Topic: UTRUST - page 171. (Read 314264 times)

Where in the white paper was written that English is needed for the KYC? What about peoples from EU, Rusia, Hungary, Poland etc, who dont speak English. There is no possibility to skip step 4 Video chat and when dont know English, the operator turns it off and your KYC is rejected.

when will the ico be finished?

Anyone has problem with the KYC verification? What i have to do when dont speak english? The operator just turned me off 

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.

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

I have been hearing utrust for sometime but never come and never come here to check what is it.
At first look it's looking like a good project, i will definetly check it more.

Hi Slimypuppy54,

I'll reach out to UTRUST to see exactly where they are deriving their "3 week" timeframe from.  I thought it was the whitepaper, but let me confirm.

Someone else asked how many tokens UTRUST sold.  This is still awaiting official confirmation, however I spoke to the CEO who confirmed they had large interest in the remaining tokens from US accredited investors (they received millions of dollars worth of pledges, which would have been enough to sell out if they closed the deal).  They likely sold out 100% as they had pledges of several millions of dollars towards the end of the ICO.  I have not received confirmation yet that the remaining tokens have been granted to the accredited investors, however it seems likely given that the ICO page lists it as 100% sold.  I will reach out for an official statement confirming if they did complete the sale.

Someone else was asking about not wanting to sign the KYC form with their handwritten signature.  Please note that you do not have to physically print out the form and sign it.  You can sign it electronically, so your hand-written signature is not necessary.  I hope this helps.

KYC after the ICO. People often say stay away from whitepaper ICOs, i guess this is one good reason why.

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 one’s 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.

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".

First of all, thank you for the response. I dont invest in crypto for 2-3 months, I invest for 1-2 years at minimum.
There are 2 things that drive me crazy:
1. The fact that I have to provide my personal info because I participate in ICO when other people will be buying anonymous from exchanges. I always seek ICOs that dont require KYC. Thats why i dint take part in RedPulse ICO.
2. I want to forget about my tokens and store them away but i cant. I have to check continuously my email and my spam folder to see if KYC is available for me because what i understand is that there is a limited amount of time for me to do KYC, receive the tokens and withdraw them.

Agree, smells like a big scam! "Never trust to Utrust" should be theirs new marketing slogan ...

repeat

Spoken like a true flipper.

Their need for KYC is obvious.  Please read up on KYC, and increasing Crypto regulations, and FINMA compliance.

They decreased bounties because they halved the total supply.  This makes the token more scarce and valuable for a LONG-TERM HOLD.  They also vested all private investors and halved the team tokens.  This is all beneficial for an investor.  Maybe not so much for a flipper, but who cares about them.

I will change your last sentence from:

"Investors and participants are very badly behaved"

TO:

"UTRUST will not cater to coin flippers.  Every decision they make is made to benefit the company, their investors, and their compliance so they can be a successful long-term disruptor in the industry."

Disclaimer: I do not work for UTRUST

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.  Yes, I know their FAQ days 10 days.  I will ask them to update it to be consistent.  So, please wait the full three weeks and if the tokens still have not been distributed, then you have a good reason to inquire them about the status.  The delay is not on their end, it's on the end of their KYC provider.  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.  In the long run, their compliance opens up doors, not closes doors.  And in the long run, we're talking about a matter of WEEKS here.  I.E. if they released the tokens right away, it would have only been ~3 weeks prior to when they plan to release them with KYC.  But those extra 3 weeks gives them security and long-term compliance potential. 

No, they are not a scam.  Their funds are inaccessible, even to them, until KYC is completed.  They are in limbo.  They do not gain anything by delaying KYC.  In fact, the quicker they complete KYC, the quicker they can fund their project and hire more staff.  If they were a scam, they would not have hired an expensive KYC company (with many CONFIRMED folks who have completed KYC), nor would they be traveling around the world presenting at blockchain conferences (one they are at right now in Singapore), nor would they be spending hundreds of thousands of dollars on marketing, which is evident if you have watched any of their marketing promotions.

I do agree with your last statement.  You should forget about your $100 investment.  Complete your KYC whenever it becomes available, and forget about it for a couple years.

Just be patient and wait a couple more weeks.  What do you have to gain by having those tokens immediately?  You can't even use them yet.

KYC are important for investor because some country not let their people to join some ICOs, so they not want to get blamed if something happen. but maybe it is not necessary for bounty hunter

Why you need KYC?
First, you decrease bounties. And than you want bullshits. Investors and participants are very badly behaved.
Things you do are not nice

how many tokens did Utrust sell?

There are a lot of things that have changed from when tokens where bought until tokens are to be received:

1. KYC was announced(only passport/ID card/driver lincese being specified, no signature no other things). If you dont comply you lose your money.
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.
3. On faq page there is specified "The tokens will be redeemable 3 days after the ICO ends." So where are the tokens?
4. On faq page there is specified "After a period of 10 days following the ICO closure date, you will be able to add an ETH address to your investor profile in order to withdraw your UTRUST tokens." The 10 days are running out...

So are all these just lies? Why dont they communicate? Because during ICO they where very active.
Also that bullshit with the last 30 minutes of the ICO gaining a lot of contributions in order for them to reach 100%...

I`m really thinking on calling this ICO a scam and forget about my 100 USD investment.