KYC challenges

[erikoy]

What's your general take then!!..you support kyc or not?
Any effective ways you can recommend to making kyc procedures effective??

I have this kind of thought also thinking on what really OP wants to specify about KYC. Anyway, KYC is appropriate to local excahnges and this is effective to address abusive form of use of cryptocurrency. This is the only way we could promote cryptocurrency without the hesitant of some accusations about some.issues in the likes of money laundering and more.

[milewilda]

Please share any recommendations as to how to make kyc( know your customers ) effective!! and probably; is it even needed?

I know KYC uses it to ico's strictly and they use it so they do not double the tokens payment. and it is also good for the safety of ico participants because of their tokens secured.

Strange reasoning. The ICO team illegally uses a previously unspecified KYC check at the end of the ICO in order not to pay parts to the bounty hunters for the tokens they earned. This can be considered fraud by similar ICO teams. Moreover, the KYC check against bounty hunters, they generally apply illegally. Ask these ICO teams on the basis of what legal act they require to pass this test to bounty hunters and what exactly is written there so that it can be applied to bounty hunters. And everything will fall into place. They will not be able to justify their position with such a document. In the case of bounty hunters, KYC testing is a common practice.
Do you consider justified violation of our right to confidentiality (and in my country there is a law on the protection of confidential information and this situation is clearly a violation of this law) only in order to avoid the use of several accounts by one person? Do you think this really interests the ICO teams? For them, it is important that you write good messages and at the same time advertise their project. And whether you will be writing in one account, or will you keep up with it in several, it is absolutely indifferent for them. What is the conclusion?

KYC isnt a common practice but rather these are things being required for some projects that do abide on their countries regulation-but fraud projects do take the advantage
on such procedure just to accumulate personal informations on their investors together with bounty hunters.Im even still in questioned about that issue where bounty participants being
asked about KYC which they have nothing to do with that thing since they arent investors of the said project.Even into legit ones, im still not confident on giving out easily on my personal
info and this thing will just matter on users discretion towards KYC possible problems ahead.

[Vektrum]

Please share any recommendations as to how to make kyc( know your customers ) effective!! and probably; is it even needed?

I do not see any point in conducting a KYC audit. In order for the ICO team to have no further complaints from the US and Chinese authorities, I think it is enough to notify investors about this and that investors confirm by pressing the corresponding virtual button that they are not citizens of the USA and China.
If we are talking about the prevention of money laundering, the collection of confidential information cannot be entrusted to temporary teams that do not pass a full-fledged check. In addition, this database is practically not used in any way and there is no point in it, only there is a very great danger of using this data in the future for illegal purposes.
ICO generosity campaigners should not be tested by KYC at all, as they are not investors and cannot launder dirty money.

[klarki]

Please share any recommendations as to how to make kyc( know your customers ) effective!! and probably; is it even needed?

What are your goals? I think it is a very important point.

[Kemarit]

Please share any recommendations as to how to make kyc( know your customers ) effective!! and probably; is it even needed?

I do not see any point in conducting a KYC audit. In order for the ICO team to have no further complaints from the US and Chinese authorities, I think it is enough to notify investors about this and that investors confirm by pressing the corresponding virtual button that they are not citizens of the USA and China.

But they can even bypass this by using VPN or even TOR to hide their IP addresses.

If we are talking about the prevention of money laundering, the collection of confidential information cannot be entrusted to temporary teams that do not pass a full-fledged check. In addition, this database is practically not used in any way and there is no point in it, only there is a very great danger of using this data in the future for illegal purposes.
ICO generosity campaigners should not be tested by KYC at all, as they are not investors and cannot launder dirty money.

The problem with ICO though is the way they enforce KYC. Most of the times its on the actual distribution itself that's why lots of bounty hunters are complaining. Initially they're setup that they don't require a full KYC but at the end of the sale, suddenly they inform kYC is needed. So obviously, investors and bouny hunters will make a lot of noise. And will start name callings towards that ICO. Not good for the image of the project.

[magneto]

Please share any recommendations as to how to make kyc( know your customers ) effective!! and probably; is it even needed?

Just to touch on the topic once more: I think that as a business, you should try to minimise or at least make the KYC process as easy for the customer as possible, and only if you absolutely need their information and/or required by law to collect them.

