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Are KYC requirements standard practice for ICOs?

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  • 13-05-2022 4:12pm
    #1
    AtticusFinch86
    Registered Users Posts: 358 ✭✭


    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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