A new look to KYC, from a customer's perspective.

[deathcode]

n my opinion, KYC should not be enforced. because the KYC goal is to collect customer biodata. we as customers send KYC the stupid thing we have done. because we send personal data to parties we don't know.

if it's for bounties, airdrops, or investors then how can they also think of giving their tokens to people who don't provide their data. what actually happened was that they only wanted to record the community from their part. they are supported by a community that is right there are not just one or two people disguised with a lot of data.

[Globen]

So much issues on KYC, you are right mate, investors are the once so much at risk here, because they do not know who is actually behind the scene, all they see is picture, and they put their money into the project and still undergo kyc for people who they are not sure of. Blockchain should stand by it's anonymity, the KYC doesn't make so much sense.

[sehoon]

May I raise a question? What if this Know Your CEO becomes a real thing, do you think it is going to be okay for the people to still pass their KYC? But anyway, I never thought of this move before. Since I believe that the legitimacy of the projects is also crucial like the information that we are giving to these people.

[Huntler1993]

Absolutely, but now project even pop up without anyone knowing the team behind it. You ask about it and all they could say is for anonymity  reason we will not disclose the person. Whom do you want to invest in such project with unknown individuals. It about time we look into things properly.

[pinoycash]

Absolutely, but now project even pop up without anyone knowing the team behind it. You ask about it and all they could say is for anonymity  reason we will not disclose the person. Whom do you want to invest in such project with unknown individuals. It about time we look into things properly.

Any anonymous developer that is asking for BTC thru presale, ICO should be avoided completely..

These anonymous team always rebut with satoshi being an anonymous developer for bitcoin

[andulolika]

Seemingly there are such services as civic which seems pretty governamental since i saw it linked with banks aswell, could provide a bit of help, an user mentioned few similar services few posts up.

I hope people starts asking for this before investing, should be okay to hand your data to legit companies or well if you have them by the balls.

[Moiyah]

So, what does KYC mean? I always hated that thing, mostly because I feelt it is an unnecesary leak of information.

I also dislike KYC that process any personal informations. I am not really comfortable with it but others are giving away their KYC infos with some unsure ICOs. I understand some of their point for AML programs but i only trust and give KYC to the selected and trusted organizations only and not for the small ICOs

With these times and all the shitcoin scams and real waste of time and money I came to the resolution that we need a new meaning for KYC.

Know Your CEO.

It is easy to know their CEO, but I also suggest that they have to provide us some contact informations for easily access in case of any unethical act of their team. Also, I was just thinking, they easily point out some fake CEO so I guess it can not help a lot to provide solutions to the KYC problems.

[StephenJH]

Know your CEO
What a creative opinion about the KYC!
KYC is not dangerous for trustworthy projects but  I can't say the same thing about a scam projects.

[akeegan]

So, what does KYC mean? I always hated that thing, mostly because I feelt it is an unnecesary leak of information.

KYC/AML is really needed especially if you are starting a company that offers innovation and if you want to improve your services and if you want to have a solid statics and data system. You said that you need to know the CEO of the company before letting them know your personal information but it's not the thing you have to base. You have to know the whole team and what they really do. If you really wanted to try to invest with them then you have to try your best to reach them and talk with them verbally.

OP, please check this the remediation of having KYC/AML. :  https://complyadvantage.com/knowledgebase/kyc/kyc-remediation/

I agree here. I believe that KYC and AML is innovative and compliant with the different governments and playing safe. I am blown away by the innovation of the companies that are able to help with the tracking and tracing as well. The recent CipherTrace and Binance partnership really solidified that for me

[odranoel]

For me i have no problem for any Bounty program that required KYC, as long as it can not affect our personal identity but knowingly only. And of course in terms of payment after all are good and fair to everybody.

[andulolika]

I really like the windingtree project with their token LIF.
Their whole team is verified by civic I think and is a very innovative project with nothing more than development and partnerships 0 hype 0 pump.

For me i have no problem for any Bounty program that required KYC, as long as it can not affect our personal identity but knowingly only. And of course in terms of payment after all are good and fair to everybody.

