I am deeply distressed about the state of my ETN app in relation to SUPPORTING DOCUMENT for KYC, and would wish to sell my coins at any price, but i cannot access my account since KYC process is pending.
I am currently outside my country, and all the supporting documents I have provided have been rejected. In Italy, most official transactions are paid at the Post Office. So i submitted receipts of renewal of my annual telephone bill, that of my residential permit to the Immigration Office and other financial transactions, ALL have been rejected. I am not left with any option and would wish to sell my coins even at a loss, but the problem is that i cannot access my account.
Could someone help?
Just hold them. Be smart. Why did you invest in the first place?
Yeah, just hold them. Maybe you can sort your KYC at a later date.
Or hold your etn for now and learn how to use the CLI wallet and offline paper wallet.
There are multiple guides and instructional videos here in the forum on how to do both.
You’ve held for this long why sell?? This is absolutely the worst time to sell ETN. After building for 2 years, they’re finally delivering!
Yup, moved all mine to CLI before KYC deadline - it would be worth learning CLI even though at this stage you (or anyone else at this point) will still need KYC to move them from your mobile app to a CLI operated wallet.
If you do ask anyone for help - don’t share your password or keys.
I appreciate your responses and recommendations. I would have to HODL, and try with the ‘required’ documents.
I agree that the best move is to HODL, but that advice does miss the main point…
New users should be presented with stronger warnings before moving their funds into the mobile wallet in order to prevent them from having their own money locked away from them.
This issue has arisen with many new users for some time, and really needs addressing.
@974551e87e01632b1bb1 - what nationality are you? Are you Italian? You mention Italy in an earlier post. If so, it shouldn’t be too difficult for you to pass the KYC checks as the required documentation is all governed by the EU.
The Electroneum team are looking to legitimise cryptocurrency and bring it in line with traditional banking services but without the central “bank”. I get that some people don’t like or struggle with the KYC element but this is there for good reason. The EU is very good at creating a robust compliance structure for its member states, so much so that almost every other developed nation voluntarily adopts its directives. As Electroneum is a UK based business and has chosen to be an early adopter of the EU’s Money Laundering Regulations, the use of its web wallet it is bound by the terms and conditions. They are not something Richard and Rachel thought up in the pub one evening and decided would be a good idea to implement just to annoy people!!
The process followed is the exact same one if you were to open a traditional bank account, take out a loan, apply for a credit card. Granted that banks have a more streamlined process potentially with some improved behind-the-scenes automated processing but they’re walking a well-trodden path practiced for many years. Electroneum is pioneering this for crypto.
Thank you for the response and sorry for the long delay. I am not an Italian, but a student in Italy. I have legitimised documents (Visa, Residential Permit, Tax Identification Number, Insurance). I have submitted valid receipts for payments and renewal of these documents, but were rejected.
Have to agree, it’s far from perfect KYC. I’m in the EU also and my Government issued Full Driver License (valid and in date) was rejected.