Cryptocurrency, KYC and Terrorism

[livingfree]

It is too politicized if crypto is linked to terrorism. I did not hear this case, in fact this is just fud and they spread fear.
don't be swayed

They are thinking of that because crypto is for everyone and making projects that looks good became popular. I haven't thought of this before but yes, there's a kind of possibility that there might be some that did it for funding their group.

We don't even know who they are and how they live, they could even use fake info.

When talking about legal issues, then what is needed is proof not assumptions. this is a dangerous statement and what is needed is evidence of a case of using crypto for terrorist activities.
everyone can be a suspect and that's very possible.

Well that's the thing right now, most of us are assuming and there's no valid proof to prove that there were projects before that were linked to terrorist group or I might missed something like that and there's really one on the news before.

As for the evidence, projects that doesn't really have vision and non legit are more for scam and linking with a terror group yeah, but no one knows where to start of knowing and identifying them cos' someone might counter a case of false accusation.

[mersal]

Yes it’s a difficult situation when anyone wants your identities, because it’s difficult to know which type of persons are management of this identitie, many of ico's and bounty organisers demand kyc by our real identitie, i think it’s makes me confusion about my personal securitie.   

If you don't want your personal information all around the world then don't participate on the shit bounties.

For using the cryptos like bitcoin you no need identity but for using the platform like exchange you may need it so decide which is most prior for you.

[Irvinn]

I have repeatedly heard information that some drug traffickers used cryptocurrency in the drug trade.  Law enforcement agencies have information and evidence, since cryptocurrency controlled purchases of drugs were carried out.  If such actions are possible in the drug business, then why do many doubt the possibility of financing terrorism using cryptocurrency?  I think that this danger should be eliminated.  Thus, if we want to live in security and peace, we must agree to the provision of passport data.  Of course I do not really like this idea, but we will have no other choice.  In addition, if the state is truly democratic and does everything for the benefit of its people, then you don’t even need to be afraid of taxation, since a simple cryptocurrency user has nothing to fear, but big whales have something to hide, since they own millions of dollars in cryptocurrency equivalent, from which  no one charges taxes.  It is these situations that the US government is interested in.

[Cemploon]

For me, it is very important to note. That all can happen in this industry. Excellence in this industry is anonymous, everyone does not know each other. However, KYC is now present and applied in various businesses such as ICO, IEO, and STO.

Actually I think KYC does not matter, as long as it is not used for negative things. Before I do KYC, I will examine it and be more cautious.

[Lolox]

I am very careful about the exchange using KYC. For us traders and as a bounty hunter. Many platform projects are requesting to do KYC. And I think it is very risky and better I do not do KYC. Crimes such as misuse of this identity are very frightening because terrorism will do nothing to commit crimes.

Be more cautious and not easily tempted by big prizes.

[seraph_the_wise]

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 some interesting point.
Most people worry about the use of ICOs in the context of money laundering / terrorist finance, which is quite unfounded. Those are trivial amounts compared to the big picture, and quite easy to trace for investigation purposes at high levels. Most of those activities probably use regular US dollars and plain vanilla banks (just look at the all the scandals. One after the other - https://www.theguardian.com/business/2019/apr/17/deutsche-bank-faces-action-over-20bn-russian-money-laundering-scheme).

Data breaches are nothing new after all (https://www.forbes.com/sites/ronshevlin/2019/08/01/after-the-capital-one-data-breach),
but very little is said about the use of collected identification documents by ICOs (even if they never raise).
That's highly sensitive data that can be used to impersonate and do KYC in other institutions (more-so than a simple social security number). If this indeed is the case, I wonder what's the extent of the database and the price per individual.

[BennyK]

Terrorism existed years before the inception of cryptocurrency hence I don't give in to the idea that Bitcoin or cryptocurrency is the major contributor to terrorism or money laundering. Just as we can get bad people using fiat to fund terrorism, the same can apply to cryptocurrency hence all the blame should not be pushed to crypto.

[BUK2016]

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.

I wonder what what exactly the opposite was really trying to communicate across for I don't think terrorists organization can come down low in the name of looking for money to fund there activities by way of creating ICO and at the end go away investors money and identities of the people who invest and who register on their site.

[iv4n]

It's complicated. To be honest, I think KYC is evil. It's like sending your private key to a stranger and hoping that he (the private key) will be all right.

It`s not complicated, if they ask you for your private keys, or for last 4 numbers on the back of your credit card, or any card it`s a scam and run away from there as fast as you can. KYC is evil, I agree with that, they ask for more info they actually need, it`s all for the surveillance purposes. I avoid when ever I can, but we can`t do much about it, if we wish to use some service that ask for KYC we must complete it, or we can`t use that service, simply as that.

