World Liberty Financial, a new cryptocurrency project backed by the Trump family, has recently started its Know Your Customer (KYC) verification process on its official website. This step is important as it allows interested individuals to access more information about the project. However, the website experienced some downtime for maintenance on Monday morning, which may have affected users trying to complete the verification.
As stated on the homepage of World Liberty Financial (WLF), all the extra information can be accessed only after the KYC procedure is completed. In addition, in the United States, such information can only be produced and provided to accredited investors. The site clearly mentions that it does not constitute an offer to sell or an invitation to buy tokens in any country.
KYC verification is important in the crypto market and protects against illicit operations, including money laundering and fraud. It usually involves giving out identification documents. These include a passport or a driving license, as well as proof of residence, depending on the regulation of the given jurisdiction.
KYC Process Underlines Compliance in World Liberty Financial Initiative
Despite the heightened interest surrounding World Liberty Financial, details about the project remain limited. This decentralized finance (DeFi) effort was first suggested by Eric Trump and Donald Trump Jr. in early August, at the same time as their father became more interested in cryptocurrencies. After the successful first episode, the project received even more attention during the “launch” event held live on X Spaces on September 16. On this occasion, some essential facts about the project’s structure were disclosed.
Furthermore, the company shared that World Liberty Financial intends to launch a non-transferable governance token called WLFI, which will be available only to accredited investors. The distribution of these tokens is planned as follows: 63% will be used to offer them for public sale, 17% for users’ awards and incentives, and 20% for team remunerations.
In conclusion, the implementation of the KYC verification process demonstrates the company’s compliance with World Liberty Financial’s policy of legal and appropriate business conduct. During the project, more details, including the long-term goals of the project and its working strategies, are expected to come to light.
