Project Initiators and Team need KYC more than Investors

[novusordo]

The decentralized nature of cryptocurrency seems not be effective when it comes to investing in cryptocurrency, seeing that investors in most cases are asked to do KYC, bounty hunters inclusive.

I do not think investors should be compelled or made to do KYC by submitting their personal data and documents, because project initiators do not stand any risk of losing their money. Rather project initiators or developers should be made to do KYC, in order to gain the trust of investors, who want to invest in their projects.

This is necessary because we have seen cases of scam ICOs, which have made investors to lose trust in a lot of them. So to gain the trust back, we would need to know whom we are giving our money to as investors.

If an ICO wants to succeed then they must first have a strong founder and team dev, in addition to their profile they need KYC to gain trust from investors. ICO projects with an anonymous team or team no KYC, I think those projects are scam and it is very difficult to succeed

[Prolifik]

The decentralized nature of cryptocurrency seems not be effective when it comes to investing in cryptocurrency, seeing that investors in most cases are asked to do KYC, bounty hunters inclusive.

I do not think investors should be compelled or made to do KYC by submitting their personal data and documents, because project initiators do not stand any risk of losing their money. Rather project initiators or developers should be made to do KYC, in order to gain the trust of investors, who want to invest in their projects.

This is necessary because we have seen cases of scam ICOs, which have made investors to lose trust in a lot of them. So to gain the trust back, we would need to know whom we are giving our money to as investors.

And that is why ICOBench started with checking IDs of teams. You can find the green or red button on every listed ICO. Green means that team is successfully verified, red means that they didn´t pass the KYC process.

[iyah adrian]

The decentralized nature of cryptocurrency seems not be effective when it comes to investing in cryptocurrency, seeing that investors in most cases are asked to do KYC, bounty hunters inclusive.

I do not think investors should be compelled or made to do KYC by submitting their personal data and documents, because project initiators do not stand any risk of losing their money. Rather project initiators or developers should be made to do KYC, in order to gain the trust of investors, who want to invest in their projects.

This is necessary because we have seen cases of scam ICOs, which have made investors to lose trust in a lot of them. So to gain the trust back, we would need to know whom we are giving our money to as investors.

And that is why ICOBench started with checking IDs of teams. You can find the green or red button on every listed ICO. Green means that team is successfully verified, red means that they didn´t pass the KYC process.

This is actually very influential in the future how the project works. If the team has been verified, of course it's very good. And just see how the project develops. With the verification team already done, of course scam projects will never be there again.

[moynul2050]

of course, I often see on one of the ICO Rating websites, ICO Bench, in the information displayed on the website I see that only one or two people submit their KYC documents for the legality of a project they are handling, even though in my opinion everyone is responsible answer and appear on the Website or WP must submit their KYC documents on ICO Bench. to better convince investors.

[wendiar19]

some projects require KYC to be able to accept their investment and with KYC you can get the results of the money you use to invest in the project, but from KYC there will usually be crime and it will make your identity known to many people, so You must be careful when you want to invest and do KYC.

[jerrison]

investors have little or no role to play in the possession of kyc of participants of a particular initial currency offering or any other project that deems it fit to materialise their vision. The team has loads of regulations watching them and also some stringent rules they have to abide by and so many things behind the investors and participants eyes.

[chits]

Manipulations with KYS are already becoming widespread. Perhaps there is a need to try to use a multifactor check, although not the most convenient and fast, but without passport data. Developers do not try too hard to compromise on the security of personal data.

[thinkpad99]

The problem is that until the end we are not sure if the project is real or is a scam. Unfortunately, if we want to invest in ICO or participate in bounty programs, we have to take a risk because developers need to require verification of KYC from the fact that legal regulations are applied.

[masterrex]

The decentralized nature of cryptocurrency seems not be effective when it comes to investing in cryptocurrency, seeing that investors in most cases are asked to do KYC, bounty hunters inclusive.

I do not think investors should be compelled or made to do KYC by submitting their personal data and documents, because project initiators do not stand any risk of losing their money. Rather project initiators or developers should be made to do KYC, in order to gain the trust of investors, who want to invest in their projects.

This is necessary because we have seen cases of scam ICOs, which have made investors to lose trust in a lot of them. So to gain the trust back, we would need to know whom we are giving our money to as investors.

Im totally agree with your Thread and its timely. Because as we see lots of scam ICO's that still wreaking havoc on the ICO Market and degrading the trust and confidence of  Investors and those honest project also suffering due to these bad actions of the few scambugs and this must be stop!

[Metall303]

Manipulations with KYS are already becoming widespread. Perhaps there is a need to try to use a multifactor check, although not the most convenient and fast, but without passport data. Developers do not try too hard to compromise on the security of personal data.

I think that if honest developers request a KYC check, this means that their project has some plans either for investors from the USA or the project will enter the US market. I believe that such a verification means that the project has big plans. Either the project is a scam 

[tamango]

I totally agree with you...team members have to pass KYC and prove their identity an real role in project to gain investors trust.

