Why KYC needed for ICO ?

[MonkeySlapFest]

Its like info theft but for free if that makes sense but your giving the info so its not theft.

[Aum Ram]

With its help, people gain full control over their personal information, as all data is carefully encrypted, protected by biometrics, stored only on personal devices.

Unfortunately, I have a huge doubt about the fact that organizations that carry out the KYC procedure will keep personal data of investors in a safe form.

[BabatundeM]

From the way I view it, I think even from the meaming KYC  (know your customer) is an avenue whereby the developers and the team of a project are able to get important information from investors through documentation. There are some countries that do not encourage or allow their citizens to get involved in ICO, so through this medium  the issue of nationality can be sorted out.

[menoharrison]

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. Today many criminal events related to finance, whether it is theft through hack or money laundering actions. with the presence of KYC, is expected to prevent the existence of such criminals.

[Saisher]

Initial coin offering has been quickly emerging as the new fund-raising method being used for launching a business. Recently we have seen the requirements of KYC for ICOs are increasing. And many investors are not supporting it. I want to know why exactly do ICOs need the requirements of KYC.     

I don't like KYC either because it does not adhere to cryptocurrency principles, but I think it's the only way to know your country of residence because some country ban investing in ICO but it can be manipulated people can submit bogus or fictitious  credentials, so it's not realiable.

[MacStone]

becasue there are a lot of regulations now and we need to provide our information for investing purposes.
I do not use to invest much on those icos, i do not like to provide my personal data to those people.

[raiderking96]

usually KYC (Know Your Customer) required by an ICO project is to find out who the owner or shareholder of the project token is. To avoid misuse of tokens that have been traded. Such as, terrorist financing, money laundering, corruption and so forth.

No need to worry about our identity being misused, if the project is good and professional then it will be responsible for the confidentiality of our personal data

[weblouartisan]

Initial coin offering has been quickly emerging as the new fund-raising method being used for launching a business. Recently we have seen the requirements of KYC for ICOs are increasing. And many investors are not supporting it. I want to know why exactly do ICOs need the requirements of KYC.     

Kyc is is the only way for the ico to determine their investors and in this way, ico's can determine if there will be an illegal transactions that is happening behind their own project.

[Tirdok]

I don't think that the ICO required KYC.  moreover, I think that your data can be used by scammers.

[Pamela1966]

Initial coin offering has been quickly emerging as the new fund-raising method being used for launching a business. Recently we have seen the requirements of KYC for ICOs are increasing. And many investors are not supporting it. I want to know why exactly do ICOs need the requirements of KYC.     

Kyc is just an attempt in compliance to regulations and nothing serious, it's minimizing perpetrating of funds illegally,  most of the ICOs make their contributors pass through Kyc because they don't want to risk litigation

[baiwei]

The KYC is applied because there's is a law on goverment to give the identity of an investor and this KYC sometimes a barrier for an investor to invest on a particular initial coin offering or any other investment.

[quarkyplum]

KYC for ICO campaigns is mandatory. ICO campaigns require a KYC to prevent a person from buying a lot of ICO Tokens to make illegal profits. KYC investors are pure and not as hard as people think, just have the passport is able to verify quickly.

[Singbatak]

This is maybe because there are some countries that ban the cryptocurrencies and kyc is the way to prove that you are not living their. If your campaign is legit, no need to worry. You are in a good hands. Your identity is hidden in others.

[soljal543]

KYC which means 'know your customer' is done to know your investors and also screen out citizens of restricted country. It will also help to prevent unfair distribution of token as some investors use bots to buy token.

[idex100]

The reason is simple, a lot of ICOs are trying to meet all requirements before hand should there be an overhaul of  ICOs projects by government.It is easier to doo KYC during onboarding processes rather than mid-way.KYC are regulatory requirement by government for transactions thay may involve cash handling.KYC also help project team to sieve out contributions from restricted countries like the US and China

[TmottaDing]

Well, i am not against KYC for icos, but yes i agree with most people in here, it is more than disgusting need to pass KYC in order to put your funds in some ico, that is something that i hate after all

[@hosimanaka]

KYC.legal is an authentication system. ICO platform began in December. KYC.legal, as you may have guessed from the title, has aim to provide a better system for testing your client’s knowledge (KYC). Today, banks, financial institutions and crypto-currency exchanges should comply with the requirements of KYC. Basically, it means that these organizations must collect and verify personal information from clients. It is designed to prevent fraud, and is also often combined with the verification requirements of the money laundering (AML).

In any case, KYC.legal wants to create a better system for checking KYC / AML. This system is aimed to provide advantages of users and companies by developing a single, unified, user-friendly solution. Instead of individual fill requirements KYC from each service provider you can locate this on one platform.

Because they want transparency between buyers and sellers, most are the central bank that forces the issuer of the ICO project to obtain customer information on Tokens. This reduces some of the investors who do not, but I think this is not important, since so many people have created false IDs to confirm KYC.

[removebeforeflight]

Most of the recent ICO and few exchanges is asking for kyc nowadays and they claim that the reason is to avoid money laundering and use of funds by terrorist. I don't think kyc can stop them since they have different means to transact or exchange money for their use. I strongly believe that kyc will not be a solution for what they have implemented and there should be some other reason for kyc and we are not aware of that at this point of time.

[trexbtc]

I do not understand why people have to go through KYC many times. We need a service that will store all the data. And the projects will take the same data from there.

[salinagomez]

Personally i can't like this initiative because they don’t need ICO. Some peoples are saying this KFC feel crypto currency are banned many country that’s why they connect with ICO.