Hodlnaut KYC Requirements — UPDATE

First published
February 4, 2022
Last updated
February 4, 2022

Hodlnaut requires Know-Your-Customer (KYC) verification for all accounts before depositing. This is required as our company is based in Singapore and must meet the requirements of the MAS (Monetary Authority of Singapore).

The MAS has enacted a new Act on January 28, 2020, which aims to regulate all “Payment Institutions” including providers of “Digital Payment Tokens” (i.e. Bitcoin), and we have declared our intention to apply for the license and have been granted six months for exemption. Hodlnaut will be treated as a financial institution under this new regime and will be liable to submit monthly reports to the MAS.

In-line with this, all accounts will be required to provide:

  • Personal Information
  • Full Name, including aliases
  • Place and date of birth
  • Nationality
  • Gender
  • Local mobile number
  • Passport and Identity Verification (through Onfido)
  • Photo of your passport
  • Live video or photo
  • Employment Information
  • Employer name
  • Approximate annual income
  • Occupation and industry
  • Residential Address
  • Residential address (full street level)
  • Recent address proof (utility bill, bank statements)

Note all deposits and withdrawals are subject to inspection using chainalysis** and Hodlnaut reserves the right to request additional information on a case by case basis.

For customers registered before 22/07/2020

You will be required to provide or update your KYC in line with our new standards. You will no longer be able to deposit until KYC is verified, but you can still withdraw your funds.  We understand that privacy is of utmost concern to our users and will understand if you no longer wish to use our services under such circumstances.

As of August 31st 2020, accounts without KYC no longer receive interest on their account balances.

After Jan 31st 2021, accounts without KYC, will be automatically deactivated. After deactivation users will be required to contact support in order to withdrawal the remaining funds.

Please contact us at support@hodlnaut.com for any assistance.

**Hodlnaut uses Chainalysis Know Your Transaction (KYT) service to monitor all incoming and outgoing transactions. Chainalysis provides Hodlnaut with real-time alerts of any suspicious cryptocurrency transactions, which are investigated by our compliance team.

Disclaimer: This article is for informational purposes only, and is not an offer nor a solicitation to invest in DPT, securities, funds, partnership interests or other investments or funding or purchasing loans. It is the user's sole responsibility to conduct due diligence and research extensively into each DPT and platform, and understand that the volatility and unpredictability of the price of DPT may result in significant loss over a short period of time. No information on Hodlnaut should be considered to be business, legal, financial or tax advice regarding the use of Hodlnaut. Users should consult their own legal, financial, tax or other professional advisors before using Hodlnaut.