SatoWallet reviews its Know Your Customer (KYC) policy yesterday being Monday, 1st of July. With this update, transactions below 1BTC will no longer require Know Your Customer option which is simply known as KYC. On the other hand, customers need KYC for transactions above 1BTC. This is meant to help ease customers experience on the exchange.
“Today, Monday 1st July, 2019, SatoWallet Exchange Users will no longer be required to do a mandatory KYC for their transactions, especially with respect to withdrawal,” SatoWallet writes on its website.
However, SatoWallet does not just review its Know Your Customer policy, it has four conditions in place. The four conditions given include:
- KYC will be compulsory for all User Withdrawal transaction above 1BTC at point of first initiation.
- Standard practice still holds as the requirements for KYC still remains i.e. a Valid International Passport, Driver License or Government Issued ID, a Picture of the User holding his ID and a Picture with the User holding a written card bearing the current date of KYC verification.
- KYC will be verified speedily; where there are many influx, be assured it would not exceed 48 hours.
- Where an emergency is pre-empted, kindly opt to do your KYC ahead of time to avoid delay.
Satowallet is a multi-cryptocurrency wallet and exchange App. It came into the cryptosphere in 2017. And it launched its global exchange on the 6th of June 2019 according to a report by Cryptotvplus.com.
SatoWallet is open to everyone in the world who is looking to delve into the blockchain space, with specific interest in Cryptocurrency. It currently has a user base spanning across over 50 countries of the world and expanding. It is available on both Android and iOS and has partners like Changelly, Tron, Digibyte and others. Users of SatoWallet apps are able to store, stake/mine, and securely trade their cryptocurrencies.
SatoWallet has some competitive advantages. These advantages include: shop with crypto, coin voting, announcement, IEO launchpad, faucet, funds password, live trade chat, fiat deposit and withdrawal.
In the meantime, SatoWallet is one of the few African blockchain projects with Global relevance.