Due to popular demand, more recent considerations and advice from our legal team, and the overall mainstream success of the Fabric Token project, we have decided to add KYC to our whitelisting process – we have also updated our whitelisting process article accordingly. Here’s what this means for new members of the FT community and for people who have already registered in our previous whitelist.
Why Add KYC?
This past week, we have received several suggestions from our community that we perform KYC in addition to our whitelisting, due to the ever-increasing regulations surrounding ICOs and cryptocurrencies in general.
While we are not required by law to do KYC for our ICO, after discussing the issue in the last few days, we have decided that this will be, in the long run, the best option for the Fabric Token project. Both banks and large exchanges require companies to show that they have performed KYC on the participants in their ICO in order to do business with them.
So, with a little less than 3 weeks until the Fabric Token launch, we decided that there was enough time to implement KYC into our whitelisting process. Here’s what we did.
A Better Approach
Our previous whitelist included a very simple form where people only needed to fill in a few details and comply with a few rules. It will still be the same simple form, now, but there will also be an input for government-issued ID card or passport.
Additionally, due to popular demand, we have also added an interface where anyone can check their current status by simply entering their ERC-20 wallet address. The status can be one of the following four:
- Under Review – this is the default status for new submissions. It means that we have not yet processed your submission.
- Verified – which means that this address has been approved to participate in the FT public sale.
- Needs an Update – which means that we need further details from the person related to that address, with a request for more information sent to the provided email.
- Rejected – which means that the person either entered untruthful information or is a member of one of the countries where token sales are not allowed.
We believe that this new end-to-end system will ease the entire process by allowing anyone to easily check their status and know for sure whether they can participate in the FT ICO or what they need to do in order to be whitelisted.
Since there are already a lot of people on our previous whitelist, we will follow with instructions on what they need to do in order to join the new whitelist.
People Already Registered in our Whitelist
We thought about what the easiest way would be for everyone already on our whitelist to join the KYC whitelist and we decided that everyone would need to submit the entire form again. The data we have gathered so far will be deleted entirely. We will notify everyone via email of this new change to our whitelist and hopefully, everyone will simply re-submit their information with the additional KYC data that is now required.
We want to apologize for the inconvenience, but we thought about this deeply, and it is simply the best way to do it. Many of you guys have let us know that KYC is very important nowadays and we always take suggestions by our community very seriously.
Adding KYC to our whitelisting process, even if we are not required to do so legally, is going to be of vital important for the long term success of the Fabric Token platform, and especially its up-and-coming ICO.
We want to apologize again to all of the people that have already submitted their details in our previous non-KYC whitelist for making them do it again. We don’t like doing the same thing twice either, but the overall benefit of this change to our whitelisting process strongly outweighs the inconvenience caused, so we had to make it happen.
With the addition of the interface where you guys will now be able to easily check your status, we believe that this new whitelist with KYC will make the entire process far easier for both us and the Fabric Token community.