KYC & Limits

I am bit worried for Tier 1 (Personal) limits. 25k seems to be bit low for daily trading volume. While the tier 2 (personal) involves shelling out bit too much info which not everyone will be able to provide.

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@rahil Do you have access on the exchange or you got the screenshot somewhere from the company website? Thank you

Its from Nash Sandbox

A first preview of the Tiers limits UX. Great job Nash Exchange #DEX #DeFi @nashsocial pic.twitter.com/79PmrHMOyf

— Fabibi (@fstepho) September 2, 2019
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I really agree here. Wouldnt it be a barrier for people to share all of this?

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For me it’s a complete turn off and please no need for patronizing comments about criminality. There are many people who came to crypto way before any regulations, there are many circumstances why people would be extremely reluctant to share such sensitive information or simply unable to due to many factors. I wish Nash all the best and hope it could compete with virtually any other exchange that has no such low limits just for trading (don’t see how at the moment). :slightly_frowning_face:

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Welcome to the real financial world

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@alex_dmd We also come from a time when crypto had no regulations! Actually before that: when it had no value at all and was still seen just as an experiment! Many of us can write base value zero for their assets if someday we go analog (not seeing that day, but you got the point).

I have also found KYC a weird thing from unknown websites on the internet, specially the way they have been implemented in crypto, with in-house verification (!). Since we have some trust problems lately here is a proof that I truly mean what I am saying:

image

The limits we have are there due to compliance requirements. To not put in risk our business and our relationships that we will need in the future to go where we want to go. The wishes are for a no limit free trading world, unfortunately that is not possible today. That is one of the reasons people that follow me know I am an enthusiast of digital identity solutions, in special DID. Maybe in a year or two we can migrate the system to use DID solutions and people can control their identity much more. We are however already doing a lot more than our competitors: we have built an app that doesn’t store personal information and interacts with the compliance provider server directly, safeguarding people from phishing websites collecting KYC information and from information leaks.

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Then get ready to only trade at Bisq.network… Because those regulations are coming to all exchanges in some form or another.
New global cryptocurrency system set to fight money laundering

Officials at the G-20 finance ministers and central bank governors meeting in June agreed to work toward introducing licensing and registration systems for exchange operators.

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Hello, as this topic is something of my concern, I have some questions:

  1. Is the picture of the original post showing the final requirements / tiers?
  2. Who is the service provider doing the KYC?
  3. As you said that the app doens’t store the data - will the submitted data be stored somewhere?
  4. Will the data be shared with 3rd parties? Which ones?

edit: thanks in advance

  1. Not final but MVP, as we build reputation and systems we hope to continue to push what we can offer with automated detection. Looking at fabi twitter seems he has been playing with the sandbox to unlock features… :sweat_smile: we need to add some dynamic code removal lol.

  2. Image and id: Jumio, we do use others for other parts - like verifying an address exists or if the person is politically exposed (PEP).

  3. Each service only receives the minimum data it needs to give their certificate. The only one with id copy is Jumio.

  4. Law enforcement based on request, if we must comply. What we would today provide is Jumio’s certificate, not the data - that is with Jumio.

This response will become obsolete with time, for such inquiries please consult the knowledge base or contact support at: https://support.nash.io

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Thanks for the answer!
I see issues with it. Why? In oder to stake my NEX when NASH launches, I have to use your App. The App itself doesn’t store my data, but my data will be stored by Jumio and could be used in different ways (see here: https://www.jumio.com/legal-information/privacy-policy/jumio-inc-privacy-policy-for-online-services/). This is probably common with KYC providers, but my concern is especially that my data will be transferred to the United States and / or other countries.

" Information for users of the Services from outside the United States

The personal information that Jumio collects through or in connection with the Services is transferred to and processed in the United States for the purposes described above. Jumio also may subcontract the processing of your data to, or otherwise share your data with, affiliates or third parties in the United States or countries other than your country of residence. The data protection laws in these countries may be different from, and less stringent than, those in your country of residence."

Will there be an alternative (EU based) provider so that data protection laws are the same as in my country of residence?

edit : something could have been perceived as impolite

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Looking at fabi twitter seems he has been playing with the sandbox to unlock features… :sweat_smile: we need to add some dynamic code removal lol.

You right :slight_smile: Friendly playing with sandbox client side. Typescript source map is exposed so it was a bit easier to extrapolate some stuffs in the compiled/obfuscaded code.

For the mvp : maybe should you disable the source map generation in your build pipeline?
It is however a good practice to keep it, for debugging purpose, or dev community learning.

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Are you referring to the GDPR?
It still applies to countries outside EU member states if you’re a EU citizen.

https://www.jumio.com/gdpr-compliance/

“The industry needs to both comply and disagree”
-Fabian Canesin

Good to see u speaking with authority sure Im going to see more of this over the years