Alert: SYNCFAB Project is a scam

[jooj]

I and many others was participated SYNCFAB bounty for months after their an ico succeed and at distribute token to bounty participated, now and now only they are asking participated to do KYC on thier site to get bounty reward.

they did not mention this condition at the beginning of the campaign then this is a clear attempt to scam the participants in the campaign of the SYNCFAB for sure.

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[thehun]

KYC is a legal requirement in order to be compliant with US FinCEN regulations. The legal landscape has changed a lot recently and unfortunately the new turn of events wasn't foreseen when the bounty program started. Syncfab doesn't want to scam anyone, but has the obligation of conducting business in a legal manner to act in the best interest of the investors and the token holders.

[Slow death]

they did not mention this condition at the beginning of the campaign then this is a clear attempt to scam the participants in the campaign of the SYNCFAB for sure.

do the kyc and if after you do kyc and everything is cool and they do not pay you then you can accuse them of scam, I personally do not know anything about this project, but as @thehun said:

KYC is a legal requirement in order to be compliant with US FinCEN regulations. The legal landscape has changed a lot recently and unfortunately the new turn of events wasn't foreseen when the bounty program started.

it may be that this is happening. then you should do the kyc and if after that they do not pay you, then accuse them of being scam.

[jooj]

Thanks for your reply. but sorry I don't want to risk by provide my identity to any one/company. for any amount of money.

I even don't want to provide my KYC document (government ID, driving license...) to trusted companies such as Facebook or Google. so how about those ICOs projects? beside I got into cryptocurrencies to avoid centralized system and it's cons.

[HCP]

Thanks for your reply. but sorry I don't want to risk by provide my identity to any one/company. for any amount of money.

I even don't want to provide my KYC document (government ID, driving license...) to trusted companies such as Facebook or Google. so how about those ICOs projects? beside I got into cryptocurrencies to avoid centralized system and it's cons.

That's your choice... but you choosing not to complete the KYC process, does NOT make SYNCFAB a scam.

If anything, one would think that the ICO wanting to comply with KYC makes them MORE trustworthy (as they're attempting to comply with all the necessary legal steps), unlike scams that don't care as they're not planning on operating long term.

It's a shame you got caught out like this... I foresee this KYC compliance becoming more and more prevalent in the ICO sphere as time goes on... so I hope that the various campaigns start making it VERY clear that KYC is or, at the very least, "could be" required to claim tokens at the end of the campaign.

[jooj]

Thanks for your reply. but sorry I don't want to risk by provide my identity to any one/company. for any amount of money.

I even don't want to provide my KYC document (government ID, driving license...) to trusted companies such as Facebook or Google. so how about those ICOs projects? beside I got into cryptocurrencies to avoid centralized system and it's cons.

That's your choice... but you choosing not to complete the KYC process, does NOT make SYNCFAB a scam.

If anything, one would think that the ICO wanting to comply with KYC makes them MORE trustworthy (as they're attempting to comply with all the necessary legal steps), unlike scams that don't care as they're not planning on operating long term.

It's a shame you got caught out like this... I foresee this KYC compliance becoming more and more prevalent in the ICO sphere as time goes on... so I hope that the various campaigns start making it VERY clear that KYC is or, at the very least, "could be" required to claim tokens at the end of the campaign.

- bounty payments are advertisement costs. Do you require KYC for a TV channel or newspaper you want to advertise?

-dose SYNCFAB will get KYC from every one that will trade SYNCFAB token on exchanges? That makes no sense.

for sure that make SYNCFAB a scam project.

[thehun]

- bounty payments are advertisement costs. Do you require KYC for a TV channel or newspaper you want to advertise?

-dose SYNCFAB will get KYC from every one that will trade SYNCFAB token on exchanges? That makes no sense.

for sure that make SYNCFAB a scam project.

- TV channels and newspapers are registered businesses, and their shareholders and employees are all identified.

- it is the duty of registered exchanges to ask for KYC of people trading the tokens on them.

Token payments are considered money transfers and as such regulators want to know the identities of people taking part in those transactions. You can agree or disagree but this is how the law works.

