ETN-Network update for users in the People's Republic of China

All our users will be aware of the changes in law in China which were announced in September 2021 by the following ten governmental departments.

Screenshot 2022-01-12 at 11.27.25

With the declaration that: “Virtual currency-related business activities are illegal financial activities.”

We will also be writing to each affected user individually by email.

Accordingly, in line with the terms and conditions across the whole of the ETN-Network, we are very reluctant to inform those of our users affected by this that the Services and Digital Content which comprise:

  1. the ETN-Online Wallet;
  2. the ETN-App;
  3. the ETN-CWP tool enabling the generation of offline wallets for the storage of ETN;
  4. the AnyTask Platform;

will no longer be available for ETN users who are either Citizens of, or domiciled in the People’s Republic of China, from midnight (GMT) on 28th February 2022.

Whilst we appreciate that this may be unwelcome news to those users, as a responsible global business we are obliged to comply with applicable laws and whilst there may be some debate over the interpretation of this declaration, having taken legal advice, we have concluded that we are required to take this action and therefore no further deliberations on this matter can be entered into.

Accordingly, we suggest that affected users complete any combination of the following options in good time before midnight (GMT) on 28th February 2022, after which time affected ETN-Online Wallets will be archived permanently.

  1. Depending on the ETN-Online Wallet balance, affected users should complete any KYC/AML requirements (if they have not already done so) so that they can use the Services and Digital Content to access their ETN-Online Wallet.

  2. Consider moving their ETN-Online Wallet balance (or part of it) to an offline wallet. https://downloads.electroneum.com/

  3. Consider moving their ETN-Online Wallet balance (or part of it) to their Cryptoasset Exchange provider account.

  4. Consider concluding any transactions with other ETN users.

  5. Consider donating their ETN-Online Wallet balance (or part of it) to charities in the ETN Donate programme https://etndonate.com/ .

Any ETN left in affected ETN-Online Wallets after midnight (GMT) on 28th February 2022, will no longer be accessible by affected users or anyone else.

We have greatly valued and appreciated the support of the ETN project by affected users and are very sorry to have to take this action, however, no one is above the law no matter how unjust or irrational it may appear.

We thank all our users for their support, and we sincerely hope that the time will come when everyone can participate in the ETN project once again.

Yours sincerely,

[Richard Ells]

For and on behalf of ETN-Network.

1 Like

:thinking: :handshake: This topic got me thinking. If they pass the security KYC -AML rules, will they be able to use it?

Or are we leaving China altogether?

It seems leaving alltogether, atleast for now. China has banned these types of crypto services.

Electroneum is putting a lot of effort in compliance, even this memo tells me that a huge amount of work has gone into it. Would they go through all this trouble, jumping through all the regulatory hoops unless there was some big developments in the works that compelled them to do so? This type of decision would not have been made lightly, China is a huge market. Something more important is the driver. That’s bullish imo.

what about Hong Kong?