Hi, during the yesterday meet up, Fabian mentioned that there are three tiers of KYC. Those that were lucky enough to participate 2nd round are automatically classed a 1st tier.
What are the difference between all three tiers? What are the requirement to enter each of the level?
Thanks
From what I understand, the tiers are for trading on the exchange, not staking. Each tier allowing a higher trade volume. Like you said, those that passed KYC for the 2nd round of the sale will be in Tier 1 for trading.
Unsure what level of trade volume each tier will allow and don’t know the different KYC requirements. Need the team to answer that
All we know so far is that the tier that doesn’t need KYC allows a daily volume of $1,000.
Other exchanges also limit the functionality of non KYC’ed users but with much higher limits. Binance for example limits the daily withdrawal to 2 BTC. Which is like 10,000$. So the 1000$ dollar trading limit on non KYC seems kind of low. I wonder how this limit was chosen. It should be set as high as possible while staying within regulations imo. What do you guys think?
PS: Hardcore crypto-nerds are gonna say that an exchange with KYC is not a decentralized exchange?
In a previous event it was stated that the requirement for the KYC was a requirement set by banking partners and not by them. But i forget which it was.