Why KYC is important?

[Davidjones]

A lot of ICOs are facing a problem from their investors due to the KYC. Voluntarily complying with KYC regulations provides many advantages to the Offeror and its investors, even if they are not currently explicitly mandated to enact such a process.

1. Cryptocurrency exchanges are beginning to exclude cryptocurrencies that did not properly implement KYC processes. Thus, not running such checks poses a long-term risk to a project. The Financial Times reported that New York Stock Exchange-backed GDAX says it “plans to list only a fraction of the hundreds of new digital coins that have been invented this year”

2. Voluntary KYC compliance may help ICOs reach a larger global audience and expand the number of jurisdictions in which they can take place. Such compliance allows easier reach to investors in America, Britain, Canada and elsewhere.

There are other restrictions also imposed from SECs and banks which greatly limit the activity of the company in the future.

We know not everyone is happy about KYC and some people don’t agree with it ideologically, especially when it comes to cryptocurrencies, where transfers are anonymous, or at least pseudo-anonymous.

However, for the adoption to seamlessly occur, the company holding the ICO needs to have KYC, which otherwise will create issues for the company in the long run, which is bad for both the investors and the holder of the company.

KYC is not done by a company to know where their money comes from. To be honest, a company rolling out its ICO cares about the cash inflow and not about their identity. It is a means of due diligence so that they are not prosecuted by their country of operation.


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[Prime]

A very clear review. KYC is verifying the identity of the investors or participants to facilitate the distribution of tokens after the project is completed. It is to ensure that the investors are legal to buy the tokens or coins in the ICO without any prohibition. In addition, the use of KYC is to avoid multiple accounts that have often happened recently. 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.

[chapcha]

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.

[Quart]

For investor, I think it is very important. Those you said above are perfectly true. The identity of every investor will be easy to be recorded and analyzed by applying KYC. Restriction and regulation needs KYC as the supporting part for applying them. I appreciate if a company or platform provides KYC for their investors, but I don't agree if it is applied for bounty hunters.

[patrol-coin]

 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.

[dominoes]

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.

[Kiritod]

KYC important because of that one of the rules we need some documentation for the company. That's just a security reason, with KYC we can identify the customer

[pltgksl]

because the security of the world of crypto money comes at the beginning of the most denied. KYC is important to at least slightly alleviate this problem.

[sixexgames]

I feel super weird about posing in a photo with my passport and giving it to god knows whom. I have a couple times to places that I "trust". But in general I think it kind of defeats the purpose of anonymoty of crypto.

[Zoe]

kyc is a rule in a bounty. as a bounty hunter or investor, we must obey it. with kyc, then we will collect our personal data and it will minimize the cheating. we also have to be careful in collecting our personal data, don't let our personal data be misused by irresponsible individuals.

[abc123]

Kyc is one of the rules in a bounty.important or not a kYC,we must remain to obey it,with KYC we must collect our personal data and we must be careful with that.don't let our personal data be used for things that are wrong.Therefore we must be able to choose a good bounty in order that our personal data is safe.

[elbans89]

A lot of ICOs are facing a problem from their investors due to the KYC. Voluntarily complying with KYC regulations provides many advantages to the Offeror and its investors, even if they are not currently explicitly mandated to enact such a process.

1. Cryptocurrency exchanges are beginning to exclude cryptocurrencies that did not properly implement KYC processes. Thus, not running such checks poses a long-term risk to a project. The Financial Times reported that New York Stock Exchange-backed GDAX says it “plans to list only a fraction of the hundreds of new digital coins that have been invented this year”

2. Voluntary KYC compliance may help ICOs reach a larger global audience and expand the number of jurisdictions in which they can take place. Such compliance allows easier reach to investors in America, Britain, Canada and elsewhere.

There are other restrictions also imposed from SECs and banks which greatly limit the activity of the company in the future.

We know not everyone is happy about KYC and some people don’t agree with it ideologically, especially when it comes to cryptocurrencies, where transfers are anonymous, or at least pseudo-anonymous.

However, for the adoption to seamlessly occur, the company holding the ICO needs to have KYC, which otherwise will create issues for the company in the long run, which is bad for both the investors and the holder of the company.

KYC is not done by a company to know where their money comes from. To be honest, a company rolling out its ICO cares about the cash inflow and not about their identity. It is a means of due diligence so that they are not prosecuted by their country of operation.


Enkidu has it's pre-sale going on right now. The minimum viable product has been developed before the pre-sale.
Join our Telegram group for more information: https://t.me/enkiduofficial
Join our token sale here: https://tokensale.enkidu.io

I personally dont agree about KYC.  I thunk crypto currency is anonymous,  So my identity is secure.  I dont like to give my ID

[UNIVERSE]

In my personal view, KYC is needed to eliminate scammers or fraudsters. The anonymity in crypto world will have many possibilities to attract both scammers or fraudsters. That is why the team project provides them to anticipate and eliminate.

[Crypto Prime]

KYC is important for the team project only. But it is possible to bring negative impacts to bounty hunters or investors. In my view, crypto system should be set to take advantages both for bounty hunters/investors and the team projects. The solutions is to have a guarantee.

[Alter]

A good review. Personally, I only think that KYC process is important for the investors that are going to purchase the token or coin on their projects of ICO. Some projects need this process because related to bank system or other condition. However, for bounty hunters? Well, it should be considered whether worthy or not.