KYC and Withdrawal Details
We’re thrilled to be releasing the withdrawal feature to the ThetaDrop platform. This post contains details for the upcoming USD / TFUEL withdrawal implementation.
Withdrawals are faster, cheaper, and easier to process when using Theta’s TFUEL payment token vs. USD due to payment processors, bank transfer and exchange rate limitations for USD withdrawals. The ThetaDrop team believes crypto payments are superior all around to traditional fiat payment methods; however, we do want to support all global customers and fans of our exclusive brand partners like Katy Perry, ONE Championship, and WPT so we will continue to offer USD withdrawal option as well. We encourage all of our customers to use TFUEL as the primary payment method for ThetaDrop with a number of benefits over USD and over time we expect TFUEL to have even greater utility as ThetaDrop continues to grow. Future benefits will become even more meaningful as TFUEL becomes more accessible and once TDROP VIP rewards are introduced in February 2022.
Withdrawals are scheduled to launch by November 15, 2021.
KYC (Know Your Customer)
KYC requires one of the following documents as well as a live verification using a webcam or phone camera.
- Drivers License
- Passport
- Resident ID
Actions Requiring KYC
The actions below will now require some form of verification in order to access these features.
Deposits
- Phone number
- Full KYC over $500 deposit
Withdrawals
- Full KYC
- Must have 2FA enabled
Listing items on marketplace
- Full KYC
How to Withdraw
Once withdrawals are implemented, to withdraw your USD or TFUEL, click your Profile Picture in the upper right-hand corner, select “Account Settings”, and then click “Get Verified” in the “KYC Verification” section. You will receive an email after your KYC documents have been accepted.
After you have been verified, you will now have access to the Withdrawals tab. From here, you choose USD or TFUEL withdrawals, enter your bank account information via our third-party payment partner or Theta Wallet address. After your withdrawal request has been processed, you will receive an email and the funds in your account.
USD vs TFUEL Withdrawal
Secondary Marketplace Updates
Updated 11/10/21: We have decided to delay the secondary marketplace update until further notice. Changes below will be implemented at that time.
When withdrawal opens, all NFTs will be locked to the last currency that they were purchased in. For example, if a user purchased an NFT in a primary sale using TFUEL, moving forward anyone purchasing that NFT on the secondary marketplace can only use TFUEL. If the NFT was last purchased on the secondary marketplace in USD, then all future purchases on the secondary marketplace will be in USD. And to be clear, moving forward all NFTs purchased in primary sale using TFUEL can only be sold in the secondary marketplace for TFUEL. Likewise, any NFTs purchased in primary sale using USD can only be sold in the secondary marketplace for USD.
FAQ
Q: Can I withdraw my NFTs?
A: Only USD and TFUEL withdrawals are available at this time. NFT withdrawals will be announced at a later date.
Q: My country isn’t on the KYC list.
A: Please refer to this list for countries and territories unsupported by our third-party KYC provider Onfido: https://documentation.onfido.com/supported-applicant-countries/
Q: How long does it take to verify my KYC?
A: The majority of submissions will be verified automatically within 5 minutes. If there is a problem with the documents you have submitted you may resubmit or it will be queued for manual verification taking up to 5–10 business days
Q: How long does each withdrawal take?
A: All withdrawal requests are manually reviewed by our team. Please allow for processing time between submitting a withdrawal request and having the funds deposited in your bank account or THETA wallet. Most withdrawals are processed within 10–20 business days but others may take more time. This allows us to ensure the safety and security of our community and to comply with financial regulations.
Q: How long does it take to receive my funds once the withdrawal request is approved?
A: 3–5 business days for USD bank transfers and 24–48 hours for TFUEL.
Q: How many withdrawal requests can I have at once?
A: You may have one USD and one TFUEL withdrawal request at a time.
Q: Can I cancel my withdrawal request?
A: You may cancel your withdrawal request if it has not been approved by our team yet.
Q: What is the $25 withdrawal fee for?
A: The $25 USD withdrawal fee is used directly for transaction fees from our payment processing partner.
Q: What payout options are available for USD withdrawals?
A: ACH (automated clearing house), wire transfer, Global ACH (eCheck), PayPal, prepaid debit cards, and live paper check.
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Thank you for taking the time to read this update. We are very humbled by the support of the community and are continuing to improve our NFT platform.
The ThetaDrop Team
