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?
Probably in this situation your personal information are collected and sent to the authorities because we are talking about countermeasures for money laundry.
not only to avoid money laundering, the exchange keeps the platform from being used as a place for committing crimes such as terrorist funding and storing money from stolen property and also when there is a problem with your account at the exchange it will be very easy to resolve .