The latest email from Richard 4th Oct


#1

Hi Everyone!

You are getting this email as your Electroneum account will need Tier 2 or Tier 3 KYC (Know Your Customer) see below…

If you follow our social media or news you’ll probably have seen that we are integrating something called KYC and AML. These stand for Know Your Customer and Anti Money Laundering. They are regulations that are adopted and maintained by financial regulators from around the world.

Firstly, we’ll ensure that no legitimate user is locked out from their ETN. KYC is nothing to worry about (assuming you are not laundering money!) and we are making it as easy as possible.

Why are we doing this?

We are embracing KYC/AML regulation because we’ve been negotiating the integration of ETN with some very large mobile network operators, and various corporate partners and in nearly every instance the negotiating stalled at the lack of adopted regulation by cryptocurrencies. We are breaking that mould and embracing the normal regulatory environment that a FinTech (Financial Technology) company would be expected to adhere to.

Embracing regulation decision will be a hugely positive one for Electroneum and will unlock doors that are firmly locked for Bitcoin and every other cryptocurrency that exists in the unregulated world.

How does it work?

The KYC system works via our smartphone app and web wallet system, it does not operate on a blockchain level.

What are the KYC Levels

Tier 1

Most people need to do very little. Tier 1 covers most of our global users and all we need from you is your Name and your Country. We do not need you to provide any documents to support this information (it is self certified, although we may use IP address and phone number information to corroborate) and this covers usage up to 150 Euros of value in your ETN account over a 3 month period.

Tier 2 (requires Yoti app)

Effects people who hold or use over 150 Euros of ETN value within 3 months (or during ICO) but less than 10,000 Euros of value.

Tier 3 (requires Yoti app)

Only effects users, who hold over 10,000 Euros worth of ETN in their mobile wallet account, or have had over 10,000 Euros worth of ETN move through their account within 3 months or during ICO.

We’ve teamed up with Yoti , a popular KYC app that makes identifying yourself as easy as possible. You’ll only need to use your Yoti account ONCE for Electroneum. However, once you’ve set up your Yoti you will be able to use it for other projects that accept Yoti, as it stores your KYC information securely for your future use.

At the moment KYC is optional for ALL users. You can currently move your ETN around without restriction. We are using this time to onboard as many users to our KYC system as we can, and learning from (and overcoming) any problems that develop.

We were aiming at a hard launch (mandatory KYC) for the 10th of October but we are pushing that back to the 12th of November as we get through the KYC backlog and onboard our expanding KYC team.

On the 10th of October we are moving from “soft launch” to “Tier 1 Required” - this will simply mean that Tier 1 becomes mandatory for all users (i.e. provision of your Name and Country).

If you would like help or have questions about KYC - please direct your attention to our community forum, where you will find a KYC FAQ (frequently asked questions and a demonstration video - https://community.electroneum.com/t/kyc-and-aml-faqs/4912) and community and staff support in the HOW DO I? Section - https://community.electroneum.com/c/how-to

Remember that even though we are saying the KYC system is aiming for hard launch on November 12th, your ETN is not in danger if you leave it past this date - you might need to complete your KYC to access your ETN after this date - but if you are a long term HODLER (crypto term for holder!) you can complete your KYC in the future, as long as it’s before you want to use your ETN.

Yoti KYC verification speed

The Yoti team are quite fast, although if they are busy it may take a while before you are verified by them. Please be patient. Also if you are

Electroneum additional supporting documents speed

The Electroneum KYC team is expanding and verifying documents as fast as we can - please be patient and get your KYC done early if you can.

As always, thanks for supporting Electroneum!

Have a great day everyone,

Richard Ells

Founder, Electroneum.com

PS - Don’t hold your ID STILL when showing it to the Yoti app - it looks like it’s taking a photo but it’s actually taking a video. Move your ID slightly in front of the camera to show the hologram or watermarks and you’ll get your Yoti KYC validated faster.


