Every day a new ICO starts, every day we face a new brilliant opportunities and bloodcurdling risks as well. More and more ICOs voluntarily implement KYC procedure. This act meets approval from governments, banks, and exchanges, however, faces the rejection, incomprehension and even fear from some of the investors, purchasers and especially bounty hunters.
So what is it — KYC?
First of all, a Know-Your-Customer procedure is required by the government and AML (Anti-Money Laundering) regulations. KYC performed clearly and properly gives a project and its participants a stamp of legitimacy with regulators and banks.
Secondly, this is the way to verify the identity and residence of the investors, purchasers and bounty hunters as well. Thus we can protect ourselves and our partners and customers from being involved in some money laundering campaigns, suspicious deals, scammers activities and even terroristic organizations.
Thirdly, KYC compliance may help to attract more investors, to expand the number of jurisdictions in which project can take place, allow to become a legitimate partner to large companies, etc. In other words, this is a way to show the world our transparency and good intentions.
And, in addition, we would like to approach our bounty hunters. There is a huge number of fears and chilling rumors about KYC, it is already surrounded by a cloud of myths. But still this also one of the ways to protect the interests of bounty hunters. Lots of you are working hard during Bounty campaigns, trying to make your best and earn tokens. But when the scammers come, make their multiple accounts, use your open data to cheat and scam in most popular campaigns, they, actually steal your stakes, steal the results of your work and efforts spent. It’s pretty difficult to find them, but the KYC procedure will become an insurmountable barrier for them. And this is about protection of your interests, additionally to all that is said above.
It’s also important to know, that when it comes to our bounty hunters — we don’t store your data. The whole system is fully automated, we just have to be sure, that you are non-USA resident and that you are not included into international black lists.