ICO News: Tezos delays issuing tokens once more amidst money laundering concerns

Tezos, the blockchain startup that, at one time, held the record for highest grossing ICO (initial coin offering), having raised $232 million from investors, on Sunday announced that it would be carrying out know-your-customer and anti-money laundering checks on those who donated to the cause back in July of 2017.

ICO News: Tezos delays issuing tokens once more amidst money laundering concerns

Founders’ feud delays token release

After raising the record-breaking amount of money via a public token sale which asked for no personal details from investors, the founders became embroiled in a spat which put the launch of the blockchain on hold for some time.

Arthur and Kathleen Breitman fell out with Tezos Foundation president Johann Gevers shortly after the token sale was over and although the Breitmans seemed to have come out on top when Gevers stepped down, investors are still waiting for their ‘tezzies’ (XTZ).

Indeed, the tokens are yet to be released and the blockchain is not live, at time of writing.

Arthur Breitman had said that an early-2018 launch was ‘entirely within the realm of possibility’, if it even took that long.

However, the Tezos timeline currently shows that the beta launch is scheduled for the end of the second quarter of 2018 and, at this point, even that seems unlikely.

Too little, too late

The Tezos Foundation announcement said: "It has become best practice to verify that contributors meet basic KYC/AML criteria."

This being the case, it seems unlikely that investors will be receiving their tezzies anytime soon because the process of verifying the identities of the hundreds, if not thousands, of investors who donated to the ICO will no doubt take some time.

One Reddit user posted, in response to the announcement: "If they wanted to do KYC/AML compliance they should have said so as part of the initial offer."

"Changing the deal after the sale has been completed for months is bad business, no matter how they try to dress it up."

Another Reddit user who presumably contributed to the cause said, bluntly: “Just refund our Goddamn money!”

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