KYC Levels: A Way To Measure ETN Liquidity


#1

I’ve seen a handful of posts which never receive much attention regarding people being “forced” to complete further KYC levels than they had intended to complete.

Now it makes sense why the ETN team would need a certain amount of control in order to properly comply with KYC. On the other hand, some people only complete KYC 1 or KYC 2 because they are incapable of completing further levels, for one reason or another.
Therefore, their account has now been locked on them from the moment they are prompted to complete higher levels, and they lose access to their own money.

Idea: I think it is essential for those mentioned above to have some kind of meter showing exactly how much ETN has entered / left their account over the last 3 months, easily visible on the mobile / desktop wallet. Perhaps one should even be able to place limits on their own account, so as to prevent them from crossing over into a KYC level they will be unable to complete.
Seeing as this problem mainly affects the target to market - unbanked who happen to have more difficulty completing KYC, I feel this topic deserves more attention than it gets.

While the guidelines are clear, I can see how this will continue to be a problem, and if this currency is to be trusted, ‘mass adopted’ currency.

Any input? Thanks!

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Ref Guidelines Below

Summary

I don’t hold more than the Level 1 threshold but I’m being asked to complete Level 2/3, why?

The tier 1,2 and 3 thresholds cover ETN held or used in a 3 month period. Even though you may be under those boundaries right now, you may have surpassed one or more of them in the last 3 months. You may wish to review your sent/received transactions to see why you were automatically flagged.

Also, certain countries (such as Syria, Saudi Arabia and Iran) have been flagged by the international community. These countries must complete the top tier before they can have access to our services.

Finally, the safety of our systems, and the community that use it ,will always come first. We have a vast range of checks and security measures in place to protect against misuse. The system may automatically flag further KYC levels if an account has been flagged as breaking those rules. Please make sure to thoroughly check the terms and conditions for using Electroneum systems:

https://electroneum.com/terms-and-conditions/


#2

I think that’s a great idea and definitely needs attention.


#3

I’d say for sure it is a system that needs more refinement. It must be pointed out that some of the heightened KYC needs are caused by geography and bot prevention. If any of their software suspects you might be using more than one wallet they will make each one go to higher kyc I think. This can affect people who all come from the same IP address for example. So it is not all based on how many ETN you have used and how much it is worth.


#4

Yes great idea! I hope the etn team read this great ideas all over the community honestly.


#5

Great idea! However, sometimes it is not the amount of ETN someone has, but where they live or other factors of their account that require them to complete tier 3.


#6

If I accidentally go over the $150 every 3 month restriction, then my account will be locked automatically until I can provide the required documents to complete KYC level 3, is that right? If so, then, there should be a limit or cap in place regardless of where they live, so a lock down of ones account doesn’t automatically happen.


#7

Going over 150 Euros would bring you into KYC 2, not KYC 3. If you want to move over €10,000 in a three month period, you will need KYC 3.

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