Leading KYC & AML compliance solution
Usually the user may encounter the following types of KYC policy:
no KYC — the financial crypto company does not use KYC, so access is carried out without providing any identity data;
Leading KYC & AML compliance solution https://kycaid.com/
the basic level of KYC — its passage will allow you to withdraw funds or gain access to the P2P market, usually one document is required that can confirm your identity;
full KYC — you provide the maximum KYC information, this will open access to all the functions of the exchange. Usually the user attaches a selfie with a passport, scans of a driver's license, bank statements or utility bills. Advanced mobile applications can identify the user through the iris of the eye.
So, we got acquainted with the concept of KYC — decryption means "know the customer in person". Usually the procedure is compulsory, which is related to national legislation and the fight against the financing of criminal communities. Exchanges with KYC are preferred for traders because they allow them to avoid losing coins. The maximum list of documents depends on the specific exchange, and the minimum personal information transmitted to the exchange is as follows:
name and address of residence;
the series and number of the passport or driver's license;
country of residence and date of birth;
mobile phone number and e-mail address (for two-factor authentication).
How does KYC identification work?
The process of user verification can be considered on the example of the most popular Binance exchange. In 2022 , the actual process of passing KYC looks like this:
Create an account on the Binance exchange. The system will show a notification about the need to pass KYC. Click "Pass now".
Specify the last name, first name and patronymic. The data must be specified in exact accordance with the passport of the citizen. Also enter the full date of birth.
Fill in the actual residential address, phone number and ZIP code.
Choose the type of document that you are ready to provide — a passport or a driver's license.
Connect the webcam to the computer. If the computer is not equipped with a camera, then click on the "QR code" icon, this will allow you to upload a photo of the document through the Binance mobile application.
Next, the system will want to make sure that the photos in the document belong to you. Point your smartphone or computer camera at your face and take a picture.
The first stage of verification is completed. Log in to your personal account and check out the new limits.
If you want to expand the possibilities, then go through the second stage, called Plus. Confirm your residential address. It is enough to upload payment documents, where your address is indicated (service invoices, statements). The passage of the second stage opens up the most complete functionality for the user.