ICON Adds KYC to Token Sale (Refund Policy Updated)

The ICON Token Sale adheres to global regulations. There have been many developments in ICO regulations over the past few weeks. In order to adapt to the changing blockchain landscape, ICON is adding KYC(Know Your Customer) protection measure to ensure contributors can legally participate in the ICON Token Sale.

There are two main reasons why ICON is adding KYC. Firstly, the SEC(U.S. Securities and Exchange Commission) is preparing to prosecute Token Sales without KYC procedures. Secondly, cryptocurrency exchanges are beginning to exclude cryptocurrencies that did not implement KYC.

The ICON Token Sale KYC will protect contributor interests. The users who have contributed to the Token Sale MUST go through the KYC process through official ICON channels and the newcomers must also follow the same procedure.

1. Send ETH to your unique ICON ETH deposit address

2. After you contribute ETH, the KYC process will start. Upload your government issued identification card or passport, and a picture of yourself holding your identification card.

3. [IMPORTANT!] USA, China, and Singapore nationalities cannot participate in the ICON Token Sale.

4. [IMPORTANT!] Token Sale contributors need to go through a separate KYC process. A detailed KYC process will be announced separately. For contributors who do NOT qualify for the KYC requirements: the contributor’s ICX will be collected and the contributor’s ETH will be REFUNDED.

KYC Policy Background

• The ICON KYC policy is put in place to identify USA, China, and Singapore nationalities. Nationalities of other countries are NOT restricted from contributing to the Token Sale.
• Recent Token Sale regulations have become more strict in USA, China, and Singapore. The implementation of KYC is protect contributors outside of USA, China, and Singapore.
• There are actual cases where the SEC prosecutes and demands refunds for Token Sales that have not implemented KYC. Also Tokens without a proper KYC process are obstructed from being listed on cryptocurrency exchanges.
• USA, China, and Singapore nationality contributors will have their contributions REFUNDED through precise procedures.

Refund Policy for Disqualified KYC Contributors

• If the contributor is identified as USA, China, or Singapore nationality, the contributor’s Token Sale participation will be canceled. The distributed ICX needs to be refunded.
• The ETH contributed to the Token Sale will be refunded. The contributor’s ICX will be locked up until the refund process is completed.

ICX Token Lockup Backup

• In order to proceed with the refund, the ICX Tokens needs to be unlocked and become transferable.
• The ICON Foundation will lockup ICX tokens for contributors who have not gone through the KYC process, in order to prevent unverified-KYC-ICX-tokens to negatively affect verified-KYC-ICX-token holders.
• In order to primarily protect the appropriate token holders, nationalities of USA, China, and Singapore are restricted from participating in the Token Sale. Strong measures are taken to prevent damage to participants from other countries.