Tier system for staking?

(Crypto Fox) #1

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

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(CryptoUK1) #2

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

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(Nick) #3

All we know so far is that the tier that doesn’t need KYC allows a daily volume of $1,000.

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(Laurens) #4

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?

(Kukulkan) #5

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.

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