Understanding KYC

  1. Is it mandatory that every ETN holder do KYC?
    2 . Can the Yoti app be downloaded to a desktop computer and the KYC done there ?
  2. Can I trade ETN on an exchange if I don’t do KYC?


To answer questions 1 and 3, the KYC is mandatory if you use the Electroneum APP, not the Electroneum coin itself. This is because their corporate partnerships involve linking to the app/instant payment system. It has no bearing on what you do on an exchange at all.


what do you mean by the “the Electroneum coin itself”?

I have my coins on the web wallet on the Electroneum web site. I don’t plan to use a mobile app.
Does this mean I don’t need to do KYC?


I mean Electroneum the coin, as opposed to Electroneum the app. As far as i know the web wallet and mobile wallet are effectively the same for legal/KYC purposes, they are owned by Electroneum Ltd and you will be able to transact in and out of both to third parties that ETN have made deals with to use the instant payment system etc, this is why it’s subject to KYC.

You can still do what you want with your coins if they are not in the official ETN wallet. Personally I have moved all of my ETN out, just in case I have problems with KYC in future, or maybe never get round to doing it at all.


Based on what you’re telling me, I need to do KYC?


Yes, but you can do Level 1 which is nothing more than providing a name if you only have a small amount of coins in there. If you want to be able to move big amounts through it then you need level 2/3.

I have done level 1, there’s nothing to it. So that means I can keep a bit in the app and use instant payment system for small amounts.

If you don’t want to do ANY form of KYC at all, then move all your coins out of the app.


what wallet do you recommend that is not an official ETN wallet?


There is not yet any independent desktop wallet as far as I know, so our options are either to use ETN paper wallets (but then you have the same problem as before if you move them back from the paper wallet to the ETN app), or keep them on exchanges. People will say DO NOT keep your coins on exchanges long term, but if you spread it around several exchanges you at least spread your risk if one of them goes tits up.

The whole thing is a ball ache, but I totally understand why they are doing it and I’m sure holders will be rewarded because of it.

Do you have other cryptos? Where do you keep them?


You did level 1 through the Yoti App?

I keep some coins on Exodus Wallet and My Ether Wallet.


No, just through the ETN app you just go to the account set up section on the left hand side menu, you go to YOTI for level 2 upwards, I looked at that but gave up on the idea when it started wanting documents etc that i couldn’t provide.

We do need another alternative definitely.


Maybe I only need level 1 also.

If I keep my ETN on the web wallet until the the price of etn goes up, and then I transfer my ETN to an exchange to sell it, do you think level 1 will be enough?


Depends how much ETN you have, you can see the different amounts allowed at the different levels on the site. Level one allows 150 euros worth to be transferred out every three months, so that’s like 8700 ETNs at current exchange rate. But imagine if ETN ever went up to 10 euros per coin and you had thousands of ETN, it could be a problem… but you can do the level 2 and 3 KYC at that later date.


I was told that if I store my ETN on a CLI wallet that I don’t need KYC. Is this true?


yes. you can move ETN from cli to an exchange without kyc (if the exchange doesn’t need kyc)


What are needed actions to do whenever we want to back again from CLI to online wallets or exchanges?


do kyc and transfer ETN from the cli wallet to the online/mobile wallet


Is it possible to send from CLI to exchanges directly?


yes if you know the address of your ETN wallet given by the exchange


Then I can send my ETN to paper wallet now and whenever I want, I will send them to any exchange I want! That’s it?


I think yes, though I never used paper wallet. I use CLI wallet