Raiden KYC instructions

Summary:

  • Only participants intending to bid more than 2.5 ETH in total during the Raiden token launch are required to go through the KYC/KYB process before participating in the token launch
  • Go to the Raiden token launch KYC website
  • Enter your email address
  • Wait for the verification email to arrive in your inbox (check spam folder) and click the contained link
  • Choose whether you intend to bid as an individual or a legal entity
  • Fill all requested form fields including your ETH address used when bidding
  • Use your ID or passport to verify your identity (via 3rd party Jumio)
  • Receive an email once your address is whitelisted (this can take up to an hour or more)

What is a Know-Your-Customer (KYC) check?

Individuals or institutions wishing to bid more than 2.5 ETH in the Raiden Token Launch are required to have their identity verified for regulatory reasons. The process takes approximately three minutes.

KYC for individuals

For individuals, this process involves providing:

  • ETH address
  • Full Name
  • Telephone
  • Email address

Additionally, the following data points will be extracted from your ID during the identity verification:

  • Date of birth
  • Nationality

The data necessary for the identity verification will be verified by the external KYC-service provider Jumio, which scans your identity card or passport automatically, takes a picture of your face and verifies the information you put in before is correct and you are in possession of the verification documents. Both pictures of the document and your face can be uploaded as well if webcam does not work for you.

If everything is correct, your submitted ETH address will be put on the whitelist and you are free to bid more than 2.5 ETH.

How does the KYC check work?

  • After choosing the type of check (individual/entity) and putting in your mail address, you will get a mail with a link for completion of your data.
  • After having completed and submitted your data, you will be redirected to the external Jumio Identity Verification service, which verifies your Identity and extracts information of your identity card or passport and passes this information to Brainbot Labs Est.
  • Pending a verification by Brainbot Labs Est. the provided ETH address will be whitelisted to bid more than 2.5 ETH in total and Brainbot Labs Est. will send you a confirmation mail, please note that whitelisting happens in batches and can in worst case take up to 24 hours.
  • After whitelisting, you can bid more than 2.5 ETH for the ETH address you provided.

What do I have to prepare?

  • The provided ETH address must have at least 2.5 ETH to be eligible to get whitelisted.
  • Have your identity card and passport ready before accessing the service. Ideally you have a scan of your identity card front and back , for higher identity verification success probability.
  • Make sure that you have a stable internet connection in a good lit place for this time.
  • The check of your identity card or passport takes about 3 minutes.
  • For entities: please make sure that you have the required KYB information as specified below at hand.

What restrictions are there?

In short: You must be eligible to do business in your country, eg. you must not be under-aged. Please see the restrictions section in the Terms & Conditions for more details.

Where is my data stored?

Your data is stored at our external identity verification partner, Jumio, who offers this service for several high profile clients already, including Airbnb (https://www.jumio.com/jumio/clients/). All data is stored in datacenters located in the EU. Some of the scanned data is returned to Brainbot Labs Establishment and is stored encrypted on servers located within the EU. Brainbot Labs Establishment is a Liechtenstein entity and is subject to Liechtenstein data protection laws. Please see our Privacy Policy for more information.

This data is stored in the Jumio data centers and on the Brainbot Labs Establishment controlled server:

  • Full Name
  • Residential Address
  • Nationality
  • Date of birth
  • ID number
  • Expiry date if available on the ID
  • US state if US ID
  • Personal number if available on the ID
  • MRZ check if passport or MRZ check supported for the ID card

This data is stored on the Brainbot Labs Establishment servers only:

  • Ethereum account address
  • Telephone
  • Email address
  • Source of funds

Can I register multiple ETH addresses with the same email address?

Yes.

Can I repeat the KYC if I messed up?

Yes. If you encounter any problems, see the official Jumio FAQ for troubleshooting.

Can I update the provided address?

No. You’d have to do a new KYC check again.

Does everyone need to go through the KYC process?

No. You only have to do the KYC if you are intending to bid more than 2.5 ETH. Don’t do a KYC check if you are planning to bid for less than 2.5 ETH.

Please note that Brainbot Labs Est. will check if the address you provided contains at least 2.5 ETH.

Do I have to pay for the KYC process?

No, you don’t have to pay for the KYC process.

How long time will the KYC process take?

The KYC check itself will take about 3 minutes. The whitelisting of your ETH address can take one hour or more.

When should I do the KYC process?

You can do the KYC process at any time before and during the auction. However, our advice is to complete the KYC process as early as possible and ideally before the auction starts, to prevent Ethereum Blockchain congestion.

What is a Know-Your-Business (KYB) check?

As with individual customers, also legal entities, like trusts, companies, institutions and NGOs are subject to regulatory. To be compliant with Anti Money Laundering (AML) and similar rules, identifying the beneficial owner and taking reasonable measures to verify that person’s identity for these legal entities is mandatory.
For these reasons, during the KYC step you have to state if you are bidding on behalf of a legal entity. If you do, as an Authorized Representative, you have to complete the same process as individuals. Furthermore, you have to agree that you will, upon request of Brainbot Labs Establishment, provide further information of the beneficial owners of the company, as well as company data.

For legal entities/institutions, this process involves providing:

  • KYC of the representative
  • Legal entity name
  • Legal entity address
  • Description of Business Activities
  • ETH address
  • Government-issued (business) registration number or tax identification number
  • Copy of a recent trade register extract or similar documents.

For legal entities, the second step of the KYB-process involves providing:

  • a shareholder register, register of members or similar document; and
  • for each natural person who ultimately owns or controls more than 25% of the legal entity through direct or indirect ownership of the shares or voting rights or other ownership interest in that entity, including through bearer share holdings, or through control via other means, and if no such persons exist the natural person(s) who hold the position of senior managing official(s);
  • Full Name
  • Residential Address (no PO boxes)
  • ID Scan
  • Description of Source of Funds
  • PEP Question