Cryptocurrency, KYC and Terrorism

[congresowoman]

Some have speculated that terrorists have discovered a way to use the platform crypto currency to gather identities from different people from all over the world. use their identities for terrorist activities. From threads that i have seen, there are people thinking that some ICOs are used to fund terrorist acts by luring investors into investing into their companies, getting KYC in exchange of money, gather a large sum of it and then run away with big bags of bucks.
IMO, these scenarios have big possibilities since there is the anonymity factor feature of crypto currency, we really do not have the knowledge as to whom and where the money will go for when it was transacted in cyberspace.

what are your thoughts on this?

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[coin-investor]

Some have speculated that terrorists have discovered a way to use the platform crypto currency to gather identities from different people from all over the world. use their identities for terrorist activities. From threads that i have seen, there are people thinking that some ICOs are used to fund terrorist acts by luring investors into investing into their companies, getting KYC in exchange of money, gather a large sum of it and then run away with big bags of bucks.
IMO, these scenarios have big possibilities since there is the anonymity factor feature of crypto currency, we really do not have the knowledge as to whom and where the money will go for when it was transacted in cyberspace.

what are your thoughts on this?

That's true that's the reason that I hate KYC there's too many risks on it, we can only give our vital information on companies and organizations that we know and are compliant, but with ICO that we are not sure who are the people running, there's too much risk attached to it.

[CryptoReggae]

so many people sent their documents lightly, and someone took advantage of it.
My advice is first of all to trust only companies that meet the minimum security requirements, secondly if you suspect that you have sent documents to the wrong people, the first thing to do is immediately request a new document so as to avoid a fraudulent use (and subsequent problems)

[Gozie51]

Some have speculated that terrorists have discovered a way to use the platform crypto currency to gather identities from different people from all over the world. use their identities for terrorist activities. From threads that i have seen, there are people thinking that some ICOs are used to fund terrorist acts by luring investors into investing into their companies, getting KYC in exchange of money, gather a large sum of it and then run away with big bags of bucks.
IMO, these scenarios have big possibilities since there is the anonymity factor feature of crypto currency, we really do not have the knowledge as to whom and where the money will go for when it was transacted in cyberspace.

what are your thoughts on this?

This post might be correct in some ways but I think this position should be backed by a link to further read on it so it won't be held on you to be the one who is making this position or the thread you read it.

Yes KYC might have its ulterior purpose but my question is, if it is used for terrorist activity, what particular information that KYC might be requiring if not basic biodata and maybe passport photography. So what would terrorist would be needing such information for where the information in KYC is not having anything with your government, because terrorism activities is about attacking government and governance purpose.

[LeGaulois]

Or you watch TV too much?

What you are saying is the terrorists create blockchain product, write a WP and set a website for an ICO. After collecting personal information from people they close the shop and go out to use identities' people?

If you prefer to live in a sphere with a currency controlled by authority controlling everything then you can always use your local money.

[elda34b]

Let's say what you're saying is true. I believe only a few people ('investors') would give their money for some unknown projects which have an anonymous team. I'd be seriously surprised to see that any sane investors would throw away their money for some scrappy whitepaper.

If the terrorist really wants to do it, then they might want to steal other people photo to represent their team, or if they're stupid put their own face on the internet.

I can't imagine the reason why they need to make it so complicated. Buying from identity seller might be faster.

[avikz]

Some have speculated that terrorists have discovered a way to use the platform crypto currency to gather identities from different people from all over the world. use their identities for terrorist activities. From threads that i have seen, there are people thinking that some ICOs are used to fund terrorist acts by luring investors into investing into their companies, getting KYC in exchange of money, gather a large sum of it and then run away with big bags of bucks.

