so far has made it mandatory to the wallets companies and cryptocurrency exchanges to make KYC mandatory.

[Taner]

That's okay,devs want to know who buys their coins. In addition, nowadays some exchanges when listing coins also require the passage of this procedure at the stage of ICO.

[icohunter1024]

KYC is a framework for ICOs which enables them to know/ understand the customers and their financial dealings to be able to serve them better
- To enable the bank to have posstitive indentification of its relationship
- Is in the interest of customers to safeguard their hard earned money

[o9utz]

I think KYC needed for trusting each other... but carefully to pick a good ICO...
have a good luck guys....

[malinda92]

i don't think this section belong to bitcoin discussion section since it talk about ICO not about bitcoin i suggest that you should move this to altcoin discussion section. Although since you brought this up, the answer is ICOs especially in america required that their investors are required to do an identity verification since it was ordered by SEC in america to prevent fraud or money laundering. i don't know they do this in other countries too.

I think now it's moved to Beginners & Help section, Sorry for my misunderstanding of posting to the wrong section.

Btw i have much learned by all who posted their opinions in this post 

[margarita_free]

This is now required while some ICO would surely scam anybody they would first provide information about the project and the people behind it, That is why they should know their client or customer so they will not get scam by that certain ICO, We can never know what ICO are legit or not and we should be aware and prepared for it.

Many projects, which wasn't scam, fall down after ICO.
it is not about all ICO projects...
So, some ICO need KYC, and, i really understand, how ICO can be hard for people, who creating this project.
So, maybe, they have only one achievement - going to ICO.
They haven't achievement - developing their project.
And, when they going to ICO, they thought, that they achieve their goal.

[flavio.rib]

I thing the KCY gives some reputation to the ICO's too... you can identify who buys the coins for example, you don't say I have 10000 persones with my coin but you say you have A, B, C and tihis fives more epower to the coin.

[malinda92]

This is now required while some ICO would surely scam anybody they would first provide information about the project and the people behind it, That is why they should know their client or customer so they will not get scam by that certain ICO, We can never know what ICO are legit or not and we should be aware and prepared for it.

Many projects, which wasn't scam, fall down after ICO.
it is not about all ICO projects...
So, some ICO need KYC, and, i really understand, how ICO can be hard for people, who creating this project.
So, maybe, they have only one achievement - going to ICO.
They haven't achievement - developing their project.
And, when they going to ICO, they thought, that they achieve their goal.

okay! this one is really confusing