Why do users need to pass KYC?

MoneyToken is in the process of establishing strategic partnerships with other platforms and systems to support fiat currency loans, and are obtaining financial licences in several jurisdictions to get MoneyToken access into the fiat world.

Offline and fiat companies are closely regulated by law, and as a result KYC of all IMT holders has become a compulsory requirement for potential partners.

We have decided to comply and fulfill these requirements because the partnerships on offer are hugely important for the future scaling and development of MoneyToken.

A lot of fake and fraud accounts were detected during the audit of the Airdrop and bounty program. KYC will allow us to additionally filter out fake accounts and, as a result, help prevent the risk of fraudulent token dumping activity.

The successful KYC of all token holders will help MoneyToken to conform with regulatory requirements in the future cryptoworld, which as we can see is becoming more and more strictly regulated with each passing day.