KYC level 3 requirements


#1

Hi Guys,

I’m just pending level 2.

Just curious, I’m aware of the level 3 requirements being proof of funds.

I have to ask the question though and that is why? Why do we need to prove our income? I’ve purchased ETN whilst still really cheap and am HODLing with the hopes they reach a nice price so I can sell them. Cost me less than £1000 for what I have so why will I have to prove my income to simply send my ETN to an exchange?

What if I didn’t have a job and an income to prove and was just sat on these for ages before I decided to sell?

Many thanks


#2

@Chilleduk
I got approval overnight for level 2 and just uploaded my info for level 3:
But this is a copy from the Electroneum website for level 3 requirements.

"Source of Funds Document

Your document should be less than 3 months old and will be used to verify the information that you have already provided.

We can only accept photos or scans of your document in the following formats: PNG & JPG

We can accept the following types of documents:

  • Recent payslip (or recent accounts if self employed)
  • Letter from employer indicating salary
  • Recent bank statement

Details that confirm your name, current address and identity should remain non-redacted and legible.

Hope that helps out :smile:


#3

Level 3 isn’t required if you will be sending to an exchange, it’s required if you are spending 3,333 euro a month or more. I don’t know how much that is in us dollars but that is what level 3 is for. If you don’t plan on spending that much then you don’t have to complete level 3 until you feel is necessary.


#4

Thanks for the replys.

I’m only planning on trading the ETN for BTC on an exchange when I’m ready.

Good to know I don’t need to actually do level 3 for this. Only need to do if I’m spending the ETN.

Many thanks