Keeping our community and BSC ecosystem safe. Buckle up!
What is KYC?
The literal definition of KYC is “Know your customer” requires that professionals make an effort to verify the identity, suitability, and risks involved with maintaining a business relationship. In the usual banking world this KYC is done on clients, with cryptocurrency it is the opposite — projects will have KYC done on them.
KYC’s goal is to prevent fraud and to decline users that don’t fulfill certain standards of credibility. Thorough KYC policies create a reputation as a secure and trustworthy Company. This in turn brings more investors to your project and they can trust your vision and team. Trust is likely the most valuable asset for any financial business today — at least KYC-approved data is extremely valuable. Excellent quality KYC — is a grave argument in the defense line against crimes such as terrorist financing, drug trade and cyber financial crimes.
Astronaut will implement a KYC process for every launch through a third party provider. (we will release the provider shortly)
The KYC process is meant to protect investors, partners, advisors and the Astronaut platform. The process is a quick and simple one for the project to complete.
Note: not every launch will require a thorough KYC process but will be marked as “High Risk” if the project has decided to not go through the process. We will still have liquidity locks set but they can still pose a high risk not choosing to go through the KYC check.
Projects will be required to hold a minimum of 500 NAUT tokens to go through the KYC and the IDO launch.
What will the KYC process entail?
The process checks if the project managers, devs, and team are legitimate and are who they say they are. This will require a drivers license, government issued ID card or a passport.
A selfie holding the ID and a document such as a utility bill would be held side to side for confirmation.
The document should be in English and should be clear to the camera. We recommend getting a translated document if you are from a non-English native speaking country.
Projects will then be required to write the following on a paper:
The Current Date
Last 4 Characters of their wallet address
They would then be required to take a photo holding the ID, the document such as a utility bill and the paper writing as stated above.
Once those two photos are complete and compliant the KYC process is considered complete. Projects will have the ability to have a more thorough KYC which will mark them as “Low Risk”