That's a possibility! However, we haven't yet seen an ICO is directly linked with the terrorism financing as of yet! However, I am concerned more about the KYC documents instead of money in this whole game! No one knows how a ICO company handles or keep the KYC data of their customers! If the ICO really want to do business probably they will take care of the data but if an ICO is built to scam people, they can even sell their KYC data in the darkweb against a fat payment! I am glad that no such scam has yet been surfaced, but this is still a gray area!

[rizkyhiw]

I strongly agree that KYC is the most important for me because it stores personal data that is very easily misused or tracked by someone, very risky to give KYC useless, money is not everything but personal data is played by every cheat project, surely that is their clear intention I want to take advantage of this situation, I hope this will be a lesson in the future because there is no safe system.

[dark08]

Doing KYC have a advantages and disadvantages like what OP said it can be use in some terrorism activities that one reason I hate this kyc system I dont give my identity to any company like this ico project so be careful for joining any project that require doing a kyc because your identity can be use by othee people for doing illegal activity.

[xvids]

Some have speculated that terrorists have discovered a way to use the platform crypto currency to gather identities from different people from all over the world. use their identities for terrorist activities. From threads that i have seen, there are people thinking that some ICOs are used to fund terrorist acts by luring investors into investing into their companies, getting KYC in exchange of money, gather a large sum of it and then run away with big bags of bucks.
IMO, these scenarios have big possibilities since there is the anonymity factor feature of crypto currency, we really do not have the knowledge as to whom and where the money will go for when it was transacted in cyberspace.

what are your thoughts on this?

This is the reason why I am really against KYC in ICO's and airdrops or bounties.
We couldn't know if those people are only after our personal information and it is the risk that we are facing.
What would happen to our information once it goes to the terrorist?

[CryptoBry]

Some have speculated that terrorists have discovered a way to use the platform crypto currency to gather identities from different people from all over the world. use their identities for terrorist activities. From threads that i have seen, there are people thinking that some ICOs are used to fund terrorist acts by luring investors into investing into their companies, getting KYC in exchange of money, gather a large sum of it and then run away with big bags of bucks. IMO, these scenarios have big possibilities since there is the anonymity factor feature of crypto currency, we really do not have the knowledge as to whom and where the money will go for when it was transacted in cyberspace. what are your thoughts on this?

In the expanding world of terrorism, anything even bizarre can be possible and as for funding these people can be so creative, if ever they have used ICO projects to fund their activities I would not be shocked. However, let's make it clear that these are speculations and as such without proper and vetted evidence favoring the matter then these should remain as speculations. Let's make it clear that these people can easily get funding outside of the world of cryptocurrency and they can get information that they want without going through the KYC procedures. But am hoping that an investigation should be conducted on this matter so that we can know for sure that this industry is not being utilized by unscrupulous people including the terrorists.

[Adriano2010]

I think the main reason they ask kyc for large amount or on some exchanges even for low amount is money laundering and terrorism, if this not was on this world we could trade without kyc on most exchanges.

[playboy654]

Some have speculated that terrorists have discovered a way to use the platform crypto currency to gather identities from different people from all over the world. use their identities for terrorist activities. From threads that i have seen, there are people thinking that some ICOs are used to fund terrorist acts by luring investors into investing into their companies, getting KYC in exchange of money, gather a large sum of it and then run away with big bags of bucks.
IMO, these scenarios have big possibilities since there is the anonymity factor feature of crypto currency, we really do not have the knowledge as to whom and where the money will go for when it was transacted in cyberspace.

what are your thoughts on this?

Bitcoin doesn't need KYC are any of your personal details to use it but some of the new projects might needed you can definitely avoid those projects which you think they will misuse your personal information details. I too agree that people may misuse your details but cryptocurrency related with terrorist activities looks like a story created by the people who doesn't want the decentralized payment system.

[batang_bitcoin]

I haven't heard of those accusation before that ICOs were being used to fund terrorists. But I've heard of it before that they're also into crypto so that their transactions are anonymous. But for me, I think they still prefer cash than crypto's. As long as something has monetary value they can take advantage of it and as for KYC, I'm not trusting anymore anyone on the web when they asks for it. That's a big possibility that people who will comply to it, those info will be used in a wrong way.

