Understanding KYC (Know Your Customer)
KYC (Know Your Customer) is a mandatory verification process used by financial institutions and cryptocurrency platforms to authenticate user identities. It helps prevent fraud, money laundering, and terrorist financing while ensuring regulatory compliance.
👉 Learn more about why KYC matters
What to Expect During KYC Verification:
- Personal information submission
- Identity document upload
- Proof of address verification
- Additional financial documentation in some cases
Account Verification Process
Step-by-Step Individual Account Verification:
Prepare Required Documents:
- Government-issued ID (passport, driver's license)
- Recent utility bill or bank statement (for address verification)
- Selfie with your ID document
Submit Verification Request:
- Log in to your account
- Navigate to verification section
- Upload clear documents
Wait for Approval:
- Typically takes 1-3 business days
- You'll receive email confirmation
Common Verification Issues and Solutions:
- Blurry document photos → Retake with clear focus
- Expired documents → Use current valid documents
- Name mismatch → Ensure consistency across all documents
Changing Residence Country (EEA Region)
When updating your residence to an EEA country:
- New proof of address required
- May need additional verification
- Tax information may need updating
👉 Detailed guide on EEA residence changes
Source of Funds (SoF) and Source of Wealth (SoW)
Key Definitions:
- Source of Funds (SoF): Origin of money used in transactions
- Source of Wealth (SoW): How your total wealth was acquired
Accepted Documentation:
- Bank statements
- Pay stubs
- Tax returns
- Investment statements
- Business ownership documents
Proof of Address (PoA) Submission
How to Submit PoA:
- Ensure document is recent (within last 3 months)
- Document must show your name and full address
- Acceptable formats: PDF, JPG, PNG
- Recommended documents: utility bills, bank statements, government letters
Frequently Asked Questions
Why was my verification rejected?
Common reasons include:
- Expired documents
- Poor quality photos
- Information mismatch
- Suspicious activity detected
How long does verification take?
Typically 1-3 business days, but may take longer during peak periods or if additional verification is needed.
Why do I need to reverify my information?
Periodic reverification ensures:
- Current information accuracy
- Ongoing compliance with regulations
- Prevention of fraudulent activity
What makes a good verification selfie?
- Clear, well-lit photo
- Full face visible
- No filters or editing
- ID document readable in photo
Can I speed up my verification?
To ensure fastest processing:
- Submit high-quality documents
- Provide complete information
- Avoid resubmissions unless requested
Best Practices for Successful Verification
- Use original documents (no screenshots)
- Ensure all information is visible
- Check document validity dates
- Maintain consistency across all documents