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
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.
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,
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.