Cryptocurrency, KYC and Terrorism

[sana54210]

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.

The aspect of KYC, I don’t really know how that is liked with terrorism and how they use our information, although it is quite risky to submit anything that has to do with international passport, that is why any KYC that requires my passport is being ignore, after all we have the freedom to choose which KYC to do or not.

But the aspects of raising fund through ICO, I think it is possible, because the amount of funds being required for in these ICO is really something so big to fund their terrorism, and I think something has to be done about this lapses so that terrorist will not continue to use it to siphon fund into their pocket.

[samcrypto]

That's why you have to be cautious with ICOs. If they are asking for KYC you're probably just better of using your money to buy already established crypto like BTC or ETH.

KYC can't be helped with exchanges though, especially if you are using that for cashing out fiat.

KYC in my opinion very very personal data.personally i am prefer to avoid projects that required my personal data.buying existing coins in market will give me more certainity.maybe IEO now be my choice.

Because of so many fraud and hackers, I also don't want to give my personal data and even if the exchanges asking for the KYC, I'd rather look for more good exchange. KYC can't stop terrorism because they can create many identity without knowing it and we can know that hackers are also too smart so KYC is really useless. Cryptocurrency will be better if there's no KYC, but hopefully regulations can be trusted.

[SirLancelot]

Stealing people's ID and information didn't start today, people has been doing for a very long time. I can even remember coming across an ad that would usually pop up and say that Google was giving out free iPhones and I was so confused. I saw a lot of people gave out their information and never received anything. When I saw the ad, I already knew it was fake cause I knew that Google is a competitor for Apple and they are never going to be giving out free iPhones, like are they stupid, why would they? So whoever started such a thing very dumb. But back to what I was saying, cryptocurrency is not the only way people have done that, without crypto they still do it. So people should stop painting crypto black.

[Moshaid]

News like these are among what freaks me out when it comes to me participating in any crypto projects that requires KYC because honestly I still don't know the reason why kyc is needed in the crypto space. Some countries national ID cards has some sensitive security number which is tagged to such ID and submitting such ID in the name of KYC and getting burnt at the end of it is really drowning.

[davinchi]

I understand that KYC can prevent people from abusing fraud or embezzlement of money, but on the other hand KYC can also be misused by its requesters, so that bounty participants or investors feel afraid to provide KYC documents, which are actually personal

But we cannot choose not to comply with the KYC if we are interested in using or investing on the platform.
With proper regulation, the government will take care of these company who requires KYC, and they are also required by the government to obliged people to comply with the KYC, that way we feel a little safer as we have the government who are in the regulators that could sanction the company we are trusting in case they break some law.

Now that we don’t have any sort of regulation that will protect investors details being submitted to this organization, this is the wrong time to introduce KYC, and not even now that investors are being discouraged through the alarming rate of scams happening in crypto ICO, what many investors should be doing now, is to be looking for ideas that will attract cryptocurrency investors and not chase them away.

All these are what will continue to give IEO upper hands, because in IEO, you only do your KC with exchanges and there is no other KYC required since it is the exchanges that are requesting for the fund directly into their own wallet and not the project developers.

[AngellSky]

News like these are among what freaks me out when it comes to me participating in any crypto projects that requires KYC because honestly I still don't know the reason why kyc is needed in the crypto space. Some countries national ID cards has some sensitive security number which is tagged to such ID and submitting such ID in the name of KYC and getting burnt at the end of it is really drowning.

If we consider the whole situation regarding the operation of cryptocurrency all over the world and the fight against criminal activity, then this should be dealt with by a certain structure, and not by companies that require to provide passport data from participants in the process.  In any case, I see only one moment when it can help.  When this problem happens, it will be much easier to find the culprit if he used cryptocurrency and did not provide his personal data ..

[congresowoman]

I think it is time to take a look on how the kyc is provided and who are responsible for it.

in this case we really need to have a set of regulations to be established just to protect the privacy of the consumers as well as promote the healthy trade in cryptocurrency. This way we'll attract more investors and assure people of security of the system.

[smyslov]

News like these are among what freaks me out when it comes to me participating in any crypto projects that requires KYC because honestly I still don't know the reason why kyc is needed in the crypto space. Some countries national ID cards has some sensitive security number which is tagged to such ID and submitting such ID in the name of KYC and getting burnt at the end of it is really drowning.

Their old alibi has been to avoid double account or cheating from their campaign, there are better ways to check the double account on participants of their bounty campaign and in the case of investing it's the case of money laundering, but the most absurd about this is they themselves are fake people well most of these ICO's.

[reality18]

KYC is one of the crucial issues in crypto because submitting personal documents to a project to receive a few bucks is very unfortunate because not all these projects are legit. I prefer to join projects which do not ask for KYC of late because i still hold this question, ''how come some projects do not ask for KYC yet the survive and progress?''

