Trump-backed World Liberty Financial opens up KYC verification on website

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The Block2024/09/29 16:00

By:The Block

Quick Take World Liberty Financial, the DeFi project being launched with the backing of the Trump family, has opened up KYC verification on its official website. On Sept. 16, it was confirmed that World Liberty Financial would sell a non-transferable governance token called WLFI.

World Liberty Financial, the crypto project being launched with the backing of the Trump family, has opened up KYC verification on its official website . At various points Monday morning, the site was down for maintenance.

"Additional information about World Liberty Financial is only intended to be available to persons who have been pre-qualified by completing a KYC process," the WLF homepage reads. "In the US, this information is only intended to be available to persons who have also been verified as accredited investors. This page is not intended to be an offer to sell or a solicitation of an offer to buy tokens in any jurisdiction."

"Know Your Customer" or KYC verification is the process of verifying a customer's identity to prevent illegal activities, such as money laundering and fraud. It's a legal requirement for anti-money laundering measures and typically involves submitting personal identification documents like a passport or driver's license and proof of address, depending on the jurisdiction.

There is little known about World Liberty Financial. Eric Trump and Donald Trump Jr. first teased the DeFi project in early August amid their father's embrace of cryptocurrency. The Republican presidential nominee kicked off a "launch" event live on X Spaces on Sept. 16.

During that event, it was confirmed that World Liberty Financial would sell a non-transferable governance token called WLFI, with participation limited to accredited investors. Distribution will go as follows: 63% sold to the public, 17% for user rewards, and 20% for team compensation.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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