https://hashtalk.org/topic/24303/paybase-verificationsPayBase Verifications
Let’s Learn from the Past
Last night, I announced that every legitimate payment platform has levels of verification used for transactions, and that Paybase would be no different. Depending on the size and volume of a transfer you are making, there will be additional need to verify your account as you would expect. These are rules put in place to prevent theft, money laundering, etc. It’s important to stay compliant with the law. In order for institutions to take Paycoin seriously and adopt it, compliance with laws and guidance is absolutely imperative, and as you all know, that is one of our stated goals. We will hold ourselves to the highest standards that exist in the industry, and make sure we set the example for others to follow. Innovation takes many forms, and we would like this to be yet another way we will innovate.
Most of you understand this. You’re realists and know that before the world can ever reach a crypto utopia, a bridge to old money needs to be built in order to enjoy widespread acceptance.That’s only going to happen if we give Paycoin a suit and tie and play nice with the authorities.
So that’s what we’re going to do. This process is just about making sure Paycoin and Paybase’s trust levels meet KYC compliance standards. But, we will be going back to the drawing board to relax on any areas we can as guidance evolves, so you're not doing any more then you have to.
PayBase Verifications
PayBase, in alignment with and guidance from FinCEN, the IRS, the BSA and international government authorities will be licensed as a Money Service Business (MSB) and will follow all US and international regulations.
In accordance with this, PayBase will enforce Anti-Money Laundering (AML) and Know Your Customer (KYC) measures. To do this any other way would hamper the adoption of Paycoin - something we aren’t willing to do.
To be clear, GAW Miners is not PayBase. While ZenCloud will continue to monitor and follow guidance from our legal and regulatory staff it remains a separate entity from Paybase and will follow the guidelines appropriate to its business activities.
PayBase will allow for 5 tiers of approval based on guidance from our legal department - subject, of course, to change by region and as new guidance is issued. The conversions between BTC and XPY will be handled by third-party exchanges where and it applicable.
One thing that makes Paybase unique is that we are dealing with three currencies (XPY, BTC, FIAT), when most payment processors are dealing with two. When you factor the risk this creates for underwriters, and that PayBase is new, we believe we have done a great job of matching the process of other payment processors while still retaining the ease of use you can expect from us.
Paybase will purchase Paycoins for $20 each. The limits listed below are weekly limits:
Tier 1
May purchase XPY with BTC
May send / withdraw XPY to wallets
May apply for Tier 2 verification.
Tier 2
Verify a credit card or bank account
Purchase up to $10,000 of XPY with FIAT
Purchase up to $500 of BTC with XPY
Tier 3
Verify Identity using public records
Purchase up to $25,000 of XPY with FIAT
Purchase up to $2,500 of BTC with XPY
Tier 4
Verify two forms of government-issued ID, have an account established for 30 days
Purchase up to $75,000 of XPY with FIAT
Purchase up to $5,000 of BTC with XPY
Convert XPY to FIAT up to $5,000
VIP Tier
Must complete an application (to be released)
Purchase up to $100,000 of XPY with FIAT
Purchase up to $25,000 of BTC with XPY
Convert XPY to FIAT up to $10,000
Please be patient with us. Just like coinbase, we will increase these levels over time as our underwriters become more comfortable with the risk.
