Bitmain KYC for Business - what to put US business?

1Referee

legendary

Activity: 2170

Merit: 1427

Quote from: betajuice on April 10, 2019, 04:07:06 PM

I don't think it's about source of funds, that's usually what banks do. They are doing it for identification requirements for their customers.

Mining is a process of value creation, which is something governments want to subject to KYC and all that nonsense too. This is also why Ebay and PayPal are quite harsh on people selling mining equipment. It's super silly if you think about it, but this is how governments think they can somewhat control this ecosystem.

Considering that you can only mine Bitcoin with specialized hardware, it's easy for governments to enforce these measures, while it's way harder to do it with businesses selling GPU's, because you can't subject every buyer of one single unit to go through this nonsense. It however wouldn't surprise me if eventually we'll see the same happen to bulk GPU purchases. We haven't seen the worst side of regulations yet.

Beerwizzard

full member

Activity: 924

Merit: 148

The KYC by itself is not really a big deal. You are buying a pretty expensive mining equipment and going to receive it personaly so you would definetely have to leave information about yourself to get the parcel in the post office. Also in case of any legal complaints it would be easier to prove that you've made anprder and payed some money for that.
It seems like they require business license if you are ordering equipment as an enterprise.

betajuice

jr. member

Activity: 75

Merit: 3

Quote from: Potato Chips on April 10, 2019, 09:05:39 AM

Quote from: crairezx20 on April 10, 2019, 08:30:31 AM

Quote from: Potato Chips on April 10, 2019, 04:48:47 AM

Didn't know bitmain required this Shocked

so ppl has to proof their source of funds now?

They required this since last year start from August 2018 so this is not new to me and the bad thing is that you cant buy a single miner because they will ask for KYC verification unlike before.

The only thing I could think of on why a business license would be included in their kyc is, they're requiring op to proof the source of funds which I haven't heard, even the announcement you post does not mention it.

I don't think it's about source of funds, that's usually what banks do. They are doing it for identification requirements for their customers.

Potato Chips

hero member

Activity: 2786

Merit: 902

yesssir! 🫡

Quote from: crairezx20 on April 10, 2019, 08:30:31 AM

Quote from: Potato Chips on April 10, 2019, 04:48:47 AM

Didn't know bitmain required this Shocked

so ppl has to proof their source of funds now?

They required this since last year start from August 2018 so this is not new to me and the bad thing is that you cant buy a single miner because they will ask for KYC verification unlike before.

The only thing I could think of on why a business license would be included in their kyc is, they're requiring op to proof the source of funds which I haven't heard, even the announcement you post does not mention it.

crairezx20

legendary

Activity: 1638

Merit: 1046

Quote from: Potato Chips on April 10, 2019, 04:48:47 AM

Didn't know bitmain required this Shocked

so ppl has to proof their source of funds now?

They required this since last year start from August 2018 so this is not new to me and the bad thing is that you cant buy a single miner because they will ask for KYC verification unlike before.

Code:

Dear customer,

Thank you for choosing Bitmain!

Our official website https://www.bitmain.com/ will launch the Real-name Authentication on 24/08/2018 00:00 (UTC/GMT +8). Kindly complete the authentication as soon as possible, otherwise purchasing may be restricted/blocked.

1. Due to regulatory compliance requirements, some personal information including name, ID type, ID number, address information will be collected for the purposes of identity authentication. Kindly log in to our official website: https://www.bitmain.com/ -User Center for real-name authentication. The information collected is confidential and will not be disclosed by us to unauthorized third parties without your consent, except when required for the purposes of meeting government, legal or other regulatory requirements.

2. Customers are kindly reminded to provide accurate and truthful information for authentication and not to provide data which is false, or which belongs to third parties. Authentication information may not be modified after the authentication is confirmed.

3. The authentication process will be carried out immediately upon receipt of said personal information, and we will notify you of the authentication result by mail. Our purchase limit structure for the authentication is as follows:

Visit Tweet linked above for the chart. Difficult to format here.

During the transition period（Aug 24th— Sep 24th）, customers who registered our official website before Aug 24th can purchase up to 1 million RMB from our domestic website and up to 150,000 US dollars from our English website；After Sep 24th, the purchase authority will be consistent with the above table based on the authentication results.

4. Revocation of our authorization to collect your personal information is accepted. To do so, please email us at [email protected] . Upon receipt of such revocation requests, we will no longer collect your information, and any personal information held by us will be deleted from our system in accordance with applicable laws and regulations. Please do note that should the revocation be done, you will not be able to purchase any more through https://www.bitmain.com/. Should you wish to purchase from us again in the future, you will need to go through the authentication process again.

Thank you for your kind attention and please do not hesitate to contact us in case of any clarifications required.

Best regards

Bitmain

Potato Chips

hero member

Activity: 2786

Merit: 902

yesssir! 🫡

Didn't know bitmain required this Shocked

so ppl has to proof their source of funds now?

Anyhow, did you apply for a business license? If so, you should have a certificate that says business license and within it, you should find the license id as well.

betajuice

jr. member

Activity: 75

Merit: 3

It asks for "Enterprise Business License" Image,

and "Business License ID"

what do you put for these? Certificate of Filing and tax ID ?

Topic: Bitmain KYC for Business - what to put US business? (Read 234 times)