[Pamadar]

It's complicated. To be honest, I think KYC is evil. It's like sending your private key to a stranger and hoping that he (the private key) will be all right.

It`s not complicated, if they ask you for your private keys, or for last 4 numbers on the back of your credit card, or any card it`s a scam and run away from there as fast as you can. KYC is evil, I agree with that, they ask for more info they actually need, it`s all for the surveillance purposes. I avoid when ever I can, but we can`t do much about it, if we wish to use some service that ask for KYC we must complete it, or we can`t use that service, simply as that.

The only thing that you can do is to make your research deeper, if you really need to use the service then you don't have any other options but to comply, but regarding to any bounty it can be avoided you can choose from different projects to join which is not asking for this requirements.

If you want to avoid being track down, never to provide personal information don't make mistakes that you'll regret after.

[yulchatar]

Yes it’s a difficult situation when anyone wants your identities, because it’s difficult to know which type of persons are management of this identitie, many of ico's and bounty organisers demand kyc by our real identitie, i think it’s makes me confusion about my personal securitie.   

If you don't want your personal information all around the world then don't participate on the shit bounties.

For using the cryptos like bitcoin you no need identity but for using the platform like exchange you may need it so decide which is most prior for you.

I think that you are right. People who are worried about the security of their personal data simply don't provide them to every first oncoming. Agreeing to share them during the passage of the KYC verification, they accept and agree with the possible risks.

[nabilapimpo]

Criminal action can be done with anything. In addition, the regulations that exist in this crypto cannot yet be fully anticipated actions that can harm others. KYC is very often used starting from 2018 and indeed I do not hear much that this procedure is utilized for terrorists. But we should also not be too easy to do the procedure. Do your supervision, research and if you find something that is not right, you should not do KYC.

[thisappointed]

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'm not sure if this KYC process that they are requesting for every ICO investors and bounty hunters are being use for terrorist activities, but still I'm against this KYC process since yes, we don't know where they are going to use it, also we didn't know them personally so there is this doubt in our minds that they might use it on scamming purposes or in other bad ways.

So this KYC policy is defying cryptocurrency way, which is being anonymous by using it as well as using this forum, nobody knows your whole true identity unless you are going to send your personal information to someone here, to make the story short, think twice before you decide.

[cotton ball]

Many cryptocurrency have to submit KYC data for trading or investing, many ICO want to submit KYC first before we can buy or invest with their ICO, now we afraid will our data using for terrorism or not because many cases of KYC use for something wrong, but I will submit KYC if ICO trusted and transparent with their data.

[Arsenyo]

I doubt that there was ICOs that were being used to fund terrorists. I never heard such information. Of course KYC procedure is a high risk, you send your photos, data, information to unknown people. And God knows what they actually do with those documents. I just try to be sure that it worth the risk. I won't do KYC procedure to receive pennies.

[Ailmand]

That is why some government is not in favir of crypto due to this kind of possible scenarios where terrorist funds might be moving in crypto anonymously. And not to mention that credentials passed due to KYC procedure is sold in the black market which put users in risk when used in legal activities.

[Zeke_23]

That is why some government is not in favir of crypto due to this kind of possible scenarios where terrorist funds might be moving in crypto anonymously. And not to mention that credentials passed due to KYC procedure is sold in the black market which put users in risk when used in legal activities.

Government wanted to regulate cryptocurrency to avoid these possible things to happen. Private information is being sold in the black market and that will lead a huge chaos if it is used in illegal activities.
And Regulation from the government might become help to lessen the risk of using our private information in illegal activities.

[DabsPoorVersion]

i think they are just people who are told by other parties so that other people have a bad view of crypto
we must know in detail the motives for the crimes they commited, therefore we cannot accuse without certainty of clarity

It is one of the reason why crypto image is beggining to look bad, but the other thing is, crypto is being used in illegal activities which is really hard to locate because of its anonymity. If bitcoin was introducedbformally in the public, they will know the true purpose and use of bitcoin, that this is not only for illegal things.

[TitanGEL]

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 why I do not participate in KYC because of the risks. There are now a lot of issues about KYC because some of the identity have been sold online. Just stay out to KYC in order to protect our identity.

[btcdie]

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 why I do not participate in KYC because of the risks. There are now a lot of issues about KYC because some of the identity have been sold online. Just stay out to KYC in order to protect our identity.

oh no..  what about my fate that has already participated in many projects that need KYC verification, I think the first project that needs KCY verification is likely to be successful, especially bounty & airdrop. now I realize that participating in projects that need KYC verification is very risky.

I used to attend an airdrop event, I had to verify KYC only for $1, Hmm.. -_-
now I am more careful to participate in projects that require KYC verification