[Kimonoe]

News like these are among what freaks me out when it comes to me participating in any crypto projects that requires KYC because honestly I still don't know the reason why kyc is needed in the crypto space. Some countries national ID cards has some sensitive security number which is tagged to such ID and submitting such ID in the name of KYC and getting burnt at the end of it is really drowning.

Their old alibi has been to avoid double account or cheating from their campaign, there are better ways to check the double account on participants of their bounty campaign and in the case of investing it's the case of money laundering, but the most absurd about this is they themselves are fake people well most of these ICO's.

with very few people working on cryptocurrency, and the amount of prizes received. makes people not lose their mind to get a double prize. and I think we are not a good solution for overcoming multiple people participating or disguising people

[Ozero]

Previously, there was no cryptocurrency, but there was more terrorism. Now I do not hear in the news about the big terrorist attacks. Probably they bought Bitcoin for $ 20k. 

That is, it should be considered that the problem of terrorism has been resolved, because they have bought a lot of bitcoins in their time when they were worth about $ 20,000, and therefore the terrorists went bankrupt? An interesting vision of the problem and its solutions.
However, in this way we will not destroy terrorism. This problem is much more complicated and requires an integrated approach for all states and their joint efforts in this direction. Therefore, states will develop common rules for regulating the circulation of cryptocurrencies and such a process is inevitable.

[michellee]

Previously, there was no cryptocurrency, but there was more terrorism. Now I do not hear in the news about the big terrorist attacks. Probably they bought Bitcoin for $ 20k. 

That could be true because with using cryptocurrency, they can buy bitcoin or other coins without using their true identity and they can cover who are they and where they live. They will have access to get the funds from another party and then they can use it for their activity. The free market will be the best place for them to buy bitcoin or another coin because, in that market, they can stay behind the walls. The transaction will not reveal because they can communicate using the other way and only the transaction that will appear in the network.

[Gridness]

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?

do not give our identity to the ICO project that is not clear. Therefore we must be able to choose ICO which is not a scam

[Nellayar]

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)

I think we should not trust every company that we will pass our identity. They might steal any information to us. However, we cannot deny the fact that we need to abide their law specially when it comes in bounty rewards or investment. We cannot control this kind of processing since many of them need to secure their investors also.

[Prettyme]

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 thought that giving your personal identity is to good at all since there would be possibility that it can be used to harm people and to scammed others. I hope that the moderators of this forum inform those owner of cryptos to do not asked for any personal information.

[Fredomago]

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 thought that giving your personal identity is to good at all since there would be possibility that it can be used to harm people and to scammed others. I hope that the moderators of this forum inform those owner of cryptos to do not asked for any personal information.

It's the users Itself that needs to be careful and no one can dictates what would be the possible actions it's needed to be your information your responsibility to take care, this investment venue needs to be cleared that everything you did is all about your own concern.

[Bezobraznike]

   My thought is everything possible.
I am ready to bet that at least one ICO was used exactly for such target as scamming people in the way to help to terrorism.
   But it's just a drop in the ocean. The biggest evels are governments which sell weapons on left and right. Why all terrorists have Kalashnikov? Don't you ever thought about it?

[enhu]

I'm not sure if there are terrorist that will really have to go to that extent to find information of someone. Thy could find credible information elsewhere like the police record or bank database than ICO database which they'd be swimming on a pool of untrusted information online where people lie about it. Didn't you pass KYC while submitting wrong info to some exchange?

[sana54210]

Previously, there was no cryptocurrency, but there was more terrorism. Now I do not hear in the news about the big terrorist attacks. Probably they bought Bitcoin for $ 20k. 

That is, it should be considered that the problem of terrorism has been resolved, because they have bought a lot of bitcoins in their time when they were worth about $ 20,000, and therefore the terrorists went bankrupt? An interesting vision of the problem and its solutions.
However, in this way we will not destroy terrorism. This problem is much more complicated and requires an integrated approach for all states and their joint efforts in this direction. Therefore, states will develop common rules for regulating the circulation of cryptocurrencies and such a process is inevitable.

Some of these things are just made believe and speculations and we are not completely sure if we have terrorist in the system yet, and I can see we are the ones promoting this now, because I never got any hint of this and it’s possibility until the op raised the topic.

Why do we like to always be negative about things, imagine government seeing all these and even the terrorist themselves, what do we really think will be running through their mind now. Government will be more furious about the system having this picture in their minds, why anyone associated to a terrorist here will go give the idea to them.

[globalpain]

I'm not sure if there are terrorist that will really have to go to that extent to find information of someone. Thy could find credible information elsewhere like the police record or bank database than ICO database which they'd be swimming on a pool of untrusted information online where people lie about it.

User anonymity has become an important goal, but specifically for ico, it is mandatory to include transparency of their project, especially with prospective investors who are far more critical of their policy direction.

The effect will be cone-shaped and not too large, especially with KYC. I also think that terrorists will target client data that is more important than just ordinary citizens.