Why KYC is important?

[micjoh]

I think KYC is important because it helps verify the identity of investors and kyc will reduced ico fraud from the cryptomarket.

[aiviaa485]

I think KYC is needed for investors and KYC is also needed to recognize the user's personal data.
So to minimize fraud, there lies the advantage of applying KYC. But if for Bounty Hunter, I don't think KYC needs to be done because the bounty hunter only gets money under 500 USD.

[khufuking]

From the replies I see it seems that people are mixing between KYC for investors and KYC for bounty hunters, I do not think that investors are interested in multi-accounting or even in scammers because simply they are the one who is paying money to receive.  The KYC for investors is all about regulations and nothing more.

[Fly_Away]

There will no be any other options not involving KYC. You will just have to quit crypto or put up with it.

[Fenix]

For bounty hunters, checking KYC is not only irrelevant, but illegal. The KYC check should be carried out for the purpose for which it is intended - the fight against money laundering and the fight against the financing of terrorism. Bounty hunters cannot be suspected of this because they do not invest in ICO projects. ICO activities need to be regulated, including so that ICO teams do not abuse their rights.

[Bobcrypto]

I think kyc is basicaly designed to filter out those individuals with no real interest in the ICO and only care about laundering their money so that it is hard to trace its true origins.
In addition, i think KYC is most important for ICOs but has less needed for bounties.

[indexx]

I think KYC is important because it helps verify the identity of investors and kyc will reduced ico fraud from the cryptomarket.

It is used not only to identify investor's identity, but the team project also applies the KYC for airdrop and bounty hunters. Yeah, it basically can reduce fraudsters and scammers. KYC procedure is a good way to make fair for all parties, but it must be secure for all.

[verifyme]

There is no matter if the KYC process is required for the investors that are going to buy their token. But, for bounty hunters and airdrop participants? I don't think so.
Moreover, KYC process must be very secure, can they ensure us that our identity is absolutely secure and safe? We don't know them exactly.

[Davidniam55]

because with KYC we can avoid it
1. fraud.
2. multiple accounts.
3. theft.

therefore there are now lots of good bounties and airdrop using KYC

[Noverteno]

It's right. KYC is important for some reasons:
1. To reduce the spammers or scammers
2. To know exactly whether the participants or investors are real and allowed to join the ICO. Because some countries prohibit their citizen to join an ICO crypto.
3. It is KYC (Know Your Customer). This is important for the developer and the team to know who their customers.
4. It is also sometimes as a bank requirement of the ICO

But, we must be careful in deciding to sign the KYC or not. Analyze whether the ICO is not a scam.

You confused KYC for investors and KYC for participants in bounty ICO campaigns. For investors, and large ones, the KYC check is carried out in order to prevent the laundering of dirty money and combat the financing of terrorism. For any other purpose, a KYC check shall not be carried out. Therefore, in relation to bounty hunters, it is simply illegal.
By the way, bounty hunters cannot be considered ICO clients, since they do not invest their money in these projects.

[Senin]

To decide whether we must pass our KYC or not, we must analyze whether the team is really trusted or not. Your decision will definitely influence the result.

Yes, KYC must be passed in order to received the reward. However, before doing kyc you should think twice if the team is reliable and honest to their promises to project and maintain your security.

In fact, the requirements for participants in ICO bounty campaigns to be audited by KYC are illegal. KYC checks should be conducted only to prevent the laundering of dirty money and combat the financing of terrorism. For other purposes, it should not be applied.
In addition, in the relationship between bounty hunters and the ICO team, the clients are the ICO teams, because they pay us for the services they provide for advertising their project. Therefore, they must pass KYC tests before us, and not vice versa.

[Senin]

I think KYC is needed for investors and KYC is also needed to recognize the user's personal data.
So to minimize fraud, there lies the advantage of applying KYC. But if for Bounty Hunter, I don't think KYC needs to be done because the bounty hunter only gets money under 500 USD.

I recently read the information that the FATF Commission decided that the KYC check should be passed to those who send funds in cryptocurrency in excess of one thousand dollars. True, it seems to be there said that this applies not only to those who send, but also receives such sums. If so, this provision will apply to bounty hunters. True, recently, we very rarely receive a reward of over a thousand dollars. On the other hand, the ICO campaigns will no longer be able to require us to pass a KYC check if the reward is less than a thousand dollars.

[PurpleImp]

There are no KYC compliance laws this is crap utter and total crap. If you feel you want to argue with me then please direct me to the exact laws you are referring to otherwise keep it to yourself.
Only your government and entities within it should ask KYC. For opening a bank account you need KYC. This is protected heavily. Your ID and motor license needs KYC and is protected heavily. When you apply for a job and go for an interview depending on the nature of the business and the payment you may be asked for KYC. This is done through a government system. You register for tax with KYC and it is safe. Only give KYC to government-approved companies or projects.

KYC does not in anyway prevent fraud. Fraud still happens. I was scammed by a company with a real address and location and nothing was done and I did not pursue it as I only spend $10 there and it would not be worth it plus the place is far away. Yes I agree it's about the morals but still. These people run this business using KYC for their bank account and still they steal. Many banks even say they have no responsibility for who you send your money to. Otherwise the bank takes the fall all the time and has to solve peoples personal issues.

If anything KYC increases fraud.

I think KYC is important because it helps verify the identity of investors and kyc will reduced ico fraud from the cryptomarket.

No it won't. It increases fraud actually. Stealing KYC is more easy than ever thanks to foolish people.

[Noverteno]

For bounty hunters, KYC checks are additional problems and the possibility of losing earned tokens, if such a check is carried out at the end of the ICO. I hope that after the FATF rules for verification are soon in effect only if the amount of remuneration exceeds one thousand dollars, in many cases, given the fall in the amount of remuneration, we will no longer be required to undergo this humiliating test.