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Author Topic: Should ICOs require KYC for Bounty hunters & Airdrops ?  (Read 30199 times)

highnayem34

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Re: Should ICOs require KYC for Bounty hunters & Airdrops ?
« Reply #45 on: September 05, 2020, 11:31:43 AM »
Some ICOs are now requiring KYC for bounty and airdrop distribution,
The nasty trick is that they keep this crucial information till the end.

But, the real question, Should ICOs require KYC for Bounty hunters & Airdrops ?

Some lawyers are advising ICOs to do that, but is it really necessary ?

What is KYC and when is it needed ?

KYC: Know your customer is the process of a business verifying the identity of its clients and assessing potential risks of illegal intentions for the business relationship.

Quote
The Know Your Client (KYC) rule is an ethical requirement for those in the securities industry who are dealing with customers during the opening and maintaining of accounts. There are two rules which were implemented in July 2012 that cover this topic together: Financial Industry Regulatory Authority (FINRA) Rule 2090 (Know Your Customer) and FINRA Rule 2111 (Suitability). These rules are in place to protect both the broker-dealer and the customer and so that brokers and firms deal fairly with clients.

The Know Your Customer Rule 2090 essentially states that every broker-dealer should use reasonable effort when opening and maintaining client accounts. It is a requirement to know and keep records on the essential facts of each customer, as well as identify each person who has authority to act on the customer’s behalf.

The KYC rule is important at the beginning of a customer-broker relationship to establish the essential facts of each customer before any recommendations are made. The essential facts are those required to effectively service the customer’s account and to be aware of any special handling instructions for the account. In addition, the broker-dealer needs to be familiar with each person who has authority to act on behalf of the customer, and the broker-dealer needs to comply with all the laws, regulations and rules of the securities industry.
source : https://www.investopedia.com/terms/k/knowyourclient.asp

Thus, here we understand clearly that this is applicable when there is an investor / broker relation, but airdrop hunters and bounty hunters are NOT investors, thus i see no reason for ICOs to require KYC from them.

Please share your views below.
It is obviously required to do kyc verification before participating ico, not 4 bounty hunters. But sad reality is most scam project's creating fake ico websites & collecting your documents for misuse.
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Re: Should ICOs require KYC for Bounty hunters & Airdrops ?
« Reply #45 on: September 05, 2020, 11:31:43 AM »


highnayem34

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Re: Should ICOs require KYC for Bounty hunters & Airdrops ?
« Reply #46 on: September 05, 2020, 11:36:23 AM »
In my own perception, Kyc is not necessary for bounties. I remembered during 2017, lots of members in bitcoin talk joined in the ico and got earned a lot without submitting their KYC, and some of ICO by that time required it but in the end, they never give the rewards. In short, submitting KYC in any bounty campaign has a risk involved to be honest with you guys.
I am with your suggestion, In 2017 most of ico was happened without kyc. But today even 4 bounties required kyc like Radix  DLT: https://www.altcoinstalks.com/index.php?topic=162432.0
Most of the bounty hunters is wasting valuable time. Because to get payment, it is impossible u will not receive any single from it.
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Re: Should ICOs require KYC for Bounty hunters & Airdrops ?
« Reply #46 on: September 05, 2020, 11:36:23 AM »
:)

Marselo

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Re: Should ICOs require KYC for Bounty hunters & Airdrops ?
« Reply #47 on: September 17, 2020, 05:37:29 AM »
 I can understand wanting KYC is they are investing actual money into the ICO, but that's different from bounties and airdrops of course.

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Re: Should ICOs require KYC for Bounty hunters & Airdrops ?
« Reply #48 on: October 02, 2020, 10:59:02 AM »
Yes ICOs require KYC for bounty hunters and airdrops. Its for the security purposes.

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Re: Should ICOs require KYC for Bounty hunters & Airdrops ?
« Reply #49 on: December 18, 2020, 02:28:46 PM »
For me it would be perfect, but cheats who abuse with multiple accounts would not like. I understand that KYC makes many people do not want to participate in bountis for example, and there would be few users promoting a project, but that project would have the best and most loyal.

