What happens with my account after 12. Nov if i did not KYC?


#1

What happens after 12. November if someone is not aware of KYC because he created a wallet months ago and did not check the news since then? Will he just be forced to complete KYC when he logs in?

And what happens if someone has 100$ worth of ETN now and KYC level 1 and the value of ETN goes up and he has the same amount of ETN but its worth 200$ now, will his account be blocked until he completes level 2 because its over 150$ then?


#2

Yes exactly. He/she will have to do the KYC relevant to their amount.


#3

His/her account will be blocked???


#4

1st : there is no no blocking at all …
2nd : in all cases u will be able to logon and see yr balance .

in the case of 200 Euro i,m not sure if the level 1 to 3 is for the balance u hold or for the amount u spend ?

but in my own understanding its for the transfer u make which means if u level 1 u can only transfer 150 Euro equivalent of ETN out of your wallet then u either wait 3 month or be level 2 .


#5

Yes, if you are using Electroneum Ltd systems (online/phone wallet)… you have until Nov 12th to reach the KYC level relevant to your usage.

After that point all funds in the Electroneum services/infrastructure will be KYC/AML compliant so that companies can start integrating with the knowledge that any funds moving through their company are legitimate and not used for illegal activity.

This does not apply to the blockchain, just Electroneum systems sat ON TOP of the blockchain. So paper wallets, Command line (CLI) etc do NOT need KYC.

Here are the details:


#6

I believe that you can hold as much ETN as you like at KYC level 1, the limitaion is how much you can use which is 150 euros in a three month period. Don’t worry.


#7

Yeah some people need info if they dont do KYC before 12.11.2018 the app kick them and block their miner like when i download the latest version 2.6.3 (which is unstable at my phone and i try reinstall and not help me) i need 1st to make kyc lvl 1… But maybe some people dont have the latest version and are not active I think that they will be blocked until they do KYC am I right?
And right now i have 3000 coins worth of 80 USD if the price go up to 0,05 USD i will need to do lvl 2 if then i want to send to exchange?


#8

I did only kyc level 1.
In the beginning at had a lot of etn on my etn mobile wallet(from ico and buying) but i did all my etn in paper wallets.
Now at this moment i only hold less then 50 etn in the mobile wallet , i keep mining with this mobile miner and get around 35 etn a month.Every time i got above 50 etn(so 1 time in a month i wil put it again in a paper wallet
So i wil always have less then 50 etn in this wallet.
I already had a mail from electronuem that is have to do level 2 !
My question is why i have to do level 2 with less than 50 etn?