Dear Valued Members and FOIN Users-Community,
After the success of FOIN ICO in early June, prices of FOIN in the external market have appreciated more than 300% in the last 5 months. It is currently trading around USD750 in the external market and prices are continuing to rise almost every day, making FOIN one of the Best & Strongest new cryptocurrencies available. It is definitely the Most Profitable & Stable ICO in 2018!
The management, partners-FSP and Cryptocurrency Analysts worldwide are predicting a USD1,000 benchmark price per FOIN before the end of December 2018 and USD2,000 by mid-2019. FOIN has already created many multi-millionaires and soon to be billionaires.
The management is pleased and excited to confirm that FOIN Wallet Migration process will start very soon. A FOIN migration portal is scheduled to be rolled out in January of 2019 and users-account will be migrated in stages to ensure a smooth and successful migration. As we have hundreds of thousands of users from all around the world, it will take around 6 months for the whole process to be completed. The final deadline remains on the 31st of July 2019 even though we have solid reasons to believe that it can be achieved earlier. Once all FOIN are fully migrated to the external cryptocurrency exchange(s), not later than July 2019, FOIN owners will be able to trade/sell their FOIN freely in the external market.
2: Investment Credits (IC)
In order to increase liquidity ratio in FOINS Blockchain System prior to FOIN Wallet migration, the management alongside partners-FSP have decided to implement IC for all FIA Placements, starting from Monday, 5th November 2018 until 30th of April 2019.
Therefore, from 5th of November onwards, 50% value of all FIA Placement must be in the form of IC.
One (1) IC is valued at one (1) USD.
Alan wants to place $100,000 worth of FIA.
- $50,000 must be from IC (50% value in IC)
- $40,000 must be from USC (40% value in USCoin)
- $10,000 must be from FOIN (10% value in FOIN)
Conclusion: Every FIA Placement requires exactly 50% value in IC; 40% value in USCoin (USC) and 10% value in FOIN.
Reasons for IC Implementation:
- Increasing Capital Reserve of FOINS Financial Blockchain platform in accordance with International Financial requirement.
- Complying with new rulings set by our partners-FSP.
- Increasing operational efficiency including Cash Withdrawal processing.
- Ensuring FOIN Wallet Migrations are carried out according to schedules by employing temporary short-term (six months) exercise that will end on 30th April 2019.
3. Cash Withdrawal (CW)
As our users-base reached 250,000 by the end of October 2018; the work-load of processing hundreds of thousands of CW every week or even twice a month is becoming impossible by using traditional banking channels and services. Cash Withdrawal processing is not as easy/simple as depositing a few thousand dollars of profits into your bank account. The whole process involved vetting and verification, FOINS Approval, FSP Approval, Cross-Border Money Transfer clearance and Local Payment Processors coordination before any amount of fund can be transferred/deposited to a beneficiary account.
Of cause, we believe this process can be 1,000% simplified once all FOIN Wallets are completely migrated. In 8 months’ time, all CW can be approved within 24 hours of application by using FOIN and/or any other cryptocurrencies as alternative medium of transfer. Current conventional banking protocols will eventually become obsolete due to unreasonable requirements and restrictions.
In the meantime, let us bear with the following rulings imposed by our partners-FSP effective November 2018 until July 2019:
- CW application can only be made once a month, on the last day of every month.
- CW amount is limited to 16% of FIA Placement Value for every CW application.
- Every Cash Withdrawal Application must be accompanied by a latest bank statement, no later than 3 months old, from the day of application. A new function will be created in CW module whereby every CW application must be accompanied by an attachment of a bank statement that corresponds to the Withdrawal Bank Details. This new protocol is in accordance with Anti-Money Laundering laws as well as maintaining a secure and accurate transaction for every CW request.
The management is the first to agree that some of these new rulings are unnecessary and may cause inconveniences to many. However, we urge FOINS users-community to look beyond the next few months. These short-terms inconveniences are created for the greater good; for the long-term growth of FOINS Financial Blockchain platform while ensuring a stable and successful wallet migration process.
As this platform grows in size, it can also expect more scrutiny from international communities and regulators from around the globe. Therefore, it is best that we comply with international standards earlier than later. By following all the rules set forth by our partners-FSP, we are laying a solid blueprint for exponential growth in the next few years.
Once all FOIN Wallets are migrated by mid-2019, sky will be our only limit. For the next few months, we ask for your patience and understanding. Thank you for your continued support and dedication. Alone each and everyone of us is weak; together we are strong and we will continue to be stronger than ever.
Monsieur Arnaud Georges
President – FOINS