Right now I am thinking of something like a "central registry" of users who have passed KYC or some kind of verification, and that only those users could participate in bounties in this forum. I know it's crazy, but dreaming is free (for now).

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Re: Should ICOs require KYC for Bounty hunters & Airdrops ?
« Reply #50 on: December 30, 2020, 01:20:59 PM »
No because the reward from the bounty or aidrop are very low and most of the people are not accept to make the kyc for low payment.
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Re: Should ICOs require KYC for Bounty hunters & Airdrops ?
« Reply #51 on: January 31, 2021, 11:32:48 PM »
I don't think I am willing to do KYC and hand over my personal information to a certain project without knowing its feasibility and exchange a few dollars in the project's token. Recently a project, PayFrequent, also required airdrop hunters to complete KYC in order to receive $10 in PAYF tokens, however the project team then disappeared.
And I think all information about those airdrop hunters is being misused.
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Re: Should ICOs require KYC for Bounty hunters & Airdrops ?
« Reply #52 on: March 02, 2021, 07:49:17 PM »
Some ICOs are now requiring KYC for bounty and airdrop distribution,
The nasty trick is that they keep this crucial information till the end.

But, the real question, Should ICOs require KYC for Bounty hunters & Airdrops ?

Some lawyers are advising ICOs to do that, but is it really necessary ?

What is KYC and when is it needed ?

KYC: Know your customer is the process of a business verifying the identity of its clients and assessing potential risks of illegal intentions for the business relationship.

Quote
The Know Your Client (KYC) rule is an ethical requirement for those in the securities industry who are dealing with customers during the opening and maintaining of accounts. There are two rules which were implemented in July 2012 that cover this topic together: Financial Industry Regulatory Authority (FINRA) Rule 2090 (Know Your Customer) and FINRA Rule 2111 (Suitability). These rules are in place to protect both the broker-dealer and the customer and so that brokers and firms deal fairly with clients.

The Know Your Customer Rule 2090 essentially states that every broker-dealer should use reasonable effort when opening and maintaining client accounts. It is a requirement to know and keep records on the essential facts of each customer, as well as identify each person who has authority to act on the customer’s behalf.

The KYC rule is important at the beginning of a customer-broker relationship to establish the essential facts of each customer before any recommendations are made. The essential facts are those required to effectively service the customer’s account and to be aware of any special handling instructions for the account. In addition, the broker-dealer needs to be familiar with each person who has authority to act on behalf of the customer, and the broker-dealer needs to comply with all the laws, regulations and rules of the securities industry.
source : https://www.investopedia.com/terms/k/knowyourclient.asp

Thus, here we understand clearly that this is applicable when there is an investor / broker relation, but airdrop hunters and bounty hunters are NOT investors, thus i see no reason for ICOs to require KYC from them.

Please share your views below.
I don't think KYC is necessary for bounty hunters, this days the young ones have more influence in social media and many has no drivers license or valid I'd and some are scared of sharing identity to unknown sights. That doesn't me a you won't give them the job to help advertise your project, as far as I know your aim is the fame and awareness of the project and hunters just need their reward.
The KYC should be for the customers or investors in that case.
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Re: Should ICOs require KYC for Bounty hunters & Airdrops ?
« Reply #53 on: March 06, 2021, 08:50:36 PM »
in my opinion it is a useless verification, no ico / bounty should request it or at least do the kyc verification only for investors but that is not managed by the organizers / team of the ico but by an external trusted company, for the bounty hunters i do not see its usefulness
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Re: Should ICOs require KYC for Bounty hunters & Airdrops ?
« Reply #54 on: April 20, 2021, 01:52:23 PM »
Most of the ICO's and Airdrop requires the user KYC for verification. But there are many scam projects in the crypto market that runs the airdrop for stealing user information. So, do not give your private information with fake project. Must study the project before submitting the KYC.

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Re: Should ICOs require KYC for Bounty hunters & Airdrops ?
« Reply #55 on: August 13, 2022, 05:20:22 PM »
Many ICO project are simply scam and I think it is quite dangerous if they use your KYC documents for doing something illegal after getting your KYC documents. The risks seems to be too huge for giving away your KYC documents to strangers online.

 

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