Can someone help me? I would like to get into an ICO, but I don't really understand how does the whitelist and KYC registration work.
I see, that the whitelist is to make some kind of priority among the interested people. This specific ICO asked different social media user names from us, does that mean that they will check if I liked/followed etc their page, or they will go deeper, check if I commented, or sth like that?
Regarding the KYC, I was never before involved in an ICO, so I don't really know what they will ask. Do they need documents verifying my personal data and residence? Please, could someone help me?
KYC stands for Know Your Customer and comes from Anti Money Laundering regulation. It is one of the requirements for US based investors participating in ICOs. The purpose is to confirm you are a real person and not a bot or not on any list of known terrorists/criminals. They typically ask for a government issued ID to confirm your identity.
Thank you for the help!