2nd source of funds rejection question

Just had source of funds rejected again. The reviewer posted this:

Please can you provide us with further documents or details regarding how you purchased the ETN which currently shows in your account. This amount needs to be supported by the document used to confirm source of funds…

I uploaded a statement from my Transferwise account showing purchases of USDT at Binance. The amounts appeared on my statement after I purchased ETN as there’s a delay. Nothing I can do about that.

The USDT was transfered from Binance to Kucoin where I bought ETN which I thought I’d send to the ETN wallet as it would be safer than keeping it on an exchange.

So what now?

Do I create a report showing the purchases at Binance, sending the USDT to Kucoin and then create another report at Kucoin showing the purchase of ETN which I sent to the wallet?

I can only upload 1 file though.

This is frustrating but I understand the importance of KYC.

I want to get this resolved as soon as possible so I can use the Electroneum app.

Perhaps im misunderstanding what you have said… but where have you provided the proof of you being able to afford (fund) that initial purchase?.. the “source of the funds” as it were. Where did you get the money to make that initial USDT purchase? Showing a purchase on Transferwise proves you are the rightful owner, but not how you funded it. They need to check you were not funded by a third party. (i.e. Money Laundering)

Purely speculating as only support can help but i suspect you need to show:

  • Your bank account with that initial USDT purchase (so they can see how you funded the crypto - wages etc)
  • As you didnt buy ETN direct, show the path of that USDT all the way until it purchases the ETN. So they can make the link from source of funds to purchase of ETN in your wallet.

Crypto certainly is more complicated than fiat for AML. :expressionless:

As i said, only support can provide accurate help so I suggest you raise a ticket with as much info as you can. Hopefully the above gives you some ideas.

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Ah right I think I understand now. I’ll have to send a statement from my current account as well as the statement from Transferwise which is how I paid for crypto. I like using Transferwise since I travel a lot. Then from Binance > Kucoin > ETN Wallet.

Thanks!

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Good luck…and remember, anything you provide needs to match what you provided in terms of Identification, name address etc. So make sure you pick stuff that shows it clearly!

Put yourself in their shoes (with regulation meaning mistakes can be very costly, and even have legal consequences)…and provide enough for them to be able to explain to someone why they were confident you funded all that lovely ETN in your wallet… because trust me, they WANT you to do that… nobody benefits from people having to submit over and over!

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Thanks again appreciate your help. :slight_smile:

“anything you provide needs to match what you provided in terms of Identification, name address etc” … that what I registered first (around 3 years ago)? Or actual one… I changed adress what I lived when I registered first time…

Not sure on that one Noone. I assume whatever they have on the system right now…but that’s a guess. You would need to check with support.

I did not trigger KYC yet but preparing for the worst… do we need update our details if we e.g. changed the adress… I never fought about that before

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hello guys i purchased like 6000 etn before when it first started and i was living in romania, it was 3 years ago. i purchased another 500 gbp worth of etn now in uk , i work here i live here. have payslips and everything. but for the one in romania i dont really have the account anymore and can’t find in my email where i purchased it i had like 5-6 accounts open in various trading exchanges to try to purchase this. will i be asked to confirm those from 3 years ago?

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If they flag you with KYC… I belive yes

I doubt they will be interested in the original transaction. IF they ask for documents it will likely be KYC not AML (proof of identity not proof of funds) and thus probably wont need to prove how you funded it…

However, if the system does ask for that, the large transaction is most likely to be what they wish you to focus on. I would be very surprised if you were asked otherwise.

okay thanks, the only thing to do now is wait :slight_smile: for support to answer

Yes, if you move or change name etc new contavt support and change it over…

support.electroneum.com/hc/en-gb

I need to sign up? System don’t see my email

Also I have now British passport… not sure what documents I send them 3 years ago… definitely Polish ID or Polish passport (running out of date soon). Do I need to change that too? Or if name is the same will be OK?

It uses a different email or password to sign up

IMO i would update the lot.

Thanks. I will do. Hope they don’t block my account after that :hushed:

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