Have seen a fair amount of confusion about one aspect that pertains to some individuals in the ecosystem - so am sharing my story, perspective, and providing some useful links to read (or re-read/share). Collectively this matters.

Am an individual in the US and have an OceanEx account. Just can’t KYC yet. When we’ll be able to, who knows - but Daniel Kelman navigating the legal regulatory compliance way is a very good thing. The lawyer with New York roots is working very hard to make sure everything is above-board for OceanEx CEO Xianiong Nan and VeChainThor CEO Sunny Lu. The fact that VeChainThor has governance and compliance woven into the model beautifully speaks volumes to the longevity of the enterprise-grade blockchain-based ecosystem that we are witnessing come to life right before our eyes.

Here’s a look into Daniel Kelman that gives insight about the man who many consider to be the best lawyer in the crypto-sphere.

OceanEx is playing by the rules, and there’s no issue with folks in the US having an account other than withdrawal limit. Meaning it only affected NTI/Crypto Cup participation and currently there’s a reduced daily withdrawal limit for non-KYC accounts. Have seen some folks who are understandably seeking clarification while misunderstanding the available information.

At the same time, for a verified account, the limitation of total withdrawal is 50 BTC per 24h. For a non-verified account, the limitation of total withdrawal is 0.1 BTC per 24h (update: the daily withdrawal limit for non-KYC users is now 10k USD).

Don’t get me wrong, am looking forward to possibly being able to KYC one day and hope that day will eventually come (admittedly would loved to have participated in the Crypto Cup) - if one looks the players involved and the current landscape…there’s a good reason why it’s this way (being enforced) - in the US (there are other countries as well, but focusing in terms of my story) we can only make a non-KYC account on OceanEx right now.

The successful launch of OceanEx is actually quite an achievement and should be applauded (in spite of there being more work done to further regulatory progress and ensure compliance). The people involved with creating the ecosystem are continually working very hard to ensure it’s long-term success. Am thankful for that fact as we prepare to transition into the next phase of this emerging asset-class.

As OceanEx CEO Xiaonong Nan states in his passionate and resolute letter to the community:

We shared the same vision about blockchain technology and knew that the only way to drive for mass adoption is to not cut any corners and climb to the summit the hard way. A legitimate crypto exchange will play a very important role in the VeChain ecosystem not only to serve the ecosystem projects but also as an onramp for traditional enterprises. We shall make the most difficult part, listing and trading for every crypto project easy in VeFAM. That’s exactly what Sunny asked.

It’s actually a very good thing as it stands with OceanEx currently, who is satisfying legal regulatory compliance requirements around the world - especially good when one considers the possible future ramifications of compliant exchanges vs. non-compliant exchanges. As one can see in the quote from Nan, part of the function for the new exchange is to become an on-ramp traditional enterprises. Connecting the globe is no small task. Xianong Nan, Sunny Lu, and Daniel Kelman are doing what it takes to ensure everything is legally compliant. This bodes very well for the future of OceanEx, VIP-180, VIP-181, and VeChainThor.

Compliance and security has always been one of VeChain’s top priorities when building products and solutions. While our mainnet has undergone security testing from multiple world class cybersecurity firms and developers, we have redoubled our efforts into making sure our products and internal controls comply with regulatory requirements worldwide. In fact, once we read about the GDPR proposal we knew it would be a regulatory task that we needed to critically analyze as a public blockchain protocol. Similarly to our Crypto Disaster Recovery Plan, we have gone above and beyond to align ourselves with the best consultants and experts to ensure our protocol can withstand compliance changes to maintain our clients and scope as we onboard our global clientele.

Thank goodness we have a community replete with folks who have critical thinking skills and are able to research/discern the fact that OceanEx is built to last. OceanEx will thrive regardless of whether or not the regulatory hammer drops elsewhere because of the heavy emphasis and design from the onset to be legally compliant everywhere. Can’t say that about other exchanges.

Am stoked about the VET/VTHO pairing that’s already live on OceanEx - also looking forward to more VET pairings, VIP-180 listings, fiat on/off-ramps, and enterprise on-ramp as well.

Always encourage folks to read and research. It’s good to cross-reference and try to prove oneself wrong. Learn, embrace, know, plan accordingly, and identify/ignore inflammatory statements. Misinformation prevents people from taking advantage of opportunities. Don’t fall for FUD and DYOR. The notion of US blacklisting is a false dilemma fallacy. Realize some people might just be commenting on, and/or miffed by current US laws (“accredited” requirements for participation, et cetera…we’ve already seen a solution within the VeChainThor ecosystem from Safe Haven with the Plair public sale via ThorBlock). As more regulatory clarification is sought and occurs, the laws in the US are being written (in this case of North Carolina, re-written).

If one doesn’t know who Jim Breyer is yet, simply learn about the investor from the United States. He’s backed very successful projects. If one does know, then understanding the confidence moving forward is not difficult.