[temilade200]

And that is why ICOBench started with checking IDs of teams. You can find the green or red button on every listed ICO. Green means that team is successfully verified, red means that they didn´t pass the KYC process.

I am just wandering that if ICOBench truly ensure that teams are verified and their true identities are well documented, then that should have limited the number of scam projects in the space.
I just have this feeling that some teams make use of stole identifies for their kyc with ICO listing sites. This is why investors and bounty hunters need to be more careful with their personal documents.

[Thanasis]

some projects require KYC to be able to accept their investment and with KYC you can get the results of the money you use to invest in the project, but from KYC there will usually be crime and it will make your identity known to many people, so You must be careful when you want to invest and do KYC.

KYC is asking by many new crypto projects because they want to eliminate the investor from that country where ICO Investments are restricted. But as you said this can cause our identity to be in the wrong hands so we need to be very cautious while investing and crypto projects with KYC procedure and only invest when you know that the project is legitimate and have much reputation.

[Ifychuks]

This one is a very nice post. They should stop asking investors for KYC. The projected team are the ones that need to do the KYC in order for the Investors to know who they entrust their funds to.

[Chomsy]

This one is a very nice post. They should stop asking investors for KYC. The projected team are the ones that need to do the KYC in order for the Investors to know who they entrust their funds to.

You have a good point there. This post needs to be well rewarded. Project team are the ones that need to be screened by the Investors and not the other way round. It's just like entering a boutique to buy some clothing and am mandated to present an ID. I mean, that's quite odd.

[Olatunjex]

The decentralized nature of cryptocurrency seems not be effective when it comes to investing in cryptocurrency, seeing that investors in most cases are asked to do KYC, bounty hunters inclusive.

I do not think investors should be compelled or made to do KYC by submitting their personal data and documents, because project initiators do not stand any risk of losing their money. Rather project initiators or developers should be made to do KYC, in order to gain the trust of investors, who want to invest in their projects.

This is necessary because we have seen cases of scam ICOs, which have made investors to lose trust in a lot of them. So to gain the trust back, we would need to know whom we are giving our money to as investors.

Absolutely, teams behind project needs kyc more than investors, it is important to know if team handling a project has good reputation or not, without this it is always easy for some team to run away with money donated by investors.

[Mr.Spreadthehamster]

It is fair to say that for the trust and tranquility of the investor to the projects it is not enough just the photos of the developers on the site. Organizers are required to provide accurate information about themselves with all the necessary contacts to communicate, otherwise fraud with the ICO will only increase

[Argoo]

The decentralized nature of cryptocurrency seems not be effective when it comes to investing in cryptocurrency, seeing that investors in most cases are asked to do KYC, bounty hunters inclusive.

I do not think investors should be compelled or made to do KYC by submitting their personal data and documents, because project initiators do not stand any risk of losing their money. Rather project initiators or developers should be made to do KYC, in order to gain the trust of investors, who want to invest in their projects.

This is necessary because we have seen cases of scam ICOs, which have made investors to lose trust in a lot of them. So to gain the trust back, we would need to know whom we are giving our money to as investors.

Yes, now the situation with ICO projects is kind of very strange. In order for investors to give their money to strangers, they also provide their confidential data and copies of the documents required absolutely arbitrarily. At the same time, the ICO teams receiving this do not themselves pass any KYC checks and in many cases turn out to be scammers.
ICO teams must be tested in front of the relevant government agencies that must monitor this process in order to prevent fraud in this type of activity. Hope this will be soon.

[fasdorcas]

This was the case of Initial Public Offering(IPO) before ICOs came to push them in, most IPOs register their details before collecting money from investors and that is why investors could rely on an IPO investment when it comes with investing but when ever since ICO came with their mouthwatering opportunities and benefits that made many investors abandon the IPO system, they have been major victim of scams by some of these unreliable ICOs but I think this is why STO was introduce which is quite low now in gaining relevance but gradually, it will gain relevance and put a lot of these ICOs to check, so I agree with you that project initiators are the ones that needs KYC and not the investors

[korean1999]

The decentralized nature of cryptocurrency seems not be effective when it comes to investing in cryptocurrency, seeing that investors in most cases are asked to do KYC, bounty hunters inclusive.

I do not think investors should be compelled or made to do KYC by submitting their personal data and documents, because project initiators do not stand any risk of losing their money. Rather project initiators or developers should be made to do KYC, in order to gain the trust of investors, who want to invest in their projects.

This is necessary because we have seen cases of scam ICOs, which have made investors to lose trust in a lot of them. So to gain the trust back, we would need to know whom we are giving our money to as investors.

Of course the project initiator and the team dev need KYC first. If they cannot KYC then they cannot force KYC investors because it is not reasonable. And those projects are usually scam