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How FNDZ will keep users safe with KYC
  • Main Takeaways:
  • Learn more about how FNDZ can help you

FNDZ takes its regulatory and compliance responsibilities seriously. In anticipation of upcoming regulation by the United States and the European Union, we will introduce new safeguards to protect our users and to meet the legal requirements governing the blockchain industry.

Central to both the EU and US bills is customer identity verification, also known as "Know Your Customer (KYC)." This is an important procedure used to combat money laundering and malicious activities such as ransomware attacks, which are often carried out by anonymous attackers demanding payments to private wallets.

Current and new FNDZ users will therefore have to go through a new KYC process if they deposit more than $1000 into the platform, whether that is in one deposit or multiple deposits of smaller amounts. Once the $1000 trigger is activated users will be asked to KYC.

To make the verification process as smooth as possible, we will delegate the KYC process to a certified and trusted KYC services provider. The KYC process will be introduced in Phase 2.

Main Takeaways:
  1. KYC is tied to your login account, so it can be performed once and linked to multiple wallets at the same time.
  2. FNDZ users will be notified that they need to complete KYC if they want to deposit more than $1000 in stablecoins.
  3. Users who wish to withdraw $1000+ in stablecoins from a vault will also need to complete KYC.
  4. Users must complete KYC if their vault has more than USD stables $1000 in deposits.
  5. KYC can be completed on desktop, smartphone and tablet.
  6. New KYC requirements will include advanced identity document verification and address verification.
  7. These enhancements make FNDZ the first DeFi copy trading platform to fully comply with both 5AMLD and 6AMLD (Anti-Money Laundering Directive) requirements.

FNDZ will not store any private data on the FNDZ platform. All verification data will be processed by the KYC provider to ensure compliance and state-of-the-art data encryption.

KYC will soon become a global requirement for all DeFi service providers. By meeting regulatory standards early, we will be able to offer a greater sense of trust among all participants in the ecosystem.

“To be compliant and future-proof we need to have a KYC solution in place,” said Valentino Cremona, Core Contributor of FNDZ.

Learn more about how FNDZ can help you

KYC verification will be a mandatory measure in DeFi, and implementing it early will enable FNDZ to deliver safe and reliable copy trading services. If you get stuck during the KYC process, you can reach us on our official Telegram or Discord channel and our team will be happy to help you. Thank you for your continued support.

The FNDZ Team.

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Phase 2
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