Fight The ETN Dump Club!
Fight The ETN Dump Club!
Common questions regarding Yoti and KYC with answers
#2

Did not realise it applied to amounts held, thought it was just for amounts sent.

Although it says ETN will not be locked up, there could still be a risk of that if people are unable to complete KYC later?

Does moving hard launch back 1 month also move back any of the deals or announcements? Let’s hope not.


#3

People need to know if they need to do lvl 1 till 10.10 (name plus country write) or they didnt receive mobil miner payout - it can be good that we stop the cheaters with multiple accounts…
But need to clarify that is as I write…


#4

@ETNCEO Does this KYC hard launch delay to 12th of November have any effects on all the plans for this month? For example the marketing plans and the first operator launch?


#5

I cannot understand that will KYC beeing mandatory for online wallets from 10 Oct?
Does it mean if someone wants to withdraw more than 10000 Euro on 11 oct, can he/she or not?


#6

@M_Y From 10 October, you’ll only be required to pass Tier 1 verification - which is only entering your name and country.

From 12 November, all KYC levels will be mandatory. If you want to move more than 10,000 Euros without doing KYC, you need to do it before 12 November.


#7

Many thanks Benjaminoo

Do You mean in the period time between now till 12 Nov we can send any amount of ETN from online wallets to the exchanges?


#8

Yes. I would like to know this also.


#9

@M_Y @LAZYTRADER Yes, that is correct. You just have to pass Tier 1 Verification


#10

Does it mean when you make kyc level one your account won’t be locked out?


#11

On an interesting note, this pushback on the KYC due date just speaks towards the volume of users signing up, as there is quite a backlog of verifications to push through.


#12

Until Nov 12th, yes. After that, you’re subject to those limit tiers outlined in the Email


#13

This just strikes me as more poorly thought through strategy from Electroneum (again!).

So, I’ve cleared stage 1 verification.

I’ve then set up a yoti profile and imported it to clear stage 2 - which according to the site and Richards’s mail is all I need to do. The import has worked, but it’s now asking me for my job title, employer and ‘Tax number’ (although in the UK a tax number does not exist per se) - and then, bizarrely asks me to upload something like a utility bill to further identify myself - when that utility bill has nothing to do with my job.

There are two other things here which make no sense. Why do ETN need a utility bill that when Yoti’s already done that part of the job - and when did KYC ever need to know what your job is. You may not even have a job!

Finally, I have two accounts, one of which is registered to my business - but no thought whatsoever seems to have been given to how businesses validate themselves.


#14

These things are often thought up by people who think everyone is just like them. :disappointed_relieved:


#15

The electroneum team and meeting first set dates for releases etc. I think they have never or almost seldom met a set date. This is since release of etn in september 2017 untill now. It surprises me they dont look like they want to improve this.


#16

You’ve got all the info they need, right? Submit it and don’t get yourself too hung up about it. It’s only a formality. I used my national insurance number in place of the tax number and cleared all 3 tiers without any issues.

I’m interested to know why you think implementing KYC is a poorly thought through strategy? They’ve just uniquely positioned themselves to be first in line for potential partnerships with big corporations that have access to many users. I think it is a genius strategy.


#17

There’s nothing wrong with them putting KYC in place. The implementation of it is poor, that is all. It’s not like ETN have got a particularly impressive record of rolling out technology. And don’t respond to that by saying that’s no surprise because a lot of it is groundbreaking. In the main, it’s the basics they’ve done a poor job of, and this is just another example.

Facts are, you can’t clear tier 2 with Yoti alone, as is suggested. Then, the additional info asked for adds no extra benefit as well as duplicates some of what yoti has already proven. I can’t see how/why it’s required - and I’m well past the point of just blindly given anyone who asks my data. And finally they’ve given no thought to business accounts.

It’s not a case of getting hung up about it. It’s just crap service design.


#18

How does this effect users that only hold ETN in an Exchange?


#19

Basically, you can’t use your ETN if you hold it at an exchange. And holding it at an exchange is an alltogether bad thing, as exchanges are constantly hacked.


#20

Get use to it… Or move on