We've seen an explosion in signups and members joining the Legion community! Welcome everyone.
With this increase has come some growing pains, with one area in particular is completing ID Verification and Proof of Address.
What are the KYC requirements?
- Users must complete KYC verification
- Proof of Address (PoA) documentation is required
- Certain jurisdictions are excluded due to regulations
Which jurisdictions are excluded?
Due to OFAC sanctions, users from the following regions are excluded:
- United States (unless you are an accredited investor - Check our your home page on the official Legion website for more information on becoming an accredited investor).
- United Kingdom
- Hong Kong
- Russia
- Syria
- North Korea
- Iran
- Cuba
- Certain regions of Ukraine (not all). Please note, according to the Council Regulation (EU), we are unable to service the following Ukrainian regions:
Kharkiv
Avtonomna Respublika Krym
Donetska oblast
Sevastopol
Zaporizka/Zaporizhzhia oblast
Luhanska oblast
Khersonska (Kherson) oblast
I submitted KYC/POA as a country X but I need to change to a country Y
You can upload your latest proof of residence in Legion App Settings here
Is my eligibility based on KYC or POA?
The Eligibility to participate in Legion sales is based on your residency and not your citizenship.
Why Can’t I see X Deal?
This is likely due to your jurisdiction, not all sales are available to users in every jurisdiction. Projects on Legion may choose to exclude given jurisdictions where they feel they have too much risk. Additionally, Legion itself excludes OFAC sanctioned jurisdictions (such as Cuba, Syria, Iran, and North Korea) as well as US non-accredited and UK users.
If you believe this to be in error, can you please clarify your country of citizenship you completed ID verification with, and country of residence you completed proof-of-address with? Eligibility depends on where you live and not your citizenship.
Accredited US persons can be invited to deals, but in this case the project that is currently live elected to exclude all US persons, including accredited US persons.
In the short term we are working on making it more transparent on the Invest page to users what they can expect to see and not see.
In the mid term we are working on UK licenses to support the UK and alternative approaches to the US to at least support accredited US investors more publicly.
In the long term we are hoping the US moves to a standard closer to MiCA, and we're collaborating in the discussion with regulator leaders to help that process.
Are Russians Residents Allowed?
Unfortunately, Russia is still under OFAC sanctions. We are working on the necessary enhanced due diligence flows that are required for users that are Russian residents to complete before we can service them in a compliant fashion.
We will send an update via email to all Russian residents when this is available.
Are Ukranians Allowed?
We serve the whole Ukraine excluding these provinces:
Avtonomna Respublika Krym
Donetska oblast
Sevastopol
Zaporizka/Zaporizhzhia oblast
Luhanska oblast
Khersonska (Kherson) oblast
Kharkiv