Manifold implements a Know Your Customer (KYC) verification into one of its products before 2024 wraps up?
Dec 31

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KYC is something that the government imposes on banks to help guard against tax evasion and money laundering. This is a fake money website. Not a financial institution. Manifold gains nothing by doing this, other than maybe scaring away anonymity-obsessed users.


is a fake money website.

So far

@jonsimon fyi they've now implemented phone number verification for all new users too

@firstuserhere Was there some announcement I didn't hear about?

@jonsimon I don't know if there was an announcement, there was just some discussion in discord. I really wish announcements of major changes happened on manifold itself. All existing users are apparently whitelisted and don't need verification

@firstuserhere I've been asking for that since Forever. It seems like it will never happen.

bought Ṁ10 YES

By normalizing KYC inside the prediction market, Manifold takes one step closer to being real.

What would count for this? Anything as long as they call it that?

@jskf my understanding is that KYC is a standard that companies use.

Typically a customer would submit their identification information. Manifold could look at it and say, yeah looks legit, welcome. That's identity verification but not KYC

If manifold runs it against a database to make sure that this ID belongs to this person who submitted it, they're verifying information and technically doing KYC. It can include verifying DOB on ID vs DOB in whatever dataset they run it against or license someone to run it for them.

bought Ṁ10 NO

@jskf US financial regulations for banks and payment processors doing business with US citizens requires them to go through a specific process called KYC (Know Your Customer). basically this question is asking if Manifold is gonna pivot to real money transactions

@Stralor yeah, sort of a proxy for asking about real money purchase and sale transactions, prediction market related or otherwise

@firstuserhere Notably, KYC has historically been limited to banks and payment processors, which are defined terms (Visa, Mastercard, credit unions, etc.), but recently has been expanding and becoming enforced worldwide even for foreign entities, whenever they deal with US citizens. PayPal, Amazon, Google, et al, have been ramping up to KYC standards afaict

I know the term KYC. I'm asking what it means for this market. From what I know, explicit KYC requirements are quite vague. They don't prescribe specific policy, they prescribe that you collect certain information and have an appropriate policy.

Is this market about Manifold implementing a policy with the intention of complying with KYC requirements? Do such a requirement actually have to apply to them? Does their policy have to be approved by some regulatory organization?

@jskf Notably, I don't think there's a strong requirement to verify information in all cases? Though reasonable policy probably does include some form of verification in most cases.

@jskf to the last 3 questions, yes, no and no. Just from manifolds side

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