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As you know, at Coin Official we take the safety of our investors very seriously. We hate scams and rugpulls and, because of that, we have built many features and tools for you to be able to make informed decisions as to whether a presale is worth investing in or not.
Scrolling through the list of current and past presales, you might have noticed that several projects have a KYC badge next to their names. This brief article is designed to explain what that means and what it entails for all stakeholders.
At Coin Official Know Your Customer, or KYC is the process of identity verification to ascertain that the person speaking to us is really who she/he says they are. How does it work? The identities of two core team members are determined by submitting ID documentation (Passport, National ID) to an automated platform. This is similar to the KYC process needed when opening up a trading account on a major exchange like Binance, for example.
The KYC process aims to rid our platform of scams and rugpulls by acting as a deterrent for dubious devs. If any of the KYCed project’s team members scams investors:
- We will reveal their identities.
- We will make this information public for those wanting to file criminal charges.
To investors: If you have serious reservations about a project, and you have proofs that the project is a scam, please contact us ASAP, supplying as much evidence as possible. We will go through the claim and let you know the result of our investigation.
To project owners: If you want investors to trust you, we highly recommend that you approach our KYC Manager on Telegram and apply for KYC verification. This will bring legitimacy to your project. KYC may take 24 - 48 hours so please contact us asap.
The KYC service on Coin Official another of the great features making our platform the best ecosystem available. It will also help further in cleaning up the crypto industry, making people realize that they are accountable for their actions, even in a decentralized world.