Post
Topic
Board Altcoin Discussion
Re: The KYC scam
by
Sterben
on 17/02/2018, 18:06:59 UTC
Many projects are announcing KYC process beforehand. I don't really understand your statement, KYC process was created so people don't abuse the system. You know, some ICO's are making restrictions on which countries can and cannot participate in their crowdsale. It's just the law that forces them to implement this. For an example - ICON. ICON was one of the first ICO's in which I participated and there for a first time I saw that there is something called KYC (Know Your Customer) application. As you know, Korean government started to regulate the cryptocurrencies and they want to get rid of all scam projects and make things more transparent, we are talking about real money flow, which is still not regulated by many countries and because of this reason bad people can use this opportunity to make anonymous transactions or use the virtual funds for illegal stuff. Even that after they hit the exchanges anyone can buy or sell this, they are obliged to go through this process.