Cryptocurrency, KYC and Terrorism

[huhhuh18]

That was the reason why the call for regulations became a hot topic after the 2017 ICO bubble. It was realised many people just used crypto to scam people and then use the money for various reasons including the illicit behaviours you talked about. So with regulations, people will always be on their toes so they don't get into troubles and that'll save all of us

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[coin_1122]

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?

Yes i do think so, this conspiracy that might turn out to be true and i do think there is a lot of ICO that not real and dont have real product and might be terorist fundrising ICO. I do think its bad idea to give KYC to someone who we dont know especially to crypto world but in other hand I do believe KYC is needed to prevent terrorist fundraising.

Ues, that's why people are not showing interest in fundraising but still, people are investing and submitting their document to the companies those who are raising money. If you don't like the company and don't want to submit the documents better stay away from those companies and start investing when they start trading in the exchanges.

[maxreish]

Actually, I've never heard about this before. If you can provide any link about this hearsay about terrorists using ICO projecgs in return of KYC thing, then it is better. Somehow, it just made me stop and think. It is near possible that they use this crypto projects to accumulate identities from different countries with of course collecting funds at the same time. The motives are too personal if we are talking about terrorists here. But well, how can we really say it's true when all of it was just speculations.

[bering]

I'm not sure about you says ICO's used to fund terrorist acts and i was first time to heard about this here which is these thoughts not necessarily true but indeed there always be possibility for it because cryptocurrencies offering the advantages which is not owned by other currencies and about KYC that's why most people suggested not too easy submit our data to particular sites to avoid things we don't want

[el kaka22]

There has been a lot of the gather as much money as possible and then run away with it type of ICO's for sure, hell there have been openly doing that ones as well but the terrorist part is something I don't know. I mean I have been around for 6 years and I haven't heard of that terrorist scenario ever before this topic, is that legit? Where did you find that news ?

Remember in the crypto world (and honestly in real world too) people are telling many lies and many made up scenarios so this could be one of those, we have our fair share of conspiracy theorists in our ranks so without any proof do not believe everything you read. If it is true and terrorists do use these kinds of things then there must be a true source for that information and with that we can find ways to protect ourselves from them.

[iMark]

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?

you better gather proof that is real and authentic rather than making speculations that are not necessarily the truth. A bit of wild thoughts like that, terrorists are there but in my opinion their funds do not come by fundraising from crypto or ICO, and KYC that exists may be sold by some bad people, whatever their purpose, we are better selective and careful about suspicious projects

[michellee]

but many people do kyc, specially if they get high reward, so i think this is hard, they choose not do kyc and not get paid after work for 1-3month.
but not at all will be do for that,dont think negative and assume that happen at all, open minded and look from other side.

If the project can protect the customer data, then it is no problem for the investor or participants to send their document to them. But if it's not, then we need to be worried if the document can be used for illegal things and we don't know about that. We can be the next target because they have our document and they can do whatever they want. So be careful when you want to send any document to any project and make sure that you do the right thing.

[spike420211]

I'm not sure about you says ICO's used to fund terrorist acts and i was first time to heard about this here which is these thoughts not necessarily true but indeed there always be possibility for it because cryptocurrencies offering the advantages which is not owned by other currencies and about KYC that's why most people suggested not too easy submit our data to particular sites to avoid things we don't want

Terrorists are financed by very large organizations, they do not need to conduct ICO in order to hide the flow of their funds, it is enough for them to use anonymous cryptocurrency for transfers, even KYC will not save it

[semobo]

The implementation of KYC is only to reduce their fake profiles because everyone is doing some scams also after the KYC the transaction will be more safer than before that's why the implementation is always accepted by me but I don't think that terrorism will not been involving only with the help of this problem

[Shenzou]

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?

I think that is one of the biggest problems that crypto is facing, when talking here about anonymity its a double edged sword, on when hand it gives us the possibility to hide our identity to keep us safe, but it also provides a shade for terrorist to exploit and for illegal activities, and when it comes to ICOs i definitely think that they are at a place where  they are being used for the wrong reasons and especially where the market has been flooded with so many useless coins that are only just cash grabs.

[sana54210]

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?

Hence the need for regulation, I am a crypto lover and I believe in the solution that cryptocurrency has brought, but this is one of the disadvantage of the system, and we need regulation for this negative side of it to be neutralized.

This has been one main reason why people are always careful with their information and I really don’t know why some companies are really imposing it if they don’t really have hidden agenda, I think it is high time that any company that is requesting for KYC should be ready to also give same thing in return so that we can keep record of everyone that has access to our vital information when any issue arises.

