5.1 When & How Can Players Do KYC
At project initial launching stage, Players can claim a KYC (Know You Customers due diligence process) slot when you have accumulated a $10 USDP balance in the wallet which holds your prize from the daily prize pool and lootbox (this is a different wallet balance with the one that stores your Play tokens). If you have already withdrawn some of your prize before claiming a KYC slot, you will need to wait until your balance has grown to $10 USP Dollar. $10 balance will be burnt when you have claimed a KYC slot. We will keep lowering the USDP threshold for KYC when we have accumulated more players
5.2 Who Will Conduct The KYC Process
We place top priority on protecting Player’s personal information. We will conduct thorough research and engage a trusted 3rd-party compliance company to conduct the KYC due diligence process and your personal information will be submitted to and stored securely by that compliance company.
5.3 Why Should Players Do KYC
Without completing the KYC process, Players can still draw tickets, participate in prize games and lootbox, win prize pools and withdraw the prize in crypto (via Coinbase) or Play Tokens (Wallet Balance).
However, if Players would also like to use Play tokens earned from your own earning sessions and the bonus earned from active Players in your team, you will firstly have to complete our KYC process.
Before you pass KYC, the portion of the Play token earned from your own earning session will be marked as Transferrable Balance. Portions of bonus Play token earned from your teammates without passing KYC will be marked as Unverified Balance. You cannot use these balances yet.
Once you have passed KYC, and some of your teammates have also passed KYC, the corresponding portions of the Play token will be converted as Locked Balance if those parts of tokens are within the 12-month locking period. Locked Balance will be locked for 12 months correspondingly (starting from the specific month when that portion is earned), it will be released to your wallet and marked as Wallet Balance where you can use it.
5.4 What Will Happen If Failed KYC
Authenticity of Players are of utmost importance to the safety and sustainable development of PlayBlock Network projects. We have zero tolerance for anyone creating fake identities for any purpose. When a Player has failed the KYC process (after given reasonable chances to rectify careless and manual mistakes), his Transferrable Balance will be forfeited and transferred to our staking pool for offering genuine user’s staking interest.