Verification is an integral part of the finance and banking industry, and it is often referred to as KYC or Know Your Customer. KYC is a mandatory process that identifies and verifies customers worldwide. These laws were introduced in 2001 as part of the Patriot Act to prevent potential terrorist behavior.
Why introduce Profile Verification?
The aim of profile verification is to prevent financial crime, such as money laundering and terrorist financing, as well as identity theft. It helps a company better understand its customers and manage risks accordingly.
KYC and AML: What’s the difference?
While KYC focuses on identifying and verifying customers, AML, which stands for Anti-Money Laundering, is a broader concept that includes policies, laws, and regulations to combat fraudulent income generation. However, KYC and AML are connected, and they help establish the legitimacy of a startup or project.
Why would they want to do that?
Digital exchanges often struggle to get a bank account to facilitate global financial operations because banks are hesitant to trust them regarding AML. Verification and transparency are essential in such cases.
Although anonymity is one of the main principles of the crypto world, it can be a dangerous weapon in the wrong hands. Hence, applying verification requirements to registration is necessary.
What happens if I refuse to provide the documents?
Submitting the correct documents is crucial in order to use our platform, and also to avoid resubmission, and save time and effort. Once the verification process is complete, you can buy, sell, or trade cryptocurrencies safely.
Which documents do I need?
To get your profile verified and ready for trading with Coinmetro, we require both a selfie and a valid identity document. These are captured live with Coinmetro's state-of-the-art profile verification software.
Acceptable documents for your proof of identity:
Passports are accepted from any country we are licensed to serve
Driver's licenses are accepted from almost all countries, with a few exceptions
Identity cards are accepted within most of the European Economic Area and most EU countries.
With your identity verified, you can deposit and withdraw cryptocurrency up to €500,000 or equivalent monthly. To enable fiat withdrawals and deposits, we require an address document that proves your address. The address document must display your name, and the issue date, which must be dated within the past 3 months.
Acceptable proof of address documents:
Utility bills (gas, water, or electric) dated within the past 3 months and that cover at least a one-month period
Bank statements dated within the past 3 months and that cover at least a one-month period
Tax income letters dated within the past year
Residential property rent/lease agreements.
Please ensure your document is uploaded in .pdf format.
In conclusion, verification may sometimes be time-consuming, but it is worth it!
With Coinmetro, you can be sure that we strictly adhere to verification policies, so read our requirements carefully, and prepare your documents to pass verification in a few simple steps!