Overcoming New Challenges

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Dear friends, the KYC/AML procedure proved another challenge we had to encounter and overcome.

The KYC contractor’s solution has been unable to process all submitted requests correctly and timely, which has resulted in receiving numerous problem reports.

For this reason, we stopped cooperation with our current KYC provider, and are in process of signing up with a new partner who’s utilizing another technology.

A proper KYC/AML procedure is critical to ensuring transparent and legally compliant token sale. The Abyss DAICO will comply with the Reg D under U.S. legislation, and we are obliged by law to conduct KYC/AML for all contributors (not just for those who pay over some amount). It must be launched before the crowdsale to secure (apart from other issues) that all identified contributors’ wallets are added to the smart contract and to avoid transactions sent from unauthorized wallets. Besides, according to our DAICO model, KYC/AML can not be completed after the end of crowdsale.

Till the end of the week we will provide detailed step by step instructions on how to pass the procedure, which is even more simple and requires no additional apps to be installed. The start-end date of The Abyss DAICO is also to be announced soon. We regret it is taking more time than we have expected, but all processes should be running properly and with maximum comfort.

We do everything to provide a better and safer user experience, and are grateful to all our supporters for understanding our concerns!


The Abyss Team