Quote from: Snaic on April 29, 2019, 05:53:33 AM

Quote from: zoom_rich on January 09, 2018, 01:29:08 AM

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?

Of course, exchanges collect confidential data from their customers not just for the sake of interest and collecting. Any state has the right to apply for information on specific individuals or account numbers and the exchange will be required to provide it. In addition, government agencies at the place of registration and location of stock exchanges may require more extensive information, including on transactions that exceed certain amounts. In my opinion, in this connection it will be much safer to use the services of exchanges located in offshore zones. They rarely provide anyone with information about their customers.

With KYC they are also trying to stop creating multiple accounts for farming referral system. One person, one
account. And some exchanges or start-up ICO are required to do so cause of the country law they are positioned.
As I know as verified member on some exchanges you have higher daily withdraw limit, and maybe some other
benefits. They don`t report anyone if they don`t need to by the law. Check where you are registering and you will
avoid problems.