Are KYC requirements standard practice for ICOs?

AtticusFinch86 · 2022-05-13 15:12:22

I have about $500 to play about with and was just looking for some ICO projects that I might put some money into in the hope that they take off. I understand the risks etc. etc. and it's as much about a bit of fun as anything. It's money I can afford to lose. I noticed a project (Solidus AI Tech) that piqued my interest…

13-05-2022 03:12PM

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AtticusFinch86

Registered Users, Registered Users 2 Posts: 370 ✭✭

Join Date: October 2013

Posts: 323

I have about $500 to play about with and was just looking for some ICO projects that I might put some money into in the hope that they take off. I understand the risks etc. etc. and it's as much about a bit of fun as anything. It's money I can afford to lose.
I noticed a project (Solidus AI Tech) that piqued my interest and so I signed up to see what the process was for buying it's token.
I noticed that there are certain KYC requirements before tokens can be purchased which I assume involves me sending copies of passports/drivers licenses or other documentation to verify that I am who I say I am.
Is this standard practice? I know that the crypto sector is rife with scammers and I'm not comfortable providing that sort of documentation. Are they legally required to request this?

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