Expect most shitcoins to sell your data after they certain everyone knows its a scam and their identities safe.

[pinoycash]

For me i have no problem for any Bounty program that required KYC, as long as it can not affect our personal identity but knowingly only. And of course in terms of payment after all are good and fair to everybody.

If you don't value your identity then you are free to undergo every KYC procedure ask by different ICO project just to get paid in their bounty programs. Soon your identity documents will end up in the dark web being passed around and sold like pancakes

[Tylev]

If you strictly approach this issue, then the participants of the ICO bounty campaigns are not clients of the ICO team. Clients are just the ICO team in front of us. We provide advertising services and the ICO team pays us for this with their new tokens. The customer is always the one who pays, who invest their money.
KYC checks should be conducted to prevent the laundering of dirty money and combat the financing of terrorism. For other purposes, it is not intended and using it for another purpose is an excess of authority. Since in the relationship between bounty hunters and the ICO team, the client is still the ICO team, it must pass the KYC test in front of us, if necessary. Because such checks KYC in cryptocurrency is now brought to the point of absurdity.

[rijaljun]

KYC method is basically to prevent money laundering. But by times, project implemented this without necessarity which end as useless method. In my perspective, personal documents are in danger of we give to others as people can impersonate ourselves. But this is not available full bad thing, we just need to chose the right person to give our personal documents. Make sure they are not a scammer or bad person.

[Crypto Girl]

Any ideas? Would anyone actualy ask for this before investing? and keep the word and not invest without the check?

That step will be a big relief to investors however that can't happen easily and it's not easy as what you think. SEC should be first to regulate ICOs and next submitting kyc documents of the team especially the CEO. However, this won't still guarantee no scam risk though it will just lessen.

Personally, I spare myself from investing in ICOs, no matter how lucrative the project is as we all know how it will end up.
It will be useless eventually.

[Enzo05]

That's true and I know it's mandatory for CEO to be transparent so he can gain trust to it's users. I also like KYC for customers so during sale we can avoid abusers who will buy tons of tokens and dump when enter in the market.

[pinoycash]

That's true and I know it's mandatory for CEO to be transparent so he can gain trust to it's users. I also like KYC for customers so during sale we can avoid abusers who will buy tons of tokens and dump when enter in the market.

KYC should only be mandatory to ICO Project owners and team members while those customers wanting to buy more tokens they are taking a huge gamble with the project and buying tons of tokens will help the project reach its funding goal.

Dumping occurs in any coin/token project and it cannot be controlled by anyone.

[Spaffin]

That's true and I know it's mandatory for CEO to be transparent so he can gain trust to it's users. I also like KYC for customers so during sale we can avoid abusers who will buy tons of tokens and dump when enter in the market.

KYC should only be mandatory to ICO Project owners and team members while those customers wanting to buy more tokens they are taking a huge gamble with the project and buying tons of tokens will help the project reach its funding goal.

Dumping occurs in any coin/token project and it cannot be controlled by anyone.

Checking KYC for the ICO team will not save us from fraudulent projects. ICO teams must undergo a more thorough check than a KYC check and must be carried out by authorized government agencies. At the same time, participants in the ICO bounty campaigns are not clients of the ICO team, because they do not invest their money in ICO projects. We provide services for advertising the ICO project and conducting a KYC audit against us is contrary to its goal - the prevention of money laundering and the fight against the financing of terrorism.

[miropp]

I think that is a very good and useful idea. Among the project teams there are also a lot of scammers and therefore investors need to know who they give their money to.

[Bitcotalk]

KYC is because of regulations nowadays of sec and i see it was required in general to have a legality before conducting and ico than facing the laws after the successful crowdfunding. Everyone should be smart to look into the credibility and research on the informations of the team and not only hoarding in the project.

This is in fact a good idea and I like it. It also gives investor the power to confirm or know the team before investing in the ico. Know your CEO will dramatically reduce the scams in the crypto space, KYC know your costumer on the other hand is applicable under AML anti money laundering which is not the reason of the scams. In addition, IEO has provided a new mechanism of fundraising that has eliminated the risk factor.