Hi, I’m looking forward to using the online wallet as soon as my KYC process has completed. The one dissatisfaction that I have is the freezing of the interaction with the tokens during this process. A suggestion for the future would be a Pop-Up Style notification/warning for those who deposit tokens BEFORE the KYC process starts. Since being “user friendly” is of the highest concern for this product, this would keep those of us who trade tokens from having unrealized gains and losses unnecessarily. Please pass along this simple suggestion to the API development team. Thank you and I wish Electroneum continued success!
Yes, I agree with your suggestions, I am having problems with this KYC process also.
- It takes too long.
- They should require all KYC steps to be completed before they allow you to deposit
funds in “their” wallet app. It was only after I had transferred all my ETN from Kucoin
did they lock up my funds and wanted me to submit proof for the source of funds. So,
in the time that I have been waiting for them to approve my source of funds
documents, I have missed out on some good gains not being able to send ETN
back to the exchange. They have my ETN locked up, for I don’t know for how long.
- They should make it exactly clear what documents they will accept for proof of
- If they want to compete with the banking system they should make themselves as
accessible as banks do. Their communication skills need to improve.
- If this is going to be a global means of exchange they need to lay out all the
requirements in a way that all peoples are able to understand and comply with. I
believe in ETN but, they have a lot of things to work on before it will reach its full
Source of funds is not KYC, its Anti Money Laundering (AML).
…and it of course cant trigger until you send funds…its proving how you sourced those funds.
In his last video, Richard mentioned they have revamped KYC and pulled the process (along with support) into one place on the app. So hopefully that addresses some of your other suggestions.
Does this mean, that every time I want to send ETN I am going to be required to prove my source for funding? Say, for instance, I have already submitted documents once and ETN rises in value and I transfer some or all of my ETN back on my exchange to capture a profit then send them back to ETN wallet, will I have to submit proof for the source of funds again to send them another time? Thanks
every time I want to send ETN I am going to be required to prove my source for funding?
No. The company is required by law to prove you are able to source your funds and are not laundering money for a third party. If you have verified certain amounts, you wouldn’t need to prove again for the same coins. Only if it substantively changed.
So as a silly example, say you have $20k of ETN enter your wallet, they ask you to prove how you sourced it, you give them banks statements/purchases showing your wages easily cover those sort of amounts… then the KYC officer would be confident of what you are able to source. If a few months later you suddenly deposited $2million of ETN, then yes, you would have to show how you legally sourced that amount.
It’s a very complicated process, a shame that its becoming required across the board, but thats the regulation required to onboard proper commercial entities.
For proper answers on the KYC/AML process, you need to speak to the Electroneum Support team, only they can accurately answer these questions. Start by checking out the FAQs https://support.electroneum.com/hc/en-gb/articles/360009862537-What-is-KYC-AML-CTF
Something else to note, as in any crypto project, you should not be using anything other than cold storage or hardware wallet to store crypto. So only keep in Electroneum app what you wish to use on the ETNNetwork. For long term holding use a paper wallet or hardware wallet with CLI/GUI once one is available.