Dear Valued FIONS Users-Community,
Cash Withdrawal has been a single ongoing issue facing our users-community due to tight regulations imposed on the global banking system. As a global financial education platform, all our partners and affiliates are required to meet local banking requirements. In addition, we must always comply with Central Banks, Securities Commissions, Monetary Authorities as well as Anti-Money Laundering regulations in more than 60 countries. For the past 14 months, we have been collaborating closely with some of the top global banking regulatory consultants and affiliates in the banking and payment industry to establish a long-term secure cash withdrawal gateway. Nevertheless, we have fallen short despite all the efforts made. It has come to a conclusion that such withdrawal gateway is just impossible to achieve through Conventional Banking and Payment system.
Therefore, if we continue with the conventional payment system to fulfill users’ cash withdrawal requests, there will always be disappointed users whose cash withdrawals were unfairly rejected due to very minor mistakes such as address, bank account details or simply any discrepancies found. As part of the anti-money laundering procedure, many banks would also request for additional personal information, including proof of identity, proof of residence documents, your employment records, your income tax returns, source of income, source of funding, etc., when there is a large or recurring transaction. That is the only reason why our partners-FSPs need to impose limits to every cash withdrawal request.
In March 2018, the management alongside partners-FSP had already started to consider alternative long-term secure payment solution to process users’ cash withdrawals without involving conventional banking system. Following two and a half months of intense searching, evaluations and planning, we had finally come to a decision to adopt Blockchain Cryptocurrency Payment Gateway for our future Cash Withdrawal Transactions. We did not take this decision lightly; it is indeed a very expensive upgrade as the capabilities to execute blockchain payments for hundreds of thousands to millions of withdrawal requests in any single day requires a massive system and equipment updates. Despite the high costs associated with this transition, the amount of benefits that it would bring us in the long run are far beyond the price tag; we strongly believe this is the best solution for the long run. After months of hard work, we finally completed all necessary upgrades by early November 2018. For the past 7 weeks, our partners-FSP have undergone countless hours of testing, reviewing and validating to ensure that the new blockchain withdrawal system will function as promised. Today, we are very glad to confirm that the new system is now ready to serve.
Therefore, the management is very pleased to announce that effective 1st January 2019, all cash withdrawals will be executed through the new Blockchain Withdrawal System. For a start, payments will only be made in FOIN because FOIN is our de facto Cryptocurrency; it is poised with unlimited potential for growth in the next few years. It has been widely regarded as The Best Performing Cryptocurrency and ICO in 2018! By allowing your Cash Withdrawals to be executed in FOIN now, we are actually giving you the last opportunity to own more FOIN before the migration process is completed in July 2019.
After 31st July 2019, when the Wallet Migration Process is fully completed, all cash withdrawals can be processed and executed in Any Cryptocurrencies of your choice, including FOIN, Bitcoin, Bitcoin Cash, Dash, Ethereum, Monero, Ripple, USDT or any other cryptocurrencies in your wish list.
As of today, our partners-FSPs have officially terminated all bank account transaction services alone with the monthly cash withdrawal schedule. As such, all unsuccessful cash withdrawals in the month of December will be completed through the new Blockchain Withdrawal System for the first time in FOIN transactions within the next 48 hours.
With the new Blockchain Withdrawal System in place, you can now make a withdrawal request whenever you need one, and as often as you like. All withdrawal requests will be processed within 48 hours with zero fee effective 1st January 2019. Exchange rates are based on FOIN internal price at the time of execution of the payment. In a nutshell, this new withdrawal structure is a major breakthrough that we have been fighting for; we believe users should have unlimited access to their own funds without any restrictions. The use of cryptocurrencies has opened up new possibilities for our users-community worldwide. In the next few years to come FOIN alone with other major cryptocurrencies will become more and more mainstream than ever. The financial world is evolving at a rapid pace, as such, Cryptocurrencies will replace the roles of Fiat Currencies sooner than we ever thought possible. With cryptocurrencies, you will have a lot more control over your own savings as well as funds movement. You don’t need a third-party intermediary like a bank to transact fund, investment and business online; so, you can become your own bank in many ways.
Please find below a short summary of the new Blockchain Cryptocurrencies Withdrawal System:
- Effective 1st January 2019, all cash withdrawals will be executed through the new Blockchain Withdrawal System.
- All unsuccessful cash withdrawals in the month of December will be completed in (90% FOIN + 10% IC) payment transactions within the next 48 hours.
- Between 1st January 2019 to 30th April 2019, all withdrawal requests will be executed in (90% FOIN + 10% IC) payments only.
- From 1st May to 31st July 2019, all withdrawal requests will be executed in FOIN cryptocurrency only.
- Starting from 1st August 2019 onwards, all withdrawal requests can be processed in Any Cryptocurrencies of your choice.
- You can request for withdrawals anytime, as often as you wish, 24/7, 365 days a year, without any restrictions from 1st January 2019.
- There are no fees or charges for all FOIN withdrawal transactions.
- Exchange rates are based on FOIN internal price at the time of execution of the payment.
- upon the completion of FOIN Wallet Migration, you can easily trade your Cryptocurrencies for Cash, as much and as often as you want.
We expect this announcement will draw mixed reactions from our users-community. We know for a fact that some conservative users would much prefer for a conventional banking and payment system/solution because in their financial circles, cash is the most popular form of payment. Others from the tech-savvy region would most likely welcome the new Blockchain Withdrawal Solution with open arms; these users understand the main benefits and major advantages of using cryptocurrencies in the long run. While there are many pros and some cons of using cryptocurrencies, we will not be debating this topic today. We just want to point out one thing that many have agreed upon; that is cryptocurrencies in general, are immune to government interference and manipulation, hence, making it much easier and more secure to transfer funds between two parties in a transaction. Regardless of your preferences, whether you are for or against the new withdrawal solution, upon the completion of wallet migration, you can easily trade the cryptocurrencies in your wallet for fiat currencies of your choice anytime and as often as you like. We consider the transition to the Blockchain Cryptocurrencies Withdrawal System a long-term win-win solution for all.
It was also decided that the usage of Investment Credit (IC) for FIA Placement will be reduced to 40% in January 2019, 30% in February 2019, 20% in March 2019, 10% in April 2019 and completed phase out from May 2019. The percentage (%) reduction in IC will be replaced by FOIN. From 1st May 2019 onwards, all FIA placement will only use USC and FOIN. In simple term, FOIN’s role as the de facto cryptocurrency of FOINS Financial Blockchain System will become more prominent.
On behalf of our partners-FSP, we would like to thank you for accepting our new Blockchain Withdrawal Solution as well as using our Products & Services. We greatly appreciate you support and dedication, and look forward to continuing our mutually beneficial cooperation well into the future.
Monsieur Arnaud Georges
President – FOINS