The thing is that a lot of your customers will get discouraged from using your service if you're over the top about your KYC procedures. And that's obviously bad for an exchange, or any other crypto business.

Of course, what is required by law is required by law and you have to obey that. But make sure to protect their privacy, don't abuse know your customer as a means of threatening people, or otherwise you risk your business's reputation being ruined. Check with the authorities what is needed, whether source of funds are also needed (aml), and if you're not experienced I'd probably go with a third party KYC provider.

[marcbitcoins]

Please share any recommendations as to how to make kyc( know your customers ) effective!! and probably; is it even needed?

If possible that aside from submitting IDs and other documents pictures, the legit ICO facilitators should apply for a short personal chat video to ensure that the certain participant is really exist. With the advancement of technology today, we could easily edited a certain documents so that it will looks like originally ours but with the help of online chat video then the legality of the owners could be determined.

[Kemarit]

Talking about KYC, Binance has taken one step further (https://cointelegraph.com/news/major-crypto-exchange-binance-to-use-refinitiv-kyc-solution-in-internal-workflow).

So they're tapping a third party services REFINITIV to help them automate the process. So I guess processing or approval time will just take less days now before you know you're approved or not. I'm not really sure though it video chat is included in verification. What this means is that we have to accept the fact that crypto is no longer the (psuedo) anonymous. We are all subject to KYC just like what banks is doing to their clients.

[goaldigger]

People doesnt want their personal information to be given thats why they choose crypto as an investment. But if you look to the other side, you will see that within this vast world of internet, giving or asking for some of your personal informations are necessary for your security. Its not always negative, sometimes its way better.

[joniboini]

People doesnt want their personal information to be given thats why they choose crypto as an investment.

No, most of them want to get rick quickly and that's why they choose ICO.

But if you look to the other side, you will see that within this vast world of internet, giving or asking for some of your personal informations are necessary for your security. Its not always negative, sometimes its way better.

That depends on who ask your information. I don't believe anyone who never told me who are they first before giving my personal details. I made a lot of mistakes previously by giving personal details to anonymous exchange which eventually went down. I don't know what will they do with my data in the end, but I keep praying it won't be used for illegal activities. I'd avoid KYC at any cost, and try to use an alternative option if it's available.

I really hope we can solve this option by making our "KYC" as signature verification, just like Bitcoin/PGP message. That way I only need to send my KYC hash or message which can be verified by anyone in the world. Governments around the world should work together to provide a global hash identity ledger.

[Snaic]

People doesnt want their personal information to be given thats why they choose crypto as an investment. But if you look to the other side, you will see that within this vast world of internet, giving or asking for some of your personal informations are necessary for your security. Its not always negative, sometimes its way better.

Now there is a rather strange situation. Working with a cryptocurrency on the idea of ​​its creators should have anonymity and confidentiality for its user. However, when making payments in cash and other types of means of payment, we do not provide as much information about ourselves as in payments in cryptocurrency. Therefore, the practice of checking KYC must be fought with all possible and affordable means. Those who support KYC verification themselves consciously or unconsciously struggle with the underlying principles in cryptocurrency - its anonymity and confidentiality.

[Siren]

Kyc is very crucial in getting to know your customer but me i feel snapping with you holding the projects name is asking for too much, when you alrdy have a picture of you holding the ID card.

Thank u sir!!....i think kyc is a great thing!! So ICOs platforms should employ new technologies and techniques to secure data as much as possible!!!

That’s our main concern in regards to KYC requirements on how they will secure our data’s and assurance that they will not use on their own benefits,nor taking advantage since the KYC is usable for other platforms interest,for several times i had been asked by kyc but i have sended i guess only thrice for my own personal reasons

People doesnt want their personal information to be given thats why they choose crypto as an investment. But if you look to the other side, you will see that within this vast world of internet, giving or asking for some of your personal informations are necessary for your security. Its not always negative, sometimes its way better.

