KYC Procedures Shouldn’t be One-Way, Customers should be able to Verify Cryptocurrency Project Team’s Real Identity

Transparency prove Cryptocurrency Project teams ID


So many times cryptocurrency investors are asked to prove their identity through Know Your Customer –KYC procedure. KYC procedures are put in place to confirm the identity of a customer. The essence is to prevent cases of money laundering or scam it is easy to track any KYCed customer that is involved in money laundering. Any customer with an ulterior motive will never go through the process. Better still they will use fake documents. This is the reason why in many cases, customers are asked to do video verification to add an extra layer of protection for the business in question. KYCs are usually done in accordance with government laws.

KYC verifications are mostly known with cryptocurrency exchanges. Many cryptocurrency exchanges use banks to store fiats sent by customers for trading. They move a large sum of money per day from and to their customers. This goes against the Anti-Money Laundering policy of banks. Therefore, banks are forced to freeze exchanges accounts. Exchanges that fall in this category have to go through a lot of processes to prove they are moving funds for legitimate course. This is a major reason why many cryptocurrency exchanges do not support fiat deposits. The only way out of this ordeal is that exchanges are requested to perform KYC for all customers.

One Way

The Irony of KYC procedures is that it is only one-way. There are presently very few ways for customers to confirm the identities of the project team. Security Exchange Commission, SEC is one major way investors know if their project is legitimate and confirm the identity of the project team. But SECs are restricted because they can only work based on jurisdiction.  SEC verifications only cover very few cryptocurrency projects. Projects which are not are securities cannot be verified. Other methods of verifications are independent platforms. Many people have alleged these independent platforms of fake verifications as to the projects they verified turned out to be scams.

All legitimate blockchain and cryptocurrency projects are never afraid to prove that they are real to their community. Projects that have gained verification also seek to proof more to their community that they are who they say they are.

tStamp Label – More than KYC

The Currency Analytics- TCA worked out a new concept for all cryptocurrency based project to prove they are real to their community. This is through the tStamp label. It is TCA’s solution to the increasing fraud and scam on the blockchain. Projects can prove they are authentic by going through tStamp Verification. The tStamp label verification goes beyond KYC verification for the project teams, it also confirms/validates the legitimacy of the project, the liquidity, accuracy of information and funding.

tStamp is committed to transparency for cryptocurrency statistics and blockchain projects. We believe that blockchain’s growth should be directed in a way that’s transparent, accurate, and accountable.

The currency Analytics is a top cryptocurrency news platform that fights against fake news with its REAL protocol. It is known for its accurate, unbiased, and real news presented by professionals.

Who Created tStamp?

tStamp was designed and built by Sydney Ifergan, a 20-year marketing veteran that specializes in SEO, online marketing, and web analytics for the world’s leading cryptocurrency and blockchain projects. Currently, Sydney owns and operates The Currency Analytics, and also serves as a senior advisor that helps several different teams starting out in the emerging technology space.


What can Community Members do?

Community members can protect their investments from fraud by mandating their favorite projects to have tStamp. This kind of confirmation will prevent project teams from scamming their investors or making away with funds.

Projects that have tStamp will make their projects attractive to investors as they prove their legitimacy and transparency.

Get to know more about tStamp here: