Komodo Wallet’s Path to Compliance and Sustainability

Komodo Team -

We want to start by thanking you for your patience during the temporary inaccessibility (January 3, 2025 to January 6, 2025) of app.komodoplatform.com while we performed necessary maintenance.

You may have noticed that the platform is back online, but the DEX and bridge features are currently unavailable.

What Happened and Why

To ensure full compliance with these new regulations, we needed to act immediately.

This situation required temporarily taking down the web app while we implemented the necessary updates. Unfortunately, we were unable to provide prior notice, and we sincerely thank you for your patience during this process.

In light of evolving global regulatory landscapes, particularly the EU MiCA regulations and the Travel Rule (TFR) for cryptocurrencies, we are taking a significant step towards long-term sustainability and compliance. This includes gradually integrating comprehensive AML measures into the Komodo Wallet and Komodo DeFi Framework (KDF).

While these changes represent a shift from our core ethos of radical decentralization, we firmly believe they are necessary to ensure our platform’s future market leadership and continued service to our community.

You Have 100% Control of Your Funds

We understand that this sudden change may have raised concerns. Rest assured, your funds were always safe.

Komodo Wallet remains a non-custodial solution, meaning you control your private keys and seed phrase at all times.

To access your funds, simply open Komodo Wallet as usual, where basic operations continue to function normally. If you experience any issues, our support team is ready to assist.

Note: Komodo team members have green names on Discord. No one from the Komodo team will ever ask you to provide your wallet details (private keys or seed phrases).

What Does This Mean for You?

  • The wallet will remain non-custodial and decentralized for basic operations.
  • By implementing compliance measures, we will enhance regulatory certainty for professional liquidity providers (LPs), which will, in turn, increase liquidity on the DEX network.

Immediate Updates

  1. Temporary removal of the DEX and bridge features from Komodo Wallet (already implemented)
  2. Implementation of a decentralized AML solution (upcoming)

Looking Ahead

Our vision is to evolve into a fully compliant DeFi platform that aligns with global standards while expanding services. We are committed to maintaining non-custodial and decentralized functionalities as foundational principles.

Education and user documentation will remain a priority, ensuring our community is well-informed and supported throughout these changes.

We thank you for your understanding and ongoing support as we navigate this pivotal phase together.

Next Steps

We welcome any additional questions you have. Your feedback is invaluable in shaping how we move forward.

We are committed to keeping you informed every step of the way. Our next update will be shared on Komodo’s socials as soon as possible, detailing progress on the DEX and other key initiatives.

For questions or support, please reach out to us via:

Our development team is working tirelessly to implement the necessary updates while maintaining the integrity of our platform.

We are addressing these challenges head-on, ensuring that we remain ahead of regulatory requirements without compromising our core principles. With a long-term strategic vision guiding us, every team member is fully committed to ensuring a seamless and compliant user experience.

This collaborative effort reflects our dedication to sustaining Komodo Wallet as a trusted, innovative solution in the evolving crypto landscape.

Thank you for your patience, understanding, and continued trust as we navigate this important transition together.

– The Komodo Team