KYC for Bounty. Why do it?

[DoublerHunter]

Why do some projects require KYC for bounty?  Is this a legal thing or is it a way to make sure they are not being scammed by bounty huntrs?  Are there jurisdictions which would require bounty to have KYC?  This is not a token sale after all.

^ In crypto space that is very common when it comes investment to avoid money laundering and government having a strong regulation regarding that matter because they want a legitimate financial system. KYC is a part of AML or Anti-Money Laundering so that KYC is identifying customer which the meaning is Know Your Customer. Simple, you can avoid KYC implementation and choose those project that did not implement KYC/AML.

[KrosaKz]

KYC is one of the procedures to minimize fraud, KYC is implemented in a company or project. both for prize hunters and investors who want to buy tokens in the project. but not all projects implement this system, there are usually projects that do not use the KYC system.

[robelneo]

Why do some projects require KYC for bounty?  Is this a legal thing or is it a way to make sure they are not being scammed by bounty huntrs?  Are there jurisdictions which would require bounty to have KYC?  This is not a token sale after all.

^ In crypto space that is very common when it comes investment to avoid money laundering and government having a strong regulation regarding that matter because they want a legitimate financial system. KYC is a part of AML or Anti-Money Laundering so that KYC is identifying customer which the meaning is Know Your Customer. Simple, you can avoid KYC implementation and choose those project that did not implement KYC/AML.

I agree KYC is a part of AML or Anti-Money Laundering but bounty hunters should not undergo KYC unless they are going to buy a token where they are also bounty hunters, I would like to go for KYC to prove that I am honest in my participation but unfortunately, these ICO's are not regulated, your sensitive information will only end up in the black market.

[wywoc]

Why do some projects require KYC for bounty?  Is this a legal thing or is it a way to make sure they are not being scammed by bounty huntrs?  Are there jurisdictions which would require bounty to have KYC?  This is not a token sale after all.

I think it is not necessary if they can check carefully and remove all cheaters. Personal information is very sensitive information because we do not know what they will do with it, so you should keep it secret.

[farosa]

Why do some projects require KYC for bounty?  Is this a legal thing or is it a way to make sure they are not being scammed by bounty huntrs?  Are there jurisdictions which would require bounty to have KYC?  This is not a token sale after all.

There are 2 main reasons for this :
1. Not to abuse bounty with other accounts.
2. Some ICOs restrict some countries and KYC is functional in this matter.
If you are against KYC, look for the advantageous ones among the bounties.

[silver23]

KYC for bounty hunter is looking so weird but this is for secure system.
i know many project scam is using KYC for something bad and illegal issue.
sometimes i am afraid to choose bounty campain with KYC but if that bounty is looking right, i don't have a problem with that.

[Free1bitco.in]

Why do some projects require KYC for bounty?  Is this a legal thing or is it a way to make sure they are not being scammed by bounty huntrs?  Are there jurisdictions which would require bounty to have KYC?  This is not a token sale after all.

There are 2 main reasons for this :
1. Not to abuse bounty with other accounts.
2. Some ICOs restrict some countries and KYC is functional in this matter.
If you are against KYC, look for the advantageous ones among the bounties.

maybe many people think that giving someone our identity will be a threat. however, for some projects, I think it is quite necessary. of course sometimes there are regulations that make a project need to know who they are giving their tokens to, even if it's to the bounty hunter. Well, but it depends on the member, because basically we have full rights whether we will give our data, or not.

[spike420211]

This procedure is often introduced in order to exclude multi accounts. However, in my opinion, finding and excluding such participants is the work of a bounty manager. There is no correlation between the projects that requested the KYC and which are not, regarding their continued success. Therefore, I am often suspicious of projects that introduce this procedure.
 

[wxxyrqa]

It is very good if the KYC requirement reduces the level of fraud among Bounty Hunters.  But I would also like to find some ways to solve the problem, when companies cheat the Hunters for Bounty and do not pay remuneration, under the conditions that were originally stated.  Bounty hunters are not investors, but people who have done the job and must get paid for their work.

