Electroneum (ETN) Unrolls KYC from November 12

Electroneum (ETN) will follow the trend for greater regulatory compliance, and introduce a KYC procedure for all app users. User monitoring will become compulsory from November 12. The move by ETN is puzzling, given that the coin is forked from the Monero protocol and is anonymous by nature. However, the coin is mined and transferred through a mobile app, which will require disclosure. “Today marks the third time Electronuem has broken new ground in the cryptocurrency world. We were the world’s first mobile cryptocurrency, we developed the world’s first cryptocurrency instant payment API and today we are the world’s first KYC-compliant cryptocurrency,” said Richard Ellis, the founder and CEO of Electroneum. The regulatory technology for Electroneum comes from a partnership with Yoti, a dedicated KYC service provider. Ellis believes the move is crucial to turn the Electroneum ecosystem into recognized fintech in order to rival other payment systems: “This will…

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