Auction Starts April 8th, 2019
Chintai is being designed to extend leasing services to a wide range of leasing markets. New markets will include the DAPP Network, any EOSIO Chain, OTC, NFTs, Chintai DEX, any utility token, and more. The CHEX token is the “key” that unlocks access to these markets, and offers additional utility features that benefit CHEX holders.
As the CHEX token distribution approaches, we’ve become aware of an automated KYC solution that will enable a wider range of investors to participate. Furthermore, using KYC for token distributions is compliant with guidance from regulators across the globe, including the FCA. Financial regulators around the world consistently indicate that AML (anti-money laundering) and KYC procedures are the responsibility of issuers of tokens distribution events.
Based on the information at our disposal, we suspect that KYC/AML procedures will be required features of any token distribution event, and that legitimate projects will adhere to these standards.
Failing to take these facts into consideration for the CHEX token distribution unnecessarily puts the Chintai project at risk for potential liability issues. If the Chintai project suffered legal consequences for failing to consider the aforementioned issues related to KYC/AML, the long term value of Chintai could be jeopardized.
The Chintai team is deeply invested in the long term success of the project. Our commitment to the Chintai community is providing a platform that is compliant with all existing regulatory guidance, and to be fundamentally aligned with practices that will protect the long term value of the Chintai project and CHEX investors.
We’ve come to the conclusion that taking precautions and conducting our token distribution in the most responsible way possible is in the long term interest of the project, our supporters, and mission to build a platform that will facilitate the ability to “Lease Everything”.
In order to ensure CHEX complies with the highest regulatory standards possible, we’ve elected to implement KYC for the entirety of the distribution event. Consequently, our KYC provider will need time to prepare accordingly. The CHEX distribution will commence on April 8th, 2019. The final round will now be December 4th, 2019.
We apologize for any inconvenience regarding this minor delay. However, we believe that this course of action is in the best long-term interests of the community, investors, and the Chintai vision.
Details about the KYC process will follow shortly.
