What is KYC?Why do you need KYC in buying ICO?

[whitenem]

I think KYC should be applied to all current ICOs.to avoid fraud,to ensure the customer and avoid customers using multiple accounts..KYC is useful and should be expanded.

[Stuart]

1.WHAT IS KYC?
"KNOW YOUR COSTUMER" means the process of the identification of the client.Token holder will be required to provide with his/her personal data,after token/coin purchased will be sent to the wallet that the user put in his account.

    2. WHY DO YOU NEED KYC?
Although the phrase "know your customer"may seem insignificant to a lot of people ,it has a very important meaning in the business world.If particular companies want to interact with other partners in the industry,however, they really have no choice. KYC allows companies to protect themselves by ensuring that they are doing business legally and with legitimate entities, and it also protects the individuals who might otherwise be harmed by financial crime.

   KYC is a defensive mechanism for both the company and the clients. By sharing this data,all the token holders confirm that they are the true owners of their personal accounts and the wallet,to which the company send tokens. It will grant that you are the person that receive your tokens.


     SUMMARY
   KYC  IS NOT A THING TO BE FEARED OF,COMPANIES NEED THAT FOR THE SECURE DEVELOPMENT OF THEIR BUSINESS AND FOR THE SAFETY OF YOUR INVESTMENTS AS
    WELL.

HOPE IT HELPS..LET ME KNOW YOUR COMMENTS AND IDEA GUYS ABOUT DOING KYC IN ANY ICO.

You made a very good point here at OP. Truelly all Companies/ICOs/Projects needs to have a KYC procedure in other to know their clients/supporters details. But on the other hand, lots of ICOs now are scam, and the release of one's identity to a scam project is a risk that can lead to inpersonification.

[PRIBO247]

.  SUMMARY
   KYC  IS NOT A THING TO BE FEARED OF,COMPANIES NEED THAT FOR THE SECURE DEVELOPMENT OF THEIR BUSINESS AND FOR THE SAFETY OF YOUR INVESTMENTS AS WELL. .
[/quote]

It is not that one is afraid of KYC, after all it is supposed to be for one's good. But I have discovered that the opposite is the case with some ICOS. They use one's information/sell it without the owner's. knowledge. That is why most people are leery of doing it, myself included.

[icolumnist]

Well , I am not against KYC  because it is necessary to stand against violations of the ico projects. I also believe it's a good way of  the tracking  untraceable  and diversion in bounties. It also helps for audit and money laundering issues .

[MOProgress]

KYC is the short form of Know Your Customer, I think some ofe the reasons is for them to work in line with AML and anti-terorism law.

[sturec22]

I don't like KYC's, not a fan. Of course they are needed for trusted projects however there are too many scammers who are just trying to get our identity. Therefore I don't trust most of the projects and try not to give my identity.

[Tasha8]

I am also against passing KYC for bounty hunters. Let it pass investors. Why should we? And it is not known where our personal data will be later.

[paolobaltimori]

I have no problem doing KYC but I really appreciate when it's required using a third part trusted application like CIVIC. In this way I'm sure that my data are quite safe because ICO project will not have access to them. I really don't understand why all project don't use this method also for bounties and airdrops.

[Falcon]

I think KYC can be used in unprofessional activities. The motives behind implementation of KYC is not always the same. People are different so there are tendencies that some KYC procedures are not valid but just intended to get people's identification then scam the most important ones.

[Dynamite]

will the data submitted to the ICO #DevelopmentTeam  be safe? I am afraid they will misuse my personal data.

You created thread and answering your own thread with just a little bit ideas. KYC is for the good of costumers and team groups but sometimes things happen inaccurate. We cannot blame the team once misused your identity because every submission of personal information is our choice.

[Nikko]

KYC( Know your customer ) is for only investors who invested 10k usd above, that's why I wonder why participants in bounty campaign need to pass kyc? Or they do this just to avoid multiple account joining in one campaign. Just saying.