[senin]

Why do some projects do KYC for bounty?  Is this a legal thing or is it a way to make sure they are not being scammed by bounty huntrs?  Are there jurisdictions which would require bounty to have KYC?  This is not a token sale after all.

Its a good way to eliminate duplicate entries, scammers, etc.. Project team claims this when they go for KYC especially for bounty hunters.

Using KYC checks to prevent bounty hunters from using multiple accounts illegally. Such an inspection should be carried out only with the aim of preventing cases of dirty money laundering and combating the financing of terrorism. Since the conduct of such an inspection is connected with a violation of the rights of citizens to the confidentiality of the person, it cannot be used in cases not provided by law. Now, after the FATF recommendations of June 21, throughout the year most states will be required to adopt their own internal laws, which will also include cases of KYC inspections. Regulation of this issue will be much better than the absence of any regulation.

[Viceroy]

Some projects require KYC because of fear of the law, while others because of a desire to prevent users from registering with different accounts.

[MCDev]

There are a few projects that are managed by law, so they will need to ask KYC who owns the project token. And there are many scam projects that want to have user information and sell it for profit. That's my thinking about KYC

[chocopapaya]

I think the major reason for KYC is for legal reasons.
The thing is, there really aren't any laws in any country that requires it for crypto yet.
And that's the key word: yet.
So although KYC is currently totally uneccesary, there is a high chance that it will get more regulated and possibly require some form of KYC in the future.
To protect against that, projects have KYC all the way through.

Also, it can help weed out scammers.
First off, it can make casual bounty hunters who aren't serious go away.
And it can help multi accounting.

But, despite all this, my own personal opinion is that it is totally unnecessary.
Every country that makes a new law doesn't do it retroactively, meaning, you aren't held accountable for things done before the law was made.

[TheICE007]

Doing kyc for token sale isn't bad, but I really see no reason why there should be kyc for hunters. Hunters are there to promote a project, they work for the company and should get paid. Almost not to exceed bisect, the bounty should be capped that using kyc to cut hunters of.

[dvdrewritable]

Yes, we see in many bounty that they ask for KYC. And this also means that in my opinion, because many times there are many scamer who open many accounts and then work. If one person has many accounts then everyone else cannot participate then. it is very bad. Therefore, to verify any scamer, the KYC is given by the admins of any project. So its safe i think.

[cliber]

Why do some projects require KYC for bounty?  Is this a legal thing or is it a way to make sure they are not being scammed by bounty huntrs?  Are there jurisdictions which would require bounty to have KYC?  This is not a token sale after all.

I agree if the KYC for bounty is evidence that the participant is serious in the success of the program and should not be blamed on the token. In my opinion, for such reasons, I accept and I always submit if needed.

[Yabuy92]

Why do some projects require KYC for bounty?  Is this a legal thing or is it a way to make sure they are not being scammed by bounty huntrs?  Are there jurisdictions which would require bounty to have KYC?  This is not a token sale after all.

Indeed Kyc prevents cloning from participating. the question is whether it will be safe to give our data to the developers if we follow the bounty ?

[ilhamsugihamin]

in my opinion KYC bounty functions to ensure the bounty hunter does not commit fraud, for example using 2 or more accounts with the same id card.

[Grenee]

Know your customer is just to ensure and guide hunter not to run multiple when participating in a campaign. Many hunter are too greedy, they will run different accounts because they want to make more money. So I think kyc is still the best to avoid multiple and fraud

[Deallove9]

I don't like kyc for bounty but it has turn a new leaf in the industry which I think are now major for almost all project but in other way trying to prevent scammers who use many account to participate in the bounty but the team has also abuse the privilege. So we have no choice than to do it as most do tell at beginning but at end and you have to do it in other to have your reward.