2. On faq page there is specified "UTRUST will appear on several exchanges within two weeks after the end of crowd sale." . There is less than a week remaining and not everybody received their tokens yet.
They are officially going by the statement in their whitepaper, which states that tokens will be able to be withdrawn within THREE (3) weeks after the ICO ends.
What whitepaper are you referring to?
Version 1.0.2 says: "the UTK are planned to be issued to all contributors no longer than 2 weeks after the ICO closes".
Okay, I checked the WP and I see it indeed says 2 weeks. I reached out to UTRUST and they stated that it should have said 3 weeks. They will fix it right away. I do understand being upset when the WP says 2 weeks, but I can assure you they are working as fast as they can given the fact that their KYC process is intensive and manual. Additionally, the WP does cover them with this statement: "This timeline may be subject to further delays in the event of any unforeseen legal, certification, or regulatory compliance roadblocks"
UTRUST is just as eager as you and I am to get this KYC over with, but it is a necessary evil, and it'll take as long as it takes. They're not going to take any shortcuts when it comes to compliance.
Can anyone affirm that there is a way of proving your identity (KYC) without having to send them a digital copy of your signature? The procedure with the video-app: is that without the written statement? The signature is a dealbreaker for me (and I assume a whole lot of others).
repeat
I spoke to UTRUST and you do NOT have to print out and sign the document by hand. They do require some form of signature so they know you agreed to the form, but it can be a digital signature (you don't need to sign it by hand; you can sign it with Adobe).
when will the ico be finished?
The ICO is already over.
Am i right in thinking that not everyone will be given the opportunity to provide documents for the KYC at the same time? I have not had the opportunity but hear alot of people talking about being able to complete the process.
Also do i have a set time to complete this process as i am getting very paranoid that i will miss out.
If i upload a passport photo is it just the photo page i require? As i will ensure i have this ready for when it is required.
You don't have anything to worry about. You will have at least 60 days to complete the KYC. And assuming you can't complete it in time, there will be a way to do manual KYC at any time in the future. I don't have further details on that process though. It'll be quickest to do it during the 60 days though.
there is 10k+ investors , how long will the KYC process ,why not let third party campany to do this , by the way i advise orderbook.io
They do have a third party (IDnow) providing KYC services.
There are very few FINMA-compliant KYC providers, and this is a new KYC system, that is more secure than any other KYC platform I have seen thus far. UTRUST is more concerned about having everyone complete the full KYC, demonstrating their 100% compliance, than they are about appeasing the impatient investors.
And there it is again, the "FINMA complient" myth. It's rubbish. ICOs, as of today, are still not regulated in Switzerland (contrary to what utrust had said when they misleadingly claimed to be regulated by FINMA).
Here is what FINMA officially says about utrust:
"UTRUST verfügt weder über eine direkte Bewilligung der FINMA für eine Tätigkeit im Finanzbereich noch über die Mitgliedschaft in einer Selbstregulierungsorganisation SRO als Finanzintermediär im Nichtbanken-Bereich. Wird im Zuge von Abklärungen festgestellt, dass ein Verstoss gegen das Aufsichtsrecht vorliegt, trifft die FINMA die erforderlichen Massnahmen."
With a link pointing here:
https://www.finma.ch/en/news/2017/09/20170929-mm-ico/"ICOs are currently not governed by specific regulations, either globally or in Switzerland. Swiss legislation on financial markets is principle-based; one such principle is technology neutrality. Collecting funds for ones own account without a platform or issuing house is unregulated from a supervisory perspective in cases where repayment is not obliged, payment instruments have not been issued and no secondary market exists."
The KYC is a farce. If utrust were concerned about complience (and assuming that KYC was required for an ICO to be complient with whatever rules), the only way to be complient would have been to do the KYC _before_ letting people invest in their tokens in ICOs and pre-ICOs. By having allowed investors to open accounts and sending utrust BTC or ETH without prior KYC, they already breached whatever complience rule they may have envisioned.
It is not a rubbish myth (in my opinion). But let me make one thing clear. UTRUST is NOT partnered with FINMA. Their goal regarding doing KYC is to be compliant IN THE FUTURE if/whenFINMA starts regulating ICOs. They want to be a case study for future ICOs looking to maximize compliance if/when it requires compliance in the future. Regarding doing KYC before letting people invest, there are pros/cons to either option but I don't think they are breaking any current or future laws here, but I am not a legal expert so I'm only voicing an opinion. Remember that all funds invested are in limbo until KYC is complete. UTRUST is not allowed to touch it. The reason they are doing KYC after ICO instead of before is because it's the difference between doing KYC on 14,000 investors, versus over 50,000 investors. That extra ~40,000 investors adds close to a million dollars in KYC fees, when it's not needed. The 14,000 people who did invest still must pass KYC or UTRUST cannot touch the funds legally. But I'm not an expert so I won't speak to this as if I were.
