For exchanges, ICOs that collect KYC information, when are they required to send information to the government.
If I remember correctly, in the US if you make a money transaction, such as through Western Union, or bank, $3,000+, within the same day, or smaller amounts during consecutive days, the institution must collect your ID information and Social Security and report it to the government. I forget which entity of the government.
Does that mean that if one participates in an ICO and puts in over $3,000, that gets reported to the government? Or if you move $3,000 out of an exchange, that gets reported?
i think its just for security purposes.Know your customer ('KYC') is the process of a business identifying and verifying the identity of its clients.you need to send them some proof of identifications like government i.d or passports.just to prove its you and its your name written there.that way fraud and scammers cannot intrude.well most especially to avoid money laundering activities.