Dear AshSwap Public Sale Participants,
Over the last couple of days, we have received numerous complaints from the community with regard to the rejections in the KYC process. First and foremost, we would like to say thank you to everyone interested in joining the public sale of AshSwap, that means a lot to us, and we sincerely apologize to the ones who have had trouble doing so. This letter is meant to communicate the situation in detail, so the community would have a better understanding of what is happening under the hood.
Let’s first talk about the necessity of KYC (Know Your Customer). We are indeed building a decentralized exchange, but decentralization does not necessarily mean we can go rogue. A blockchain project is still a startup like any other traditional startup. It means we need to be incorporated, pay taxes, and are obliged to comply with specific laws and regulations.
Not only is this better for the project as it makes it easier to raise funds, work with partners and service providers, and overcome the legal obstacles for growth, but it also protects the community from any potential fraudulent acts. AshSwap has a long-term vision, and we aim to do everything in the most transparent way. That’s also the reason why we have doxxed the team.
The purpose of the KYC and AML (Anti Money Laundering) process is to make sure AshSwap does not sell any tokens to anybody who might be involved in any way with illegal activities or sanctioned… Due to the high number of participants in the Maiar Launchpad, it is impossible for the team to manually check everyone within a short amount of time. We need to use a third-party service that provides automatic checking. So far, the success rate is above 80%, which means out of 5 people, 1 is rejected. What can be the reasons here?
We have to admit that any software could malfunction at some point. It can either be the code itself or there might be some edge cases of which we have not been aware. Over the last few days, The Maiar Launchpad team and AshSwap have been working tirelessly to identify the problems, and we have managed to fix the issues related to the names on French ID cards and the bank statements for Proof of Address. We have also added additional clarifications to the document submission to better guide the participants. We will of course continue the investigation and update the community when we find something new.
Nonetheless, we cannot completely rule out the possibility the rejections stem from the mistakes made by users. That’s why we gave everyone 3 tries.
For all the above-mentioned reasons, we have a few notes for the participants.
- Make sure you follow correctly all the steps of the How-to-guide on the official Maiar Launchpad website https://maiarlaunchpad.com/ashswap/how-to-guide.
- Check our latest announcement https://twitter.com/ash_swap/status/1581266364416696320?s=20&t=f6nebMrj1danjcvtG2ReaQ to see if you belong to this category.
- When submitting your documents, please make sure to capture them clearly, everything is readable and contains necessary information.
- If you need more help, our admins on Discord and Telegram are available.
- Anyone sending you direct messages about the KYC is a scammer. We do not contact you in DMs, all the updates will be announced on our official channels (Twitter, Telegram, Discord).
- If you have technical problems, please send an email to kycsupport@ashswap.io.
- If you have exhausted all 3 tries and cannot perform the KYC again, we are very sorry that we cannot do anything about it at the moment.
- If you were rejected due to regulatory reasons, that can be true and there is no way to change this.
- If your KYC process is under review (status pending), please be patient as there are some cases we need to perform manual checks. You will have your results, but give us a bit more time.
We also want to make this clear that it does not in any way whatsoever imply that there is anything vicious about you when you are rejected in the KYC process. We are truly sorry if the problems are from our side. We are of course not perfect, but we promise we are doing our best to resolve the issues.
Even if you cannot make it to the Launchpad, there are many other ways for you to join us on our journey. The ASH tokens will be listed on the Maiar Exchange as well as other centralized exchanges this month. Also, The Battle of Yields is running with a total prize pool of $10,000 to reward users testing the product. There are more to come. We are just getting started!
Again, thank you all, and best regards,
The AshSwap team.
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