Due to new regulations imposed by the European Union (EU), starting January 2020, ZENZO will permanently close its custodial wallet. To read more in-depth about this, you can visit the EU’s official website and article here. In summary, unless ZENZO intends to have its community register a KYC to use the current custodial wallet, we will not be able to legally have members in the countries under the EU use and operate this wallet, along with any and all applications that access it.
What does this mean, is this good or bad?
This means that ZENZO will have to adapt some of its current technologies to abide by new legal regulations. ZENZO does not want to force a KYC on the community or only give access to certain countries, as it goes against the moral principles behind open-source technology being free and available to any and everyone. It is neither good or bad because there are pros and cons to both sides. The ZENZO Team chooses to look at this as a positive situation because it forces and encourages the community to have control and access of their own funds and assets at all times.
The custodial wallet, referred to by many as the Discord wallet, offered a lot of simple and easy features for new members that include: Discord tip bot, twitter tips, easy access and connecting to the ZENZO Arcade and Forge, and more. You can view the original release article, here.
What do I need to do?
- Transfer all of your ZNZ balance to your ZENZO Core Wallet
We recommend everyone to go ahead and transfer your ZNZ now to your ZENZO Core Wallet, as it provides more support to the network and you can also stake to earn network rewards. Please proceed to withdraw all of your ZNZ from your ZENZO custodial wallet on Discord (ZENZO Chan) before December 30th, which will be the official day that the custodial wallet will permanently be shutdown.
- Log into Discord and go to the ZENZO Discord, #bots channel.
2. Type the command ztip help (case sensitive).
3. In the DM, check your remaining balance by typing the command
4. Withdraw account balance. In the DM, you can type the command
ztip withdraw znzaddress amountofznz
(ztip withdraw ZPwAL57xdxUzCderKfUpi4Kq9gRUZcdZki 357.42578913)
🎊 Congratulations! 🎊
You have now successfully withdrawn all of your ZNZ from the ZENZO custodial wallet. If you want to double check that you got all of your ZNZ from the bot, you can complete the same actions above. Type ztip bal to check your remaining balance and make sure you get every last bit of your ZNZ! For any remaining questions you may have, please contact the ZENZO Team members with the “Team — チー”ム role in purple.
Is ZENZO Chan Closing Down?
No, ZENZO Chan will never die! She will forever be your support ally within the ZENZO Ecosystem. Her intentions are to help, accommodate, and she will continue to provide bot commands that let you check on the status of the network, as well as some fun games. Only some of her current functionality will be disabled, but new and unique features are coming soon…
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