KYC AML Electroneum Future ? HELP!


#1

Hello guys, Its finally here the instant payment system is in beta mode! Also electroneum has released its KYC process. I understand other articles on here have already discussed what is KYC and the various tiers of 1,2 and 3.

But I got thinking and I am curious to know if it will be obligatory to confirm as tier 3 KYC in the future, the reason I say this…

As an example lets say I have 50,000 coins in by electroneum wallets and it is 5/7 years in the future and the price of electroneum is 3 dollars. Therefore I will have 150,000 thousand dollars worth of cryptocurrency in my wallet.
Now for the sake of the example lets say I want to sell all my coins on an exchange and at the current price of electroneum which was 3 dollars.

Would there be an issue moving this amount of monetary value to an exchange if I dont have a KYC tier 3 status or will i have to be approved at tier 3 before I am able to send coins to an exchanges

I would love to here other peoples opinons on this or any claRification will be much apprieciated

THANKS!!!


#2

As it looks now, yes that’s going to be a problem. You have to find your own balance between security (coins in electroneum wallet) and liquidity (coins on exchange) if you aren’t certain you’ll upgrade to tier 3.
I responded similarly as below:


#3

I agree with @Nicolas right now you don’t need it then but to transfer it in the future you will have to do KYC then in order to send it away again sadly :wink:


#4

My big questions is the amounts they have on the ETN wallet are still not high and over a 3 month period of time. Even if I have lvl 3 im only allowed $10,000 EUR over 3 months? It seems I just need to get out of the ETN wallet altogether if I even want full access to my coins.


#5

By the time it’s 5 - 7 years, a lot will have changed from the experience the team and ETN ecosystem will have… It’s hard to give an “appropriate” right now answer for such a timeline. My opinion, of course.


#6

Not quite, but I was initially confused by the same thing.

Tier 2 allows up to $10,000 EUR, and Tier 3 allows over $10,000 EUR.