[jooj]

- bounty payments are advertisement costs. Do you require KYC for a TV channel or newspaper you want to advertise?

-dose SYNCFAB will get KYC from every one that will trade SYNCFAB token on exchanges? That makes no sense.

for sure that make SYNCFAB a scam project.

- TV channels and newspapers are registered businesses, and their shareholders and employees are all identified.

- it is the duty of registered exchanges to ask for KYC of people trading the tokens on them.

Token payments are considered money transfers and as such regulators want to know the identities of people taking part in those transactions. You can agree or disagree but this is how the law works.

SYNCFAB has advertisement on many websites, are those websites a registered businesses?

all exchanges allowed their unverified users to trade any coins/tokens.
and still SYNCFAB did not mention this condition at the beginning of the campaign then this is a clear attempt to scam the participants in the campaign.

[HCP]

From what I gather... The Bounty payments are effectively being issued as part of the ICO... So that makes the bounty payment recipients participants of the ICO.

For the projects to remain on the right side of these (ridiculous) regulations that various jurisdictions are starting to impose on ICOs, all participants must complete KYC.

The fact that you disagree with KYC does not magically free SYNCFAB (or any project) from their legal responsibilities.

- Does it suck? Yes, of course...
- Should this requirement have been made clearer? Possibly... It's hard to know when they actually realised that bounty participants would need to complete KYC. If they knew prior to the campaign start, then they are at fault. If they found out at the completion then it's really just "bad luck"
- Does it make SYNCFAB a scam? No.

Perhaps SYNCFAB should consider a good faith payment of equivalent ETH or BTC to the participants who don't want to complete KYC... Given that the goalposts appear to have shifted so late in the game!

[jooj]

From what I gather... The Bounty payments are effectively being issued as part of the ICO... So that makes the bounty payment recipients participants of the ICO.

For the projects to remain on the right side of these (ridiculous) regulations that various jurisdictions are starting to impose on ICOs, all participants must complete KYC.

The fact that you disagree with KYC does not magically free SYNCFAB (or any project) from their legal responsibilities.

- Does it suck? Yes, of course...
- Should this requirement have been made clearer? Possibly... It's hard to know when they actually realised that bounty participants would need to complete KYC. If they knew prior to the campaign start, then they are at fault. If they found out at the completion then it's really just "bad luck"
- Does it make SYNCFAB a scam? No.

Perhaps SYNCFAB should consider a good faith payment of equivalent ETH or BTC to the participants who don't want to complete KYC... Given that the goalposts appear to have shifted so late in the game!

If the SYNCFAB is really ligament and honest project then they should take your suggestion as a solution.

[Slow death]

Thanks for your reply. but sorry I don't want to risk by provide my identity to any one/company. for any amount of money.

I even don't want to provide my KYC document (government ID, driving license...) to trusted companies such as Facebook or Google. so how about those ICOs projects? beside I got into cryptocurrencies to avoid centralized system and it's cons.

So you do not have anything to complain about, you do not want to comply with this requirement that by the way is something very serious and important and you do not want to comply, so close the thread and do not accuse them of scam, because only if you comply with KYC and they will not pay you, but that's not the case, you can be accused of defamation here, so close the thread and move on.

PS: Do not expect them to pay you without you complying with KYC, these strange ICOs have serious problems, they have very tight budget so they will not take money out of anything to pay you.

[jooj]

Thanks for your reply. but sorry I don't want to risk by provide my identity to any one/company. for any amount of money.

I even don't want to provide my KYC document (government ID, driving license...) to trusted companies such as Facebook or Google. so how about those ICOs projects? beside I got into cryptocurrencies to avoid centralized system and it's cons.

PS: Do not expect them to pay you without you complying with KYC, these strange ICOs have serious problems, they have very tight budget so they will not take money out of anything to pay you.

Then this is the case they have tight budget, and for that asking SYNCFAB participated bounty for their KYC. to scam on them.

btw my complaint is clear that they did not mention this condition at the beginning of the campaign.

if they did it at the beginning of the campaign then for those who chose to participate in the campaign must follow the campaign rules.