As much as i tried to understand the Company needs for our KYC is the more i am trying to make sure of my details,unless theres a real and legit needs of this then i will send mine to them

[bering]

I don't mind to giving my KYC to legal instutions especially if those institutions supported by government but i will think twice giving my KYC to particular projects such as ICO's because they cannot guarantee will abusing our data and i have seen there was people who regretting their decissions when submit their KYC because their data were abusing by irresponsible people and i don't want it happen to me

[duongdaiduong]

Please share any recommendations as to how to make kyc( know your customers ) effective!! and probably; is it even needed?

Identification...
Photos of selfie with ID and a blank sheet of paper with the date-month and the project hashtag.

[Snaic]

Please share any recommendations as to how to make kyc( know your customers ) effective!! and probably; is it even needed?

The KYC check is designed to prevent the laundering of dirty money. Are you worried about good performance in this regard? Then you need to go to law enforcement. This is their direct task.
In ICO activities, KYC validation can be applied to very large investors. For other categories, such a check is meaningless, and for bounty hunters it is also illegal.

[Dreamchaser21]

I don't mind to giving my KYC to legal instutions especially if those institutions supported by government but i will think twice giving my KYC to particular projects such as ICO's because they cannot guarantee will abusing our data and i have seen there was people who regretting their decissions when submit their KYC because their data were abusing by irresponsible people and i don't want it happen to me

Its hard to trust anyone, and even if its the government or what since they can sell our details on a black market. KYC should be more regulated so we are safe from this kind of activities. ICO’s should not ask for any KYC or else only few investors will participats since they want more to be safe.

[Snaic]

Please share any recommendations as to how to make kyc( know your customers ) effective!! and probably; is it even needed?

KYC checks should be conducted only for traders with large trading volumes and large investors in ICO projects. For other categories of people it is meaningless. With respect to bounty hunters, KYC checking is generally illegal. It should be used only for the purpose for which it was created - the prevention of money laundering. In any case, it cannot be used on this forum to combat the presence of multiple accounts for some users. Violation of our right to privacy cannot be justified by this.
 In general, KYC verification - this should be a problem of state bodies.

[Oilacris]

Please share any recommendations as to how to make kyc( know your customers ) effective!! and probably; is it even needed?

KYC checks should be conducted only for traders with large trading volumes and large investors in ICO projects. For other categories of people it is meaningless. With respect to bounty hunters, KYC checking is generally illegal. It should be used only for the purpose for which it was created - the prevention of money laundering. In any case, it cannot be used on this forum to combat the presence of multiple accounts for some users. Violation of our right to privacy cannot be justified by this.
 In general, KYC verification - this should be a problem of state bodies.

Should really be on this way but all of them do require it generally from big investors to bounty hunters which i can see it meaningless specially for bounters.Why would need such verification if

they are just part of marketing area.Just to tell my recent registration on a unpopular exchange, even withdrawing $50 do already required you to get verified.

[imstillthebest]

Please share any recommendations as to how to make kyc( know your customers ) effective!! and probably; is it even needed?

KYC checks should be conducted only for traders with large trading volumes and large investors in ICO projects. For other categories of people it is meaningless. With respect to bounty hunters, KYC checking is generally illegal. It should be used only for the purpose for which it was created - the prevention of money laundering. In any case, it cannot be used on this forum to combat the presence of multiple accounts for some users. Violation of our right to privacy cannot be justified by this.
 In general, KYC verification - this should be a problem of state bodies.

Should really be on this way but all of them do require it generally from big investors to bounty hunters which i can see it meaningless specially for bounters.Why would need such verification if

they are just part of marketing area.Just to tell my recent registration on a unpopular exchange, even withdrawing $50 do already required you to get verified.

I feel you bro . kyc is really a though thing and this is the hottest issue that we are facing nowadays  .  bounty and airdrops should be excluded in kyc's because people dont invest a money on these kind of activities  .   but it is okay if kyc can be included on wallets and exchanges even if the deposit or withdrawal amount isnt really large enough .  that is to avoid fruadsters and other illegal activities   . kyc is for our own good and it is really beneficial  if done properly  .

[mich]

If someone has a real problem with KYC then there is a chance they are doing something that is wrong or they are hiding.
There isnt much that can be done with KYC so what if someone has your ID?
People are paranoid about KYC but the truth is it is not a big deal to hand over some paperwork if you arent hiding the truth.