2️⃣ Complete KYC Verification (Required for All Players)
✅ Why is KYC required?
KYC (Know Your Customer) verification is mandatory to ensure compliance with financial regulations, prevent fraud, and protect against unauthorised transactions.
🔹 Before your payout is processed, you must verify your identity in Security Settings.
3️⃣ Check the Payout Schedule
🕒 Pro Events
Payments are processed within 10 business days after the Fair Play review is completed.
Fair Play reviews are conducted every Tuesday as per our Fair Play Policy.
If rulings or appeals are made, this may impact settlement, as prizing may be adjusted accordingly for impacted players.
🏆 Series Events
If a tournament is part of an ongoing series, payouts are processed at the conclusion of the series, unless stated otherwise in the ruleset.
🌍 Echess Events
Timelines vary based on the third-party organiser's ruleset and may include additional verification steps.
💰 Payouts & Tax Forms
Payments over USD $1000 may require tax forms to be submitted before processing, subject to the organiser.
4️⃣ Final Steps
📅 Once all steps are completed, your USDC payout will be processed according to the published timeline.
1. How long does it take to receive my USDC payout after winning a tournament?
For USDC prize payouts, the process follows these steps:
🔹 Fair Play Review: Conducted every Tuesday to ensure compliance with Checkmate Live’s Fair Play Policy. If rulings or appeals are made, this may impact prize settlement.
🔹 Pass Rewards:Passes (such as Pro-Pass rewards) are added at the conclusion of the Fair Play window once verification is complete.
🔹 Payment Processing: Payouts are typically processed within 10 business days after the Fair Play review is completed and are sent to your registered Web3 wallet.
🔹 Series Events: If a tournament is part of an ongoing series, payouts will be processed at the conclusion of the series, unless stated otherwise in the ruleset.
🔹 Hosted Events: Payout timelines for third-party hosted events vary based on the organizer's ruleset and may require additional verification.
🔹 Large Payouts & Tax Requirements:Payments over USD $1,000 may require tax forms before processing, depending on your jurisdiction.
✅ KYC Requirement: All players must complete KYC verification before USDC payments are processed. No payments will be issued until KYC is completed.
⚠️ Warning: Players found in breach of our Fair Play policy may have their automatically allocated prizes recalled if unfair play is detected at a later date.
2. What is the Fair Play review process, and how does it impact my payment?
The Fair Play review is held every Tuesday. This review ensures compliance with the Fair Play Policy, and any rulings or appeals may impact the prize distribution. If changes to prizing occur, they will be processed accordingly.
3. Do I need to complete KYC before receiving my payout?
Yes, all players must complete KYC verification before any prize payments can be processed. You can verify your KYC status by visiting the KYC section of your settings.
4. How do I sync my non-custodial wallet for payouts?
To sync your non-custodial wallet, simply click the Wallet Connect button or visit the Payments Settings page to ensure your wallet is connected and ready for prize payouts.
5. Why is KYC required before processing payments?
KYC (Know Your Customer) is a regulatory requirement that ensures we comply with anti-money laundering (AML) laws and other financial regulations. By verifying your identity, we can ensure the security of your payouts and prevent fraud.
6. What happens if my tax residency differs from the government document used for KYC?
If your tax residency differs from the information provided in your KYC documents, please contact our team via chat so we can update your records.
7. When will payments be processed if the tournament takes place during a holiday period?
During periods of office closure, such as from December 23, 2024, to January 29, 2025, payment processing and support may experience delays. Please plan accordingly.
8. Where can I find more information on payout timelines?
For more details on payout timelines, check the event ruleset or reach out to our team for specific tournament payout queries. 🚀