[Mike Mayor]

KYC=Easy profit for scammers.

KYC is not safe look at all the exchanges that have been hacked.

KYC is only safe within a government institution like a bank or license department or bank or loans and bigger business deals. I know my info is safe with the goverment but not with some random project online.

We have been told not to give our personal info to anyone if we choose to be involved in crypto.

Ech time we fill some KYC forms, we are actually taking upon ourselves certain degree of risk. It is not impossible that some ICO projects have the sinister ploy to fraudulently obtain sensitive information, there prevalence of security breeches in the space may not be unrelated to this

This is why my government tells us not to give KYC.

I legally don't need to give KYC.

[Twinkledoe]

KYC=Easy profit for scammers.

KYC is not safe look at all the exchanges that have been hacked.

KYC is only safe within a government institution like a bank or license department or bank or loans and bigger business deals. I know my info is safe with the goverment but not with some random project online.

We have been told not to give our personal info to anyone if we choose to be involved in crypto.

Ech time we fill some KYC forms, we are actually taking upon ourselves certain degree of risk. It is not impossible that some ICO projects have the sinister ploy to fraudulently obtain sensitive information, there prevalence of security breeches in the space may not be unrelated to this

This is why my government tells us not to give KYC.

I legally don't need to give KYC.

I don't believe that all projects or exchanges requiring kyc has bad motive to its clients. If you are not giving your kyc to any of those institutions, how are you spending your crypto into your fiat currency? At some point you need to convert it to fiat so you can use it for your personal expenses. And these local crypto exchanges, require to submit some sort of kyc from their clients.

[Furious 7]

I am not sure about this issue, so far there is no evidence of crypto being used to fund terrorism. although the opportunity for that is very large at least the OP provides evidence.
and KYC I agree to be more careful to provide your personal data, make sure your website is safe and responsible.

This is indeed difficult to prove but now the OP is talking about KYC being used for terrorists. actually in this case it is not new when bitcoin is associated with terrorists or other crimes. but it can't be proven.

right, we have not heard the relationship between Kyc and terrorists directly, unlike bitcoin with terrorists. but indeed we must be careful of our identity, especially to get a small reward

Good exceptions, small payments should not involve personal data.
I register several exchanges with my data and I feel safe because they provide security guarantees.

[DreamStage]

That is basically why governments want to legalize all cryptocurrencies transactions in such a way to prevent these sort of situational events.
Beating terrorism, money laundering and so on are a lockout for having such politician actions in th equation.

In some occasions KYC helps verify if the money has come from legitm sources as well.

[Janation]

The implementation of KYC is only to reduce their fake profiles because everyone is doing some scams also after the KYC the transaction will be more safer than before that's why the implementation is always accepted by me but I don't think that terrorism will not been involving only with the help of this problem

I think that is not because of scams.

KYC means Know your Customer, that means that the Customers are the one sending their information and not the people implementing the project or the site. I see KYC as a way to stop people from taking advantage of the referrals that is happening in the past. If people can just create a lot of accounts and refer to their main account, that would be so easy to earn money, isn't it?

[pushups44]

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?

My thought is there needs to be more pushback from the community about KYC abuse. People should stop handing sensitive documents to unknown or questionable parties. Those who legitimize this practice are promoting the abuses that will stain this industry.

Yes, KYC is perfectly fine among licensed exchanges. It is, however, wrong to engage in by fly-by-night projects.

[pushups44]

The implementation of KYC is only to reduce their fake profiles because everyone is doing some scams also after the KYC the transaction will be more safer than before that's why the implementation is always accepted by me but I don't think that terrorism will not been involving only with the help of this problem

I think that is not because of scams.

KYC means Know your Customer, that means that the Customers are the one sending their information and not the people implementing the project or the site. I see KYC as a way to stop people from taking advantage of the referrals that is happening in the past. If people can just create a lot of accounts and refer to their main account, that would be so easy to earn money, isn't it?

The problem is much bigger than fake accounts abusing the bounty system - it is that terrorists or criminals will use these documents to carry out their acts. People can end up destroyed from this. The cheating of bounty systems is not the issue here.

[Rufsilf]

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)

That's true, some people are too trusting in providing their information or documents even without really knowing if the company where they sent the documents is legit. It is really important to know the company and check reviews if necessary to make sure the security of your documents and identity.

[jonaire99]

It is one of the reasons why many investors and bounty participants are objecting the use of the KYC because tgey did not trust the system where the kyc is given. Anybody can gain full access to any personal informations given by people to that particular organization. I think it is time to take a look on how the kyc is provided and who are responsible for it.