I signed up to an ICO airdrop. Why do I now need to perform KYC?

[KYCbench]

Everyone who hunts for airdrops and bounties knows the feeling. You sign up to website newspapers, join multiple Twitter/Facebook/Telegram channels, chat with bots, write articles and then the airdrop ends. A month or two goes by and suddenly (if you noticed the telegram announcement amongst the hundreds of Telegram Groups) you are asked to perform KYC through a rushed website with a simple buggy form.

You have completed already all the tasks asked of you, spent so much of your time and now you need to trust a quickly thrown together website as the ICOs owners only realized last minute it had to perform the airdrops KYC.

It can be more than frustrating to be filling out further forms, submitting documents to projects you may believe in, but whether you can trust their server’s security is another point entirely. Unfortunately we know that there is a very large number of ICOs disappearing but does your information just disappear as well?

KYC and AML regulatory procedures are important to follow because they ensure that the crowdfunding process is free of bad actors. It may scream against every libertarian / anarchistic vein in your body to identify yourself to a third party but unless this is done, bad actors will be using ICOs to launder money and therefore permanently stain the entire blockchain industries reputation.

Read more at: https://www.kycbench.com/i-signed-up-to ... rform-kyc/

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