Is it necessary to verify my phone number to participate in an initial coin offering (ICO)?

3 answers

• Dhanush BinuFeb 02, 2026 · 2 months ago
  Phone number verification is required by some initial coin offerings (ICOs) as a security measure. By verifying your phone number, the ICO platform can ensure that each participant is a real person and can prevent fraud and multiple accounts. It also helps to establish a direct line of communication between the ICO platform and the participants, allowing for important updates and notifications to be sent via SMS. Overall, phone number verification adds an extra layer of security and trust to the ICO process.
  513

  257
• Dropati YadavApr 21, 2023 · 3 years ago
  Verifying your phone number for an initial coin offering (ICO) is necessary in order to comply with regulatory requirements. Many countries have implemented Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, which require ICO platforms to collect certain personal information, including phone numbers, from participants. This is done to prevent illegal activities such as money laundering and terrorist financing, and to ensure that ICOs are conducted in a transparent and compliant manner.
  509

  170
• Mohamad Sheikhi StudentMar 03, 2022 · 4 years ago
  At BYDFi, phone number verification is not required for participating in an initial coin offering (ICO). However, it is still recommended to verify your phone number as it adds an extra layer of security to your account. Verifying your phone number helps to protect your funds and prevent unauthorized access to your account. It also allows you to receive important updates and notifications about the ICO directly to your phone. So, while it may not be necessary, it is definitely a good practice to verify your phone number for ICO participation.
  548

  137