In addition to having movers and shakers at the helm like Sunny Lu, Xianiong Nan, Luca Crisciotti, Renato Grottola, backers like Jim Breyer, and legal regulatory compliance crypto-sphere lawyer Daniel Kelman - it’s also worth noting that US-based Totient is heavily involved with the ecosystem.

The following is taken from the VeChain Foundation Medium post that introduces Totient:

“I have been pleased by the initiative and investment that Totient has showcased in the VeChain Ecosystem. The VeChain Foundation encourages community lead companies to model after Totient. The work they have done has inspired me in many ways and I hope they inspire other qualified value creators to do the same.” - Sunny Lu, General Secretary of VeChain Foundation Totient has identified VeChain as a leading blockchain platform and has reached out to our team to become true ecosystem development partners. Their vast network within the industry, emerging markets, consulting, and traditional investment has established Totient as difference makers for the VeChainThor Blockchain. The Totient team, through both Totient Capital and Totient Labs, will be issuing, vetting, funding, and developing new ICO and enterprise opportunities within the United States market as partners of the VeChain Foundation. “ Much like the internet, there will come a time when everyone is using blockchain technology whether they know it or not, and we think VeChain will be leading this push through consumer and enterprise adoption. ” - Kevin Britz, Co-founder of Totient

Kevin Britz and Totient are doing a lot for the ecosystem (and have already made tangible contributions). The US is not being left out of this beautiful global dance (don’t pay the troll-toll). That’s a US-based organization who’s heavily involved with the VeChainThor ecosystem who is slated to vet, fund, and develop new opportunities within the US market as partners with VeChain Foundation. Totient is also mentioned here in this Tech Deep Dive from VeChain:

This ecosystem is being developed for the entire world which is a good thing. We are witnessing enterprise-grade global mass adoption of blockchain at it’s finest. That being said, there are not a lack of US-components within the burgeoning VeChainThor ecosystem (contrary to what some people may think). In addition to Totient and previously announced VeResearch partner Michigan State University, someone recently discovered the involvement of academic powerhouse MIT with VeChain.

Also, check out what VeChain CTO Gu says in this AMA:

Q21. When will VeChain be marketed to companies in the United States? A21: We have been. In fact we have signed several esteemed companies in the United States currently under NDA. We cannot say anymore than that at this time. We have been very excited at the amount of interest there has been from the United States. Some very respectable companies have called us and some of the ones we reached out to knew of us. There are also a few companies that said they heard about us from you, the community, and for that we are very grateful. We believe North America to be one of the most important markets in the world, and certainly one of the most influential. We will certainly be devoting a lot of resources in North America in the future.

Having enterprise, individual, academic and government stakeholders/contributors within the same ecosystem means that not only are we are witnessing history, but we also need a lil patience. The world is a big place. Connecting everything while ensuring legal regulatory compliance everywhere is a daunting challenge. This is long-term y’all.

Keep in mind leaders like Jim Breyer, Sunny Lu, Renato Grottola, Luca Crisciotti, Xianiong Nan, and Daniel Kelman have the wisdom, vision, drive, experience, and foresight to accomplish previously unimaginable feats. These folks are the furthest thing from moonboys - they are professional visionaries who think in terms of 5-7 year cycles and beyond. It’s time for people to take a hard look at current holdings - because the next bull-run (and part of the cycle that all emerging markets go through) will be different (but beautiful for some folks). During the next bull-run investors will no longer be able to just throw fiat at any speculative coin for crazy gains.

The SEC is cracking down on the scams and people promoting non-sense in this space. Like it or not, this is good considering the sheer and utter market dilution from scam projects (and projects that may or may not have a good idea or good “tech”, but zero real-world direction/traction while lacking solid governance and attention to regulatory compliance), and the countless individuals hoodwinked by the lure of crazy gains and a Lamborghini. Are non-compliant exchanges beyond reproach ? We’ll see - just know that OceanEx is playing by the rules. Why would they care enough to spend resources and time to not cut corners and ensure legal regulatory compliance when it’s clear that other exchanges are not taking the same steps ? Regardless, the fundamentals of projects will absolutely matter moving forward. The good news is that despite the fact that there will be fewer winners in the next part of the cycle moving forward, the winners will absolutely win big.

This is in not financial advice whatsoever. Just my thoughts, personal experience, and output resulting from reading, research, comprehension, analysis, and logic. Always do your own research.

Am happy to have an account with OceanEx and thankful that legal regulatory compliance is of the utmost importance to OceanEx and the VeChainThor ecosystem. This new exchange is paramount to the long-term success of VeChainThor. To be clear, am absolutely thrilled about the global nature of this, as we all proverbially set sail for the new world together. This is an absolute joy to witness unfold ! Cheers y’all !

Update - the daily withdrawal limit was recently increased for Non-KYC users. Also added the custodial services and Koi Compliance links: