KYC in crypto, does it really require?

[Msworld83]

Do we really need to submit our personal details to ICOs for buying the token or for participating in it's bounty and airdrop?
I always wonder why do we need to give our vital info to ICOs that most are not even likely to come on in crypto space and crypto is all about decentralization but submitting our info has made it look centralized to me.
There is no regulation in crypto yet so why should we give our details to unknow ico organizers, so claim to prevent some region in participating in the ico because of the country law but those ICOs comes from the same region and country that prevent their own citizen from participating, should we say they are using style to rob us or our details is being used for other purpose .
I think it's high time we all need to stop giving our details to ICOs if really the crypto is all about decentralized and their is no regulation in the world yet to really require such details, I will like to know everyone minds about the submission of our details in term of KYC .

[1714980372]

1714980372

[Accts4u2]

It is not for all of the ICOs that require KYC. There are a lot of ICOs out there that you can buy into without using KYC. That being said you might want to steer clear of ICOs that require kyc for you to invest in their projects. Reasons being that there are a lot of things that can be done with your sensitive information that you give to these people they can sell it on the dark web and you will have your identity stolen.

[regtrade]

No, some projects require kyc to ico, airdrop. Avoid cheats or other countries that prohibit crypto. There are also some scams to get information of participants. You should learn more about the project to avoid scam.

[Classroom404]

Kyc This simply mean know your customer this is a way in which the project get to know and authenticate their customers like know the nationality, sex, name and much more it is also a form of security and it protects both the interest of the project organisers and customer

[ArkiCrypto]

KYC to receive bounty? Of course not. You don't need to give your personal information just to receive a bounty or to participate in an airdrop. First of all you should know what the KYC documents is all about.

KYC means "Know your customer" and if you're just going to be a bounty participants you shouldn't need this one since it's only for customers or in short for investors in order to know if they're really eligible to be an investors. A KYC is used to control money laundering and other fraud related users to be investors but if a project requires you to submit KYC to participate to bounty there's a high chance that it was a SCAM I'll guarantee it.

Don't waste your identity just for a few buckets. They can use your identity to do fraud, believe in me.

[giggaman19]

Do we really need to submit our personal details to ICOs for buying the token or for participating in it's bounty and airdrop?
I always wonder why do we need to give our vital info to ICOs that most are not even likely to come on in crypto space and crypto is all about decentralization but submitting our info has made it look centralized to me.
There is no regulation in crypto yet so why should we give our details to unknow ico organizers, so claim to prevent some region in participating in the ico because of the country law but those ICOs comes from the same region and country that prevent their own citizen from participating, should we say they are using style to rob us or our details is being used for other purpose .
I think it's high time we all need to stop giving our details to ICOs if really the crypto is all about decentralized and their is no regulation in the world yet to really require such details, I will like to know everyone minds about the submission of our details in term of KYC .

I don't really feel comfortable sending my details to anyone i hope this project specify if they want kyc or not so we know which project to invest it

[Cryptoguru274]

Do we really need to submit our personal details to ICOs for buying the token or for participating in it's bounty and airdrop?
I always wonder why do we need to give our vital info to ICOs that most are not even likely to come on in crypto space and crypto is all about decentralization but submitting our info has made it look centralized to me.
There is no regulation in crypto yet so why should we give our details to unknow ico organizers, so claim to prevent some region in participating in the ico because of the country law but those ICOs comes from the same region and country that prevent their own citizen from participating, should we say they are using style to rob us or our details is being used for other purpose .
I think it's high time we all need to stop giving our details to ICOs if really the crypto is all about decentralized and their is no regulation in the world yet to really require such details, I will like to know everyone minds about the submission of our details in term of KYC .

I think what you are saying about bounty hunters submitting their documents for KYC is quite true, bounty hunters are not suppose to expose their personal secrets information to anybody because it might be detrimental to them in future. So I support your points.

[SaturnBay]

Without KYC, people can use the ICO for money washing purpose, the other coins which don't run ICO are no need to KYC.

[nunibanuni]

It depends in which project are you joining. Having kyc for ico is not bad for me, they can eventually avoid those scammers lurking here in cryptoworld.

[atliens99]

I tend to stay away from exchanges and websites that require KYC.  I believe in crypto currency because of the privacy it provides, if we have to hand over are personal information it kind of defeats the whole purpose of crypto.

[Muhammad Muneeb]

Do we really need to submit our personal details to ICOs for buying the token or for participating in it's bounty and airdrop?
I always wonder why do we need to give our vital info to ICOs that most are not even likely to come on in crypto space and crypto is all about decentralization but submitting our info has made it look centralized to me.
There is no regulation in crypto yet so why should we give our details to unknow ico organizers, so claim to prevent some region in participating in the ico because of the country law but those ICOs comes from the same region and country that prevent their own citizen from participating, should we say they are using style to rob us or our details is being used for other purpose .
I think it's high time we all need to stop giving our details to ICOs if really the crypto is all about decentralized and their is no regulation in the world yet to really require such details, I will like to know everyone minds about the submission of our details in term of KYC .

the main purpose of kyc is to know that the person is not belong to that country which does not allow their citizens to invest in the icos.. there are couple of reasons for this like outflow of money from their country and money from crypto can be used for illegal activities like money laundering or drug payments etc

[KS03]

No it's not necessary.  Most of the time the KYC projects want your personal data so they can sell it on the dark web.  The project is fake to gain your personal information.  Do you really think they can check if a drivers license from Albania is real or not.  Trust me they don't.   

[bitc0000]

ICOs that require KYC are required at this time, because many countries prohibit their nationals from participating in ICO or Crypto. So if not KYC. It could be illegal. Also I saw recently, there are many airdrops asking the KYC participants to be able to get the token. I advise you to stay away from these airdrops. Your information will be sold in the black market

[Hopetruel]

I tend to stay away from exchanges and websites that require KYC.  I believe in crypto currency because of the privacy it provides, if we have to hand over are personal information it kind of defeats the whole purpose of crypto.

in my opinion it is very good if you are given KYC in crypto currency,
especially in exchange, because to minimize the occurrence of money laundering

[Cryptokarl]

Actually, you have a point in what you are saying as regards cryptocurrency. But in the recent times, many people want to cheat the system and this warranted these projects to launch kyc so as to halt the issues that arises from cheating the system

[Heruwa]

For this issue, there are many pros and cons, but all of these are likened to reducing fraud, even though many projects are the scam, hunters are disappointed and do not ask for their kyc. But that is only to reduce cheating and certainly a lot of positive effects.

[amila_cs]

First, ICO is not cryptotocurrency and cryptocurrency is not ICO. so ICO's doesn't need to be decentralized and in fact they needs to be centralized in a way since they have total control in ICO stage. Also due to legal issues KYC is mandatory but sometimes they are asking unnecessary information which is not needed at all

[johnnyns]

There are plenty of scams that are only looking to get your personal information. There are also legitimate projects that require their customers' data to oblige to regulations. There's just no universal rule, you'll have to try to figure it out yourself. My thinking is, for airdrops and similar things when you get only a few $ (up to a few dozens), I just don't send my info as I find it much more valuable. For ICOs that I want to invest, and it's just legitimate projects not just about anything, I understand the need my data and don't mind sending it.

[hokyman]

I also think so, I am worried that the kyc data we provide will be misused for purposes we do not know. If that happens it will be very harmful and have a bad impact on us.

[Aizhen05]

No it's not necessary.  Most of the time the KYC projects want your personal data so they can sell it on the dark web.  The project is fake to gain your personal information.  Do you really think they can check if a drivers license from Albania is real or not.  Trust me they don't.   

There is a purpose why many ICO are required kyc for investors even in bounty participants are need to pass kyc to received their tokens or rewards. Because there are many cheater and abuse the project such as join in campaign with multiple accounts or fraud.