Token distribution update: KYC is now compulsory

Throughout our private sale and ICO, LEXIT has strictly adhered to all relevant laws and regulations in every aspect: our privacy policy complies with the GDPR, our smart contract was audited by Hosho, and our terms and conditions were written considering the laws as of the time of our public sale launch in June 2018. Additionally, our support team has been assisting everyone who has had a question regarding our terms and conditions through our official channels.

As a result, over 10,000 accounts have been registered in our crowdsale page and all token holders have been successfully verified through our KYC/AML/CFT policies.

Up until now, our airdrop and bounty programs had been open to participants from all over the world. However, according to recent legal actions initiated by the United States Securities and Exchange Commission (SEC), the distribution of tokens through bounty programs may be considered as a sale of securities.

Although the LXT is only being offered for its utility features and not for the purposes of speculative investment, LEXIT has not registered the LXT as a securities instrument with any regulatory agency in any jurisdiction. Therefore, we are updating our policy to treat airdrop and bounty programs as a sale of tokens. Accordingly, all airdrop and bounty program participants are to be subject to the same terms and conditions as our token purchasers. This policy is necessary for us to restrict sales and distribution of LXT in jurisdictions where it would be unlawful or otherwise cause us to assume legal liability.

Therefore, all participants in our previous Airdrop and Bounty Programs must complete our KYC/AML/CFT requirements by September 30, 2018. Failure to do so will result in the forfeiture of all LXT tokens due to the participant.

Here is a quick FAQ regarding this distribution update

Why are you changing your KYC/AML/CFT policy?

In a recent legal proceeding, the United States Securities and Exchange Commission have taken the position that the distribution of tokens through a bounty program may be considered a sale of securities. Therefore, in our to minimize our legal liability, we must update our KYC/AML/CFT policy in order to treat participants in our airdrop and bounty programs as token purchasers. You can read the official SEC press release here.

Furthermore, LEXIT is a company incorporated in Singapore and is subject to Singaporean laws and regulations applicable to digital token offerings. The Monetary Authority of Singapore (MAS) has made clear that companies that conduct digital token offerings are subject to Singapore legislation and MAS regulations concerning the prevention of money laundering and countering the financing of terrorism. You can read the MAS guide to digital token offerings here.

How do I complete the requirements under your KYC/AML/CFT policy?

You will need a valid ID document such as your passport, driver's license, or national ID and a proof of address. Visit our token sale page, and follow the instructions there to submit your documents.

I'm underage (below 18 years-old), how do I complete the KYC/AML/CFT requirements?

You can't. According to our new policy, we are unable to distribute any tokens to people who are under 18 since we need to conduct a KYC/AML/CFT review of your profile before sending you tokens.

I'm a US citizen who participated in airdrop/bounty, what will happen?

Unfortunately, by law we are unable to distribute any tokens to any US citizens during the ICO.

I might -for one reason or another- have opened more than one LEXIT account and participated in both Airdrop and Bounty campaigns. Is that a problem?

It is. If you are in this situation, please reach out to [email protected]

Is there a deadline to complete KYC?

Yes, the deadline is September 30th. We are aiming to distribute all LEXIT tokens within three weeks after the sale ends, and we want everyone to fulfill the KYC/AML/CFT policy in order to us to distribute the tokens accordingly.

Please stay in touch with the latest LEXIT updates and announcements via our Twitter, Telegram and newsletter as we approach the end of the public sale.

Thank you again for your support!

-The LEXIT Team

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