[Ayiranorea]

The funds for terrorism takes place through the big firms and probably this happens in dollars. The most used currency for illegal transactions were dollar. I don't say that no illegal transactions have taken place with bitcoin, but governments easily term it a channel for illegal funding without any proper information. Particularly in most of the cases when there is no clue in finding the way the funds have moved, they just indicate bitcoin as the way. This is how more things affecting bitcoin bitcoin in a negative manner.

[dothebeats]

That's why it is advisable that no one should ever submit KYC documents that easy, and no one should ever agree into sending their documents in exchange of pennies (I'm looking at ICOs and airdrops asking for KYC in exchange of a slot). Identity theft has long been a problem in the digital world even before the advent of cryptocurrencies, and it only was intensified because hackers and criminals knew that before they can exchange their anonymous currency into fiat, they need to go through an exchange to process everything, and that's where KYC docs of other people become handy. Selling of such is rampant in the darkweb as well, and perhaps it's best for law enforcement agencies to get at these sellers rather than go after those who use the faked docs. Cut the source before it pollutes everything, right?

[Chikitita2004]

Some have speculated that terrorists have discovered a way to use the platform crypto currency to gather identities from different people from all over the world. use their identities for terrorist activities. From threads that i have seen, there are people thinking that some ICOs are used to fund terrorist acts by luring investors into investing into their companies, getting KYC in exchange of money, gather a large sum of it and then run away with big bags of bucks.
IMO, these scenarios have big possibilities since there is the anonymity factor feature of crypto currency, we really do not have the knowledge as to whom and where the money will go for when it was transacted in cyberspace.

what are your thoughts on this?

It is possible and could possible be happening already. There is a lot of projects conducting ICOs that run away after they’ve gathered enough fund. Posting some whitepapers to represent their project only as a front but nothing of anything written will actually happen. That could be for different purpose or we don’t know if real terrorists are behind these activities.

[Harlot]

I don't think its a speculation anymore terrorists can use any kind of tactics just to gather our information and they might done it to fake ICOs, exchanges, and fake websites just to obtain our documents. Of course the possibility of this is high because even them are also in the crypto market now as where the criminals have been in a long time now. That' why you only give your KYC documents to trusted ICOs and exchanges you really don't want to trust unaffiliated ICOs and exchanges with our government as you really don't know what they'll be doing to it.

[kryptqnick]

Some have speculated that terrorists have discovered a way to use the platform crypto currency to gather identities from different people from all over the world. use their identities for terrorist activities. From threads that i have seen, there are people thinking that some ICOs are used to fund terrorist acts by luring investors into investing into their companies, getting KYC in exchange of money, gather a large sum of it and then run away with big bags of bucks.
IMO, these scenarios have big possibilities since there is the anonymity factor feature of crypto currency, we really do not have the knowledge as to whom and where the money will go for when it was transacted in cyberspace.

what are your thoughts on this?

Wow, I always thought of KYC as a measure to prevent financing of terrorism, not a way to enforce it and make other people guilty of it. ICOs are full of weird investors, shady teams and who knows which applications of money. I think it might be wrong to ban them, but they have to be monitored strictly. People gave a lot of data to ICO teams. In fact, sometimes they are basically required to do that under some legislation. I don't understand how these data can be used against these people in the future, though, but if there's a way to pretend to be one of those people while financing terrorists - it's extremely serious.

[Sharon121212]

Kyc was not started by cryptocurrency it has been in existence for a long times and banks, institutions etc uses it to identify individuals.
I don't have any problems with kyc and I think so should everyone the real issue here is initial coin offering icos the sector is infested already and if there is a target to get people's identity through kyc am not surprised is through that area.
 We can not avoid kyc complete but if we avoid joining and sending our details to entities we not sure off then at least it would be mild