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 know it will not be reported to the government. Their purpose of having kyc is to know your personal details and to know that you are not a robot, or in other words you are a human and not a machine that is being program. Also, they are doing it to know wether you are abusing the use of crypto or when you are doing unrightful things regarding the transaction of crypto (giving false information)