KickToken KICK: Mitigation KYC
Community feedback is a vital part of our development. Therefore we constantly consider all requests of our Ecosystem members. This is the reason why we decided to reduce KYC requirements on KickEX exchange
Starting from July 20th, 2020, the mandatory verification will be disabled for those who are willing to deposit/withdraw amounts less than an equivalent of 1000 euros per month (the threshold amount is determined by local legislation and European Union AML directives). We understand that the KYC procedure was a certain obstacle for many people to start trading on the exchange. This is why we decided to meet our customer’s needs.
Trading has now become even more effortless for users registered through the referral program and for those that had difficulties following the verification procedure. Users from high-risk countries will also have an opportunity to easily get through these identification requirements and get full trading access on the exchange as any other user.
Why we decided to reduce KYC requirements
The changes are determined by the pan-European directive on AML (anti-money laundering) and the legislation of the jurisdiction where the KickEX exchange is registered and licensed, namely the legislation of Estonia. This law states that we have the right to use this approach in mitigating KYC and allow a certain category of users to trade on the exchange without going through verification under certain conditions. One of these conditions is the limit on deposit and withdrawal of funds up to 1000 euros in equivalent per month. We were able to introduce this exemption only now since the legislation in the sphere is constantly changing, being edited, and does not immediately come into force. The terms of the directive and its recent updates have now allowed us to reduce KYC procedure requirements and thus simplify trading on the exchange.
High- risk countries
Users from the following countries can deposit and withdraw funds only after completing the KYC requirements: Afghanistan, Albania, Bahamas, Barbados, Botswana, Cambodia, Ethiopia, Ghana, Iceland, Iraq, Jamaica, Laos, Libya, Mauritius, Mongolia, Myanmar, Nicaragua, Nigeria, Pakistan, Panama, Samoa, Saudi Arabia, Sri Lanka, Trinidad and Tobago, Tunisia, Yemen, Zimbabwe.
Restricted countries
Users from the following countries CAN NOT deposit or withdraw funds on the exchange: Canada; United States; Guam; Northern Mariana Islands; Puerto Rico; the United States the Virgin Islands; American Samoa; Cuba; Iran; Syria; Democratic People’s Republic of Korea (DPRK);
The license for the USA is being in a process and we hope to see American users trading on KickEX very soon!
All users who are not citizens of the countries mentioned above can deposit and withdraw funds up to €1,000 (equivalent) per month without KYC.
Examples
1st example: A user has deposited an equivalent of 900 euros. Later, he decides to deposit another 105 euros. The total deposit equals to 1005 euros (which exceeds the limit of 1000 euros). In this case, regardless of his citizenship, he will need to pass the KYC requirements or limit his deposits to 1,000 euros during the current month.
2nd example: During the current month a user has withdrawn an amount equivalent to 300 euros. He decides to withdraw another 400 euros next week, and another 50 euros the day after. The total withdrawal now equals to 750 euros (which doesn’t exceed the limit of €1,000). In this case, it’s possible to withdraw funds without passing the KYC requirements, as long as this user isn’t a citizen of a restricted country.
The Kick Ecosystem team is working hard on opening trading opportunities on KickEX to as many countries as possible. Our goal is to provide every crypto-enthusiast in every single country of the world the best services, tools, and opportunities for trading cryptocurrency within our Ecosystem. The crypto industry is a new generation field that is yet to find common ground with the “old world” and learn how to cooperate together. While developing our products, we cannot ignore the regulator’s requirements, which severely restricts our capabilities. Hence, unconditionally all Kick Ecosystem products comply with legal regulations.
In connection with the reducing KYC requirements on 21 July KickEX launches a trading contest with a $10,000 prize fund! 100 most active traders will receive crypto rewards for trading on the exchange.